----

|                       |
|-----------------------|
|                       |  |  |
|                  |   | Page |
| Financial Statements: |   |
|                  | Independent Auditor's Report | 1 |
|                  | Consolidated Statements of Assets, Liabilities and Members' Capital as of September 30, 2016 and September 30, 2015 | 2 |
|                  | Consolidated Statements of Operations for the year ended September 30, 2016 and the period from April 21, 2015 (commencement of operations) through September 30, 2015 | 3 |
|                  | Consolidated Statements of Changes in Members' Capital for the year ended September 30, 2016 and the period from April 21, 2015 (commencement of operations) through September 30, 2015 | 4 |
|                  | Consolidated Statements of Cash Flows for the year ended September 30, 2016 and the period from April 21, 2015 (commencement of operations) through September 30, 2015 | 5 |
|                  | Consolidated Schedule of Investments as of September 30, 2016 | 6 |
|                  | Consolidated Schedule of Investments as of September 30, 2015 | 10 |
|                  | Notes to Financial Statements | 13 |

----

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |
|                                         | September 30, 2016 |   | September 30, 2015 |
|                                         | ASSETS |   |   |   |
|                                         | Investments at fair value (cost September 30, 2016: $194,624,798; cost September 30, 2015: $184,900,371) | $ | 188,708,220 |  |   | $ | 182,726,138 |  |
|                                         | Receivable from secured financing arrangement at fair value (cost September 30, 2016: $4,985,500; cost September 30, 2015: $0) | 4,985,425 |  |   | — |  |
|                                         | Cash and cash equivalents | 980,605 |  |   | 3,127,824 |  |
|                                         | Restricted cash | 3,343,303 |  |   | 2,188,133 |  |
|                                         | Receivable from unsettled transactions | 952,591 |  |   | — |  |
|                                         | Interest receivable | 322,768 |  |   | 135,410 |  |
|                                         | Deferred financing costs | 1,840,174 |  |   | 2,123,278 |  |
|                                         | Other assets | — |  |   | 4,375 |  |
| Total assets                                 | $ | 201,133,086 |  |   | $ | 190,305,158 |  |
|                                         |   |   |   |
| LIABILITIES AND MEMBERS' CAPITAL             |   |   |   |
| Liabilities:                                 |   |   |   |
|                                         | Accounts payable, accrued expenses and other liabilities | $ | 130,019 |  |   | $ | 30,000 |  |
|                                         | Interest payable | 2,526,190 |  |   | 1,825,043 |  |
|                                         | Distribution payable | 1,464,579 |  |   | 835,000 |  |
|                                         | Senior credit facility payable | 124,615,636 |  |   | 122,380,636 |  |
|                                         | Subordinated notes payable at fair value (proceeds September 30, 2016: $73,149,434; proceeds September 30, 2015: $60,680,682) | 65,012,167 |  |   | 60,118,109 |  |
| Total liabilities                            | 193,748,591 |  |   | 185,188,788 |  |
| Members’ capital                       | 7,384,495 |  |   | 5,116,370 |  |
| Total liabilities and members’ capital | $ | 201,133,086 |  |   | $ | 190,305,158 |  |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |
|                                                                        | Year ended September 30, 2016 |   | Period from April 21, 2015 (commencement of operations) through September 30, 2015 |
| Investment income:                                                          |   |   |   |
|                                                                        | Interest income | $ | 14,109,946 |  |   | $ | 4,300,707 |  |
|                                                                        | PIK interest income | 33,170 |  |   | — |  |
|                                                                        | Fee income | 95,756 |  |   | — |  |
|                                                                        | Total investment income | 14,238,872 |  |   | 4,300,707 |  |
| Expenses:                                                                   |   |   |   |
|                                                                        | Interest expense | 10,780,919 |  |   | 3,408,486 |  |
|                                                                        | Professional fees | 152,534 |  |   | 31,679 |  |
|                                                                        | General and administrative expenses | 54,833 |  |   | 20,227 |  |
|                                                                        | Total expenses | 10,988,286 |  |   | 3,460,392 |  |
| Net investment income                                                       | 3,250,586 |  |   | 840,315 |  |
| Net realized and unrealized gains (losses):                                 |   |   |   |
|                                                                        | Net unrealized depreciation on investments | (3,742,345 | ) |   | (2,174,233 | ) |
|                                                                        | Net unrealized depreciation on receivable from secured financing arrangement | (75 | ) |   | — |  |
|                                                                        | Net realized loss on investments | (3,119,735 | ) |   | — |  |
|                                                                        | Net unrealized depreciation on subordinated notes payable | 7,574,694 |  |   | 562,573 |  |
|                                                                        | Total net realized and unrealized gains (losses) | 712,539 |  |   | (1,611,660 | ) |
| Net increase (decrease) in members’ capital resulting from operations | $ | 3,963,125 |  |   | $ | (771,345 | ) |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                |   | Fifth Street Senior Floating Rate Corp. |   | GF Equity Funding 2014 LLC |   | Total Members’ Capital |
| Members’ capital, April 21, 2015 (commencement of operations) |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Capital contributions                                               |   | 5,882,376 |  |   | 840,339 |  |   | 6,722,715 |  |
| Distributions                                                       |   | (730,625 | ) |   | (104,375 | ) |   | (835,000 | ) |
| Net decrease in members' capital resulting from operations          |   | (674,927 | ) |   | (96,418 | ) |   | (771,345 | ) |
| Members’ capital, September 30, 2015                          |   | $ | 4,476,824 |  |   | $ | 639,546 |  |   | $ | 5,116,370 |  |
| Capital contributions                                               |   | 1,229,375 |  |   | 175,625 |  |   | 1,405,000 |  |
| Distributions                                                       |   | (2,712,500 | ) |   | (387,500 | ) |   | (3,100,000 | ) |
| Net increase in members' capital resulting from operations          |   | 3,467,734 |  |   | 495,391 |  |   | 3,963,125 |  |
| Members’ capital, September 30, 2016                          |   | $ | 6,461,433 |  |   | $ | 923,062 |  |   | $ | 7,384,495 |  |
| Remaining capital commitment, September 30, 2016                    |   | $ | 1,638,249 |  |   | $ | 234,036 |  |   | $ | 1,872,285 |  |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |
|                                                 |   | Year ended September 30, 2016 |   | Period from April 21, 2015 (commencement of operations) through September 30, 2015 |
|                                                 | Cash flows from operating activities: |   |   |   |
|                                                 | Net increase (decrease) in members' capital resulting from operations |   | $ | 3,963,125 |  |   | $ | (771,345 | ) |
|                                                 | Adjustments to reconcile net increase (decrease) in members’ capital resulting from operations to net cash used in operating activities: |   |   |   |   |
|                                                 |   | Net unrealized depreciation on investments |   | 3,742,345 |  |   | 2,174,233 |  |
|                                                 |   | Net unrealized depreciation on receivable from secured financing arrangement |   | 75 |  |   | — |  |
|                                                 | Net realized loss on investments |   | 3,119,735 |  |   | — |  |
|                                                 |   | Net unrealized depreciation on subordinated notes payable |   | (7,574,694 | ) |   | (562,573 | ) |
|                                                 |   | PIK interest income |   | (33,170 | ) |   | — |  |
|                                                 |   | Capitalized interest expense on subordinated notes |   | — |  |   | 176,248 |  |
|                                                 |   | Accretion of original issue discount/premium on investments |   | (808,381 | ) |   | (175,767 | ) |
|                                                 |   | Recognition of fee income |   | (95,756 | ) |   | — |  |
|                                                 |   | Amortization of deferred financing costs |   | 283,104 |  |   | 141,552 |  |
|                                                 | Changes in operating assets and liabilities: |   |   |   |   |
|                                                 |   | Fee income received |   | 98,062 |  |   | — |  |
|                                                 |   | Increase in receivable from secured financing arrangement |   | (4,985,500 | ) |   | — |  |
|                                                 |   | Increase in restricted cash |   | (1,155,170 | ) |   | (2,188,133 | ) |
|                                                 |   | Increase in receivable from unsettled transactions |   | (952,591 | ) |   | — |  |
|                                                 |   | Increase in interest receivable |   | (187,358 | ) |   | (135,410 | ) |
|                                                 |   | (Increase) decrease in other assets |   | 4,375 |  |   | (4,375 | ) |
|                                                 |   | Increase in interest payable |   | 701,147 |  |   | 1,825,043 |  |
|                                                 |   | Increase in accounts payable, accrued expenses and other liabilities |   | 100,019 |  |   | 30,000 |  |
|                                                 |   | Purchases of investments |   | (66,774,005 | ) |   | (128,155,790 | ) |
|                                                 |   | Principal payments received on investments |   | 52,870,383 |  |   | 2,254,942 |  |
|                                                 |   | Proceeds from sale of investments |   | 3,123,705 |  |   | — |  |
|                                                 | Net cash used in operating activities |   | (14,560,550 | ) |   | (125,391,375 | ) |
|                                                 | Cash flows from financing activities: |   |   |   |   |
|                                                 |   | Capital contributions received |   | 1,282,500 |  |   | 840,339 |  |
|                                                 |   | Distributions paid |   | (2,470,421 | ) |   | — |  |
|                                                 |   | Issuance of subordinated notes |   | 11,366,252 |  |   | 7,563,054 |  |
|                                                 |   | Borrowings under senior credit facility |   | 2,235,000 |  |   | 122,380,636 |  |
|                                                 |   | Deferred financing costs paid |   | — |  |   | (2,264,830 | ) |
|                                                 | Net cash provided by financing activities |   | 12,413,331 |  |   | 128,519,199 |  |
| Net increase (decrease) in cash and cash equivalents |   | (2,147,219 | ) |   | 3,127,824 |  |
|                                                 | Cash and cash equivalents, beginning of period |   | 3,127,824 |  |   | — |  |
| Cash and cash equivalents, end of period             |   | $ | 980,605 |  |   | $ | 3,127,824 |  |
|                                                 |   |   |   |
| Supplemental information:                            |   |   |   |
|                                                 |   | Cash paid for interest |   | $ | 9,796,668 |  |   | $ | 1,441,891 |  |
| Non-cash operating activities:                       |   |   |   |
|                                                 |   | Non-cash exchange of investments |   | $ | 1,225,000 |  |   | $ | 58,823,756 |  |
|                                                 |   | Non-cash investment restructuring |   | $ | 2,293,945 |  |   | $ | — |  |
| Non-cash financing activities:                       |   |   |   |
|                                                 |   | Non-cash capital contributions |   | $ | 122,500 |  |   | $ | 5,882,376 |  |
|                                                 |   | Non-cash issuance of subordinated notes |   | $ | 1,102,500 |  |   | $ | 52,941,380 |  |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Portfolio Company /Type of Investment (1)(2)                                      |  Region (3) |  Industry |   |  Principal  (4) |   |  Cost |   |  Fair Value |   | % of Members' Capital |
|  Ameritox Ltd. (5)                                                                 |  Northeast |  Healthcare services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021               |   |   |   | $ | 2,339,146 |  |   | $ | 2,336,840 |  |   | $ | 2,322,917 |  |   | 31.46 | % |
|  119,910.76 Class B Preferred Units in Ameritox Holdings II, LLC                   |   |   |   |   |   | 119,911 |  |   | 131,369 |  |   | 1.78 |  |
|  368.96 Class A Common Units in Ameritox Holdings II, LLC                          |   |   |   |   |   | 2,174,034 |  |   | 981,348 |  |   | 13.29 |  |
|                                                                                    |   |   |   |   |   | 4,630,785 |  |   | 3,435,634 |  |   |   |
|  Answers Corporation                                                               |  Midwest |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 10/3/2021 (6)               |   |   |   | 7,899,749 |  |   | 7,636,708 |  |   | 4,265,865 |  |   | 57.77 |  |
|                                                                                    |   |   |   |   |   | 7,636,708 |  |   | 4,265,865 |  |   |   |
|  Beyond Trust Software, Inc.                                                       |  Southwest |  Application software |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/25/2019                      |   |   |   | 12,641,009 |  |   | 12,554,571 |  |   | 12,538,499 |  |   | 169.79 |  |
|                                                                                    |   |   |   |   |   | 12,554,571 |  |   | 12,538,499 |  |   |   |
|  Compuware Corporation                                                             |  Midwest |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan B1, LIBOR+5.25% (1% floor) cash due 12/15/2019               |   |   |   | 7,392,405 |  |   | 7,306,444 |  |   | 7,420,127 |  |   | 100.48 |  |
|                                                                                    |   |   |   |   |   | 7,306,444 |  |   | 7,420,127 |  |   |   |
|  Metamorph US 3, LLC                                                               |  Northeast |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+6.5% (1% floor) cash due 12/1/2020                    |   |   |   | 6,900,283 |  |   | 6,808,009 |  |   | 5,744,139 |  |   | 77.79 |  |
|                                                                                    |   |   |   |   |   | 6,808,009 |  |   | 5,744,139 |  |   |   |
|  Motion Recruitment Partners LLC                                                   |  Northeast |  Diversified support services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+6% (1% floor) cash due 2/13/2020                      |   |   |   | 9,125,000 |  |   | 9,125,000 |  |   | 9,099,254 |  |   | 123.22 |  |
|                                                                                    |   |   |   |   |   | 9,125,000 |  |   | 9,099,254 |  |   |   |
|  NAVEX Global, Inc.                                                                |  West |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 11/19/2021                  |   |   |   | 1,793,550 |  |   | 1,779,633 |  |   | 1,784,582 |  |   | 24.17 |  |
|                                                                                    |   |   |   |   |   | 1,779,633 |  |   | 1,784,582 |  |   |   |
|  Teaching Strategies, LLC                                                          |  Northeast |  Education services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (0.5% floor) cash due 10/1/2019                  |   |   |   | 2,570,471 |  |   | 2,567,575 |  |   | 2,556,891 |  |   | 34.63 |  |
|  First Lien Delayed Draw Term Loan, LIBOR+5.5% (0.5% floor) cash due 10/1/2019     |   |   |   | 6,840,000 |  |   | 6,832,715 |  |   | 6,803,695 |  |   | 92.13 |  |
|                                                                                    |   |   |   |   |   | 9,400,290 |  |   | 9,360,586 |  |   |   |
|  Trialcard Incorporated                                                            |  Southeast |  Healthcare services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 12/31/2019                   |   |   |   | 7,179,097 |  |   | 7,144,396 |  |   | 7,144,248 |  |   | 96.75 |  |
|                                                                                    |   |   |   |   |   | 7,144,396 |  |   | 7,144,248 |  |   |   |
|  Air Newco LLC                                                                     |  International |  IT consulting & other services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan B, LIBOR+5.5% (1% floor) cash due 3/20/2022                  |   |   |   | 8,291,864 |  |   | 8,267,671 |  |   | 7,960,189 |  |   | 107.80 |  |
|                                                                                    |   |   |   |   |   | 8,267,671 |  |   | 7,960,189 |  |   |   |
|  Fineline Technologies, Inc.                                                       |  Southeast |  Electronic equipment & instruments |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 5/5/2017                     |   |   |   | 7,034,441 |  |   | 7,010,963 |  |   | 7,015,051 |  |   | 95.00 |  |
|                                                                                    |   |   |   |   |   | 7,010,963 |  |   | 7,015,051 |  |   |   |
|  LegalZoom.com, Inc.                                                               |  West |  Specialized consumer services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+7% (1% floor) cash due 5/13/2020                      |   |   |   | 9,850,000 |  |   | 9,672,034 |  |   | 9,772,706 |  |   | 132.34 |  |
|                                                                                    |   |   |   |   |   | 9,672,034 |  |   | 9,772,706 |  |   |   |
| The accompanying notes are an integral part of these consolidated financial statements. |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Portfolio Company /Type of Investment (1)(2)                                      |  Region (3) |  Industry |   |  Principal  (4) |   |  Cost |   |  Fair Value |   | % of Members' Capital |
|  GK Holdings, Inc.                                                                 |  Southeast |  IT consulting & other services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 1/20/2021                    |   |   |   | $ | 3,438,750 |  |   | $ | 3,452,038 |  |   | $ | 3,412,959 |  |   | 46.22 | % |
|                                                                                    |   |   |   |   |   | 3,452,038 |  |   | 3,412,959 |  |   |   |
|  Vitera Healthcare Solutions, LLC                                                  |  Southeast |  Healthcare technology |   |   |   |   |   |   |   |   |
|  Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 11/4/2021                  |   |   |   | 3,000,000 |  |   | 2,958,409 |  |   | 2,782,500 |  |   | 37.68 |  |
|                                                                                    |   |   |   |   |   | 2,958,409 |  |   | 2,782,500 |  |   |   |
|  TIBCO Software, Inc.                                                              |  West |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 12/4/2020                    |   |   |   | 2,304,900 |  |   | 2,308,815 |  |   | 2,277,114 |  |   | 30.84 |  |
|                                                                                    |   |   |   |   |   | 2,308,815 |  |   | 2,277,114 |  |   |   |
|  CM Delaware LLC                                                                   | International |  Advertising |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 3/18/2021                   |   |   |   | 2,096,666 |  |   | 2,094,658 |  |   | 1,978,729 |  |   | 26.80 |  |
|                                                                                    |   |   |   |   |   | 2,094,658 |  |   | 1,978,729 |  |   |   |
|  New Trident Holdcorp, Inc.                                                        |  Northeast |  Healthcare services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan B, LIBOR+5.25% (1.25% floor) cash due 7/31/2019              |   |   |   | 2,041,357 |  |   | 2,014,233 |  |   | 1,755,567 |  |   | 23.77 |  |
|                                                                                    |   |   |   |   |   | 2,014,233 |  |   | 1,755,567 |  |   |   |
|  Central Security Group, Inc.                                                      |  Southwest |  Specialized consumer services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.625% (1% floor) cash due 10/6/2020                  |   |   |   | 5,909,774 |  |   | 5,915,626 |  |   | 5,776,805 |  |   | 78.23 |  |
|                                                                                    |   |   |   |   |   | 5,915,626 |  |   | 5,776,805 |  |   |   |
|  Auction.com, LLC                                                                  |  West |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5% (1% floor) cash due 5/12/2019                      |   |   |   | 3,940,000 |  |   | 3,926,700 |  |   | 3,959,700 |  |   | 53.62 |  |
|                                                                                    |   |   |   |   |   | 3,926,700 |  |   | 3,959,700 |  |   |   |
|  Vubiquity, Inc.                                                                   |  West |  Application software |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 8/12/2021                    |   |   |   | 4,168,500 |  |   | 4,133,700 |  |   | 4,147,658 |  |   | 56.17 |  |
|                                                                                    |   |   |   |   |   | 4,133,700 |  |   | 4,147,658 |  |   |   |
|  Too Faced Cosmetics, LLC                                                          |  West |  Personal products |   |   |   |   |   |   |   |   |
|  First Lien Term Loan B, LIBOR+5% (1% floor) cash due 7/7/2021                     |   |   |   | 642,692 |  |   | 581,620 |  |   | 645,155 |  |   | 8.74 |  |
|                                                                                    |   |   |   |   |   | 581,620 |  |   | 645,155 |  |   |   |
|  American Seafoods Group LLC                                                       |  West |  Food distributors |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5% (1% floor) cash due 8/19/2021                      |   |   |   | 3,853,704 |  |   | 3,837,366 |  |   | 3,844,069 |  |   | 52.06 |  |
|                                                                                    |   |   |   |   |   | 3,837,366 |  |   | 3,844,069 |  |   |   |
|  Worley Claims Services, LLC                                                       |  Southeast |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+8% (1% floor) cash due 10/31/2020                     |   |   |   | 5,730,937 |  |   | 5,707,511 |  |   | 5,702,282 |  |   | 77.22 |  |
|                                                                                    |   |   |   |   |   | 5,707,511 |  |   | 5,702,282 |  |   |   |
|  AccentCare, Inc.                                                                  |  Southwest |  Healthcare services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 9/3/2021                    |   |   |   | 7,850,000 |  |   | 7,773,386 |  |   | 7,727,344 |  |   | 104.64 |  |
|                                                                                    |   |   |   |   |   | 7,773,386 |  |   | 7,727,344 |  |   |   |
|  Poseidon Merger Sub, Inc.                                                         |  Northeast |  Advertising |   |   |   |   |   |   |   |   |
|  Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/15/2023                   |   |   |   | 3,000,000 |  |   | 2,922,316 |  |   | 3,039,954 |  |   | 41.17 |  |
|                                                                                    |   |   |   |   |   | 2,922,316 |  |   | 3,039,954 |  |   |   |
| The accompanying notes are an integral part of these consolidated financial statements. |

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Portfolio Company /Type of Investment (1)(2)                     |  Region (3) |  Industry |   |  Principal  (4) |   |  Cost |   |  Fair Value |   | % of Members' Capital |
|  Novetta Solutions, LLC                                           |  Southeast |  Diversified support services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 10/17/2022 |   |   |   | $ | 6,477,948 |  |   | $ | 6,392,100 |  |   | $ | 6,226,928 |  |   | 84.32 | % |
|                                                                   |   |   |   |   |   | 6,392,100 |  |   | 6,226,928 |  |   |   |
|  SHO Holding I Corporation                                        |  Southeast |  Footwear |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5% (1% floor) cash due 10/27/2022    |   |   |   | 6,451,250 |   | 6,393,472 |  |   | 6,443,186 |  |   | 87.25 |  |
|                                                                   |   |   |   |   |   | 6,393,472 |  |   | 6,443,186 |  |   |   |
|  Valet Merger Sub, Inc.                                           |  Southeast |  Environmental & facilities services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021     |   |   |   | 3,960,000 |   | 3,906,498 |  |   | 4,026,826 |  |   | 54.53 |  |
|                                                                   |   |   |   |   |   | 3,906,498 |  |   | 4,026,826 |  |   |   |
|  RSC Acquisition, Inc.                                            |  Northeast |  Insurance brokers |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 11/30/2022 |   |   |   | 3,970,390 |   | 3,948,754 |  |   | 3,950,538 |  |   | 53.50 |  |
|                                                                   |   |   |   |   |   | 3,948,754 |  |   | 3,950,538 |  |   |   |
|  Integro Parent Inc.                                              |  Northeast |  Insurance brokers |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 10/31/2022 |   |   |   | 4,963,924 |   | 4,814,658 |  |   | 4,889,465 |  |   | 66.21 |  |
|                                                                   |   |   |   |   |   | 4,814,658 |  |   | 4,889,465 |  |   |   |
|  TruckPro, LLC                                                    |  Southeast |  Auto parts & equipment |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5% (1% floor) cash due 8/6/2018      |   |   |   | 1,920,000 |   | 1,916,612 |  |   | 1,919,232 |  |   | 25.99 |  |
|                                                                   |   |   |   |   |   | 1,916,612 |  |   | 1,919,232 |  |   |   |
|  Falmouth Group Holdings Corp.                                    |  West |  Specialty chemicals |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+6.75% (1% floor) cash due 12/13/2021 |   |   |   | 4,962,500 |   | 4,912,596 |  |   | 4,967,689 |  |   | 67.27 |  |
|                                                                   |   |   |   |   |   | 4,912,596 |  |   | 4,967,689 |  |   |   |
|  Sundial Group Holdings LLC                                       |  Northeast |  Personal products |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 10/19/2021 |   |   |   | 3,900,000 |   | 3,839,938 |  |   | 3,954,402 |  |   | 53.55 |  |
|                                                                   |   |   |   |   |   | 3,839,938 |  |   | 3,954,402 |  |   |   |
|  Onvoy Merger Sub, LLC                                            |  Midwest |  Integrated telecommunication services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 4/29/2021  |   |   |   | 7,406,250 |   | 7,261,422 |  |   | 7,386,738 |  |   | 100.03 |  |
|                                                                   |   |   |   |   |   | 7,261,422 |  |   | 7,386,738 |  |   |   |
|  Ancile Solutions, Inc.                                           |  Northeast |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021     |   |   |   | 4,500,000 |   | 4,433,644 |  |   | 4,432,500 |  |   | 60.02 |  |
|                                                                   |   |   |   |   |   | 4,433,644 |  |   | 4,432,500 |  |   |   |
|  Aptos, Inc.                                                      |  West |  Data processing & outsourced services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan B, LIBOR+6.75% (1% floor) cash due 9/1/2022 |   |   |   | 8,000,000 |   | 7,842,222 |  |   | 7,920,000 |  |   | 107.25 |  |
|                                                                   |   |   |   |   |   | 7,842,222 |  |   | 7,920,000 |  |   |   |
|  Total Portfolio Investments                                      |   |   |   |   |   | $ | 194,624,798 |  |   | $ | 188,708,220 |  |   | 2,555.47% |
|                                                                   |   |   |   |   |   |   |   |   |   |   |
| Cash and Cash Equivalents                                              |   |   |   |   |   |   |   |   |   |   |
| Wells Fargo Bank Institutional Money Market Fund                       |   |   |   |   |   | $ | 980,605 |  |   | $ | 980,605 |  |   | 13.28 |  |
|  Total Cash and Cash Equivalents                                  |   |   |   |   |   | $ | 980,605 |  |   | $ | 980,605 |  |   |   |
| Total Portfolio Investments, Cash and Cash Equivalents                 |   |   |   |   |   | $ | 195,605,403 |  |   | $ | 189,688,825 |  |   | 2,568.74% |

----

|     |                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The region is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business. |

|     |                                                                                           |
|-----|-------------------------------------------------------------------------------------------|
| (4) | Principal includes accumulated payment in kind ("PIK") interest and is net of repayments. |

|     |                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | In April 2016, the Fund restructured its debt investment in Ameritox Ltd.  As a part of the restructuring, the Fund exchanged cash and its debt securities for debt and equity securities in the newly restructured entity. |

|     |                                                                         |
|-----|-------------------------------------------------------------------------|
| (6) | This investment was on cash non-accrual status as of September 30, 2016 |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Portfolio Company /Type of Investment (1)(2)                                      |  Region (3) |  Industry |   |  Principal |   |  Cost |   |  Fair Value |   | % of Members' Capital |
|  Accruent, LLC                                                                     |  Southwest |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan LIBOR +6.25% (1% floor) cash due 11/25/2019                  |   |   |   | $ | 14,777,933 |  |   | $ | 14,576,963 |  |   | $ | 14,853,895 |  |   | 290.32 | % |
|                                                                                    |   |   |   |   |   | 14,576,963 |  |   | 14,853,895 |  |   |   |
|  Ameritox Ltd.                                                                     |  Northeast |  Healthcare services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 6/23/2019                    |   |   |   | 7,794,458 |  |   | 7,661,251 |  |   | 7,048,923 |  |   | 137.77 |  |
|                                                                                    |   |   |   |   |   | 7,661,251 |  |   | 7,048,923 |  |   |   |
|  Answers Corporation                                                               |  Midwest |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 10/1/2021                   |   |   |   | 7,959,900 |  |   | 7,658,675 |  |   | 5,857,173 |  |   | 114.48 |  |
|                                                                                    |   |   |   |   |   | 7,658,675 |  |   | 5,857,173 |  |   |   |
|  Beyond Trust Software, Inc.                                                       |  Southwest |  Application software |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/25/2019                      |   |   |   | 13,665,783 |  |   | 13,549,710 |  |   | 13,549,671 |  |   | 264.83 |  |
|                                                                                    |   |   |   |   |   | 13,549,710 |  |   | 13,549,671 |  |   |   |
|  Compuware Corporation                                                             |  Midwest |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan B1, LIBOR+5.25% (1% floor) cash due 12/15/2019               |   |   |   | 7,797,468 |  |   | 7,684,361 |  |   | 7,551,848 |  |   | 147.60 |  |
|                                                                                    |   |   |   |   |   | 7,684,361 |  |   | 7,551,848 |  |   |   |
|  Idera, Inc.                                                                       |  Southwest |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (0.5% floor) cash due 11/5/2020                  |   |   |   | 3,160,000 |  |   | 3,134,841 |  |   | 3,160,000 |  |   | 61.76 |  |
|                                                                                    |   |   |   |   |   | 3,134,841 |  |   | 3,160,000 |  |   |   |
|  Metamorph US 3, LLC                                                               |  Northeast |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 12/1/2020                    |   |   |   | 8,398,019 |  |   | 8,283,147 |  |   | 8,213,262 |  |   | 160.53 |  |
|                                                                                    |   |   |   |   |   | 8,283,147 |  |   | 8,213,262 |  |   |   |
|  Motion Recruitment Partners LLC                                                   |  Northeast |  Diversified support services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+6% (1% floor) cash due 2/13/2020                      |   |   |   | 9,562,500 |  |   | 9,562,500 |  |   | 9,459,652 |  |   | 184.89 |  |
|                                                                                    |   |   |   |   |   | 9,562,500 |  |   | 9,459,652 |  |   |   |
|  NAVEX Global, Inc.                                                                |  West |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 11/19/2021                  |   |   |   | 2,435,442 |  |   | 2,429,788 |  |   | 2,423,265 |  |   | 47.36 |  |
|                                                                                    |   |   |   |   |   | 2,429,788 |  |   | 2,423,265 |  |   |   |
|  Teaching Strategies, LLC                                                          |  Northeast |  Education services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (0.5% floor) cash due 10/1/2019                  |   |   |   | 2,695,442 |  |   | 2,691,552 |  |   | 2,673,135 |  |   | 52.25 |  |
|  First Lien Delayed Draw Term Loan, LIBOR+5.5% (0.5% floor) cash due 10/1/2019     |   |   |   | 7,020,000 |  |   | 7,010,218 |  |   | 6,961,725 |  |   | 136.07 |  |
|                                                                                    |   |   |   |   |   | 9,701,770 |  |   | 9,634,860 |  |   |   |
|  Trialcard Incorporated                                                            |  Southeast |  Healthcare services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/31/2019                     |   |   |   | 7,332,387 |  |   | 7,286,727 |  |   | 7,232,017 |  |   | 141.35 |  |
|                                                                                    |   |   |   |   |   | 7,286,727 |  |   | 7,232,017 |  |   |   |
|  Air Newco LLC                                                                     |  International |  IT consulting & other services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan B, LIBOR+5.5% (1% floor) cash due 3/20/2022                  |   |   |   | 5,970,000 |  |   | 6,004,722 |  |   | 5,977,463 |  |   | 116.83 |  |
|                                                                                    |   |   |   |   |   | 6,004,722 |  |   | 5,977,463 |  |   |   |
|  Fineline Technologies, Inc.                                                       |  Southeast |  Electronic equipment & instruments |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 5/5/2017                     |   |   |   | 8,820,000 |  |   | 8,749,565 |  |   | 8,818,256 |  |   | 172.35 |  |
|                                                                                    |   |   |   |   |   | 8,749,565 |  |   | 8,818,256 |  |   |   |
| The accompanying notes are an integral part of these consolidated financial statements. |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Portfolio Company /Type of Investment (1)(2)                                      |  Region (3) |  Industry |   |  Principal |   |  Cost |   |  Fair Value |   | % of Members' Capital |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |
|  LegalZoom.com, Inc.                                                               |  West |  Specialized consumer services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+7% (1% floor) cash due 5/13/2020                      |   |   |   | $ | 9,950,000 |  |   | $ | 9,721,186 |  |   | $ | 9,882,838 |  |   | 193.16 | % |
|                                                                                    |   |   |   |   |   | 9,721,186 |  |   | 9,882,838 |  |   |   |
|  GK Holdings, Inc.                                                                 |  Southeast |  IT consulting & other services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 1/20/2021                    |   |   |   | 3,473,750 |  |   | 3,490,164 |  |   | 3,460,723 |  |   | 67.64 |  |
|                                                                                    |   |   |   |   |   | 3,490,164 |  |   | 3,460,723 |  |   |   |
|  Vitera Healthcare Solutions, LLC                                                  |  Southeast |  Healthcare technology |   |   |   |   |   |   |   |   |
|  Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 11/4/2021                  |   |   |   | 3,000,000 |  |   | 2,950,227 |  |   | 2,925,000 |  |   | 57.17 |  |
|                                                                                    |   |   |   |   |   | 2,950,227 |  |   | 2,925,000 |  |   |   |
|  TIBCO Software, Inc.                                                              |  West |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 12/4/2020                    |   |   |   | 2,328,300 |  |   | 2,333,155 |  |   | 2,310,838 |  |   | 45.17 |  |
|                                                                                    |   |   |   |   |   | 2,333,155 |  |   | 2,310,838 |  |   |   |
|  CM Delaware LLC                                                                   |  International |  Advertising |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 3/18/2021                   |   |   |   | 2,152,041 |  |   | 2,149,579 |  |   | 2,143,971 |  |   | 41.90 |  |
|                                                                                    |   |   |   |   |   | 2,149,579 |  |   | 2,143,971 |  |   |   |
|  New Trident Holdcorp, Inc.                                                        |  Northeast |  Healthcare services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan B, LIBOR+5.25% (1.25% floor) cash due 7/31/2019              |   |   |   | 2,064,508 |  |   | 2,027,520 |  |   | 2,000,003 |  |   | 39.09 |  |
|                                                                                    |   |   |   |   |   | 2,027,520 |  |   | 2,000,003 |  |   |   |
|  Central Security Group, Inc.                                                      |  Southwest |  Specialized consumer services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 10/6/2020                   |   |   |   | 5,969,925 |  |   | 5,977,239 |  |   | 5,910,225 |  |   | 115.52 |  |
|                                                                                    |   |   |   |   |   | 5,977,239 |  |   | 5,910,225 |  |   |   |
|  Language Line, LLC                                                                |  West |  Integrated telecommunication services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 7/7/2021                     |   |   |   | 10,000,000 |  |   | 10,013,409 |  |   | 10,020,850 |  |   | 195.86 |  |
|                                                                                    |   |   |   |   |   | 10,013,409 |  |   | 10,020,850 |  |   |   |
|  All Web Leads, Inc.                                                               |  Southwest |  Advertising |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+6.5% (1% floor) cash due 6/30/2020                    |   |   |   | 9,937,500 |  |   | 9,700,212 |  |   | 9,884,905 |  |   | 193.20 |  |
|                                                                                    |   |   |   |   |   | 9,700,212 |  |   | 9,884,905 |  |   |   |
|  Auction.com, LLC                                                                  |  West |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5% (1% floor) cash due 5/12/2019                      |   |   |   | 3,980,000 |  |   | 3,961,380 |  |   | 3,970,050 |  |   | 77.60 |  |
|                                                                                    |   |   |   |   |   | 3,961,380 |  |   | 3,970,050 |  |   |   |
|  Aptos, Inc.                                                                       |  West |  Data processing & outsourced services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan B, LIBOR+5.25% (0.75% floor) cash due 6/23/2022              |   |   |   | 7,980,000 |  |   | 7,999,277 |  |   | 7,960,050 |  |   | 155.58 |  |
|                                                                                    |   |   |   |   |   | 7,999,277 |  |   | 7,960,050 |  |   |   |
|  Vubiquity, Inc.                                                                   |  West |  Application software |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 8/12/2021                    |   |   |   | 4,200,000 |  |   | 4,158,000 |  |   | 4,179,000 |  |   | 81.68 |  |
|                                                                                    |   |   |   |   |   | 4,158,000 |  |   | 4,179,000 |  |   |   |
|  Too Faced Cosmetics, LLC                                                          |  West |  Personal products |   |   |   |   |   |   |   |   |
|  First Lien Term Loan B, LIBOR+5% (1% floor) cash due 7/7/2021                     |   |   |   | 3,000,000 |  |   | 2,926,072 |  |   | 3,000,000 |  |   | 58.64 |  |
|                                                                                    |   |   |   |   |   | 2,926,072 |  |   | 3,000,000 |  |   |   |
|  American Seafoods Group LLC                                                       |  West |  Food distributors |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+5% (1% floor) cash due 8/19/2021                      |   |   |   | 4,000,000 |  |   | 3,980,282 |  |   | 3,980,000 |  |   | 77.79 |  |
|                                                                                    |   |   |   |   |   | 3,980,282 |  |   | 3,980,000 |  |   |   |
| The accompanying notes are an integral part of these consolidated financial statements. |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |

----

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Portfolio Company /Type of Investment (1)(2)                    |  Region (3) |  Industry |   |  Principal |   |  Cost |   |  Fair Value |   | % of Members' Capital |
|  Worley Claims Services, LLC                                     |  Southeast |  Internet software & services |   |   |   |   |   |   |   |   |
|  First Lien Term Loan, LIBOR+8% (1% floor) cash due 10/31/2020   |   |   |   | $ | 4,339,095 |  |   | $ | 4,317,702 |  |   | $ | 4,317,400 |  |   | 84.38 | % |
|                                                                  |   |   |   |   |   | 4,317,702 |  |   | 4,317,400 |  |   |   |
|  Poseidon Merger Sub, Inc.                                       |  Northeast |  Advertising |   |   |   |   |   |   |   |   |
|  Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/15/2023 |   |   |   | 3,000,000 |  |   | 2,910,947 |  |   | 3,000,000 |  |   | 58.64 |  |
|                                                                  |   |   |   |   |   | 2,910,947 |  |   | 3,000,000 |  |   |   |
|  Total Portfolio Investments                                     |   |   |   |   |   | $184,900,371 |   | $182,726,138 |   | 3,571.40% |
|                                                                  |   |   |   |   |   |   |   |   |   |   |
| Cash and Cash Equivalents                                             |   |   |   |   |   |   |   |   |   |   |
| Wells Fargo Bank Institutional Money Market Fund                      |   |   |   |   |   | $ | 3,127,824 |  |   | $ | 3,127,824 |  |   | 61.13 |  |
|  Total Cash and Cash Equivalents                                 |   |   |   |   |   | $ | 3,127,824 |  |   | $ | 3,127,824 |  |   |   |
| Total Portfolio Investments, Cash and Cash Equivalents                |   |   |   |   |   | $ | 188,028,195 |  |   | $ | 185,853,962 |  |   | 3,632.54% |

|     |                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The region is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business. |

----

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. |

----

----

----

----

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   | Total |   | Level 1 |   | Level 2 |   | Level 3 |
| Senior secured debt investments                |   | $ | 187,595,503 |  |   | $ | — |  |   | $ | — |  |   | $ | 187,595,503 |  |
| Equity investment                              |   | 1,112,717 |  |   | — |  |   | — |  |   | 1,112,717 |  |
| Receivables from secured financing arrangement |   | 4,985,425 |  |   | — |  |   | — |  |   | 4,985,425 |  |
| Cash and cash equivalents                      |   | 980,605 |  |   | 980,605 |  |   | — |  |   | — |  |
| Total assets at fair value                     |   | $ | 194,674,250 |  |   | $ | 980,605 |  |   | $ | — |  |   | $ | 193,693,645 |  |
|                                           |   |   |   |   |   |   |   |   |
| Subordinated notes payable                     |   | $ | 65,012,167 |  |   | $ | — |  |   | $ | — |  |   | $ | 65,012,167 |  |
| Total liabilities at fair value                |   | $ | 65,012,167 |  |   | $ | — |  |   | $ | — |  |   | $ | 65,012,167 |  |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            |   | Total |   | Level 1 |   | Level 2 |   | Level 3 |
| Senior secured debt investments |   | $ | 182,726,138 |  |   | $ | — |  |   | $ | — |  |   | $ | 182,726,138 |  |
| Cash and cash equivalents       |   | 3,127,824 |  |   | 3,127,824 |  |   | — |  |   | — |  |
| Total assets at fair value      |   | $ | 185,853,962 |  |   | $ | 3,127,824 |  |   | $ | — |  |   | $ | 182,726,138 |  |
|                            |   |   |   |   |   |   |   |   |
| Subordinated notes payable      |   | $ | 60,118,109 |  |   | $ | — |  |   | $ | — |  |   | $ | 60,118,109 |  |
| Total liabilities at fair value |   | $ | 60,118,109 |  |   | $ | — |  |   | $ | — |  |   | $ | 60,118,109 |  |

|                                                                                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                     |   | Assets | Liabilities |
|                                                                                                                                                                                                                                                     |   | Senior secured debt investments |   | Equity Investment |   | Receivables from secured financing arrangement |   | Total |   | Subordinated notes payable |
| Fair value at October 1, 2015                                                                                                                                                                                                                            |   | $ | 182,726,138 |  |   | $ | — |  |   | $ | — |  |   | $ | 182,726,138 |  |   | $ | 60,118,109 |  |
| Additions                                                                                                                                                                                                                                                |   | 67,999,005 |  |   | 2,293,945 |  |   | 4,985,500 |  |   | 75,278,450 |  |   | 12,468,752 |  |
| Repayments and sales                                                                                                                                                                                                                                     |   | (58,288,033 | ) |   | — |  |   | — |  |   | (58,288,033 | ) |   | — |  |
| Accretion of original issue discount                                                                                                                                                                                                                     |   | 808,381 |  |   | — |  |   | — |  |   | 808,381 |  |   | — |  |
| Net accrual of PIK interest income                                                                                                                                                                                                                       |   | 33,170 |  |   | — |  |   | — |  |   | 33,170 |  |   | — |  |
| Net change in unearned income                                                                                                                                                                                                                            |   | (2,306 | ) |   | — |  |   | — |  |   | (2,306 | ) |   | — |  |
| Net unrealized depreciation                                                                                                                                                                                                                              |   | (2,561,117 | ) |   | (1,181,228 | ) |   | (75 | ) |   | (3,742,420 | ) |   | (7,574,694 | ) |
| Realized loss on investments                                                                                                                                                                                                                             | (3,119,735 | ) |   | — |  |   | — |  |   | (3,119,735 | ) |   | — |  |
| Fair value as of September 30, 2016                                                                                                                                                                                                                      |   | $ | 187,595,503 |  |   | $ | 1,112,717 |  |   | $ | 4,985,425 |  |   | $ | 193,693,645 |  |   | $ | 65,012,167 |  |
| Net unrealized depreciation relating to Level 3 assets and liabilities still held at September 30, 2016 and reported within net realized and unrealized gains (losses) in the Consolidated Statement of Operations for the year ended September 30, 2016 |   | $ | (2,106,119 | ) |   | $ | (1,181,228 | ) |   | $ | (75 | ) |   | $ | (3,287,422 | ) |   | $ | (7,574,694 | ) |

----

|                                                                                                                                                                                                                                                            |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                            |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                       |   | Assets | Liabilities |
|                                                                                                                                                                                                                                                       |   | Senior secured debt investments |   | Subordinated notes payable |
| Fair value at April 21, 2015                                                                                                                                                                                                                               |   | $ | — |  |   | $ | — |  |
| Additions                                                                                                                                                                                                                                                  |   | 186,979,546 |  |   | 60,680,682 |  |
| Repayments                                                                                                                                                                                                                                                 |   | (2,254,942 | ) |   | — |  |
| Accretion of original issue discount                                                                                                                                                                                                                       |   | 175,767 |  |   | — |  |
| Net unrealized depreciation                                                                                                                                                                                                                                |   | (2,174,233 | ) |   | (562,573 | ) |
| Fair value as of September 30, 2015                                                                                                                                                                                                                        |   | $ | 182,726,138 |  |   | $ | 60,118,109 |  |
| Net unrealized depreciation relating to Level 3 assets and liabilities still held at September 30, 2015 and reported within net realized and unrealized gains (losses) in the Consolidated Statement of Operations for the period ended September 30, 2015 |   | $ | (2,174,233 | ) |   | $ | (562,573 | ) |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   | Carrying Value |   | Fair Value |   | Level 1 |   | Level 2 |   | Level 3 |
| Senior credit facility payable |   | $ | 124,615,636 |  |   | $ | 124,615,636 |  |   | $ | — |  |   | $ | — |  |   | $ | 124,615,636 |  |
| Total                          |   | $ | 124,615,636 |  |   | $ | 124,615,636 |  |   | $ | — |  |   | $ | — |  |   | $ | 124,615,636 |  |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   | Carrying Value |   | Fair Value |   | Level 1 |   | Level 2 |   | Level 3 |
| Senior credit facility payable |   | $ | 122,380,636 |  |   | $ | 122,380,636 |  |   | $ | — |  |   | $ | — |  |   | $ | 122,380,636 |  |
| Total                          |   | $ | 122,380,636 |  |   | $ | 122,380,636 |  |   | $ | — |  |   | $ | — |  |   | $ | 122,380,636 |  |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset                                         |   | Fair Value |   | Valuation Technique |   | Unobservable Input |   | Range |   | WeightedAverage (b) |
| Senior secured debt                           |   | $ | 81,274,026 |  |   | Bond yield approach |   | Capital structure premium |   | (a) | 0.0% | - | 2.0% |   | 0.1% |
|                                          |   |   |   |   |   | Tranche specific risk premium/(discount) |   | (a) | (3.5)% | - | 1.5% |   | (2.0)% |
|                                          |   |   |   |   |   | Size premium |   | (a) | 0.0% | - | 1.5% |   | 1.2% |
|                                          |   |   |   |   |   | Industry premium/(discount) |   | (a) | (1.4)% | - | 0.3% |   | (0.2)% |
|                                          |   | 5,744,139 |  |   | Market and income approach |   | Weighted average cost of capital |   |   | 23.0% | - | 23.0% |   | 23.0% |
|                                          |   |   |   |   |   | Company specific risk premium |   | (a) | 15.0% | - | 15.0% |   | 15.0% |
|                                          |   |   |   |   |   | Revenue growth rate |   |   | 6.0% | - | 6.0% |   | 6.0% |
|                                          |   |   |   |   |   | Revenue multiple |   |   | 1.1x | - | 1.1x |   | 1.1x |
|                                          |   | 4,432,500 |  |   | Transactions precedent approach |   | Transaction price |   | (d) | N/A | - | N/A |   | N/A |
|                                          |   | 96,144,838 |  |   | Market quotations |   | Broker quoted price |   | (c) | N/A | - | N/A |   | N/A |
| Equity                                        |   | 1,112,717 |  |   | Market and income approach |   | Weighted average cost of capital |   |   | 14.0% | - | 14.0% |   | 14.0% |
|                                          |   |   |   |   |   | Company specific risk premium |   | (a) | 2.0% | - | 2.0% |   | 2.0% |
|                                          |   |   |   |   |   | Revenue growth rate |   |   | (21.6)% | - | (21.6)% |   | (21.6)% |
|                                          |   |   |   |   |   | Revenue multiple |   |   | 1.0x | - | 1.0x |   | 1.0x |
| Receivable from secured financing arrangement |   | 4,985,425 |  |   | Market quotations |   | Broker quoted price |   | (c) | N/A | - | N/A |   | N/A |
| Total                                         |   | $ | 193,693,645 |  |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liability                                     |   | Fair Value |   | Valuation Technique |   | Unobservable Input |   | Range |   | WeightedAverage (b) |
| Subordinated notes payable                    |   | $ | 65,012,167 |  |   | Bond yield approach |   | Capital structure premium |   | (a) | 2.0% | - | 2.0% |   | 2.0% |
|                                          |   |   |   |   |   | Tranche specific risk discount |   | (a) | (1.4)% | - | (1.4)% |   | (1.4)% |
|                                          |   |   |   |   |   | Size premium |   | (a) | 2.0% | - | 2.0% |   | 2.0% |
|                                          |   |   |   |   |   | Industry premium |   | (a) | 1.9% | - | 1.9% |   | 1.9% |
| Total                                         |   | $ | 65,012,167 |  |   |   |   |   |   |   |   |   |   |   |   |

|     |                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Used when market participant would take into account this premium or discount when pricing the investment, receivable from secured financing arrangement or subordinated note payable. |

|     |                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------|
| (b) | Weighted averages are calculated based on fair value of investment or subordinated note payable. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | The Fund generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated in conjunction with additional information compiled by the Fund, including financial performance, recent business developments and various other factors. |

|     |                                                                                   |
|-----|-----------------------------------------------------------------------------------|
| (d) | Used when there is an observable transaction or pending event for the investment. |

----

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Asset                      |   | Fair Value |   | Valuation Technique |   | Unobservable Input |   | Range |   | WeightedAverage (b) |
| Senior secured debt        |   | 99,525,018 |  |   | Bond yield approach |   | Tranche specific risk premium/(discount) |   | (a) | (3.5)% | - | 5.5% |   | (0.7)% |
|                       |   |   |   |   |   | Size premium |   | (a) | 1.0% | - | 2.0% |   | 1.1% |
|                       |   |   |   |   |   | Industry premium/(discount) |   | (a) | (1.1)% | - | 0.6% |   | (0.3)% |
|                       |   | 83,201,120 |  |   | Market quotations |   | Broker quoted price |   | (c) | N/A | - | N/A |   | N/A |
| Total                      |   | $ | 182,726,138 |  |   |   |   |   |   |   |   |   |   |   |   |
|                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liability                  |   | Fair Value |   | Valuation Technique |   | Unobservable Input |   | Range |   | WeightedAverage (b) |
| Subordinated notes payable |   | $ | 60,118,109 |  |   | Bond yield approach |   | Capital structure premium |   | (a) | 2.0% | - | 2.0% |   | 2.0% |
|                       |   |   |   |   |   | Tranche specific risk discount |   | (a) | (1.4)% | - | (1.4)% |   | (1.4)% |
|                       |   |   |   |   |   | Size premium |   | (a) | 2.0% | - | 2.0% |   | 2.0% |
|                       |   |   |   |   |   | Industry discount |   | (a) | (1.9)% | - | (1.9)% |   | (1.9)% |
| Total                      |   | $ | 60,118,109 |  |   |   |   |   |   |   |   |   |   |   |   |

|     |                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Used when market participant would take into account this premium or discount when pricing the investment, receivable from secured financing arrangement or subordinated note payable. |

|     |                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------|
| (b) | Weighted averages are calculated based on fair value of investment or subordinated note payable. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | The Fund generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated in conjunction with additional information compiled by the Fund, including financial performance, recent business developments and various other factors. |

----

|                      |
|----------------------|
|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                 |   | September 30, 2016 |   | September 30, 2015 |
| Cost:                |   |   |   |   |   |   |   |   |
|  Northeast U.S. |   | $ | 51,937,627 |  |   | 26.69 | % |   | $ | 40,147,135 |  |   | 21.71 | % |
|  Midwest U.S.   |   | 22,204,574 |  |   | 11.41 |  |   | 15,343,036 |  |   | 8.30 |  |
|  West U.S.      |   | 38,994,686 |  |   | 20.04 |  |   | 47,522,549 |  |   | 25.70 |  |
|  Southeast U.S. |   | 44,881,999 |  |   | 23.06 |  |   | 26,794,385 |  |   | 14.49 |  |
|  Southwest U.S. |   | 26,243,583 |  |   | 13.48 |  |   | 46,938,965 |  |   | 25.39 |  |
|  International  |   | 10,362,329 |  |   | 5.32 |  |   | 8,154,301 |  |   | 4.41 |  |
| Total                |   | $ | 194,624,798 |  |   | 100.00 | % |   | $ | 184,900,371 |  |   | 100.00 | % |
|                 |   |   |   |   |   |   |   |   |
| Fair Value:          |   |   |   |   |   |   |   |   |
|  Northeast U.S. |   | $ | 49,662,039 |  |   | 26.32 | % |   | $ | 39,356,700 |  |   | 21.54 | % |
|  Midwest U.S.   |   | 19,072,730 |  |   | 10.11 |  |   | 13,409,021 |  |   | 7.34 |  |
|  West U.S.      |   | 39,318,673 |  |   | 20.84 |  |   | 47,726,891 |  |   | 26.12 |  |
|  Southeast U.S. |   | 44,673,212 |  |   | 23.67 |  |   | 26,753,396 |  |   | 14.64 |  |
|  Southwest U.S. |   | 26,042,648 |  |   | 13.80 |  |   | 47,358,696 |  |   | 25.92 |  |
|  International  |   | 9,938,918 |  |   | 5.26 |  |   | 8,121,434 |  |   | 4.44 |  |
| Total                |   | $ | 188,708,220 |  |   | 100.00 | % |   | $ | 182,726,138 |  |   | 100.00 | % |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | Cost: |   | Fair Value: |
|  Internet software & services          |   | $ | 39,907,464 |  |   | 20.52 | % |   | $ | 35,586,309 |  |   | 18.87 | % |
|  Healthcare services                       |   | 21,562,800 |  |   | 11.08 |  |   | 20,062,793 |  |   | 10.63 |  |
|  Application software                      |   | 16,688,271 |  |   | 8.57 |  |   | 16,686,157 |  |   | 8.84 |  |
|  Specialized consumer services             |   | 15,587,660 |  |   | 8.01 |  |   | 15,549,511 |  |   | 8.24 |  |
|  Diversified support services              |   | 15,517,100 |  |   | 7.97 |  |   | 15,326,182 |  |   | 8.12 |  |
|  IT consulting & other services        |   | 11,719,709 |  |   | 6.02 |  |   | 11,373,148 |  |   | 6.03 |  |
|  Education services                        |   | 9,400,290 |  |   | 4.83 |  |   | 9,360,586 |  |   | 4.96 |  |
|  Insurance brokers                         |   | 8,763,412 |  |   | 4.50 |  |   | 8,840,003 |  |   | 4.68 |  |
|  Data processing & outsourced services |   | 7,842,222 |  |   | 4.03 |  |   | 7,920,000 |  |   | 4.20 |  |
|  Integrated telecommunication services     |   | 7,261,422 |  |   | 3.73 |  |   | 7,386,738 |  |   | 3.91 |  |
|  Electronic equipment & instruments    |   | 7,010,963 |  |   | 3.60 |  |   | 7,015,051 |  |   | 3.72 |  |
|  Footwear                                  |   | 6,393,472 |  |   | 3.29 |  |   | 6,443,186 |  |   | 3.41 |  |
|  Advertising                               |   | 5,016,974 |  |   | 2.58 |  |   | 5,018,683 |  |   | 2.66 |  |
|  Specialty chemicals                       |   | 4,912,596 |  |   | 2.52 |  |   | 4,967,689 |  |   | 2.63 |  |
|  Personal products                         |   | 4,421,558 |  |   | 2.27 |  |   | 4,599,557 |  |   | 2.44 |  |
|  Environmental & facilities services   |   | 3,906,498 |  |   | 2.01 |  |   | 4,026,826 |  |   | 2.13 |  |
|  Food distributors                         |   | 3,837,366 |  |   | 1.97 |  |   | 3,844,069 |  |   | 2.04 |  |
|  Healthcare technology                     |   | 2,958,409 |  |   | 1.52 |  |   | 2,782,500 |  |   | 1.47 |  |
|  Auto parts & equipment                |   | 1,916,612 |  |   | 0.98 |  |   | 1,919,232 |  |   | 1.02 |  |
| Total                                           |   | $ | 194,624,798 |  |   | 100.00 | % |   | $ | 188,708,220 |  |   | 100.00 | % |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | Cost: |   | Fair Value: |
|  Internet software & services          |   | $ | 54,380,012 |  |   | 29.41 | % |   | $ | 52,657,731 |  |   | 28.82 | % |
|  Application software                      |   | 17,707,710 |  |   | 9.58 |  |   | 17,728,671 |  |   | 9.70 |  |
|  Healthcare services                       |   | 16,975,498 |  |   | 9.18 |  |   | 16,280,943 |  |   | 8.91 |  |
|  Specialized consumer services             |   | 15,698,425 |  |   | 8.49 |  |   | 15,793,063 |  |   | 8.64 |  |
|  Advertising                               |   | 14,760,738 |  |   | 7.98 |  |   | 15,028,876 |  |   | 8.22 |  |
|  Integrated telecommunication services     |   | 10,013,409 |  |   | 5.42 |  |   | 10,020,850 |  |   | 5.48 |  |
|  Education services                        |   | 9,701,770 |  |   | 5.25 |  |   | 9,634,860 |  |   | 5.27 |  |
|  Diversified support services              |   | 9,562,500 |  |   | 5.17 |  |   | 9,459,652 |  |   | 5.18 |  |
|  IT consulting & other services        |   | 9,494,886 |  |   | 5.14 |  |   | 9,438,186 |  |   | 5.17 |  |
|  Electronic equipment & instruments    |   | 8,749,565 |  |   | 4.73 |  |   | 8,818,256 |  |   | 4.83 |  |
|  Data processing & outsourced services |   | 7,999,277 |  |   | 4.33 |  |   | 7,960,050 |  |   | 4.36 |  |
|  Food distributors                         |   | 3,980,282 |  |   | 2.15 |  |   | 3,980,000 |  |   | 2.18 |  |
|  Healthcare technology                     |   | 2,950,227 |  |   | 1.60 |  |   | 2,925,000 |  |   | 1.60 |  |
|  Personal products                         |   | 2,926,072 |  |   | 1.57 |  |   | 3,000,000 |  |   | 1.64 |  |
| Total                                           |   | $ | 184,900,371 |  |   | 100.00 | % |   | $ | 182,726,138 |  |   | 100.00 | % |

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                           |   | Region |   | Industry |   | Maturity |   | Principal |   | Cost |   | Fair Value |
| Receivable from secured financing arrangement:                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|  California Pizza Kitchen, Inc. First Lien Term Loan, LIBOR+6% (1% floor) |   |   North America |   |    Restaurants |   | 8/23/22 |   | $5,000,000 |   | $4,985,500 |   | $4,985,425 |
| Total receivable from secured financing arrangement                            |   |   |   |   |   |   |   | $5,000,000 |   | $4,985,500 |   | $4,985,425 |

|                          |
|--------------------------|
|                          |  |  |  |  |
|                     |   | Year ended September 30, 2016 |
| Cash interest income (1) |   | $ | 379,754 |  |
| OID income (1)           |   | 164,099 |  |
| Total                    |   | $ | 543,853 |  |

|     |                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | This includes non-accrual amounts from the Fund's investment in Ameritox Ltd., which was on non-accrual status prior to its restructuring in April 2016. Subsequent to the restructuring, income from the Fund's investment in Ameritox Ltd. was recognized during the year ended September 30, 2016. |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | September 30, 2016 |
|                                            |   | FSFR (87.5%) |   | GF Equity Funding/GF Debt Funding (12.5%) |   | Total |
| Total commitments to the Fund:                  |   |   |   |   |   |   |
| Total commitments under subordinated notes      |   | $ | 78,750,000 |  |   | $ | 11,250,000 |  |   | $ | 90,000,000 |  |
| Total commitments under equity capital          |   | 8,750,000 |  |   | 1,250,000 |  |   | 10,000,000 |  |
| Total subordinated notes and equity commitments |   | $ | 87,500,000 |  |   | $ | 12,500,000 |  |   | $ | 100,000,000 |  |
|                                            |   |   |   |   |   |   |
| Subordinated notes availability:                |   |   |   |   |   |   |
| Drawn amount of subordinated notes              |   | $ | 64,005,755 |  |   | $ | 9,143,679 |  |   | $ | 73,149,434 |  |
| Undrawn subordinated notes commitments          |   | 14,744,245 |  |   | 2,106,321 |  |   | 16,850,566 |  |
| Total subordinated notes commitment             |   | $ | 78,750,000 |  |   | $ | 11,250,000 |  |   | $ | 90,000,000 |  |
|                                            |   |   |   |   |   |   |
| Equity commitment availability:                 |   |   |   |   |   |   |
| Equity commitments called                       |   | $ | 7,111,751 |  |   | $ | 1,015,964 |  |   | $ | 8,127,715 |  |
| Equity commitments uncalled                     |   | 1,638,249 |  |   | 234,036 |  |   | 1,872,285 |  |
| Total equity commitment                         |   | $ | 8,750,000 |  |   | $ | 1,250,000 |  |   | $ | 10,000,000 |  |
|                                            |   |   |   |   |   |   |
| Total aggregate capital invested:               |   |   |   |   |   |   |
| Debt and equity capital invested                |   | $ | 71,117,506 |  |   | $ | 10,159,643 |  |   | $ | 81,277,149 |  |
|                                            |   |   |   |   |   |   |
| Fair value:                                     |   |   |   |   |   |   |
| Subordinated notes                              |   | $ | 56,885,646 |  |   | $ | 8,126,521 |  |   | $ | 65,012,167 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   | September 30, 2015 |
|                                            |   | FSFR (87.5%) |   | GF Equity Funding/GF Debt Funding (12.5%) |   | Total |
| Total commitments to the Fund:                  |   |   |   |   |   |   |
| Total commitments under subordinated notes      |   | $ | 78,750,000 |  |   | $ | 11,250,000 |  |   | $ | 90,000,000 |  |
| Total commitments under equity capital          |   | 8,750,000 |  |   | 1,250,000 |  |   | 10,000,000 |  |
| Total subordinated notes and equity commitments |   | $ | 87,500,000 |  |   | $ | 12,500,000 |  |   | $ | 100,000,000 |  |
|                                            |   |   |   |   |   |   |
| Subordinated notes availability:                |   |   |   |   |   |   |
| Drawn amount of subordinated notes              |   | $ | 52,941,380 |  |   | $ | 7,563,054 |  |   | $ | 60,504,434 |  |
| Undrawn subordinated notes commitments          |   | 25,808,620 |  |   | 3,686,946 |  |   | 29,495,566 |  |
| Total subordinated notes commitment             |   | $ | 78,750,000 |  |   | $ | 11,250,000 |  |   | $ | 90,000,000 |  |
|                                            |   |   |   |   |   |   |
| Equity commitment availability:                 |   |   |   |   |   |   |
| Equity commitments called                       |   | $ | 5,882,376 |  |   | $ | 840,339 |  |   | $ | 6,722,715 |  |
| Equity commitments uncalled                     |   | 2,867,624 |  |   | 409,661 |  |   | 3,277,285 |  |
| Total equity commitment                         |   | $ | 8,750,000 |  |   | $ | 1,250,000 |  |   | $ | 10,000,000 |  |
|                                            |   |   |   |   |   |   |
| Total aggregate capital invested:               |   |   |   |   |   |   |
| Debt and equity capital invested                |   | $ | 58,823,756 |  |   | $ | 8,403,393 |  |   | $ | 67,227,149 |  |
|                                            |   |   |   |   |   |   |
| Fair value:                                     |   |   |   |   |   |   |
| Subordinated notes                              |   | $ | 52,603,345 |  |   | $ | 7,514,764 |  |   | $ | 60,118,109 |  |

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