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| ​ | Maryland(State of Incorporation)                                                 | ​ | ​ | 46-2961489 (I.R.S. Employer Identification Number) | ​ |
|---------|----------------------------------------------------------------------------------|---------|---------|----------------------------------------------------|---------|
| ​ | 200 Park Avenue, 7th Floor New York, NY (Address of principal executive offices) | ​ | ​ | 10166 (Zip Code)                                   | ​ |
| ​ | Title of Each Class                      | ​ | ​ | Name of Each Exchange on Which Registered | ​ |
|---------|------------------------------------------|---------|---------|-------------------------------------------|---------|
| ​ | Common Stock, par value $0.001 per share | ​ | ​ | The NASDAQ Global Select Market           | ​ |
| ​ | Large accelerated filer  ☐        | ​ | ​ | Accelerated filer  ☒         | ​ |
|---------|-----------------------------------------------|---------|---------|------------------------------------------|---------|
| ​ | Non-accelerated filer  ☐          | ​ | ​ | Smaller reporting company  ☐ | ​ |
| ​ | (Do not check if a smaller reporting Company) | ​ | ​ | Emerging growth company  ☒   | ​ |

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| ​                                                                                                                               | ​ | ​ | Page    |
|---------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|
| PART I                                                                                                                                | ​ | ​ | ​ | ​ | ​ |
| ITEM 1.BUSINESS ​                                                                                                               | ​ | ​ | ​ | ​ | 1 |
| ITEM 1A.RISK FACTORS ​                                                                                                          | ​ | ​ | ​ | ​ | 26 |
| ITEM 1B.UNRESOLVED STAFF COMMENTS ​                                                                                             | ​ | ​ | ​ | ​ | 56 |
| ITEM 2.PROPERTIES ​                                                                                                             | ​ | ​ | ​ | ​ | 56 |
| ITEM 3.LEGAL PROCEEDINGS ​                                                                                                      | ​ | ​ | ​ | ​ | 56 |
| ITEM 4.MINE SAFETY DISCLOSURES ​                                                                                                | ​ | ​ | ​ | ​ | 56 |
| PART II                                                                                                                               | ​ | ​ | ​ | ​ | ​ |
| ITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES ​     | ​ | ​ | ​ | ​ | 57 |
| ITEM 6.SELECTED FINANCIAL DATA ​                                                                                                | ​ | ​ | ​ | ​ | 60 |
| ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ​                            | ​ | ​ | ​ | ​ | 62 |
| ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ​                                                            | ​ | ​ | ​ | ​ | 75 |
| ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ​                                                                            | ​ | ​ | ​ | ​ | 76 |
| ITEM 9.CHANGES IN AND DISAGREEMENTS WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON ACCOUNTING AND FINANCIAL DISCLOSURE ​ | ​ | ​ | ​ | ​ | 112 |
| ITEM 9A.CONTROLS AND PROCEDURES ​                                                                                               | ​ | ​ | ​ | ​ | 112 |
| ITEM 9B.OTHER INFORMATION ​                                                                                                     | ​ | ​ | ​ | ​ | 113 |
| PART III                                                                                                                              | ​ | ​ | ​ | ​ | ​ |
| ITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE ​                                                                | ​ | ​ | ​ | ​ | 114 |
| ITEM 11.EXECUTIVE COMPENSATION ​                                                                                                | ​ | ​ | ​ | ​ | 114 |
| ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS ​                        | ​ | ​ | ​ | ​ | 114 |
| ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE ​                                             | ​ | ​ | ​ | ​ | 114 |
| ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES ​                                                                                | ​ | ​ | ​ | ​ | 114 |
| PART IV                                                                                                                               | ​ | ​ | ​ | ​ | ​ |
| ITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES ​                                                                            | ​ | ​ | ​ | ​ | 115 |
| SIGNATURES                                                                                                                            | ​ | ​ | ​ | ​ | 120 |

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| ​                | ​ | ​ | Price Range | ​ |
|------------------------|---------|---------|-------------|---------|
| Fiscal Year Ended      | ​ | ​ | High        | ​ | ​ | Low | ​ |
| December 31, 2017 | ​ | ​ | ​     | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Fourth Quarter         | ​ | ​ | ​     | $       | 10.78 | ​ | ​ | ​ | ​ | $ | 7.20 | ​ | ​ |
| Third Quarter          | ​ | ​ | ​     | $       | 13.63 | ​ | ​ | ​ | ​ | $ | 10.53 | ​ | ​ |
| Second Quarter         | ​ | ​ | ​     | $       | 14.73 | ​ | ​ | ​ | ​ | $ | 13.25 | ​ | ​ |
| First Quarter          | ​ | ​ | ​     | $       | 14.23 | ​ | ​ | ​ | ​ | $ | 12.02 | ​ | ​ |
| December 31, 2016 | ​ | ​ | ​     | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Fourth Quarter         | ​ | ​ | ​     | $       | 13.33 | ​ | ​ | ​ | ​ | $ | 11.17 | ​ | ​ |
| Third Quarter          | ​ | ​ | ​     | $       | 13.47 | ​ | ​ | ​ | ​ | $ | 12.10 | ​ | ​ |
| Second Quarter         | ​ | ​ | ​     | $       | 12.50 | ​ | ​ | ​ | ​ | $ | 11.00 | ​ | ​ |
| First Quarter          | ​ | ​ | ​     | $       | 12.04 | ​ | ​ | ​ | ​ | $ | 8.87 | ​ | ​ |
| December 31, 2015 | ​ | ​ | ​     | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Fourth Quarter         | ​ | ​ | ​     | $       | 12.80 | ​ | ​ | ​ | ​ | $ | 11.01 | ​ | ​ |
| Third Quarter          | ​ | ​ | ​     | $       | 13.48 | ​ | ​ | ​ | ​ | $ | 10.01 | ​ | ​ |
| Second Quarter         | ​ | ​ | ​     | $       | 14.25 | ​ | ​ | ​ | ​ | $ | 12.42 | ​ | ​ |
| First Quarter          | ​ | ​ | ​     | $       | 14.44 | ​ | ​ | ​ | ​ | $ | 12.36 | ​ | ​ |
| December 31, 2014 | ​ | ​ | ​     | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Fourth Quarter         | ​ | ​ | ​     | $       | 13.50 | ​ | ​ | ​ | ​ | $ | 11.20 | ​ | ​ |
| Third Quarter          | ​ | ​ | ​     | $       | 15.04 | ​ | ​ | ​ | ​ | $ | 10.60 | ​ | ​ |
| Second Quarter(1)      | ​ | ​ | ​     | $       | 15.50 | ​ | ​ | ​ | ​ | $ | 14.00 | ​ | ​ |

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| Date Declared         | ​ | ​ | Record Date             | ​ | ​ | Payment Date         | ​ | ​ | Amount Per Share | ​ |
|-----------------------|---------|---------|-------------------------|---------|---------|----------------------|---------|---------|------------------|---------|
| Fiscal 2017           | ​ | ​ | ​                 | ​ | ​ | ​              | ​ | ​ | ​          | ​ | ​ | ​ | ​ |
| November 2, 2017 | ​ | ​ | December 29, 2017  | ​ | ​ | January 4, 2018 | ​ | ​ | ​          | ​ | 0.25 | ​ | ​ |
| August 3, 2017   | ​ | ​ | September 30, 2017 | ​ | ​ | October 5, 2017 | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| May 4, 2017      | ​ | ​ | June 30, 2017      | ​ | ​ | July 6, 2017    | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| March 9, 2017    | ​ | ​ | March 31, 2017     | ​ | ​ | April 6, 2017   | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| March 9, 2017    | ​ | ​ | March 31, 2017     | ​ | ​ | April 6, 2017   | ​ | ​ | ​          | ​ | 0.03 | ​ | ​ |
| ​               | ​ | ​ | ​                 | ​ | ​ | ​              | ​ | ​ | ​          | $       | 1.30 | ​ | ​ |
| Fiscal 2016           | ​ | ​ | ​                 | ​ | ​ | ​              | ​ | ​ | ​          | ​ | ​ | ​ | ​ |
| November 3, 2016 | ​ | ​ | December 31, 2016  | ​ | ​ | January 5, 2017 | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| August 4, 2016   | ​ | ​ | September 30, 2016 | ​ | ​ | October 6, 2016 | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| May 5, 2016      | ​ | ​ | June 30, 2016      | ​ | ​ | July 7, 2016    | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| March 7, 2016    | ​ | ​ | March 31, 2016     | ​ | ​ | April 7, 2016   | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| ​               | ​ | ​ | ​                 | ​ | ​ | ​              | ​ | ​ | ​          | $       | 1.36 | ​ | ​ |
| Fiscal 2015           | ​ | ​ | ​                 | ​ | ​ | ​              | ​ | ​ | ​          | ​ | ​ | ​ | ​ |
| November 5, 2015 | ​ | ​ | December 30, 2015  | ​ | ​ | January 7, 2016 | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| August 10, 2015  | ​ | ​ | September 30, 2015 | ​ | ​ | October 6, 2015 | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| May 11, 2015     | ​ | ​ | June 30, 2015      | ​ | ​ | July 6, 2015    | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| March 10, 2015   | ​ | ​ | March 31, 2015     | ​ | ​ | April 6, 2015   | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| ​               | ​ | ​ | ​                 | ​ | ​ | ​              | ​ | ​ | ​          | $       | 1.36 | ​ | ​ |
| Fiscal 2014           | ​ | ​ | ​                 | ​ | ​ | ​              | ​ | ​ | ​          | ​ | ​ | ​ | ​ |
| November 4, 2014 | ​ | ​ | December 30, 2014  | ​ | ​ | January 6, 2015 | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| August 12, 2014  | ​ | ​ | September 30, 2014 | ​ | ​ | October 6, 2014 | ​ | ​ | ​          | ​ | 0.34 | ​ | ​ |
| June 24, 2014    | ​ | ​ | June 30, 2014      | ​ | ​ | July 7, 2014    | ​ | ​ | ​          | ​ | 0.178 | ​ | ​ |
| Total:                | ​ | ​ | ​                 | ​ | ​ | ​              | ​ | ​ | ​          | $       | 0.858 | ​ | ​ |
| ​               |

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| Period                                         | ​ | ​ | Total Number of Shares Purchased(2) | ​ | ​ | Average Price Paid Per Share | ​ | ​ | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | ​ | ​                       | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Share Repurchase Program(4) | ​ |
|------------------------------------------------|---------|---------|-------------------------------------|---------|---------|------------------------------|---------|---------|----------------------------------------------------------------------------------|---------|-------------------------------|----------------------------------------------------------------------------------------------------|---------|
| October 1 through October 31, 2017   | ​ | ​ | ​                             | ​ | — | ​                      | ​ | ​ | ​                                                                          | $       | —                       | ​                                                                                            | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| November 1 through November 30, 2017 | ​ | ​ | ​                             | ​ | 21,400  | ​                      | ​ | ​ | ​                                                                          | ​ | 7.74 – 8.00 | ​                                                                                            | ​ | ​ | ​ | ​ | 21,400 | ​ | ​ | ​ | ​ | ​ | 4,830,258 | ​ | ​ |
| December 1 through December 31, 2017 | ​ | ​ | ​                             | ​ | 875     | ​                      | ​ | ​ | ​                                                                          | ​ | 8.25                          | ​                                                                                            | ​ | ​ | ​ | ​ | 875 | ​ | ​ | ​ | ​ | ​ | 4,823,004 | ​ | ​ |
| Total                                          | ​ | ​ | ​                             | ​ | 22,275  | ​                      | ​ | ​ | ​                                                                          | ​ | ​                       | ​                                                                                            | ​ | ​ | ​ | ​ | 22,275(3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| ​                                        |

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| ​                                                         | ​ | ​ | Alcentra Capital Corporation from January 1, 2017 through December 31, 2017 | ​ | ​      | Alcentra Capital Corporation from January 1, 2016 through December 31, 2016 | ​ | ​ | Alcentra Capital Corporation from January 1, 2015 through December 31, 2015 | ​ | ​     | Alcentra Capital Corporation from May 8,* 2014 through December 31, 2014 | ​ | ​ | Year ended December 31, 2014 BNY Mellon-Alcentra Mezzanine III, L.P. from January 1, 2014 through May 7, 2014 | ​ | ​     | BNY Mellon-Alcentra Mezzanine III, L.P. for the year ended December 31, 2013 | ​ |
|-----------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------------------|---------|--------------|---------------------------------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------------------|---------|-------------|------------------------------------------------------------------------------------|---------|---------|-----------------------------------------------------------------------------------------------------------------------------------|---------|-------------|-----------------------------------------------------------------------------------|---------|
| Statement of operations data:                                   | ​ | ​ | ​                                                                               | ​ | ​      | ​                                                                               | ​ | ​ | ​                                                                               | ​ | ​     | ​                                                                            | ​ | ​ | ​                                                                                                                           | ​ | ​     | ​                                                                           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Total investment income                                         | ​ | ​ | ​                                                                               | $       | 33,351,509   | ​                                                                               | ​ | ​ | ​                                                                               | $       | 40,602,599  | ​                                                                            | ​ | ​ | ​                                                                                                                           | $       | 33,916,249  | ​                                                                           | ​ | ​ | ​ | $ | 16,166,214 | ​ | ​ | ​ | ​ | $ | 7,761,894 | ​ | ​ | ​ | ​ | $ | 11,051,383 | ​ | ​ |
| Total expenses, net of fee waiver                               | ​ | ​ | ​                                                                               | ​ | 15,027,370   | ​                                                                               | ​ | ​ | ​                                                                               | ​ | 18,193,683  | ​                                                                            | ​ | ​ | ​                                                                                                                           | ​ | 14,618,080  | ​                                                                           | ​ | ​ | ​ | ​ | 4,564,482 | ​ | ​ | ​ | ​ | ​ | 834,336 | ​ | ​ | ​ | ​ | ​ | 3,541,736 | ​ | ​ |
| Net investment income                                           | ​ | ​ | ​                                                                               | $       | 18,324,139   | ​                                                                               | ​ | ​ | ​                                                                               | $       | 22,408,916  | ​                                                                            | ​ | ​ | ​                                                                                                                           | $       | 19,298,169  | ​                                                                           | ​ | ​ | ​ | $ | 11,601,732 | ​ | ​ | ​ | ​ | ​ | 6,927,558 | ​ | ​ | ​ | ​ | ​ | 7,509,647 | ​ | ​ |
| Net increase in net assets resulting from operations            | ​ | ​ | ​                                                                               | $       | (19,101,742) | ​                                                                               | ​ | ​ | ​                                                                               | $       | 8,789,516   | ​                                                                            | ​ | ​ | ​                                                                                                                           | $       | 12,611,774  | ​                                                                           | ​ | ​ | ​ | $ | 14,735,021 | ​ | ​ | ​ | ​ | $ | 9,954,110 | ​ | ​ | ​ | ​ | $ | 9,652,411 | ​ | ​ |
| Per share data:                                                 | ​ | ​ | ​                                                                               | ​ | ​      | ​                                                                               | ​ | ​ | ​                                                                               | ​ | ​     | ​                                                                            | ​ | ​ | ​                                                                                                                           | ​ | ​     | ​                                                                           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Net investment income                                           | ​ | ​ | ​                                                                               | $       | 1.32         | ​                                                                               | ​ | ​ | ​                                                                               | $       | 1.66        | ​                                                                            | ​ | ​ | ​                                                                                                                           | $       | 1.43        | ​                                                                           | ​ | ​ | ​ | $ | 0.86 | ​ | ​ | ​ | ​ | $ | N.A. | ​ | ​ | ​ | ​ | $ | N.A. | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations | ​ | ​ | ​                                                                               | $       | (1.33)       | ​                                                                               | ​ | ​ | ​                                                                               | $       | 0.65        | ​                                                                            | ​ | ​ | ​                                                                                                                           | $       | 0.92        | ​                                                                           | ​ | ​ | ​ | $ | 1.30 | ​ | ​ | ​ | ​ | $ | N.A. | ​ | ​ | ​ | ​ | $ | N.A. | ​ | ​ |
| Dividends declared                                              | ​ | ​ | ​                                                                               | $       | 1.30         | ​                                                                               | ​ | ​ | ​                                                                               | $       | 1.36        | ​                                                                            | ​ | ​ | ​                                                                                                                           | $       | 1.36        | ​                                                                           | ​ | ​ | ​ | $ | 0.858 | ​ | ​ | ​ | ​ | $ | N.A. | ​ | ​ | ​ | ​ | $ | N.A. | ​ | ​ |
| Net asset value per share                                       | ​ | ​ | ​                                                                               | $       | 11.09        | ​                                                                               | ​ | ​ | ​                                                                               | $       | 13.72       | ​                                                                            | ​ | ​ | ​                                                                                                                           | $       | 14.43       | ​                                                                           | ​ | ​ | ​ | $ | 14.87 | ​ | ​ | ​ | ​ | $ | N.A. | ​ | ​ | ​ | ​ | $ | N.A. | ​ | ​ |
| Balance sheet data:                                             | ​ | ​ | ​                                                                               | ​ | ​      | ​                                                                               | ​ | ​ | ​                                                                               | ​ | ​     | ​                                                                            | ​ | ​ | ​                                                                                                                           | ​ | ​     | ​                                                                           | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Total assets                                                    | ​ | ​ | ​                                                                               | $       | 310,326,150  | ​                                                                               | ​ | ​ | ​                                                                               | $       | 292,928,229 | ​                                                                            | ​ | ​ | ​                                                                                                                           | $       | 307,495,807 | ​                                                                           | ​ | ​ | ​ | $ | 272,219,375 | ​ | ​ | ​ | ​ | $ | 175,925,784 | ​ | ​ | ​ | ​ | $ | 126,788,126 | ​ | ​ |
| Cash and cash equivalents                                       | ​ | ​ | ​                                                                               | ​ | 13,882,956   | ​                                                                               | ​ | ​ | ​                                                                               | ​ | 3,891,606   | ​                                                                            | ​ | ​ | ​                                                                                                                           | ​ | 4,866,972   | ​                                                                           | ​ | ​ | ​ | ​ | 10,022,617 | ​ | ​ | ​ | ​ | ​ | 10,703,472 | ​ | ​ | ​ | ​ | ​ | 729,431 | ​ | ​ |
| Total net assets                                                | ​ | ​ | ​                                                                               | $       | 157,714,175  | ​                                                                               | ​ | ​ | ​                                                                               | $       | 184,524,591 | ​                                                                            | ​ | ​ | ​                                                                                                                           | $       | 195,032,211 | ​                                                                           | ​ | ​ | ​ | $ | 200,989,308 | ​ | ​ | ​ | ​ | $ | 175,567,210 | ​ | ​ | ​ | ​ | $ | 110,639,427 | ​ | ​ |

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| ​                                        | ​ | ​ | Fair Value             | ​ | ​ | Cost                   | ​ |
|------------------------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|
| ​                                        | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ |
| ​                                        | ​ | ​ | (dollars in thousands) | ​ |
| Senior Secured – First Lien  | ​ | ​ | ​                | $       | 177,340 | ​                | ​ | ​ | ​ | ​ | 61.7% | ​ | ​ | ​ | ​ | $ | 95,684 | ​ | ​ | ​ | ​ | ​ | 34.6% | ​ | ​ | ​ | ​ | $ | 181,664 | ​ | ​ | ​ | ​ | ​ | 54.5% | ​ | ​ | ​ | ​ | $ | 97,516 | ​ | ​ | ​ | ​ | ​ | 33.2% | ​ | ​ |
| Senior Secured – Second Lien | ​ | ​ | ​                | ​ | 14,204  | ​                | ​ | ​ | ​ | ​ | 4.9% | ​ | ​ | ​ | ​ | ​ | 84,865 | ​ | ​ | ​ | ​ | ​ | 30.7% | ​ | ​ | ​ | ​ | ​ | 24,331 | ​ | ​ | ​ | ​ | ​ | 7.3% | ​ | ​ | ​ | ​ | ​ | 87,731 | ​ | ​ | ​ | ​ | ​ | 29.9% | ​ | ​ |
| Senior Subordinated                            | ​ | ​ | ​                | ​ | 66,885  | ​                | ​ | ​ | ​ | ​ | 23.3% | ​ | ​ | ​ | ​ | ​ | 74,050 | ​ | ​ | ​ | ​ | ​ | 26.8% | ​ | ​ | ​ | ​ | ​ | 81,397 | ​ | ​ | ​ | ​ | ​ | 24.4% | ​ | ​ | ​ | ​ | ​ | 77,960 | ​ | ​ | ​ | ​ | ​ | 26.6% | ​ | ​ |
| Equity/Other                                   | ​ | ​ | ​                | ​ | 29,126  | ​                | ​ | ​ | ​ | ​ | 10.1% | ​ | ​ | ​ | ​ | ​ | 21,674 | ​ | ​ | ​ | ​ | ​ | 7.9% | ​ | ​ | ​ | ​ | ​ | 45,824 | ​ | ​ | ​ | ​ | ​ | 13.8% | ​ | ​ | ​ | ​ | ​ | 30,129 | ​ | ​ | ​ | ​ | ​ | 10.3% | ​ | ​ |
| Total                                          | ​ | ​ | ​                | $       | 287,555 | ​                | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 276,273 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 333,217 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ | ​ | ​ | $ | 293,336 | ​ | ​ | ​ | ​ | ​ | 100% | ​ | ​ |
| ​                                        |

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| ​   | ​ | ​ | Fair Value             | ​ | ​ | Cost              | ​ |
|-----------|---------|---------|------------------------|---------|---------|-------------------|---------|
| ​   | ​ | ​ | December 31, 2017      | ​ | ​ | December 31, 2016 | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ |
| ​   | ​ | ​ | (dollars in thousands) | ​ |
| Southeast | ​ | ​ | ​                | $       | 78,668  | ​           | ​ | ​ | ​ | ​ | 27.4% | ​ | ​ | ​ | ​ | $ | 31,187 | ​ | ​ | ​ | ​ | ​ | 11.3% | ​ | ​ | ​ | ​ | $ | 99,475 | ​ | ​ | ​ | ​ | ​ | 29.9% | ​ | ​ | ​ | ​ | $ | 35,200 | ​ | ​ | ​ | ​ | ​ | 12.0% | ​ | ​ |
| Northeast | ​ | ​ | ​                | ​ | 54,446  | ​           | ​ | ​ | ​ | ​ | 18.9% | ​ | ​ | ​ | ​ | ​ | 14,435 | ​ | ​ | ​ | ​ | ​ | 5.3% | ​ | ​ | ​ | ​ | ​ | 57,108 | ​ | ​ | ​ | ​ | ​ | 17.1% | ​ | ​ | ​ | ​ | ​ | 14,241 | ​ | ​ | ​ | ​ | ​ | 5.0% | ​ | ​ |
| West      | ​ | ​ | ​                | ​ | 49,593  | ​           | ​ | ​ | ​ | ​ | 17.2% | ​ | ​ | ​ | ​ | ​ | 29,231 | ​ | ​ | ​ | ​ | ​ | 10.6% | ​ | ​ | ​ | ​ | ​ | 57,328 | ​ | ​ | ​ | ​ | ​ | 17.2% | ​ | ​ | ​ | ​ | ​ | 34,638 | ​ | ​ | ​ | ​ | ​ | 11.8% | ​ | ​ |
| South     | ​ | ​ | ​                | ​ | 48,087  | ​           | ​ | ​ | ​ | ​ | 16.7% | ​ | ​ | ​ | ​ | ​ | 73,849 | ​ | ​ | ​ | ​ | ​ | 26.7% | ​ | ​ | ​ | ​ | ​ | 56,444 | ​ | ​ | ​ | ​ | ​ | 16.9% | ​ | ​ | ​ | ​ | ​ | 82,261 | ​ | ​ | ​ | ​ | ​ | 28.0% | ​ | ​ |
| Midwest   | ​ | ​ | ​                | ​ | 33,560  | ​           | ​ | ​ | ​ | ​ | 11.7% | ​ | ​ | ​ | ​ | ​ | 49,578 | ​ | ​ | ​ | ​ | ​ | 17.9% | ​ | ​ | ​ | ​ | ​ | 39,884 | ​ | ​ | ​ | ​ | ​ | 12.0% | ​ | ​ | ​ | ​ | ​ | 48,786 | ​ | ​ | ​ | ​ | ​ | 16.6% | ​ | ​ |
| Canada    | ​ | ​ | ​                | ​ | 23,200  | ​           | ​ | ​ | ​ | ​ | 8.1% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 0.0% | ​ | ​ | ​ | ​ | ​ | 22,978 | ​ | ​ | ​ | ​ | ​ | 6.9% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 0.0% | ​ | ​ |
| Southwest | ​ | ​ | ​                | ​ | — | ​           | ​ | ​ | ​ | ​ | 0.0% | ​ | ​ | ​ | ​ | ​ | 29,507 | ​ | ​ | ​ | ​ | ​ | 10.7% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 0.0% | ​ | ​ | ​ | ​ | ​ | 29,982 | ​ | ​ | ​ | ​ | ​ | 10.2% | ​ | ​ |
| Eastern   | ​ | ​ | ​                | ​ | — | ​           | ​ | ​ | ​ | ​ | 0.0% | ​ | ​ | ​ | ​ | ​ | 48,486 | ​ | ​ | ​ | ​ | ​ | 17.6% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 0.0% | ​ | ​ | ​ | ​ | ​ | 48,229 | ​ | ​ | ​ | ​ | ​ | 16.4% | ​ | ​ |
| Total     | ​ | ​ | ​                | $       | 287,555 | ​           | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ | ​ | ​ | $ | 276,273 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ | ​ | ​ | $ | 333,217 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ | ​ | ​ | $ | 293,336 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |
| ​   |
| ​                                       | ​ | ​ | Fair Value             | ​ | ​ | Cost                   | ​ |
|-----------------------------------------------|---------|---------|------------------------|---------|---------|------------------------|---------|
| ​                                       | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ |
| Healthcare Services                           | ​ | ​ | ​                | ​ | 19.23%  | ​                | ​ | ​ | ​ | ​ | 15.84% | ​ | ​ | ​ | ​ | ​ | 16.55% | ​ | ​ | ​ | ​ | ​ | 14.83% | ​ | ​ |
| Business Services                             | ​ | ​ | ​                | ​ | 17.99%  | ​                | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 15.41% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Industrial Services                           | ​ | ​ | ​                | ​ | 10.32%  | ​                | ​ | ​ | ​ | ​ | 7.04% | ​ | ​ | ​ | ​ | ​ | 8.93% | ​ | ​ | ​ | ​ | ​ | 6.94% | ​ | ​ |
| Technology & Telecom                      | ​ | ​ | ​                | ​ | 8.10%   | ​                | ​ | ​ | ​ | ​ | 5.23% | ​ | ​ | ​ | ​ | ​ | 7.19% | ​ | ​ | ​ | ​ | ​ | 5.16% | ​ | ​ |
| Wholesale/Distribution                        | ​ | ​ | ​                | ​ | 6.85%   | ​                | ​ | ​ | ​ | ​ | 1.77% | ​ | ​ | ​ | ​ | ​ | 5.79% | ​ | ​ | ​ | ​ | ​ | 1.67% | ​ | ​ |
| High Tech Industries                          | ​ | ​ | ​                | ​ | 6.51%   | ​                | ​ | ​ | ​ | ​ | 7.43% | ​ | ​ | ​ | ​ | ​ | 5.61% | ​ | ​ | ​ | ​ | ​ | 6.95% | ​ | ​ |
| Telecommunications                            | ​ | ​ | ​                | ​ | 6.15%   | ​                | ​ | ​ | ​ | ​ | 9.90% | ​ | ​ | ​ | ​ | ​ | 4.69% | ​ | ​ | ​ | ​ | ​ | 9.07% | ​ | ​ |
| Retail                                        | ​ | ​ | ​                | ​ | 4.94%   | ​                | ​ | ​ | ​ | ​ | 4.35% | ​ | ​ | ​ | ​ | ​ | 4.14% | ​ | ​ | ​ | ​ | ​ | 4.05% | ​ | ​ |
| Security                                      | ​ | ​ | ​                | ​ | 4.92%   | ​                | ​ | ​ | ​ | ​ | 8.29% | ​ | ​ | ​ | ​ | ​ | 4.61% | ​ | ​ | ​ | ​ | ​ | 7.64% | ​ | ​ |
| Oil & Gas Services                        | ​ | ​ | ​                | ​ | 3.88%   | ​                | ​ | ​ | ​ | ​ | 3.65% | ​ | ​ | ​ | ​ | ​ | 4.86% | ​ | ​ | ​ | ​ | ​ | 5.03% | ​ | ​ |
| Industrial Manufacturing                      | ​ | ​ | ​                | ​ | 3.21%   | ​                | ​ | ​ | ​ | ​ | 5.89% | ​ | ​ | ​ | ​ | ​ | 2.65% | ​ | ​ | ​ | ​ | ​ | 5.27% | ​ | ​ |
| Environmental/Recycling Services              | ​ | ​ | ​                | ​ | 2.72%   | ​                | ​ | ​ | ​ | ​ | 2.36% | ​ | ​ | ​ | ​ | ​ | 2.28% | ​ | ​ | ​ | ​ | ​ | 2.42% | ​ | ​ |
| Media: Advertising, Printing & Publishing | ​ | ​ | ​                | ​ | 2.32%   | ​                | ​ | ​ | ​ | ​ | 3.93% | ​ | ​ | ​ | ​ | ​ | 3.80% | ​ | ​ | ​ | ​ | ​ | 4.01% | ​ | ​ |
| Transportation Logistics                      | ​ | ​ | ​                | ​ | 1.90%   | ​                | ​ | ​ | ​ | ​ | 1.56% | ​ | ​ | ​ | ​ | ​ | 2.31% | ​ | ​ | ​ | ​ | ​ | 2.55% | ​ | ​ |
| Waste Services                                | ​ | ​ | ​                | ​ | 0.96%   | ​                | ​ | ​ | ​ | ​ | 4.76% | ​ | ​ | ​ | ​ | ​ | 0.76% | ​ | ​ | ​ | ​ | ​ | 4.63% | ​ | ​ |
| Media & Entertainment                     | ​ | ​ | ​                | ​ | 0.00%   | ​                | ​ | ​ | ​ | ​ | 1.64% | ​ | ​ | ​ | ​ | ​ | 3.11% | ​ | ​ | ​ | ​ | ​ | 3.50% | ​ | ​ |
| Education                                     | ​ | ​ | ​                | ​ | 0.00%   | ​                | ​ | ​ | ​ | ​ | 4.89% | ​ | ​ | ​ | ​ | ​ | 4.76% | ​ | ​ | ​ | ​ | ​ | 5.06% | ​ | ​ |
| Automotive Business Services                  | ​ | ​ | ​                | ​ | 0.00%   | ​                | ​ | ​ | ​ | ​ | 7.31% | ​ | ​ | ​ | ​ | ​ | 2.55% | ​ | ​ | ​ | ​ | ​ | 6.85% | ​ | ​ |
| Aerospace                                     | ​ | ​ | ​                | ​ | 0.00%   | ​                | ​ | ​ | ​ | ​ | 1.40% | ​ | ​ | ​ | ​ | ​ | 0.00% | ​ | ​ | ​ | ​ | ​ | 1.36% | ​ | ​ |
| Technology & IT                           | ​ | ​ | ​                | ​ | 0.00%   | ​                | ​ | ​ | ​ | ​ | 1.42% | ​ | ​ | ​ | ​ | ​ | 0.00% | ​ | ​ | ​ | ​ | ​ | 1.31% | ​ | ​ |
| Food & Beverage                           | ​ | ​ | ​                | ​ | — | ​                | ​ | ​ | ​ | ​ | 1.34% | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1.70% | ​ | ​ |
| Total                                         | ​ | ​ | ​                | ​ | 100.00% | ​                | ​ | ​ | ​ | ​ | 100.00% | ​ | ​ | ​ | ​ | ​ | 100.00% | ​ | ​ | ​ | ​ | ​ | 100.00% | ​ | ​ |
| ​                                       |

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| ​           | ​ | ​ | Alcentra Capital Corporation      | ​ | ​ | Alcentra Capital Corporation      | ​ | ​ | Alcentra Capital Corporation      | ​ | ​ | Alcentra Capital Corporation                                                    | ​ | ​ | BNY Mellon-Alcentra Mezzanine III, L.P. | ​ | ​ | BNY Mellon-Alcentra Mezzanine III, L.P. | ​ |
|-------------------|---------|---------|-----------------------------------|---------|---------|-----------------------------------|---------|---------|-----------------------------------|---------|---------|---------------------------------------------------------------------------------|---------|---------|-----------------------------------------|---------|---------|-----------------------------------------|---------|
| ​           | ​ | ​ | Year Ended December 31, 2017 | ​ | ​ | Year Ended December 31, 2016 | ​ | ​ | Year Ended December 31, 2015 | ​ | ​ | For the period from Inception (May 8, 2014) through December 31, 2014 | ​ | ​ | Year Ended December 31, 2013       | ​ | ​ | Year Ended December 31, 2012       | ​ |
| Interest Income   | ​ | ​ | ​                           | $       | 26.9    | ​                           | ​ | ​ | ​                           | $       | 29.5    | ​                                                                         | ​ | ​ | ​                                 | $       | 25.7    | ​                                 | ​ | ​ | ​ | $ | 11.5 | ​ | ​ | ​ | ​ | $ | 9.1 | ​ | ​ | ​ | ​ | $ | 9.4 | ​ | ​ |
| PIK Interest      | ​ | ​ | ​                           | ​ | 4.1     | ​                           | ​ | ​ | ​                           | ​ | 6.2     | ​                                                                         | ​ | ​ | ​                                 | ​ | 5.9     | ​                                 | ​ | ​ | ​ | ​ | 3.6 | ​ | ​ | ​ | ​ | ​ | 1.7 | ​ | ​ | ​ | ​ | ​ | 2.0 | ​ | ​ |
| Other Income/Fees | ​ | ​ | ​                           | ​ | 2.4     | ​                           | ​ | ​ | ​                           | ​ | 4.9     | ​                                                                         | ​ | ​ | ​                                 | ​ | 2.3     | ​                                 | ​ | ​ | ​ | ​ | 1.1 | ​ | ​ | ​ | ​ | ​ | 0.2 | ​ | ​ | ​ | ​ | ​ | 1.3 | ​ | ​ |
| Total             | ​ | ​ | ​                           | $       | 33.4    | ​                           | ​ | ​ | ​                           | $       | 40.6    | ​                                                                         | ​ | ​ | ​                                 | $       | 33.9    | ​                                 | ​ | ​ | ​ | $ | 16.1 | ​ | ​ | ​ | ​ | $ | 11.1 | ​ | ​ | ​ | ​ | $ | 12.6 | ​ | ​ |
| ​           |

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| ​                                   | ​ | ​ | Alcentra Capital Corporation      | ​ | ​ | Alcentra Capital Corporation      | ​ | ​ | Alcentra Capital Corporation      | ​ | ​ | Alcentra Capital Corporation                                                    | ​ | ​ | BNY Mellon-Alcentra Mezzanine III, L.P. | ​ | ​ | BNY Mellon-Alcentra Mezzanine III, L.P. | ​ |
|-------------------------------------------|---------|---------|-----------------------------------|---------|---------|-----------------------------------|---------|---------|-----------------------------------|---------|---------|---------------------------------------------------------------------------------|---------|---------|-----------------------------------------|---------|---------|-----------------------------------------|---------|
| ​                                   | ​ | ​ | Year Ended December 31, 2017 | ​ | ​ | Year Ended December 31, 2016 | ​ | ​ | Year Ended December 31, 2015 | ​ | ​ | For the period from Inception (May 8, 2014) through December 31, 2014 | ​ | ​ | Year Ended December 31, 2013       | ​ | ​ | Year Ended December 31, 2012       | ​ |
| Operating Expenses:                       | ​ | ​ | ​                           | ​ | ​ | ​                           | ​ |
| Management Fees                           | ​ | ​ | ​                           | $       | 5.0     | ​                           | ​ | ​ | ​                           | $       | 5.2     | ​                                                                         | ​ | ​ | ​                                 | $       | 4.9     | ​                                 | ​ | ​ | ​ | $ | 2.5 | ​ | ​ | ​ | ​ | $ | 2.8 | ​ | ​ | ​ | ​ | $ | 4.4 | ​ | ​ |
| Incentive Fees                            | ​ | ​ | ​                           | ​ | 0.6     | ​                           | ​ | ​ | ​                           | ​ | 3.3     | ​                                                                         | ​ | ​ | ​                                 | ​ | 3.3     | ​                                 | ​ | ​ | ​ | ​ | 1.0 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Professional Fees                         | ​ | ​ | ​                           | ​ | 1.2     | ​                           | ​ | ​ | ​                           | ​ | 1.2     | ​                                                                         | ​ | ​ | ​                                 | ​ | 1.0     | ​                                 | ​ | ​ | ​ | ​ | 0.8 | ​ | ​ | ​ | ​ | ​ | 0.4 | ​ | ​ | ​ | ​ | ​ | 0.5 | ​ | ​ |
| Valuation services                        | ​ | ​ | ​                           | ​ | 0.3     | ​                           | ​ | ​ | ​                           | ​ | 0.2     | ​                                                                         | ​ | ​ | ​                                 | ​ | 0.4     | ​                                 | ​ | ​ | ​ | ​ | 0.4 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Interest and credit facility expense      | ​ | ​ | ​                           | ​ | 6.4     | ​                           | ​ | ​ | ​                           | ​ | 5.7     | ​                                                                         | ​ | ​ | ​                                 | ​ | 4.1     | ​                                 | ​ | ​ | ​ | ​ | 1.0 | ​ | ​ | ​ | ​ | ​ | 0.1 | ​ | ​ | ​ | ​ | ​ | 0.1 | ​ | ​ |
| Amortization of deferred financing costs  | ​ | ​ | ​                           | ​ | 1.4     | ​                           | ​ | ​ | ​                           | ​ | 1.3     | ​                                                                         | ​ | ​ | ​                                 | ​ | 0.9     | ​                                 | ​ | ​ | ​ | ​ | 0.3 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Directors Fees                            | ​ | ​ | ​                           | ​ | 0.3     | ​                           | ​ | ​ | ​                           | ​ | 0.3     | ​                                                                         | ​ | ​ | ​                                 | ​ | 0.2     | ​                                 | ​ | ​ | ​ | ​ | 0.2 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Insurance Expense                         | ​ | ​ | ​                           | ​ | 0.2     | ​                           | ​ | ​ | ​                           | ​ | 0.3     | ​                                                                         | ​ | ​ | ​                                 | ​ | 0.3     | ​                                 | ​ | ​ | ​ | ​ | 0.2 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Other Expenses                            | ​ | ​ | ​                           | ​ | 0.8     | ​                           | ​ | ​ | ​                           | ​ | 0.7     | ​                                                                         | ​ | ​ | ​                                 | ​ | 0.5     | ​                                 | ​ | ​ | ​ | ​ | 0.2 | ​ | ​ | ​ | ​ | ​ | 0.2 | ​ | ​ | ​ | ​ | ​ | 0.1 | ​ | ​ |
| Total Operating Expenses                  | ​ | ​ | ​                           | $       | 16.4    | ​                           | ​ | ​ | ​                           | $       | 18.2    | ​                                                                         | ​ | ​ | ​                                 | $       | 15.6    | ​                                 | ​ | ​ | ​ | $ | 6.6 | ​ | ​ | ​ | ​ | $ | 3.5 | ​ | ​ | ​ | ​ | $ | 5.1 | ​ | ​ |
| Waiver of Incentive & Management Fees | ​ | ​ | ​                           | ​ | (1.3)   | ​                           | ​ | ​ | ​                           | ​ | — | ​                                                                         | ​ | ​ | ​                                 | ​ | (1.0)   | ​                                 | ​ | ​ | ​ | ​ | (2.0) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total Expenses, net of fee waivers        | ​ | ​ | ​                           | $       | 15.0    | ​                           | ​ | ​ | ​                           | $       | 18.2    | ​                                                                         | ​ | ​ | ​                                 | $       | 14.6    | ​                                 | ​ | ​ | ​ | $ | 4.6 | ​ | ​ | ​ | ​ | $ | 3.5 | ​ | ​ | ​ | ​ | $ | 5.1 | ​ | ​ |
| ​                                   |

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| ​                 | ​ | ​ | Total                  | ​ | ​ | 2017    | ​ | ​ | 2018    | ​ | ​ | 2019    | ​ | ​ | 2020    | ​ | ​ | 2021    | ​ | ​ | 2022 andthereafter | ​ |
|-------------------------|---------|---------|------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|--------------------|---------|
| ​                 | ​ | ​ | (dollars in thousands) | ​ |
| Credit facility payable | ​ | ​ | ​                | $       | 39,133  | ​ | ​ | ​ | ​ | $       | — | ​ | ​ | ​ | ​ | $       | — | ​ | ​ | ​ | ​            | $       | 39,133 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Notes payable           | ​ | ​ | ​                | $       | 55,000  | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​            | ​ | 0 | ​ | ​ | ​ | ​ | ​ | 38,582 | ​ | ​ | ​ | ​ | ​ | 15,000 | ​ | ​ | ​ | ​ | ​ | 1,418 | ​ | ​ |
| ​                 | ​ | ​ | ​                | $       | 94,133  | ​ | ​ | ​ | ​ | $       | — | ​ | ​ | ​ | ​ | $       | — | ​ | ​ | ​ | ​            | $       | 39,133 | ​ | ​ | ​ | ​ | $ | 38,582 | ​ | ​ | ​ | ​ | $ | 15,000 | ​ | ​ | ​ | ​ | $ | 1,418 | ​ | ​ |

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| Risk Rating | ​ | ​ | Cost    | ​ | ​ | % of Cost | ​ | ​ | FMV     | ​ | ​ | % of FMV | ​ |
|-------------|---------|---------|---------|---------|---------|-----------|---------|---------|---------|---------|---------|----------|---------|
| 1           | ​ | ​ | ​ | ​ | 171,487 | ​   | ​ | ​ | ​ | ​ | 51.5%   | ​  | ​ | ​ | ​ | ​ | 176,486 | ​ | ​ | ​ | ​ | ​ | 61.4% | ​ | ​ |
| 2           | ​ | ​ | ​ | ​ | 81,226  | ​   | ​ | ​ | ​ | ​ | 24.4%   | ​  | ​ | ​ | ​ | ​ | 79,637 | ​ | ​ | ​ | ​ | ​ | 27.7% | ​ | ​ |
| 3           | ​ | ​ | ​ | ​ | 33,110  | ​   | ​ | ​ | ​ | ​ | 9.9%    | ​  | ​ | ​ | ​ | ​ | 24,753 | ​ | ​ | ​ | ​ | ​ | 8.6% | ​ | ​ |
| 4           | ​ | ​ | ​ | ​ | 12,678  | ​   | ​ | ​ | ​ | ​ | 3.8%    | ​  | ​ | ​ | ​ | ​ | 6,678 | ​ | ​ | ​ | ​ | ​ | 2.3% | ​ | ​ |
| 5           | ​ | ​ | ​ | ​ | 34,715  | ​   | ​ | ​ | ​ | ​ | 10.4%   | ​  | ​ | ​ | ​ | ​ | 0 | ​ | ​ | ​ | ​ | ​ | 0.0% | ​ | ​ |
| ​     | ​ | ​ | ​ | ​ | 333,217 | ​   | ​ | ​ | ​ | ​ | 100.0%  | ​  | ​ | ​ | ​ | ​ | 287,555 | ​ | ​ | ​ | ​ | ​ | 100.0% | ​ | ​ |

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| ​                                                                                                                                                                                                          | ​ | ​ | As of December 31,2017 | ​ | ​      | As of December 31, 2016 | ​ |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-----------------------------|---------|--------------|------------------------------|---------|
| Assets                                                                                                                                                                                                           | ​ | ​ | ​                     |
| Portfolio investments, at fair value                                                                                                                                                                             | ​ | ​ | ​                     |
| Non-controlled, non-affiliated investments, at fair value (cost of $265,675,598 and $248,479,039, respectively)                                                                                                  | ​ | ​ | ​                     | $       | 252,325,403  | ​                      | ​ | ​ | ​ | $ | 239,722,117 | ​ | ​ |
| Non-controlled, affiliated investments, at fair value (cost of  $51,734,635 and $29,734,859, respectively)                                                                                                 | ​ | ​ | ​                     | ​ | 19,972,905   | ​                      | ​ | ​ | ​ | ​ | 22,094,203 | ​ | ​ |
| Controlled, affiliated investments, at fair value (cost $15,806,301 and $15,122,171, respectively)                                                                                                               | ​ | ​ | ​                     | ​ | 15,256,237   | ​                      | ​ | ​ | ​ | ​ | 14,456,630 | ​ | ​ |
| Cash                                                                                                                                                                                                             | ​ | ​ | ​                     | ​ | 13,882,956   | ​                      | ​ | ​ | ​ | ​ | 3,891,606 | ​ | ​ |
| Dividends and interest receivable                                                                                                                                                                                | ​ | ​ | ​                     | ​ | 1,942,300    | ​                      | ​ | ​ | ​ | ​ | 3,240,640 | ​ | ​ |
| Receivable for investments sold                                                                                                                                                                                  | ​ | ​ | ​                     | ​ | 669,733      | ​                      | ​ | ​ | ​ | ​ | 2,139,463 | ​ | ​ |
| Deferred financing costs                                                                                                                                                                                         | ​ | ​ | ​                     | ​ | 514,241      | ​                      | ​ | ​ | ​ | ​ | 1,287,807 | ​ | ​ |
| Deferred tax asset                                                                                                                                                                                               | ​ | ​ | ​                     | ​ | 4,934,962    | ​                      | ​ | ​ | ​ | ​ | 1,264,811 | ​ | ​ |
| Income tax asset                                                                                                                                                                                                 | ​ | ​ | ​                     | ​ | 748,408      | ​                      | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Prepaid expenses and other assets                                                                                                                                                                                | ​ | ​ | ​                     | ​ | 79,005       | ​                      | ​ | ​ | ​ | ​ | 100,770 | ​ | ​ |
| Total Assets                                                                                                                                                                                                     | ​ | ​ | ​                     | $       | 310,326,150  | ​                      | ​ | ​ | ​ | $ | 288,198,047 | ​ | ​ |
| Liabilities                                                                                                                                                                                                      | ​ | ​ | ​                     |
| Credit facility payable                                                                                                                                                                                          | ​ | ​ | ​                     | $       | 89,703,273   | ​                      | ​ | ​ | ​ | $ | 39,133,273 | ​ | ​ |
| Notes payable (net of deferred note offering costs of  $1,252,165 and $1,495,062, respectively)                                                                                                            | ​ | ​ | ​                     | ​ | 53,747,835   | ​                      | ​ | ​ | ​ | ​ | 53,504,938 | ​ | ​ |
| Other accrued expenses and liabilities                                                                                                                                                                           | ​ | ​ | ​                     | ​ | 447,589      | ​                      | ​ | ​ | ​ | ​ | 282,165 | ​ | ​ |
| Directors’ fees payable                                                                                                                                                                                    | ​ | ​ | ​                     | ​ | 68,917       | ​                      | ​ | ​ | ​ | ​ | 95,000 | ​ | ​ |
| Professional fees payable                                                                                                                                                                                        | ​ | ​ | ​                     | ​ | 548,455      | ​                      | ​ | ​ | ​ | ​ | 331,867 | ​ | ​ |
| Interest and credit facility expense payable                                                                                                                                                                     | ​ | ​ | ​                     | ​ | 1,248,791    | ​                      | ​ | ​ | ​ | ​ | 1,008,127 | ​ | ​ |
| Management fee payable                                                                                                                                                                                           | ​ | ​ | ​                     | ​ | 1,265,172    | ​                      | ​ | ​ | ​ | ​ | 1,301,591 | ​ | ​ |
| Income-based incentive fees payable                                                                                                                                                                              | ​ | ​ | ​                     | ​ | 1,294,985    | ​                      | ​ | ​ | ​ | ​ | 2,071,661 | ​ | ​ |
| Distributions payable                                                                                                                                                                                            | ​ | ​ | ​                     | ​ | 3,561,305    | ​                      | ​ | ​ | ​ | ​ | 4,586,816 | ​ | ​ |
| Unearned structuring fee revenue                                                                                                                                                                                 | ​ | ​ | ​                     | ​ | 725,653      | ​                      | ​ | ​ | ​ | ​ | 1,175,319 | ​ | ​ |
| Income tax liability                                                                                                                                                                                             | ​ | ​ | ​                     | ​ | —      | ​                      | ​ | ​ | ​ | ​ | 182,699 | ​ | ​ |
| Total Liabilities                                                                                                                                                                                                | ​ | ​ | ​                     | $       | 152,611,975  | ​                      | ​ | ​ | ​ | $ | 103,673,456 | ​ | ​ |
| Commitments and Contingencies (Note 12)                                                                                                                                                                          | ​ | ​ | ​                     |
| Net Assets                                                                                                                                                                                                       | ​ | ​ | ​                     |
| Common stock, par value $0.001 per share (100,000,000 shares authorized, 14,222,945 and 13,451,633 shares outstanding, respectively)                                                                             | ​ | ​ | ​                     | ​ | 14,223       | ​                      | ​ | ​ | ​ | ​ | 13,452 | ​ | ​ |
| Additional paid-in capital                                                                                                                                                                                       | ​ | ​ | ​                     | ​ | 206,570,701  | ​                      | ​ | ​ | ​ | ​ | 196,290,348 | ​ | ​ |
| Accumulated net realized loss                                                                                                                                                                                    | ​ | ​ | ​                     | ​ | (11,436,155) | ​                      | ​ | ​ | ​ | ​ | (776,548) | ​ | ​ |
| Undistributed net investment income                                                                                                                                                                              | ​ | ​ | ​                     | ​ | 4,449,122    | ​                      | ​ | ​ | ​ | ​ | 4,890,065 | ​ | ​ |
| Net unrealized appreciation (depreciation) on investments, net of benefit/​(provision) for taxes of  $3,778,273 and $1,170,393 as of December 31, 2017 and December 31, 2016, respectively | ​ | ​ | ​                     | ​ | (41,883,716) | ​                      | ​ | ​ | ​ | ​ | (15,892,726) | ​ | ​ |
| Total Net Assets                                                                                                                                                                                                 | ​ | ​ | ​                     | ​ | 157,714,175  | ​                      | ​ | ​ | ​ | ​ | 184,524,591 | ​ | ​ |
| Total Liabilities and Net Assets                                                                                                                                                                                 | ​ | ​ | ​                     | $       | 310,326,150  | ​                      | ​ | ​ | ​ | $ | 288,198,047 | ​ | ​ |
| Net Asset Value Per Share                                                                                                                                                                                        | ​ | ​ | ​                     | $       | 11.09        | ​                      | ​ | ​ | ​ | $ | 13.72 | ​ | ​ |
| ​                                                                                                                                                                                                          | ​ | ​ | ​                     |

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| ​                                                                                                      | ​ | ​ | For the year ended December 31, 2017 | ​ | ​      | For the year ended December 31, 2016 | ​ | ​ | For the year ended December 31, 2015 | ​ |
|--------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|--------------|-------------------------------------------|---------|---------|-------------------------------------------|---------|
| Investment Income:                                                                                           | ​ | ​ | ​                                   | ​ |
| From non-controlled, non-affiliated investments:                                                             | ​ | ​ | ​                                   | ​ |
| Interest income from portfolio investments                                                                   | ​ | ​ | ​                                   | $       | 23,917,956   | ​                                   | ​ | ​ | ​                                   | $       | 25,178,890 | ​ | ​ | ​ | ​ | $ | 19,225,065 | ​ | ​ |
| Paid-in-kind interest income from portfolio investments                                                      | ​ | ​ | ​                                   | ​ | 1,156,486    | ​                                   | ​ | ​ | ​                                   | ​ | 3,182,683 | ​ | ​ | ​ | ​ | ​ | 3,128,501 | ​ | ​ |
| Other income from portfolio investments                                                                      | ​ | ​ | ​                                   | ​ | 2,228,104    | ​                                   | ​ | ​ | ​                                   | ​ | 2,475,976 | ​ | ​ | ​ | ​ | ​ | 1,819,533 | ​ | ​ |
| Dividend income from portfolio investments                                                                   | ​ | ​ | ​                                   | ​ | 171,083      | ​                                   | ​ | ​ | ​                                   | ​ | 82,777 | ​ | ​ | ​ | ​ | ​ | 302,874 | ​ | ​ |
| From non-controlled, affiliated investments:                                                                 | ​ | ​ | ​                                   | ​ |
| Interest income from portfolio investments                                                                   | ​ | ​ | ​                                   | ​ | 1,318,924    | ​                                   | ​ | ​ | ​                                   | ​ | 2,742,054 | ​ | ​ | ​ | ​ | ​ | 4,231,004 | ​ | ​ |
| Paid in-kind income from portfolio investments                                                               | ​ | ​ | ​                                   | ​ | 2,209,418    | ​                                   | ​ | ​ | ​                                   | ​ | 2,365,373 | ​ | ​ | ​ | ​ | ​ | 2,632,281 | ​ | ​ |
| Other income from portfolio investments                                                                      | ​ | ​ | ​                                   | ​ | —      | ​                                   | ​ | ​ | ​                                   | ​ | 2,352,766 | ​ | ​ | ​ | ​ | ​ | 72,320 | ​ | ​ |
| From controlled, affiliated investments:                                                                     | ​ | ​ | ​                                   | ​ |
| Interest income from portfolio investments                                                                   | ​ | ​ | ​                                   | ​ | 1,665,409    | ​                                   | ​ | ​ | ​                                   | ​ | 1,566,173 | ​ | ​ | ​ | ​ | ​ | 2,280,106 | ​ | ​ |
| Paid in-kind income from portfolio investments                                                               | ​ | ​ | ​                                   | ​ | 684,129      | ​                                   | ​ | ​ | ​                                   | ​ | 655,907 | ​ | ​ | ​ | ​ | ​ | 159,722 | ​ | ​ |
| Other income from portfolio investments                                                                      | ​ | ​ | ​                                   | ​ | —      | ​                                   | ​ | ​ | ​                                   | ​ | — | ​ | ​ | ​ | ​ | ​ | 64,843 | ​ | ​ |
| Total investment income                                                                                      | ​ | ​ | ​                                   | ​ | 33,351,509   | ​                                   | ​ | ​ | ​                                   | ​ | 40,602,599 | ​ | ​ | ​ | ​ | ​ | 33,916,249 | ​ | ​ |
| Expenses:                                                                                                    | ​ | ​ | ​                                   | ​ |
| Management fees                                                                                              | ​ | ​ | ​                                   | ​ | 4,975,349    | ​                                   | ​ | ​ | ​                                   | ​ | 5,209,684 | ​ | ​ | ​ | ​ | ​ | 4,943,886 | ​ | ​ |
| Income-based incentive fees                                                                                  | ​ | ​ | ​                                   | ​ | 638,244      | ​                                   | ​ | ​ | ​                                   | ​ | 3,255,167 | ​ | ​ | ​ | ​ | ​ | 2,270,450 | ​ | ​ |
| Capital gains incentive fees                                                                                 | ​ | ​ | ​                                   | ​ | —      | ​                                   | ​ | ​ | ​                                   | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,001,467 | ​ | ​ |
| Professional fees                                                                                            | ​ | ​ | ​                                   | ​ | 1,248,715    | ​                                   | ​ | ​ | ​                                   | ​ | 1,227,977 | ​ | ​ | ​ | ​ | ​ | 966,671 | ​ | ​ |
| Valuation services                                                                                           | ​ | ​ | ​                                   | ​ | 314,432      | ​                                   | ​ | ​ | ​                                   | ​ | 236,904 | ​ | ​ | ​ | ​ | ​ | 419,264 | ​ | ​ |
| Interest and credit facility expense                                                                         | ​ | ​ | ​                                   | ​ | 6,434,924    | ​                                   | ​ | ​ | ​                                   | ​ | 5,657,154 | ​ | ​ | ​ | ​ | ​ | 4,142,013 | ​ | ​ |
| Amortization of deferred financing costs                                                                     | ​ | ​ | ​                                   | ​ | 912,710      | ​                                   | ​ | ​ | ​                                   | ​ | 1,154,343 | ​ | ​ | ​ | ​ | ​ | 867,786 | ​ | ​ |
| Directors’ fees                                                                                        | ​ | ​ | ​                                   | ​ | 341,680      | ​                                   | ​ | ​ | ​                                   | ​ | 296,809 | ​ | ​ | ​ | ​ | ​ | 243,726 | ​ | ​ |
| Insurance expense                                                                                            | ​ | ​ | ​                                   | ​ | 239,048      | ​                                   | ​ | ​ | ​                                   | ​ | 264,209 | ​ | ​ | ​ | ​ | ​ | 272,331 | ​ | ​ |
| Amortization of deferred note offering costs                                                                 | ​ | ​ | ​                                   | ​ | 473,768      | ​                                   | ​ | ​ | ​                                   | ​ | 193,357 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Other expenses                                                                                               | ​ | ​ | ​                                   | ​ | 778,920      | ​                                   | ​ | ​ | ​                                   | ​ | 697,809 | ​ | ​ | ​ | ​ | ​ | 491,953 | ​ | ​ |
| Total expenses                                                                                               | ​ | ​ | ​                                   | ​ | 16,357,790   | ​                                   | ​ | ​ | ​                                   | ​ | 18,193,413 | ​ | ​ | ​ | ​ | ​ | 15,619,547 | ​ | ​ |
| Waiver of management fees                                                                                    | ​ | ​ | ​                                   | ​ | (1,330,420)  | ​                                   | ​ | ​ | ​                                   | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Waiver of capital gains incentive fees                                                                       | ​ | ​ | ​                                   | ​ | —      | ​                                   | ​ | ​ | ​                                   | ​ | — | ​ | ​ | ​ | ​ | ​ | (1,001,467) | ​ | ​ |
| Net expenses                                                                                                 | ​ | ​ | ​                                   | ​ | 15,027,370   | ​                                   | ​ | ​ | ​                                   | ​ | 18,193,413 | ​ | ​ | ​ | ​ | ​ | 14,618,080 | ​ | ​ |
| Net investment income                                                                                        | ​ | ​ | ​                                   | $       | 18,324,139   | ​                                   | ​ | ​ | ​                                   | $       | 22,409,186 | ​ | ​ | ​ | ​ | $ | 19,298,169 | ​ | ​ |
| Realized Gain (Loss) and Net Change in Unrealized Appreciation (Depreciation) From Portfolio Investments     | ​ | ​ | ​                                   | ​ |
| Net realized gain (loss) on:                                                                                 | ​ | ​ | ​                                   | ​ |
| Non-controlled, non-affiliated investments                                                                   | ​ | ​ | ​                                   | ​ | (11,434,891) | ​                                   | ​ | ​ | ​                                   | ​ | (4,018,220) | ​ | ​ | ​ | ​ | ​ | 2,722,992 | ​ | ​ |
| Non-controlled, affiliated investments                                                                       | ​ | ​ | ​                                   | ​ | —      | ​                                   | ​ | ​ | ​                                   | ​ | 11,019,205 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Controlled, affiliated investments                                                                           | ​ | ​ | ​                                   | ​ | —      | ​                                   | ​ | ​ | ​                                   | ​ | (11,282,968) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net realized gain (loss) from portfolio investments                                                          | ​ | ​ | ​                                   | ​ | (11,434,891) | ​                                   | ​ | ​ | ​                                   | ​ | (4,281,983) | ​ | ​ | ​ | ​ | ​ | 2,722,992 | ​ | ​ |
| Net change in unrealized appreciation (depreciation) on:                                                     | ​ | ​ | ​                                   | ​ |
| Non-controlled, non-affiliated investments                                                                   | ​ | ​ | ​                                   | ​ | (4,593,273)  | ​                                   | ​ | ​ | ​                                   | ​ | (10,390,732) | ​ | ​ | ​ | ​ | ​ | 230,245 | ​ | ​ |
| Non-controlled, affiliated investments                                                                       | ​ | ​ | ​                                   | ​ | (24,121,074) | ​                                   | ​ | ​ | ​                                   | ​ | (10,458,180) | ​ | ​ | ​ | ​ | ​ | 3,128,631 | ​ | ​ |
| Controlled, affiliated investments                                                                           | ​ | ​ | ​                                   | ​ | 115,477      | ​                                   | ​ | ​ | ​                                   | ​ | 10,875,915 | ​ | ​ | ​ | ​ | ​ | (15,000,080) | ​ | ​ |
| Net change in unrealized appreciation (depreciation) from portfolio investments                              | ​ | ​ | ​                                   | ​ | (28,598,870) | ​                                   | ​ | ​ | ​                                   | ​ | (9,972,997) | ​ | ​ | ​ | ​ | ​ | (11,641,204) | ​ | ​ |
| Benefit/(Provision) for taxes on unrealized gain (loss) on investments                                       | ​ | ​ | ​                                   | ​ | 2,607,880    | ​                                   | ​ | ​ | ​                                   | ​ | 635,580 | ​ | ​ | ​ | ​ | ​ | 2,231,817 | ​ | ​ |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) from portfolio investments | ​ | ​ | ​                                   | ​ | (37,425,881) | ​                                   | ​ | ​ | ​                                   | ​ | (13,619,400) | ​ | ​ | ​ | ​ | ​ | (6,686,395) | ​ | ​ |
| Net Increase (Decrease) in Net Assets Resulting from Operations                                              | ​ | ​ | ​                                   | $       | (19,101,742) | ​                                   | ​ | ​ | ​                                   | $       | 8,789,786 | ​ | ​ | ​ | ​ | $ | 12,611,774 | ​ | ​ |
| ​                                                                                                      | ​ | ​ | ​                                   | ​ |
| Basic and diluted:                                                                                           | ​ | ​ | ​                                   | ​ |
| Net investment income per share                                                                              | ​ | ​ | ​                                   | $       | 1.32         | ​                                   | ​ | ​ | ​                                   | $       | 1.66 | ​ | ​ | ​ | ​ | $ | 1.43 | ​ | ​ |
| Earnings per share                                                                                           | ​ | ​ | ​                                   | $       | (1.37)       | ​                                   | ​ | ​ | ​                                   | $       | 0.65 | ​ | ​ | ​ | ​ | $ | 0.93 | ​ | ​ |
| Weighted Average Shares of Common Stock Outstanding                                                          | ​ | ​ | ​                                   | ​ | 13,928,869   | ​                                   | ​ | ​ | ​                                   | ​ | 13,496,128 | ​ | ​ | ​ | ​ | ​ | 13,516,766 | ​ | ​ |
| ​                                                                                                      | ​ | ​ | ​                                   | ​ |

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TABLE OF CONTENTS​

| ​                                                                                                                                 | ​ | ​ | For the year ended December 31, 2017 | ​ | ​      | For the year ended December 31, 2016 | ​ | ​ | For the year ended December 31, 2015 | ​ |
|-----------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|--------------|-------------------------------------------|---------|---------|-------------------------------------------|---------|
| Increase (decrease) in net assets resulting from operations                                                                             | ​ | ​ | ​                                   | ​ |
| Net investment income                                                                                                                   | ​ | ​ | ​                                   | $       | 18,324,139   | ​                                   | ​ | ​ | ​                                   | $       | 22,409,186 | ​ | ​ | ​ | ​ | $ | 19,298,169 | ​ | ​ |
| Net realized gain (loss) on investments                                                                                                 | ​ | ​ | ​                                   | ​ | (11,434,891) | ​                                   | ​ | ​ | ​                                   | ​ | (4,281,983) | ​ | ​ | ​ | ​ | ​ | 2,722,992 | ​ | ​ |
| Net change in unrealized appreciation (depreciation) on investments                                                                     | ​ | ​ | ​                                   | ​ | (28,598,870) | ​                                   | ​ | ​ | ​                                   | ​ | (9,972,997) | ​ | ​ | ​ | ​ | ​ | (11,641,204) | ​ | ​ |
| Benefits/(Provision) for taxes on unrealized gain (loss) on investments                                                                 | ​ | ​ | ​                                   | ​ | 2,607,880    | ​                                   | ​ | ​ | ​                                   | ​ | 635,580 | ​ | ​ | ​ | ​ | ​ | 2,231,817 | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations                                                                         | ​ | ​ | ​                                   | ​ | (19,101,742) | ​                                   | ​ | ​ | ​                                   | ​ | 8,789,786 | ​ | ​ | ​ | ​ | ​ | 12,611,774 | ​ | ​ |
| Capital transactions                                                                                                                    | ​ | ​ | ​                                   | ​ |
| Offering costs                                                                                                                          | ​ | ​ | ​                                   | ​ | —      | ​                                   | ​ | ​ | ​                                   | ​ | (165,635) | ​ | ​ | ​ | ​ | ​ | (186,069) | ​ | ​ |
| Issuance of common stock (808,161, 0 shares and 0 shares, respectively)                                                                 | ​ | ​ | ​                                   | ​ | 10,853,602   | ​                                   | ​ | ​ | ​                                   | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Repurchase of common stock (36,849, 65,133 and 0 shares, respectively)                                                                  | ​ | ​ | ​                                   | ​ | (342,510)    | ​                                   | ​ | ​ | ​                                   | ​ | (775,622) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net increase (decrease) in net assets resulting from capital transactions                                                               | ​ | ​ | ​                                   | ​ | 10,511,092   | ​                                   | ​ | ​ | ​                                   | ​ | (941,257) | ​ | ​ | ​ | ​ | ​ | (186,069) | ​ | ​ |
| Distributions to shareholders from:                                                                                                     | ​ | ​ | ​                                   | ​ |
| Net investment income                                                                                                                   | ​ | ​ | ​                                   | ​ | (17,816,654) | ​                                   | ​ | ​ | ​                                   | ​ | (18,351,553) | ​ | ​ | ​ | ​ | ​ | (18,382,802) | ​ | ​ |
| Realized gains                                                                                                                          | ​ | ​ | ​                                   | ​ | (403,112)    | ​                                   | ​ | ​ | ​                                   | ​ | (4,596) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total distributions to shareholders                                                                                                     | ​ | ​ | ​                                   | ​ | (18,219,766) | ​                                   | ​ | ​ | ​                                   | ​ | (18,356,149) | ​ | ​ | ​ | ​ | ​ | (18,382,802) | ​ | ​ |
| Total increase (decrease) in net assets                                                                                                 | ​ | ​ | ​                                   | ​ | (26,810,416) | ​                                   | ​ | ​ | ​                                   | ​ | (10,507,620) | ​ | ​ | ​ | ​ | ​ | (5,957,097) | ​ | ​ |
| Net assets at beginning of year                                                                                                         | ​ | ​ | ​                                   | ​ | 184,524,591  | ​                                   | ​ | ​ | ​                                   | ​ | 195,032,211 | ​ | ​ | ​ | ​ | ​ | 200,989,308 | ​ | ​ |
| Net assets at end of year (including undistributed net investment income of  $4,449,122, $4,890,065 and $1,130,327, respectively) | ​ | ​ | ​                                   | $       | 157,714,175  | ​                                   | ​ | ​ | ​                                   | $       | 184,524,591 | ​ | ​ | ​ | ​ | $ | 195,032,211 | ​ | ​ |
| Dividends declared per common share:                                                                                                    | ​ | ​ | ​                                   | $       | 1.300        | ​                                   | ​ | ​ | ​                                   | $       | 1.360 | ​ | ​ | ​ | ​ | $ | 1.360 | ​ | ​ |
| ​                                                                                                                                 | ​ | ​ | ​                                   | ​ |

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TABLE OF CONTENTS​

| ​                                                                                                                                          | ​ | ​ | For the year ended December 31, 2017 | ​ | ​       | For the year ended December 31, 2016 | ​ | ​ | For the year ended December 31, 2015 | ​ |
|--------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|---------------|-------------------------------------------|---------|---------|-------------------------------------------|---------|
| Cash Flows from Operating Activities                                                                                                             | ​ | ​ | ​                                   | ​ |
| Net increase/(decrease) in net assets resulting from operations                                                                                  | ​ | ​ | ​                                   | $       | (19,101,742)  | ​                                   | ​ | ​ | ​                                   | $       | 8,789,786 | ​ | ​ | ​ | ​ | $ | 12,611,774 | ​ | ​ |
| Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ​ | ​ | ​                                   | ​ |
| Net realized (gain) loss from portfolio investments                                                                                              | ​ | ​ | ​                                   | ​ | 11,434,891    | ​                                   | ​ | ​ | ​                                   | ​ | 4,281,983 | ​ | ​ | ​ | ​ | ​ | (2,722,992) | ​ | ​ |
| Net change in unrealized (appreciation) depreciation of portfolio investments                                                                    | ​ | ​ | ​                                   | ​ | 28,598,870    | ​                                   | ​ | ​ | ​                                   | ​ | 9,972,997 | ​ | ​ | ​ | ​ | ​ | 11,641,204 | ​ | ​ |
| Deferred tax asset                                                                                                                               | ​ | ​ | ​                                   | ​ | (3,670,151)   | ​                                   | ​ | ​ | ​                                   | ​ | 117,597 | ​ | ​ | ​ | ​ | ​ | (1,382,408) | ​ | ​ |
| Deferred tax liability                                                                                                                           | ​ | ​ | ​                                   | ​ | —       | ​                                   | ​ | ​ | ​                                   | ​ | — | ​ | ​ | ​ | ​ | ​ | (1,697,004) | ​ | ​ |
| Paid in-kind interest income from portfolio investments                                                                                          | ​ | ​ | ​                                   | ​ | (4,050,033)   | ​                                   | ​ | ​ | ​                                   | ​ | (6,203,963) | ​ | ​ | ​ | ​ | ​ | (5,920,504) | ​ | ​ |
| Accretion of discount on debt securities                                                                                                         | ​ | ​ | ​                                   | ​ | (1,905,751)   | ​                                   | ​ | ​ | ​                                   | ​ | (1,225,834) | ​ | ​ | ​ | ​ | ​ | (444,557) | ​ | ​ |
| Purchases of portfolio investments                                                                                                               | ​ | ​ | ​                                   | ​ | (135,508,569) | ​                                   | ​ | ​ | ​                                   | ​ | (145,561,983) | ​ | ​ | ​ | ​ | ​ | (96,601,565) | ​ | ​ |
| Net proceeds from sales/return of capital of portfolio investments                                                                               | ​ | ​ | ​                                   | ​ | 90,148,997    | ​                                   | ​ | ​ | ​                                   | ​ | 158,805,461 | ​ | ​ | ​ | ​ | ​ | 56,340,657 | ​ | ​ |
| Amortization of deferred financing costs                                                                                                         | ​ | ​ | ​                                   | ​ | 912,710       | ​                                   | ​ | ​ | ​                                   | ​ | 1,154,343 | ​ | ​ | ​ | ​ | ​ | 867,786 | ​ | ​ |
| Amortization of deferred note offering costs                                                                                                     | ​ | ​ | ​                                   | ​ | 473,768       | ​                                   | ​ | ​ | ​                                   | ​ | 193,357 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| (Increase) decrease in operating assets:                                                                                                         | ​ | ​ | ​                                   | ​ |
| Dividends and interest receivable                                                                                                                | ​ | ​ | ​                                   | ​ | 1,298,340     | ​                                   | ​ | ​ | ​                                   | ​ | (633,435) | ​ | ​ | ​ | ​ | ​ | (1,189,705) | ​ | ​ |
| Receivable for investments sold                                                                                                                  | ​ | ​ | ​                                   | ​ | 1,469,730     | ​                                   | ​ | ​ | ​                                   | ​ | (2,139,463) | ​ | ​ | ​ | ​ | ​ | 4,753 | ​ | ​ |
| Income tax asset                                                                                                                                 | ​ | ​ | ​                                   | ​ | (748,408)     | ​                                   | ​ | ​ | ​                                   | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Prepaid expenses and other assets                                                                                                                | ​ | ​ | ​                                   | ​ | 21,765        | ​                                   | ​ | ​ | ​                                   | ​ | 12,960 | ​ | ​ | ​ | ​ | ​ | 14,658 | ​ | ​ |
| Increase (decrease) in operating liabilities:                                                                                                    | ​ | ​ | ​                                   | ​ |
| Payable for investments purchased                                                                                                                | ​ | ​ | ​                                   | ​ | —       | ​                                   | ​ | ​ | ​                                   | ​ | — | ​ | ​ | ​ | ​ | ​ | (8,717) | ​ | ​ |
| Other accrued expenses and liabilities                                                                                                           | ​ | ​ | ​                                   | ​ | 165,424       | ​                                   | ​ | ​ | ​                                   | ​ | 10,364 | ​ | ​ | ​ | ​ | ​ | (267,616) | ​ | ​ |
| Directors’ fees payable                                                                                                                    | ​ | ​ | ​                                   | ​ | (26,083)      | ​                                   | ​ | ​ | ​                                   | ​ | 57,975 | ​ | ​ | ​ | ​ | ​ | (48,667) | ​ | ​ |
| Professional fees payable                                                                                                                        | ​ | ​ | ​                                   | ​ | 216,588       | ​                                   | ​ | ​ | ​                                   | ​ | (149,466) | ​ | ​ | ​ | ​ | ​ | 71,705 | ​ | ​ |
| Interest and credit facility expense payable                                                                                                     | ​ | ​ | ​                                   | ​ | 240,664       | ​                                   | ​ | ​ | ​                                   | ​ | 194,905 | ​ | ​ | ​ | ​ | ​ | 596,746 | ​ | ​ |
| Management fee payable                                                                                                                           | ​ | ​ | ​                                   | ​ | (36,419)      | ​                                   | ​ | ​ | ​                                   | ​ | (622) | ​ | ​ | ​ | ​ | ​ | 686,545 | ​ | ​ |
| Income-based incentive fees payable                                                                                                              | ​ | ​ | ​                                   | ​ | (776,676)     | ​                                   | ​ | ​ | ​                                   | ​ | 989,864 | ​ | ​ | ​ | ​ | ​ | 1,081,797 | ​ | ​ |
| Unearned structuring fee revenue                                                                                                                 | ​ | ​ | ​                                   | ​ | (449,666)     | ​                                   | ​ | ​ | ​                                   | ​ | 485,742 | ​ | ​ | ​ | ​ | ​ | 172,238 | ​ | ​ |
| Income tax                                                                                                                                       | ​ | ​ | ​                                   | ​ | (182,699)     | ​                                   | ​ | ​ | ​                                   | ​ | (660,113) | ​ | ​ | ​ | ​ | ​ | 797,540 | ​ | ​ |
| Net cash provided by (used in) operating activities                                                                                              | ​ | ​ | ​                                   | ​ | (31,474,450)  | ​                                   | ​ | ​ | ​                                   | ​ | 28,492,455 | ​ | ​ | ​ | ​ | ​ | (25,396,332) | ​ | ​ |
| Cash Flows from Financing Activities                                                                                                             | ​ | ​ | ​                                   | ​ |
| Issuance of common stock                                                                                                                         | ​ | ​ | ​                                   | ​ | 10,853,602    | ​                                   | ​ | ​ | ​                                   | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Financing costs paid                                                                                                                             | ​ | ​ | ​                                   | ​ | (139,144)     | ​                                   | ​ | ​ | ​                                   | ​ | (258,269) | ​ | ​ | ​ | ​ | ​ | (1,065,147) | ​ | ​ |
| Offering costs paid                                                                                                                              | ​ | ​ | ​                                   | ​ | (230,871)     | ​                                   | ​ | ​ | ​                                   | ​ | (697,432) | ​ | ​ | ​ | ​ | ​ | (1,316,948) | ​ | ​ |
| Proceeds from credit facility payable                                                                                                            | ​ | ​ | ​                                   | ​ | 117,820,000   | ​                                   | ​ | ​ | ​                                   | ​ | 116,375,000 | ​ | ​ | ​ | ​ | ​ | 255,102,027 | ​ | ​ |
| Repayments of credit facility payable                                                                                                            | ​ | ​ | ​                                   | ​ | (67,250,000)  | ​                                   | ​ | ​ | ​                                   | ​ | (140,746,465) | ​ | ​ | ​ | ​ | ​ | (254,096,443) | ​ | ​ |
| Proceeds from notes payable                                                                                                                      | ​ | ​ | ​                                   | ​ | —       | ​                                   | ​ | ​ | ​                                   | ​ | 15,000,000 | ​ | ​ | ​ | ​ | ​ | 40,000,000 | ​ | ​ |
| Distributions paid to shareholders                                                                                                               | ​ | ​ | ​                                   | ​ | (19,245,277)  | ​                                   | ​ | ​ | ​                                   | ​ | (18,365,033) | ​ | ​ | ​ | ​ | ​ | (18,382,802) | ​ | ​ |
| Repurchase of common stock                                                                                                                       | ​ | ​ | ​                                   | ​ | (342,510)     | ​                                   | ​ | ​ | ​                                   | ​ | (775,622) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net cash provided by (used in) financing activities                                                                                              | ​ | ​ | ​                                   | ​ | 41,465,800    | ​                                   | ​ | ​ | ​                                   | ​ | (29,467,821) | ​ | ​ | ​ | ​ | ​ | 20,240,687 | ​ | ​ |
| Increase (decrease) in cash and cash equivalents                                                                                                 | ​ | ​ | ​                                   | ​ | 9,991,350     | ​                                   | ​ | ​ | ​                                   | ​ | (975,366) | ​ | ​ | ​ | ​ | ​ | (5,155,645) | ​ | ​ |
| Cash at beginning of year                                                                                                                        | ​ | ​ | ​                                   | ​ | 3,891,606     | ​                                   | ​ | ​ | ​                                   | ​ | 4,866,972 | ​ | ​ | ​ | ​ | ​ | 10,022,617 | ​ | ​ |
| Cash and Cash Equivalents at End of Year                                                                                                         | ​ | ​ | ​                                   | $       | 13,882,956    | ​                                   | ​ | ​ | ​                                   | $       | 3,891,606 | ​ | ​ | ​ | ​ | $ | 4,866,972 | ​ | ​ |
| Supplemental and non-cash financing activities:                                                                                                  | ​ | ​ | ​                                   | ​ |
| Cash paid during the year for interest                                                                                                           | ​ | ​ | ​                                   | $       | 6,194,260     | ​                                   | ​ | ​ | ​                                   | $       | 5,462,249 | ​ | ​ | ​ | ​ | $ | 3,870,973 | ​ | ​ |
| Accrued offering costs                                                                                                                           | ​ | ​ | ​                                   | $       | 2,485         | ​                                   | ​ | ​ | ​                                   | $       | 2,485 | ​ | ​ | ​ | ​ | $ | 2,485 | ​ | ​ |
| Accrued distributions payable                                                                                                                    | ​ | ​ | ​                                   | $       | 3,561,305     | ​                                   | ​ | ​ | ​                                   | $       | 4,586,816 | ​ | ​ | ​ | ​ | $ | 4,595,700 | ​ | ​ |

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TABLE OF CONTENTS​

| Company(+)(^)***                                                                  | ​ | ​ | Industry                      | ​ | ​ | Spread Above Index        | ​ | ​ | Base Rate Floor | ​ | ​ | Interest Rate | ​ | ​ | Maturity Date | ​ | ​ | No. Shares/​ Principal Amount | ​ | ​ | Cost(1) | ​ | ​    | Fair Value | ​ | ​ | % of Net Assets | ​ |
|-----------------------------------------------------------------------------------|---------|---------|-------------------------------|---------|---------|---------------------------|---------|---------|-----------------|---------|---------|---------------|---------|---------|---------------|---------|---------|-------------------------------------|---------|---------|---------|---------|------------|------------|---------|---------|-----------------|---------|
| Investments in Non-Controlled, Non-Affiliated Portfolio Companies — 159.99% | ​ |
| Senior Secured – First Lien — 103.57%                     | ​ |
| Black Diamond Rentals                                                             | ​ | ​ | Oil & Gas Services        | ​ | ​ | 12% Cash, 2% PIK(2)       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | 14.00%  | ​                             | ​ | ​ | ​ | ​ | 7/9/2018   | ​    | ​ | ​ | ​         | ​ | 5,937,501 | ​ | ​ | ​ | ​ | $ | 5,937,501 | ​ | ​ | ​ | ​ | $ | 4,875,828 | ​ | ​ | ​ | ​ | ​ | 3.09% | ​ | ​ |
| ​                                                                           | ​ | ​ | ​                       | ​ | ​ | 4% Cash, 10% PIK          | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | 14.00%  | ​                             | ​ | ​ | ​ | ​ | 7/9/2018   | ​    | ​ | ​ | ​         | ​ | 2,288,381 | ​ | ​ | ​ | ​ | ​ | 2,246,806 | ​ | ​ | ​ | ​ | ​ | 2,288,400 | ​ | ​ | ​ | ​ | ​ | 1.45% | ​ | ​ |
| ​                                                                           | ​ | ​ | ​                       | ​ | ​ | ​                   | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8,184,307 | ​ | ​ | ​ | ​ | ​ | 7,164,228 | ​ | ​ | ​ | ​ | ​ | 4.54% | ​ | ​ |
| CGGR Operations Holdings Corporation(3)                                           | ​ | ​ | Business Services             | ​ | ​ | 11.5%                     | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​       | ​ | 12.50%  | ​                             | ​ | ​ | ​ | ​ | 10/2/2023  | ​    | ​ | ​ | ​         | ​ | 13,431,579 | ​ | ​ | ​ | ​ | ​ | 13,302,663 | ​ | ​ | ​ | ​ | ​ | 13,431,578 | ​ | ​ | ​ | ​ | ​ | 8.52% | ​ | ​ |
| ​                                                                           | ​ | ​ | ​                       | ​ | ​ | 7.0%                      | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​       | ​ | 8.00%   | ​                             | ​ | ​ | ​ | ​ | 9/30/2022  | ​    | ​ | ​ | ​         | ​ | 9,768,421 | ​ | ​ | ​ | ​ | ​ | 9,675,645 | ​ | ​ | ​ | ​ | ​ | 9,768,421 | ​ | ​ | ​ | ​ | ​ | 6.19% | ​ | ​ |
| ​                                                                           | ​ | ​ | ​                       | ​ | ​ | ​                   | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 22,978,308 | ​ | ​ | ​ | ​ | ​ | 23,199,999 | ​ | ​ | ​ | ​ | ​ | 14.71% | ​ | ​ |
| Champion ONE(3)                                                                   | ​ | ​ | Technology & Telecom      | ​ | ​ | LIBOR + 10.5%             | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​       | ​ | 11.83%  | ​                             | ​ | ​ | ​ | ​ | 3/17/2022  | ​    | ​ | ​ | ​         | ​ | 7,078,125 | ​ | ​ | ​ | ​ | ​ | 7,020,027 | ​ | ​ | ​ | ​ | ​ | 7,078,125 | ​ | ​ | ​ | ​ | ​ | 4.49% | ​ | ​ |
| Cirrus Medical Staffing, Inc.(3),(4)                                              | ​ | ​ | Business Services             | ​ | ​ | LIBOR + 8.25%             | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​       | ​ | 9.61%   | ​                             | ​ | ​ | ​ | ​ | 10/19/2022 | ​    | ​ | ​ | ​         | ​ | 18,600,000 | ​ | ​ | ​ | ​ | ​ | 18,510,539 | ​ | ​ | ​ | ​ | ​ | 18,600,000 | ​ | ​ | ​ | ​ | ​ | 11.79% | ​ | ​ |
| Healthcare Associates of Texas, LLC(3),(4)                                        | ​ | ​ | Healthcare Services           | ​ | ​ | LIBOR + 8.0%              | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​       | ​ | 9.39%   | ​                             | ​ | ​ | ​ | ​ | 11/8/2022  | ​    | ​ | ​ | ​         | ​ | 23,334,250 | ​ | ​ | ​ | ​ | ​ | 23,334,250 | ​ | ​ | ​ | ​ | ​ | 23,334,250 | ​ | ​ | ​ | ​ | ​ | 14.80% | ​ | ​ |
| IGT(3),(4)                                                                        | ​ | ​ | Industrial Services           | ​ | ​ | LIBOR + 8.50%             | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​       | ​ | 9.86%   | ​                             | ​ | ​ | ​ | ​ | 12/10/2019 | ​    | ​ | ​ | ​         | ​ | 7,783,012 | ​ | ​ | ​ | ​ | ​ | 7,743,557 | ​ | ​ | ​ | ​ | ​ | 7,783,012 | ​ | ​ | ​ | ​ | ​ | 4.94% | ​ | ​ |
| Integrated Efficiency Solutions, Inc.(3),(5)                                      | ​ | ​ | Industrial Services           | ​ | ​ | LIBOR + 9.25%             | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​       | ​ | 10.59%  | ​                             | ​ | ​ | ​ | ​ | 6/30/2022  | ​    | ​ | ​ | ​         | ​ | 19,500,000 | ​ | ​ | ​ | ​ | ​ | 19,436,803 | ​ | ​ | ​ | ​ | ​ | 19,500,000 | ​ | ​ | ​ | ​ | ​ | 12.36% | ​ | ​ |
| Lugano Diamonds & Jewelry, Inc.(3)                                            | ​ | ​ | Retail                        | ​ | ​ | LIBOR + 10.0%             | ​ | ​ | ​         | ​ | 0.75%   | ​       | ​ | ​ | ​       | ​ | 11.34%  | ​                             | ​ | ​ | ​ | ​ | 10/24/2021 | ​    | ​ | ​ | ​         | ​ | 8,000,000 | ​ | ​ | ​ | ​ | ​ | 7,349,002 | ​ | ​ | ​ | ​ | ​ | 7,483,890 | ​ | ​ | ​ | ​ | ​ | 4.75% | ​ | ​ |
| NTI Holdings, LLC(3),(4)                                                          | ​ | ​ | Telecommunications            | ​ | ​ | LIBOR + 8.0%              | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​       | ​ | 9.57%   | ​                             | ​ | ​ | ​ | ​ | 3/30/2021  | ​    | ​ | ​ | ​         | ​ | 15,097,584 | ​ | ​ | ​ | ​ | ​ | 14,869,193 | ​ | ​ | ​ | ​ | ​ | 14,961,923 | ​ | ​ | ​ | ​ | ​ | 9.49% | ​ | ​ |
| Palmetto Moon LLC                                                                 | ​ | ​ | Retail                        | ​ | ​ | 11.5% Cash, 1.0% PIK      | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | 12.50%  | ​                             | ​ | ​ | ​ | ​ | 10/31/2021 | ​    | ​ | ​ | ​         | ​ | 5,378,909 | ​ | ​ | ​ | ​ | ​ | 5,357,837 | ​ | ​ | ​ | ​ | ​ | 5,378,909 | ​ | ​ | ​ | ​ | ​ | 3.41% | ​ | ​ |
| Pharmalogics Recruiting, LLC(4)                                                   | ​ | ​ | Business Services             | ​ | ​ | 10.25% Cash               | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | 10.25%  | ​                             | ​ | ​ | ​ | ​ | 1/31/2022  | ​    | ​ | ​ | ​         | ​ | 9,925,000 | ​ | ​ | ​ | ​ | ​ | 9,845,384 | ​ | ​ | ​ | ​ | ​ | 9,925,000 | ​ | ​ | ​ | ​ | ​ | 6.29% | ​ | ​ |
| Stancor, Inc.(3)                                                                  | ​ | ​ | Wholesale/​Distribution | ​ | ​ | LIBOR + 8.00%             | ​ | ​ | ​         | ​ | 0.75%   | ​       | ​ | ​ | ​       | ​ | 9.37%   | ​                             | ​ | ​ | ​ | ​ | 8/19/2019  | ​    | ​ | ​ | ​         | ​ | 4,105,932 | ​ | ​ | ​ | ​ | ​ | 4,105,932 | ​ | ​ | ​ | ​ | ​ | 4,105,932 | ​ | ​ | ​ | ​ | ​ | 2.60% | ​ | ​ |
| Superior Controls, Inc.(3),(4)                                                    | ​ | ​ | Wholesale/​Distribution | ​ | ​ | LIBOR + 8.75%             | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​       | ​ | 10.09%  | ​                             | ​ | ​ | ​ | ​ | 3/22/2021  | ​    | ​ | ​ | ​         | ​ | 14,825,000 | ​ | ​ | ​ | ​ | ​ | 14,775,976 | ​ | ​ | ​ | ​ | ​ | 14,825,000 | ​ | ​ | ​ | ​ | ​ | 9.40% | ​ | ​ |
| Total Senior Secured – First Lien                               | ​ | ​ | ​                       | ​ | ​ | ​                   | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 163,511,115 | ​ | ​ | ​ | ​ | ​ | 163,340,268 | ​ | ​ | ​ | ​ | ​ | 103.57% | ​ | ​ |
| Senior Secured – Second Lien — 5.54%                      | ​ |
| Medsurant Holdings, LLC                                                           | ​ | ​ | High Tech Industries          | ​ | ​ | 13.00% Cash               | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | 13.00%  | ​                             | ​ | ​ | ​ | ​ | 6/30/2020  | ​    | ​ | ​ | ​         | ​ | 8,729,396 | ​ | ​ | ​ | ​ | $ | 8,677,481 | ​ | ​ | ​ | ​ | $ | 8,729,396 | ​ | ​ | ​ | ​ | ​ | 5.54% | ​ | ​ |
| Total Senior Secured – Second Lien                              | ​ | ​ | ​                       | ​ | ​ | ​                   | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8,677,481 | ​ | ​ | ​ | ​ | ​ | 8,729,396 | ​ | ​ | ​ | ​ | ​ | 5.54% | ​ | ​ |
| Senior Subordinated — 40.88%                                                | ​ |
| Black Diamond Rentals(2)                                                          | ​ | ​ | Oil & Gas Services        | ​ | ​ | 4% Cash                   | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | 4.00%   | ​                             | ​ | ​ | ​ | ​ | 7/9/2018   | ​    | ​ | ​ | ​         | ​ | 8,009,188 | ​ | ​ | ​ | ​ | $ | 8,009,188 | ​ | ​ | ​ | ​ | $ | 4,004,594 | ​ | ​ | ​ | ​ | ​ | 2.54% | ​ | ​ |
| GST Autoleather(2),(6)                                                            | ​ | ​ | Automotive Business Services  | ​ | ​ | 11% Cash, 2.0% PIK        | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | 13.00%  | ​                             | ​ | ​ | ​ | ​ | 1/11/2021  | ​    | ​ | ​ | ​         | ​ | 8,496,238 | ​ | ​ | ​ | ​ | ​ | 8,496,239 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Media Storm, LLC(2)                                                               | ​ | ​ | Media & Entertainment     | ​ | ​ | 10% PIK                   | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | 10.00%  | ​                             | ​ | ​ | ​ | ​ | 8/28/2019  | ​    | ​ | ​ | ​         | ​ | 2,454,545 | ​ | ​ | ​ | ​ | $ | 2,454,545 | ​ | ​ | ​ | ​ | $ | 1 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Metal Powder Products LLC(3)                                                      | ​ | ​ | Industrial Manufacturing      | ​ | ​ | LIBOR + 11.25%, 1.0% PIK  | ​ | ​ | ​         | ​ | 0.75%   | ​       | ​ | ​ | ​       | ​ | 13.59%  | ​                             | ​ | ​ | ​ | ​ | 11/5/2021  | ​    | ​ | ​ | ​         | ​ | 8,333,733 | ​ | ​ | ​ | ​ | ​ | 8,333,734 | ​ | ​ | ​ | ​ | ​ | 8,500,408 | ​ | ​ | ​ | ​ | ​ | 5.39% | ​ | ​ |
| NextCare Holdings, Inc.                                                           | ​ | ​ | Healthcare Services           | ​ | ​ | 10% Cash, 4% PIK          | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | 14.00%  | ​                             | ​ | ​ | ​ | ​ | 12/31/2018 | ​    | ​ | ​ | ​         | ​ | 15,833,365 | ​ | ​ | ​ | ​ | ​ | 15,731,616 | ​ | ​ | ​ | ​ | ​ | 15,833,365 | ​ | ​ | ​ | ​ | ​ | 10.04% | ​ | ​ |
| Pharmalogic Holdings Corp.                                                        | ​ | ​ | Healthcare Services           | ​ | ​ | 12% Cash                  | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | 12.00%  | ​                             | ​ | ​ | ​ | ​ | 9/1/2021   | ​    | ​ | ​ | ​         | ​ | 16,122,103 | ​ | ​ | ​ | ​ | ​ | 16,093,930 | ​ | ​ | ​ | ​ | ​ | 16,122,103 | ​ | ​ | ​ | ​ | ​ | 10.22% | ​ | ​ |
| QRC Holdings, LLC                                                                 | ​ | ​ | High Tech Industries          | ​ | ​ | 12.25% Cash               | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | 12.25%  | ​                             | ​ | ​ | ​ | ​ | 11/19/2021 | ​    | ​ | ​ | ​         | ​ | 10,000,000 | ​ | ​ | ​ | ​ | ​ | 10,000,000 | ​ | ​ | ​ | ​ | ​ | 10,000,000 | ​ | ​ | ​ | ​ | ​ | 6.34% | ​ | ​ |
| Security Alarm Financing Enterprises L. P.(3),(7)                                 | ​ | ​ | Security                      | ​ | ​ | LIBOR + 13.00%, 0.34% PIK | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​       | ​ | 14.34%  | ​                             | ​ | ​ | ​ | ​ | 6/19/2020  | ​    | ​ | ​ | ​         | ​ | 10,019,787 | ​ | ​ | ​ | ​ | ​ | 9,873,536 | ​ | ​ | ​ | ​ | ​ | 10,019,780 | ​ | ​ | ​ | ​ | ​ | 6.35% | ​ | ​ |
| Total Senior Subordinated                                                         | ​ | ​ | ​                       | ​ | ​ | ​                   | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 78,992,788 | ​ | ​ | ​ | ​ | ​ | 64,480,251 | ​ | ​ | ​ | ​ | ​ | 40.88% | ​ | ​ |
| ​                                                                           |

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TABLE OF CONTENTS​

| Company(+)(^)***                                                              | ​ | ​ | Industry                                | ​ | ​ | SpreadAboveIndex | ​ | ​ | Base RateFloor | ​ | ​ | InterestRate | ​ | ​ | MaturityDate | ​ | ​ | No. Shares/​PrincipalAmount | ​ | ​ | Cost(1) | ​ | ​    | Fair Value | ​ | ​ | % of NetAssets | ​ |
|-------------------------------------------------------------------------------|---------|---------|-----------------------------------------|---------|---------|------------------|---------|---------|----------------|---------|---------|--------------|---------|---------|--------------|---------|---------|-----------------------------------|---------|---------|---------|---------|------------|------------|---------|---------|----------------|---------|
| Equity/Other — 10.00%                                                   | ​ |
| Champion ONE, Common Shares(2)                                                | ​ | ​ | Technology & Telecom                | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 11,250 | ​ | ​ | ​ | ​ | $ | 1,125,000 | ​ | ​ | ​ | ​ | $ | 984,332 | ​ | ​ | ​ | ​ | ​ | 0.62% | ​ | ​ |
| IGT, Preferred Shares(2)                                                      | ​ | ​ | Industrial Services                     | ​ | ​ | 11% PIK          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | 11.00%  | ​                           | ​ | ​ | ​ | ​ | 12/10/2019 | ​    | ​ | ​ | ​        | ​ | 1,110,922 | ​ | ​ | ​ | ​ | ​ | 1,110,923 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Common Shares(2)                                                              | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 44,000 | ​ | ​ | ​ | ​ | ​ | 44,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Preferred AA Shares                                                           | ​ | ​ | ​                                 | ​ | ​ | 15% PIK          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | 15.00%  | ​                           | ​ | ​ | ​ | ​ | 12/10/2019 | ​    | ​ | ​ | ​        | ​ | 326,789 | ​ | ​ | ​ | ​ | ​ | 326,789 | ​ | ​ | ​ | ​ | ​ | 326,789 | ​ | ​ | ​ | ​ | ​ | 0.21% | ​ | ​ |
| ​                                                                       | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,481,712 | ​ | ​ | ​ | ​ | ​ | 326,789 | ​ | ​ | ​ | ​ | ​ | 0.21% | ​ | ​ |
| Integrated Efficiency Solutions, Inc. Preferred Shares(2),(5)                 | ​ | ​ | Industrial Services                     | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 1,079,365 | ​ | ​ | ​ | ​ | ​ | 1,100,000 | ​ | ​ | ​ | ​ | ​ | 2,058,646 | ​ | ​ | ​ | ​ | ​ | 1.31% | ​ | ​ |
| Lugano Diamonds & Jewelry, Inc, Warrants(2)                               | ​ | ​ | Retail                                  | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 666,615 | ​ | ​ | ​ | ​ | ​ | 666,615 | ​ | ​ | ​ | ​ | ​ | 1,000,000 | ​ | ​ | ​ | ​ | ​ | 0.63% | ​ | ​ |
| Metal Powder Products, LLC, Common Shares(2)                                  | ​ | ​ | Industrial Manufacturing                | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 500,000 | ​ | ​ | ​ | ​ | ​ | 500,000 | ​ | ​ | ​ | ​ | ​ | 719,047 | ​ | ​ | ​ | ​ | ​ | 0.46% | ​ | ​ |
| My Alarm Center, LLC, Common Shares(2)                                        | ​ | ​ | Security                                | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 129,582 | ​ | ​ | ​ | ​ | ​ | 256,793 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Junior Preferred Shares(2)                                                    | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 2,420 | ​ | ​ | ​ | ​ | ​ | 2,366,549 | ​ | ​ | ​ | ​ | ​ | 1,253,570 | ​ | ​ | ​ | ​ | ​ | 0.79% | ​ | ​ |
| Senior Preferred Shares(2)                                                    | ​ | ​ | ​                                 | ​ | ​ | 8% PIK           | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | 8.00%   | ​                           | ​ | ​ | ​ | ​ | 7/14/2022  | ​    | ​ | ​ | ​        | ​ | 2,998,437 | ​ | ​ | ​ | ​ | ​ | 2,862,059 | ​ | ​ | ​ | ​ | ​ | 2,862,059 | ​ | ​ | ​ | ​ | ​ | 1.81% | ​ | ​ |
| ​                                                                       | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,485,401 | ​ | ​ | ​ | ​ | ​ | 4,115,629 | ​ | ​ | ​ | ​ | ​ | 2.60% | ​ | ​ |
| NTI Holdings, LLC, Preferred Shares(2)                                        | ​ | ​ | Telecommunications                      | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 424,621 | ​ | ​ | ​ | ​ | ​ | 547,349 | ​ | ​ | ​ | ​ | ​ | 1,679,748 | ​ | ​ | ​ | ​ | ​ | 1.06% | ​ | ​ |
| Warrants(2)                                                                   | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 417,823 | ​ | ​ | ​ | ​ | ​ | 224,689 | ​ | ​ | ​ | ​ | ​ | 1,035,867 | ​ | ​ | ​ | ​ | ​ | 0.66% | ​ | ​ |
| ​                                                                       | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 772,038 | ​ | ​ | ​ | ​ | ​ | 2,715,615 | ​ | ​ | ​ | ​ | ​ | 1.72% | ​ | ​ |
| Palmetto Moon LLC, Common Shares(2)                                           | ​ | ​ | Retail                                  | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 434,145 | ​ | ​ | ​ | ​ | $ | 434,145 | ​ | ​ | ​ | ​ | $ | 329,633 | ​ | ​ | ​ | ​ | ​ | 0.21% | ​ | ​ |
| Superior Controls, Inc., Preferred Shares(2)                                  | ​ | ​ | Wholesale/​Distribution           | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 400,000 | ​ | ​ | ​ | ​ | ​ | 400,000 | ​ | ​ | ​ | ​ | ​ | 754,000 | ​ | ​ | ​ | ​ | ​ | 0.48% | ​ | ​ |
| Tunnel Hill Class B Common Units(2),(8)                                  | ​ | ​ | Waste Services                          | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | 98,418 | ​ | ​ | ​ | ​ | ​ | 2,529,303 | ​ | ​ | ​ | ​ | ​ | 2,771,797 | ​ | ​ | ​ | ​ | ​ | 1.76% | ​ | ​ |
| Total Equity/Other                                                            | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 14,494,214 | ​ | ​ | ​ | ​ | ​ | 15,775,488 | ​ | ​ | ​ | ​ | ​ | 10.00% | ​ | ​ |
| Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies  | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 265,675,598 | ​ | ​ | ​ | ​ | ​ | 252,325,403 | ​ | ​ | ​ | ​ | ​ | 159.99% | ​ | ​ |
| Investments in Non-Controlled, Affiliated Portfolio Companies — 12.67%* | ​ |
| Senior Secured – First Lien —                         | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ |
| Show Media, Inc.(2)                                                           | ​ | ​ | Media & Entertainment               | ​ | ​ | 8% Cash, 3% PIK  | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | 11.00%  | ​                           | ​ | ​ | ​ | ​ | 12/31/2018 | ​    | ​ | ​ | ​        | ​ | 4,153,393 | ​ | ​ | ​ | ​ | $ | 4,153,393 | ​ | ​ | ​ | ​ | $ | 1 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total Senior Secured – First Lien                                       | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,153,393 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Senior Secured – Second Lien — 3.47%                              | ​ |
| Southern Technical Institute, Inc.                                            | ​ | ​ | Education                               | ​ | ​ | 15% PIK          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | 15.00%  | ​                           | ​ | ​ | ​ | ​ | 12/2/2020  | ​    | ​ | ​ | ​        | ​ | 8,451,041 | ​ | ​ | ​ | ​ | $ | 8,451,041 | ​ | ​ | ​ | ​ | $ | 1 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Xpress Global Systems, LLC(3)                                                 | ​ | ​ | Transportation Logistics                | ​ | ​ | 15% PIK          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | 15.00%  | ​                           | ​ | ​ | ​ | ​ | 7/9/2020   | ​    | ​ | ​ | ​        | ​ | 5,455,263 | ​ | ​ | ​ | ​ | ​ | 5,222,687 | ​ | ​ | ​ | ​ | ​ | 3,509,422 | ​ | ​ | ​ | ​ | ​ | 2.22% | ​ | ​ |
| ​                                                                       | ​ | ​ | ​                                 | ​ | ​ | LIBOR + 11.0%    | ​ | ​ | ​        | ​ | 1.00%   | ​      | ​ | ​ | ​      | ​ | 12.33%  | ​                           | ​ | ​ | ​ | ​ | 7/9/2020   | ​    | ​ | ​ | ​        | ​ | 1,964,872 | ​ | ​ | ​ | ​ | ​ | 1,979,609 | ​ | ​ | ​ | ​ | ​ | 1,964,872 | ​ | ​ | ​ | ​ | ​ | 1.25% | ​ | ​ |
| ​                                                                       | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,202,296 | ​ | ​ | ​ | ​ | ​ | 5,474,294 | ​ | ​ | ​ | ​ | ​ | 3.47% | ​ | ​ |
| Total Senior Secured – Second Lien                          | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 15,653,337 | ​ | ​ | ​ | ​ | ​ | 5,474,295 | ​ | ​ | ​ | ​ | ​ | 3.47% | ​ | ​ |
| Senior Subordinated — 1.53%                                             | ​ |
| Battery Solutions, Inc.                                                       | ​ | ​ | Environmental/​Recycling Services | ​ | ​ | 6% Cash, 8% PIK  | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | 14.00%  | ​                           | ​ | ​ | ​ | ​ | 11/6/2021  | ​    | ​ | ​ | ​        | ​ | 2,404,598 | ​ | ​ | ​ | ​ | $ | 2,404,598 | ​ | ​ | ​ | ​ | $ | 2,404,598 | ​ | ​ | ​ | ​ | ​ | 1.53% | ​ | ​ |
| Total Senior Subordinated                                                     | ​ | ​ | ​                                 | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​ | ​ | ​ | ​    | ​    | ​ | ​ | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,404,598 | ​ | ​ | ​ | ​ | ​ | 2,404,598 | ​ | ​ | ​ | ​ | ​ | 1.53% | ​ | ​ |
| ​                                                                       |

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TABLE OF CONTENTS​

| Company(+)(^)***                                                          | ​ | ​ | Industry                                      | ​ | ​ | SpreadAboveIndex | ​ | ​ | Base RateFloor | ​ | ​ | InterestRate | ​ | ​ | MaturityDate | ​ | ​ | No. Shares/​PrincipalAmount | ​ | ​   | Cost(1) | ​ | ​ | Fair Value | ​ | ​    | % of NetAssets | ​ |
|---------------------------------------------------------------------------|---------|---------|-----------------------------------------------|---------|---------|------------------|---------|---------|----------------|---------|---------|--------------|---------|---------|--------------|---------|---------|-----------------------------------|---------|-----------|---------|---------|---------|------------|---------|------------|----------------|---------|
| Equity/Other — 7.67%                                                | ​ |
| Battery Solutions, Inc., Class A and F Units(2)                      | ​ | ​ | Environmental/​Recycling Services       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | 5,000,000  | ​        | ​ | ​ | ​ | $ | 1,058,000 | ​ | ​ | ​ | ​ | $ | 1,277,000 | ​ | ​ | ​ | ​ | ​ | 0.81% | ​ | ​ |
| Class E Units                                                        | ​ | ​ | ​                                       | ​ | ​ | 8% PIK           | ​ | ​ | ​        | ​ | ​ | ​      | ​ | 8.00%   | ​      | ​ | ​ | ​                           | ​ | 11/6/2021 | ​ | ​ | ​ | ​    | ​ | 4,138,569  | ​        | ​ | ​ | ​ | ​ | 4,138,569 | ​ | ​ | ​ | ​ | ​ | 4,138,569 | ​ | ​ | ​ | ​ | ​ | 2.62% | ​ | ​ |
| ​                                                                   | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | ​    | ​        | ​ | ​ | ​ | ​ | 5,196,569 | ​ | ​ | ​ | ​ | ​ | 5,415,569 | ​ | ​ | ​ | ​ | ​ | 3.43% | ​ | ​ |
| Conisus, LLC, Common Shares(2)                                            | ​ | ​ | Media: Advertising, Printing & Publishing | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | 4,914,556  | ​        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Preferred Equity                                                          | ​ | ​ | ​                                       | ​ | ​ | 12% PIK          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | 12.00%  | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | 12,677,834 | ​        | ​ | ​ | ​ | ​ | 12,677,834 | ​ | ​ | ​ | ​ | ​ | 6,678,442 | ​ | ​ | ​ | ​ | ​ | 4.24% | ​ | ​ |
| ​                                                                   | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | ​    | ​        | ​ | ​ | ​ | ​ | 12,677,834 | ​ | ​ | ​ | ​ | ​ | 6,678,442 | ​ | ​ | ​ | ​ | ​ | 4.24% | ​ | ​ |
| Show Media, Inc., Units(2)                                                | ​ | ​ | Media & Entertainment                     | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | 4,092,210  | ​        | ​ | ​ | ​ | ​ | 3,747,428 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Southern Technical Institute, Inc., Class A Units(2)                 | ​ | ​ | Education                                     | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | 3,164,063  | ​        | ​ | ​ | ​ | $ | 2,167,000 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Preferred Shares                                                          | ​ | ​ | ​                                       | ​ | ​ | 15.75% PIK       | ​ | ​ | ​        | ​ | ​ | ​      | ​ | 15.75%  | ​      | ​ | ​ | ​                           | ​ | 3/30/2026 | ​ | ​ | ​ | ​    | ​ | 5,135,209  | ​        | ​ | ​ | ​ | ​ | 5,024,209 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Warrants(2)                                                               | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | 221,267    | ​        | ​ | ​ | ​ | ​ | 221,267 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| ​                                                                   | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | ​    | ​        | ​ | ​ | ​ | ​ | 7,412,476 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Xpress Global Systems, LLC, Warrants(2)                                   | ​ | ​ | Transportation Logistics                      | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | 489,000    | ​        | ​ | ​ | ​ | ​ | 489,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total Equity/Other                                                        | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | ​    | ​        | ​ | ​ | ​ | ​ | 29,523,307 | ​ | ​ | ​ | ​ | ​ | 12,094,011 | ​ | ​ | ​ | ​ | ​ | 7.67% | ​ | ​ |
| Total Investments in Non-Controlled, Affiliated Portfolio Companies       | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | ​    | ​        | ​ | ​ | ​ | ​ | 51,734,635 | ​ | ​ | ​ | ​ | ​ | 19,972,905 | ​ | ​ | ​ | ​ | ​ | 12.67% | ​ | ​ |
| Investments in Controlled, Affiliated Portfolio Companies — 9.67%** | ​ |
| Senior Secured – First Lien — 8.87%               | ​ |
| FST Technical Services, LLC                                               | ​ | ​ | Technology & Telecom                      | ​ | ​ | 12% Cash, 5% PIK | ​ | ​ | ​        | ​ | ​ | ​      | ​ | 17.00%  | ​      | ​ | ​ | ​                           | ​ | 6/30/2019 | ​ | ​ | ​ | ​    | ​ | 13,999,758 | ​        | ​ | ​ | ​ | $ | 13,999,758 | ​ | ​ | ​ | ​ | $ | 13,999,758 | ​ | ​ | ​ | ​ | ​ | 8.87% | ​ | ​ |
| Total Senior Secured – First Lien                       | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | ​    | ​        | ​ | ​ | ​ | ​ | 13,999,758 | ​ | ​ | ​ | ​ | ​ | 13,999,758 | ​ | ​ | ​ | ​ | ​ | 8.87% | ​ | ​ |
| Equity/Other — 0.80%                                                | ​ |
| FST Technical Services, LLC, Common Class B Shares(2)                | ​ | ​ | Technology & Telecom                      | ​ | ​ | 9% PIK           | ​ | ​ | ​        | ​ | ​ | ​      | ​ | 9.00%   | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | 1,750,000  | ​        | ​ | ​ | ​ | $ | 1,806,543 | ​ | ​ | ​ | ​ | $ | 1,256,479 | ​ | ​ | ​ | ​ | ​ | 0.80% | ​ | ​ |
| Total Equity/Other                                                        | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | ​    | ​        | ​ | ​ | ​ | ​ | 1,806,543 | ​ | ​ | ​ | ​ | ​ | 1,256,479 | ​ | ​ | ​ | ​ | ​ | 0.80% | ​ | ​ |
| Total Investments in Controlled, Affiliated Portfolio Companies           | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | ​    | ​        | ​ | ​ | ​ | ​ | 15,806,301 | ​ | ​ | ​ | ​ | ​ | 15,256,237 | ​ | ​ | ​ | ​ | ​ | 9.67% | ​ | ​ |
| Total Investments                                                         | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | ​    | ​        | ​ | ​ | ​ | ​ | 333,216,534 | ​ | ​ | ​ | ​ | ​ | 287,554,545 | ​ | ​ | ​ | ​ | ​ | 182.33% | ​ | ​ |
| Liabilities In Excess Of Other Assets                                     | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | ​    | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (129,840,370) | ​ | ​ | ​ | ​ | ​ | (82.33)% | ​ | ​ |
| Net Assets                                                                | ​ | ​ | ​                                       | ​ | ​ | ​          | ​ | ​ | ​        | ​ | ​ | ​      | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​   | ​ | ​ | ​ | ​    | ​ | ​    | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 157,714,175 | ​ | ​ | ​ | ​ | ​ | 100.00% | ​ | ​ |
| ​                                                                   |
| Name of Issuers                    | ​ | ​ | Fair Value at December 31, 2016 | ​ | ​    | Gross Addition | ​ | ​ | Gross Reductions | ​ | ​ | Transfers In/Out | ​ | ​ | Paid-in-kind/​ Interest/​ Dividend/​ Other Income | ​ | ​ | Fair Value at December 31, 2017 | ​ |
|------------------------------------|---------|---------|--------------------------------------|---------|------------|----------------|---------|---------|------------------|---------|---------|------------------|---------|---------|---------------------------------------------------------------------|---------|---------|--------------------------------------|---------|
| Battery Solutions, Inc.            | ​ | ​ | ​                              | $       | 6,517,046  | ​        | ​ | ​ | ​          | $       | — | ​          | ​ | ​ | ​                                                             | $       | — | ​                              | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | 650,999 | ​ | ​ | ​ | ​ | $ | 7,820,167 | ​ | ​ |
| Conisus, LLC                       | ​ | ​ | ​                              | ​ | —    | ​        | ​ | ​ | ​          | ​ | — | ​          | ​ | ​ | ​                                                             | ​ | — | ​                              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,121,469 | ​ | ​ | ​ | ​ | ​ | 6,678,442 | ​ | ​ |
| Show Media, Inc.                   | ​ | ​ | ​                              | ​ | 2,077,000  | ​        | ​ | ​ | ​          | ​ | — | ​          | ​ | ​ | ​                                                             | ​ | — | ​                              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 95,164 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Southern Technical Institute, Inc. | ​ | ​ | ​                              | ​ | 13,500,157 | ​        | ​ | ​ | ​          | ​ | — | ​          | ​ | ​ | ​                                                             | ​ | — | ​                              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,205,438 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Xpress Global Systems, LLC         | ​ | ​ | ​                              | ​ | —    | ​        | ​ | ​ | ​          | ​ | — | ​          | ​ | ​ | ​                                                             | ​ | — | ​                              | ​ | ​ | ​ | ​ | 7,475,203 | ​ | ​ | ​ | ​ | ​ | 455,272 | ​ | ​ | ​ | ​ | ​ | 5,474,294 | ​ | ​ |
| ​                            | ​ | ​ | ​                              | $       | 22,094,203 | ​        | ​ | ​ | ​          | $       | — | ​          | ​ | ​ | ​                                                             | $       | — | ​                              | ​ | ​ | ​ | $ | 7,475,203 | ​ | ​ | ​ | ​ | $ | 3,528,342 | ​ | ​ | ​ | ​ | $ | 19,972,905 | ​ | ​ |
| ​                            |

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TABLE OF CONTENTS

| Name of Issuers             | ​ | ​ | Fair value at December 31, 2016 | ​ | ​    | Gross Additions | ​ | ​ | Gross Reductions | ​ | ​ | Transfers In/Out | ​ | ​ | Interest/​ Dividend/​ Other Income | ​ | ​ | Fair Value at December 31, 2017 | ​ |
|-----------------------------|---------|---------|--------------------------------------|---------|------------|-----------------|---------|---------|------------------|---------|---------|------------------|---------|---------|------------------------------------------------|---------|---------|--------------------------------------|---------|
| FST Technical Services, LLC | ​ | ​ | ​                              | $       | 14,456,630 | ​         | ​ | ​ | ​          | $       | — | ​          | ​ | ​ | ​                                        | $       | — | ​                              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | $ | 2,349,538 | ​ | ​ | ​ | ​ | $ | 15,256,237 | ​ | ​ |
| ​                     | ​ | ​ | ​                              | $       | 14,456,630 | ​         | ​ | ​ | ​          | $       | — | ​          | ​ | ​ | ​                                        | $       | — | ​                              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | $ | 2,349,538 | ​ | ​ | ​ | ​ | $ | 15,256,237 | ​ | ​ |
| ​                     |

----

TABLE OF CONTENTS

| Company(+)***                                                                                 | ​ | ​ | Industry                                      | ​ | ​ | Interest Rate                 | ​ | ​ | Base Rate Floor | ​ | ​ | Maturity Date | ​ | ​ | No. Shares/​ Principal Amount | ​ | ​    | Cost(1) | ​ | ​ | Fair Value | ​ | ​    | % of Net Assets | ​ |
|-----------------------------------------------------------------------------------------------|---------|---------|-----------------------------------------------|---------|---------|-------------------------------|---------|---------|-----------------|---------|---------|---------------|---------|---------|-------------------------------------|---------|------------|---------|---------|---------|------------|---------|------------|-----------------|---------|
| Investments in Non-Controlled, Non-Affiliated Portfolio Companies — 129.91% | ​ | ​ | ​                                       | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​    | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Senior Secured – First Lien — 43.51%                      | ​ | ​ | ​                                       | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​    | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| A2Z Wireless Holdings, Inc.(2)                                                                | ​ | ​ | Telecommunications                            | ​ | ​ | LIBOR + 9.0% Cash             | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​                             | ​ | 1/15/2021  | ​ | ​ | ​ | ​    | ​ | 14,437,500 | ​         | ​ | ​ | ​ | $ |  14,293,125 | ​ | ​ | ​ | ​ | $ |  14,437,500 | ​ | ​ | ​ | ​ | ​ | 7.82% | ​ | ​ |
| Black Diamond Rentals                                                                         | ​ | ​ | Oil & Gas Services                        | ​ | ​ | 10.00% Cash, 4% PIK           | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 7/9/2018   | ​ | ​ | ​ | ​    | ​ | 6,741,084  | ​         | ​ | ​ | ​ | ​ | 6,741,084 | ​ | ​ | ​ | ​ | ​ | 6,368,583 | ​ | ​ | ​ | ​ | ​ | 3.45% | ​ | ​ |
| IGT(2),(3)                                                                                    | ​ | ​ | Industrial Services                           | ​ | ​ | LIBOR + 8.75% Cash, 1.50% PIK | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​                             | ​ | 12/10/2019 | ​ | ​ | ​ | ​    | ​ | 8,063,911  | ​         | ​ | ​ | ​ | ​ | 8,004,995 | ​ | ​ | ​ | ​ | ​ | 8,063,911 | ​ | ​ | ​ | ​ | ​ | 4.37% | ​ | ​ |
| LRI Holding, Inc.(2)                                                                          | ​ | ​ | Industrial Services                           | ​ | ​ | LIBOR + 9.75% Cash            | ​ | ​ | ​         | ​ | 0.50%   | ​       | ​ | ​ | ​                             | ​ | 9/28/2021  | ​ | ​ | ​ | ​    | ​ | 10,000,000 | ​         | ​ | ​ | ​ | ​ | 9,906,795 | ​ | ​ | ​ | ​ | ​ | 10,000,000 | ​ | ​ | ​ | ​ | ​ | 5.42% | ​ | ​ |
| Lugano Diamonds & Jewelry, Inc(2),(3)                                                     | ​ | ​ | Retail                                        | ​ | ​ | LIBOR + 10.0% Cash            | ​ | ​ | ​         | ​ | 0.75%   | ​       | ​ | ​ | ​                             | ​ | 10/24/2021 | ​ | ​ | ​ | ​    | ​ | 6,000,000  | ​         | ​ | ​ | ​ | ​ | 5,235,101 | ​ | ​ | ​ | ​ | ​ | 5,356,000 | ​ | ​ | ​ | ​ | ​ | 2.90% | ​ | ​ |
| NTI Holdings, LLC(2)                                                                          | ​ | ​ | Telecommunications                            | ​ | ​ | LIBOR + 8.0% Cash             | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​                             | ​ | 3/30/2021  | ​ | ​ | ​ | ​    | ​ | 11,876,288 | ​         | ​ | ​ | ​ | ​ | 11,680,600 | ​ | ​ | ​ | ​ | ​ | 11,680,566 | ​ | ​ | ​ | ​ | ​ | 6.33% | ​ | ​ |
| NWN Corporation(2)                                                                            | ​ | ​ | Technology & IT                           | ​ | ​ | LIBOR + 10.0% Cash            | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​                             | ​ | 10/16/2020 | ​ | ​ | ​ | ​    | ​ | 3,919,108  | ​         | ​ | ​ | ​ | ​ | 3,840,726 | ​ | ​ | ​ | ​ | ​ | 3,919,108 | ​ | ​ | ​ | ​ | ​ | 2.12% | ​ | ​ |
| Palmetto Moon LLC                                                                             | ​ | ​ | Retail                                        | ​ | ​ | 11.5% Cash                    | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 10/31/2021 | ​ | ​ | ​ | ​    | ​ | 5,565,855  | ​         | ​ | ​ | ​ | ​ | 5,540,855 | ​ | ​ | ​ | ​ | ​ | 5,565,855 | ​ | ​ | ​ | ​ | ​ | 3.02% | ​ | ​ |
| Stancor, Inc.(2)                                                                              | ​ | ​ | Wholesale/Distribution                        | ​ | ​ | LIBOR + 9.0%                  | ​ | ​ | ​         | ​ | 0.75%   | ​       | ​ | ​ | ​                             | ​ | 8/19/2019  | ​ | ​ | ​ | ​    | ​ | 4,900,000  | ​         | ​ | ​ | ​ | ​ | 4,900,000 | ​ | ​ | ​ | ​ | ​ | 4,900,000 | ​ | ​ | ​ | ​ | ​ | 2.66% | ​ | ​ |
| Superior Controls, Inc.(2),(3)                                                                | ​ | ​ | High Tech Industries                          | ​ | ​ | LIBOR + 8.75%                 | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​                             | ​ | 3/22/2021  | ​ | ​ | ​ | ​    | ​ | 10,000,000 | ​         | ​ | ​ | ​ | ​ | 10,000,000 | ​ | ​ | ​ | ​ | ​ | 10,000,000 | ​ | ​ | ​ | ​ | ​ | 5.42% | ​ | ​ |
| Total Senior Secured – First Lien                                           | ​ | ​ | ​                                       | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​    | ​         | ​ | 80,143,281 | ​ | ​ | ​ | ​ | ​ | 80,291,523 | ​ | ​ | ​ | ​ | ​ | 43.51% | ​ | ​ |
| Senior Secured – Second Lien — 41.57%                     | ​ | ​ | ​                                       | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​    | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Alpine Waste(2)                                                                               | ​ | ​ | Waste Services                                | ​ | ​ | LIBOR + 8.75%                 | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​                             | ​ | 12/30/2020 | ​ | ​ | ​ | ​    | ​ | 11,131,777 | ​         | ​ | ​ | ​ | $ | 11,131,777 | ​ | ​ | ​ | ​ | $ | 11,131,777 | ​ | ​ | ​ | ​ | ​ | 6.03% | ​ | ​ |
| Conisus LLC(2)                                                                                | ​ | ​ | Media: Advertising, Printing & Publishing | ​ | ​ | LIBOR + 8.75% Cash            | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​                             | ​ | 6/23/2021  | ​ | ​ | ​ | ​    | ​ | 11,750,000 | ​         | ​ | ​ | ​ | ​ | 11,750,000 | ​ | ​ | ​ | ​ | ​ | 10,870,000 | ​ | ​ | ​ | ​ | ​ | 5.89% | ​ | ​ |
| Duke Finance, LLC(2)                                                                          | ​ | ​ | Industrial Manufacturing                      | ​ | ​ | LIBOR + 9.75% Cash            | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​                             | ​ | 10/28/2022 | ​ | ​ | ​ | ​    | ​ | 7,500,000  | ​         | ​ | ​ | ​ | ​ | 6,722,567 | ​ | ​ | ​ | ​ | ​ | 7,350,000 | ​ | ​ | ​ | ​ | ​ | 3.98% | ​ | ​ |
| Graco Supply Company                                                                          | ​ | ​ | Aerospace                                     | ​ | ​ | 12% Cash                      | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 3/17/2021  | ​ | ​ | ​ | ​    | ​ | 4,000,000  | ​         | ​ | ​ | ​ | ​ | 4,000,000 | ​ | ​ | ​ | ​ | ​ | 3,877,000 | ​ | ​ | ​ | ​ | ​ | 2.10% | ​ | ​ |
| Healthcare Associates of Texas, LLC(3)                                                        | ​ | ​ | Healthcare Services                           | ​ | ​ | 12.25% Cash                   | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 4/30/2022  | ​ | ​ | ​ | ​    | ​ | 8,500,000  | ​         | ​ | ​ | ​ | ​ | 8,500,000 | ​ | ​ | ​ | ​ | ​ | 8,500,000 | ​ | ​ | ​ | ​ | ​ | 4.61% | ​ | ​ |
| Medsurant Holdings, LLC                                                                       | ​ | ​ | Healthcare Services                           | ​ | ​ | 12.25% Cash                   | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 6/18/2021  | ​ | ​ | ​ | ​    | ​ | 6,200,000  | ​         | ​ | ​ | ​ | ​ | 6,138,000 | ​ | ​ | ​ | ​ | ​ | 6,200,000 | ​ | ​ | ​ | ​ | ​ | 3.36% | ​ | ​ |
| My Alarm Center, LLC(2)                                                                       | ​ | ​ | Security                                      | ​ | ​ | LIBOR + 11.0% Cash            | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​                             | ​ | 7/9/2019   | ​ | ​ | ​ | ​    | ​ | 12,625,000 | ​         | ​ | ​ | ​ | ​ | 12,625,000 | ​ | ​ | ​ | ​ | ​ | 12,625,000 | ​ | ​ | ​ | ​ | ​ | 6.84% | ​ | ​ |
| Nation Safe Drivers (NSD)(2)                                                                  | ​ | ​ | Automotive Business Services                  | ​ | ​ | LIBOR + 8.0% Cash             | ​ | ​ | ​         | ​ | 2.00%   | ​       | ​ | ​ | ​                             | ​ | 9/29/2020  | ​ | ​ | ​ | ​    | ​ | 11,721,154 | ​         | ​ | ​ | ​ | ​ | 11,721,154 | ​ | ​ | ​ | ​ | ​ | 11,838,000 | ​ | ​ | ​ | ​ | ​ | 6.42% | ​ | ​ |
| Xpress Global Systems, LLC(2)                                                                 | ​ | ​ | Transportation Logistics                      | ​ | ​ |                               | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 4/10/2020  | ​ | ​ | ​ | ​    | ​ | 7,420,134  | ​         | ​ | ​ | ​ | ​ | 6,986,203 | ​ | ​ | ​ | ​ | ​ | 4,316,871 | ​ | ​ | ​ | ​ | ​ | 2.34% | ​ | ​ |
| Total Senior Secured – Second Lien                                          | ​ | ​ | ​                                       | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​    | ​         | ​ | 79,574,701 | ​ | ​ | ​ | ​ | ​ | 76,708,648 | ​ | ​ | ​ | ​ | ​ | 41.57% | ​ | ​ |
| Senior Subordinated — 38.93%                                                | ​ | ​ | ​                                       | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​    | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Black Diamond Rentals                                                                         | ​ | ​ | Oil & Gas Services                        | ​ | ​ | 4.0% Cash                     | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 7/9/2018   | ​ | ​ | ​ | ​    | ​ | 8,009,188  | ​         | ​ | ​ | ​ | $ | 8,009,188 | ​ | ​ | ​ | ​ | $ | 3,709,000 | ​ | ​ | ​ | ​ | ​ | 2.01% | ​ | ​ |
| GST Autoleather                                                                               | ​ | ​ | Automotive Business Services                  | ​ | ​ | 11% Cash, 2.0% PIK            | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 1/11/2021  | ​ | ​ | ​ | ​    | ​ | 8,368,939  | ​         | ​ | ​ | ​ | ​ | 8,368,939 | ​ | ​ | ​ | ​ | ​ | 8,368,939 | ​ | ​ | ​ | ​ | ​ | 4.53% | ​ | ​ |
| Media Storm, LLC                                                                              | ​ | ​ | Media & Entertainment                     | ​ | ​ | 10% Cash                      | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 8/28/2019  | ​ | ​ | ​ | ​    | ​ | 2,454,545  | ​         | ​ | ​ | ​ | ​ | 2,454,545 | ​ | ​ | ​ | ​ | ​ | 2,454,545 | ​ | ​ | ​ | ​ | ​ | 1.33% | ​ | ​ |
| Metal Powder Products LLC(2)                                                                  | ​ | ​ | Industrial Manufacturing                      | ​ | ​ | LIBOR + 12.25% Cash           | ​ | ​ | ​         | ​ | 0.75%   | ​       | ​ | ​ | ​                             | ​ | 11/5/2021  | ​ | ​ | ​ | ​    | ​ | 8,250,000  | ​         | ​ | ​ | ​ | ​ | 8,250,000 | ​ | ​ | ​ | ​ | ​ | 8,250,000 | ​ | ​ | ​ | ​ | ​ | 4.47% | ​ | ​ |
| NextCare Holdings, Inc.                                                                       | ​ | ​ | Healthcare Services                           | ​ | ​ | 10% Cash, 4% PIK              | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 12/31/2018 | ​ | ​ | ​ | ​    | ​ | 15,050,000 | ​         | ​ | ​ | ​ | ​ | 14,859,566 | ​ | ​ | ​ | ​ | ​ | 15,050,000 | ​ | ​ | ​ | ​ | ​ | 8.16% | ​ | ​ |
| Pharmalogic Holdings Corp.                                                                    | ​ | ​ | Healthcare Services                           | ​ | ​ | 12% Cash                      | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 9/1/2021   | ​ | ​ | ​ | ​    | ​ | 14,000,000 | ​         | ​ | ​ | ​ | ​ | 14,000,000 | ​ | ​ | ​ | ​ | ​ | 14,000,000 | ​ | ​ | ​ | ​ | ​ | 7.59% | ​ | ​ |
| QRC Holdings, LLC                                                                             | ​ | ​ | High Tech Industries                          | ​ | ​ | 12.25% Cash                   | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | 11/20/2021 | ​ | ​ | ​ | ​    | ​ | 10,000,000 | ​         | ​ | ​ | ​ | ​ | 10,000,000 | ​ | ​ | ​ | ​ | ​ | 10,000,000 | ​ | ​ | ​ | ​ | ​ | 5.42% | ​ | ​ |
| Security Alarm Financing Enterprises L. P.(2)                                                 | ​ | ​ | Security                                      | ​ | ​ | LIBOR + 13.00% Cash           | ​ | ​ | ​         | ​ | 1.00%   | ​       | ​ | ​ | ​                             | ​ | 6/19/2020  | ​ | ​ | ​ | ​    | ​ | 10,000,000 | ​         | ​ | ​ | ​ | ​ | 9,800,000 | ​ | ​ | ​ | ​ | ​ | 10,000,000 | ​ | ​ | ​ | ​ | ​ | 5.42% | ​ | ​ |
| Total Senior Subordinated                                                                     | ​ | ​ | ​                                       | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​    | ​         | ​ | ​ | ​ | ​ | 75,742,238 | ​ | ​ | ​ | ​ | ​ | 71,832,484 | ​ | ​ | ​ | ​ | ​ | 38.93% | ​ | ​ |
| Equity/Other — 5.90%                                                        | ​ | ​ | ​                                       | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​    | ​         | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| IGT, Preferred Shares(4)                                                                      | ​ | ​ | Industrial Services                           | ​ | ​ | 11% PIK                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 1,110,922  | ​         | ​ | ​ | ​ | $ | 1,110,922 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Common Shares(4)                                                                              | ​ | ​ | ​                                       | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 44,000     | ​         | ​ | ​ | ​ | ​ | 44,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Preferred AA Shares                                                                           | ​ | ​ | ​                                       | ​ | ​ | 15% PIK                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 292,115    | ​         | ​ | ​ | ​ | ​ | 292,115 | ​ | ​ | ​ | ​ | ​ | 292,115 | ​ | ​ | ​ | ​ | ​ | 0.16% | ​ | ​ |
| ​                                                                                       | ​ | ​ | ​                                       | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​    | ​         | ​ | ​ | ​ | ​ | 1,447,037 | ​ | ​ | ​ | ​ | ​ | 292,115 | ​ | ​ | ​ | ​ | ​ | 0.16% | ​ | ​ |
| LRI Holding, Inc., Preferred Shares(4)                                                        | ​ | ​ | Industrial Services                           | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 1,000,000  | ​         | ​ | ​ | ​ | ​ | 1,000,000 | ​ | ​ | ​ | ​ | ​ | 1,084,000 | ​ | ​ | ​ | ​ | ​ | 0.59% | ​ | ​ |
| Lugano Diamonds & Jewelry, Inc, Warrants                                                  | ​ | ​ | Retail                                        | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 666,615    | ​         | ​ | ​ | ​ | ​ | 666,615 | ​ | ​ | ​ | ​ | ​ | 666,615 | ​ | ​ | ​ | ​ | ​ | 0.36% | ​ | ​ |
| Metal Powder Products, LLC, Common Shares(4)                                                  | ​ | ​ | Industrial Manufacturing                      | ​ | ​ | ​                       | ​ | ​ | ​         | ​ | ​ | ​       | ​ | ​ | ​                             | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 500,000    | ​         | ​ | ​ | ​ | ​ | 500,000 | ​ | ​ | ​ | ​ | ​ | 659,000 | ​ | ​ | ​ | ​ | ​ | 0.36% | ​ | ​ |

----

TABLE OF CONTENTS

| Company(+)***                                                                             | ​ | ​ | Industry                         | ​ | ​ | Interest Rate            | ​ | ​ | BaseRateFloor | ​ | ​ | MaturityDate | ​ | ​ | No. Shares/​PrincipalAmount | ​ | ​    | Cost(1) | ​ | ​ | Fair Value | ​ | ​     | % of NetAssets | ​ | ​ |
|-------------------------------------------------------------------------------------------|---------|---------|----------------------------------|---------|---------|--------------------------|---------|---------|---------------|---------|---------|--------------|---------|---------|-----------------------------------|---------|------------|---------|---------|---------|------------|---------|-------------|----------------|---------|---------|
| My Alarm Center, LL, Class A Preferred(4)                                            | ​ | ​ | Security                         | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 284,589     | ​        | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 284,589 | ​ | ​ | ​ | ​ | ​ | 0.15% | ​ | ​ | ​ |
| NTI Holdings, LLC, Common Shares(4)                                                       | ​ | ​ | Telecommunications               | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 376,515     | ​        | ​ | ​ | ​ | ​ | 403,030 | ​ | ​ | ​ | ​ | ​ | 779,000 | ​ | ​ | ​ | ​ | ​ | 0.42% | ​ | ​ | ​ |
| Warrants(4)                                                                               | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 417,823     | ​        | ​ | ​ | ​ | ​ | 224,689 | ​ | ​ | ​ | ​ | ​ | 444,998 | ​ | ​ | ​ | ​ | ​ | 0.24% | ​ | ​ | ​ |
| ​                                                                                   | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | 627,719 | ​ | ​ | ​ | ​ | ​ | 1,223,998 | ​ | ​ | ​ | ​ | ​ | 0.66% | ​ | ​ | ​ |
| Palmetto Moon LLC, Common Shares                                                          | ​ | ​ | Retail                           | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 434,145     | ​        | ​ | ​ | ​ | ​ | 434,145 | ​ | ​ | ​ | ​ | ​ | 434,145 | ​ | ​ | ​ | ​ | ​ | 0.24% | ​ | ​ | ​ |
| Superior Controls, Inc., Preferred Shares(4)                                              | ​ | ​ | High Tech Industries             | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 400,000     | ​        | ​ | ​ | ​ | ​ | 400,000 | ​ | ​ | ​ | ​ | ​ | 516,000 | ​ | ​ | ​ | ​ | ​ | 0.28% | ​ | ​ | ​ |
| Tunnel Hill Class B Common Units(4),(5)                                              | ​ | ​ | Waste Services                   | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 93,160      | ​        | ​ | ​ | ​ | ​ | 2,454,303 | ​ | ​ | ​ | ​ | ​ | 2,029,000 | ​ | ​ | ​ | ​ | ​ | 1.10% | ​ | ​ | ​ |
| Wholesome Sweeteners, Inc., Common Shares(4)                                              | ​ | ​ | Food & Beverage              | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 5,000       | ​        | ​ | ​ | ​ | ​ | 5,000,000 | ​ | ​ | ​ | ​ | ​ | 3,700,000 | ​ | ​ | ​ | ​ | ​ | 2.00% | ​ | ​ | ​ |
| Xpress Global Systems, LLC, Warrants(4)                                                   | ​ | ​ | Transportation Logistics         | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 489,000     | ​        | ​ | ​ | ​ | ​ | 489,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ |
| Total Equity/Other                                                                        | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | 13,018,819 | ​ | ​ | ​ | ​ | ​ | 10,889,462 | ​ | ​ | ​ | ​ | ​ | 5.90% | ​ | ​ | ​ |
| Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies                   | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 248,479,039 | ​        | ​ | ​ | ​ | ​ | 239,722,117 | ​ | ​ | ​ | ​ | ​ | 129.91% | ​ | ​ | ​ |
| Investments in Non-Controlled, Affiliated Portfolio Companies — 11.97%* | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Senior Secured – First Lien — 1.12%                   | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Show Media, Inc.(4)                                                                       | ​ | ​ | Media & Entertainment        | ​ | ​ | 5.5% Cash, 5.5% PIK      | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | 8/10/2017  | ​ | ​ | ​ | ​    | ​ | 4,153,393   | ​        | ​ | ​ | ​ | $ | 4,056,960 | ​ | ​ | ​ | ​ | $ | 2,077,000 | ​ | ​ | ​ | ​ | ​ | 1.12% | ​ | ​ | ​ |
| Total Senior Secured – First Lien                                       | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | 4,056,960 | ​ | ​ | ​ | ​ | ​ | 2,077,000 | ​ | ​ | ​ | ​ | ​ | 1.12% | ​ | ​ | ​ |
| Senior Secured – Second Lien — 4.42%                  | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Southern Technical Institute, Inc.(2)                                                     | ​ | ​ | Education                        | ​ | ​ | LIBOR + 8.0% Cash,4% PIK | ​ | ​ | ​       | ​ | 1.00%   | ​      | ​ | ​ | ​                           | ​ | 12/2/2020  | ​ | ​ | ​ | ​    | ​ | 8,156,261   | ​        | ​ | ​ | ​ | $ | 8,156,261 | ​ | ​ | ​ | ​ | $ | 8,156,261 | ​ | ​ | ​ | ​ | ​ | 4.42% | ​ | ​ | ​ |
| Total Senior Secured – Second Lien                                      | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | 8,156,261 | ​ | ​ | ​ | ​ | ​ | 8,156,261 | ​ | ​ | ​ | ​ | ​ | 4.42% | ​ | ​ | ​ |
| Senior Subordinated — 1.20%                                             | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Battery Solutions, Inc.                                                                   | ​ | ​ | Environmental/Recycling Services | ​ | ​ | 6% Cash, 8% PIK          | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | 11/6/2021  | ​ | ​ | ​ | ​    | ​ | 2,217,865   | ​        | ​ | ​ | ​ | $ | 2,217,865 | ​ | ​ | ​ | ​ | $ | 2,217,865 | ​ | ​ | ​ | ​ | ​ | 1.20% | ​ | ​ | ​ |
| Total Senior Subordinated                                                                 | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | 2,217,865 | ​ | ​ | ​ | ​ | ​ | 2,217,865 | ​ | ​ | ​ | ​ | ​ | 1.20% | ​ | ​ | ​ |
| Equity/Other — 5.23%                                                    | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Battery Solutions, Inc., Class A and F Units(4)                                      | ​ | ​ | Environmental/Recycling Services | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 5,000,000   | ​        | ​ | ​ | ​ | $ | 1,058,000 | ​ | ​ | ​ | ​ | $ | 482,000 | ​ | ​ | ​ | ​ | ​ | 0.26% | ​ | ​ | ​ |
| Class E Units                                                                        | ​ | ​ | ​                          | ​ | ​ | 8% PIK                   | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | 11/6/2021  | ​ | ​ | ​ | ​    | ​ | 3,817,181   | ​        | ​ | ​ | ​ | ​ | 3,817,181 | ​ | ​ | ​ | ​ | ​ | 3,817,181 | ​ | ​ | ​ | ​ | ​ | 2.07% | ​ | ​ | ​ |
| ​                                                                                   | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | 4,875,181 | ​ | ​ | ​ | ​ | ​ | 4,299,181 | ​ | ​ | ​ | ​ | ​ | 2.33% | ​ | ​ | ​ |
| Show Media, Inc., Units(4)                                                                | ​ | ​ | Media & Entertainment        | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 4,092,210   | ​        | ​ | ​ | ​ | ​ | 3,747,428 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ |
| Southern Technical Institute, Inc., Class A Units(4)                                 | ​ | ​ | Education                        | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 3,164,063   | ​        | ​ | ​ | ​ | ​ | 2,167,000 | ​ | ​ | ​ | ​ | ​ | 795,999 | ​ | ​ | ​ | ​ | ​ | 0.43% | ​ | ​ | ​ |
| Preferred Shares                                                                          | ​ | ​ | ​                          | ​ | ​ | 15.75% PIK               | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 4,403,897   | ​        | ​ | ​ | ​ | ​ | 4,292,897 | ​ | ​ | ​ | ​ | ​ | 4,403,897 | ​ | ​ | ​ | ​ | ​ | 2.39% | ​ | ​ | ​ |
| Warrants(4)                                                                               | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | 3/30/2026  | ​ | ​ | ​ | ​    | ​ | 111,000     | ​        | ​ | ​ | ​ | ​ | 111,000 | ​ | ​ | ​ | ​ | ​ | 144,000 | ​ | ​ | ​ | ​ | ​ | 0.08% | ​ | ​ | ​ |
| ​                                                                                   | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 110,267     | ​        | ​ | ​ | ​ | ​ | 110,267 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ |
| ​                                                                                   | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | 221,267 | ​ | ​ | ​ | ​ | ​ | 144,000 | ​ | ​ | ​ | ​ | ​ | 0.08% | ​ | ​ | ​ |
| ​                                                                                   | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | 6,681,164 | ​ | ​ | ​ | ​ | ​ | 5,343,896 | ​ | ​ | ​ | ​ | ​ | 2.90% | ​ | ​ | ​ |
| Total Equity/Other                                                                        | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | 15,303,773 | ​ | ​ | ​ | ​ | ​ | 9,643,077 | ​ | ​ | ​ | ​ | ​ | 5.23% | ​ | ​ | ​ |
| Total Investments in Non-Controlled, Affiliated Portfolio Companies                       | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 29,734,859  | ​        | ​ | ​ | ​ | ​ | 22,094,203 | ​ | ​ | ​ | ​ | ​ | 11.97% | ​ | ​ | ​ |
| Investments in Controlled, Affiliated Portfolio Companies — 7.84%**     | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Senior Secured – First Lien — 7.22%                   | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| FST Technical Services, LLC                                                               | ​ | ​ | Technology & Telecom         | ​ | ​ | 12% Cash, 5% PIK         | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | 11/18/2018 | ​ | ​ | ​ | ​    | ​ | 13,315,630  | ​        | ​ | ​ | ​ | $ | 13,315,630 | ​ | ​ | ​ | ​ | $ | 13,315,630 | ​ | ​ | ​ | ​ | ​ | 7.22% | ​ | ​ | ​ |
| Total Senior Secured – First Lien                                       | ​ | ​ | ​                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | 13,315,630 | ​ | ​ | ​ | ​ | ​ | 13,315,630 | ​ | ​ | ​ | ​ | ​ | 7.22% | ​ | ​ | ​ |
| ​                                                                                   |

----

TABLE OF CONTENTS

| Company(+)***                                                   | ​ | ​ | Industry                 | ​ | ​ | Interest Rate | ​ | ​ | BaseRateFloor | ​ | ​ | MaturityDate | ​ | ​ | No. Shares/​PrincipalAmount | ​ | ​    | Cost(1) | ​ | ​ | Fair Value | ​ | ​     | % of NetAssets | ​ |
|-----------------------------------------------------------------|---------|---------|--------------------------|---------|---------|---------------|---------|---------|---------------|---------|---------|--------------|---------|---------|-----------------------------------|---------|------------|---------|---------|---------|------------|---------|-------------|----------------|---------|
| Equity/Other — 0.62%                          | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| FST Technical Services, LLC, Common Class B Shares         | ​ | ​ | Technology & Telecom | ​ | ​ | 9% PIK        | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | 1,750,000  | ​ | ​ | ​ | ​    | $       | 1,806,541   | ​        | ​ | ​ | ​ | $ | 1,141,000 | ​ | ​ | ​ | ​ | ​ | 0.62% | ​ | ​ |
| Total Equity/Other                                              | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 1,806,541   | ​        | ​ | ​ | ​ | ​ | 1,141,000 | ​ | ​ | ​ | ​ | ​ | 0.62% | ​ | ​ |
| Total Investments in Controlled, Affiliated Portfolio Companies | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | 15,122,171 | ​ | ​ | ​ | ​    | ​ | 14,456,630  | ​        | ​ | ​ | ​ | ​ | 7.84% | ​ | ​ |
| Total Investments                                               | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | 293,336,069 | ​        | ​ | ​ | ​ | ​ | 276,272,950 | ​ | ​ | ​ | ​ | ​ | 149.72% | ​ | ​ |
| Liabilities In Excess Of Other Assets                           | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | (91,748,359) | ​ | ​ | ​ | ​ | ​ | (49.72)% | ​ | ​ |
| Net Assets                                                      | ​ | ​ | ​                  | ​ | ​ | ​       | ​ | ​ | ​       | ​ | ​ | ​      | ​ | ​ | ​                           | ​ | ​    | ​ | ​ | ​ | ​    | ​ | ​     | ​        | ​ | ​ | ​ | $ | 184,524,591 | ​ | ​ | ​ | ​ | ​ | 100.00% | ​ | ​ |
| ​                                                         |

| Name of Issuers                    | ​ | ​ | Fair Value at December 31, 2015 | ​ | ​    | Gross Addition | ​ | ​ | Gross Reductions | ​ | ​   | Interest/​ Dividend/​ Other Income | ​ | ​ | Fair Value at December 31, 2016 | ​ |
|------------------------------------|---------|---------|--------------------------------------|---------|------------|----------------|---------|---------|------------------|---------|-----------|------------------------------------------------|---------|---------|--------------------------------------|---------|
| ACT Lighting                       | ​ | ​ | ​                              | $       | 12,753,733 | ​        | ​ | ​ | ​          | $       | —   | ​                                        | ​ | ​ | ​                              | $       | (12,053,793) | ​ | ​ | ​ | ​ | $ | 2,097,103 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Battery Solutions, Inc.            | ​ | ​ | ​                              | ​ | 6,095,154  | ​        | ​ | ​ | ​          | ​ | —   | ​                                        | ​ | ​ | ​                              | ​ | — | ​ | ​ | ​ | ​ | ​ | 598,729 | ​ | ​ | ​ | ​ | ​ | 6,517,046 | ​ | ​ |
| DBI Holding, LLC                   | ​ | ​ | ​                              | ​ | 22,894,780 | ​        | ​ | ​ | ​          | ​ | —   | ​                                        | ​ | ​ | ​                              | ​ | (27,831,221) | ​ | ​ | ​ | ​ | ​ | 2,244,921 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net Access Corporation             | ​ | ​ | ​                              | ​ | —    | ​        | ​ | ​ | ​          | ​ | —   | ​                                        | ​ | ​ | ​                              | ​ | (394,733) | ​ | ​ | ​ | ​ | ​ | 235,641 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Show Media, Inc.                   | ​ | ​ | ​                              | ​ | 3,610,000  | ​        | ​ | ​ | ​          | ​ | —   | ​                                        | ​ | ​ | ​                              | ​ | — | ​ | ​ | ​ | ​ | ​ | 449,870 | ​ | ​ | ​ | ​ | ​ | 2,077,000 | ​ | ​ |
| Southern Technical Institute, Inc. | ​ | ​ | ​                              | ​ | 13,890,332 | ​        | ​ | ​ | ​          | ​ | 4,235,280 | ​                                        | ​ | ​ | ​                              | ​ | (4,235,280) | ​ | ​ | ​ | ​ | ​ | 1,833,929 | ​ | ​ | ​ | ​ | ​ | 13,500,157 | ​ | ​ |
| ​                            | ​ | ​ | ​                              | $       | 59,243,999 | ​        | ​ | ​ | ​          | $       | 4,235,280 | ​                                        | ​ | ​ | ​                              | $       | (44,515,027) | ​ | ​ | ​ | ​ | $ | 7,460,193 | ​ | ​ | ​ | ​ | $ | 22,094,203 | ​ | ​ |
| ​                            |
| Name of Issuers             | ​ | ​ | Fair value at December 31, 2015 | ​ | ​    | Gross Addition | ​ | ​ | Gross Reductions | ​ | ​ | Interest/​ Dividend/​ Other income | ​ | ​ | Fair Value at December 31, 2016 | ​ |
|-----------------------------|---------|---------|--------------------------------------|---------|------------|----------------|---------|---------|------------------|---------|---------|------------------------------------------------|---------|---------|--------------------------------------|---------|
| The DRC Group               | ​ | ​ | ​                              | $       | 1,804,817  | ​        | ​ | ​ | ​          | $       | 133,333 | ​                                        | ​ | ​ | ​                              | $       | (832,752) | ​ | ​ | ​ | ​ | $ | (4,526) | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| FST Technical Services, LLC | ​ | ​ | ​                              | ​ | 13,943,722 | ​        | ​ | ​ | ​          | ​ | — | ​                                        | ​ | ​ | ​                              | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,226,606 | ​ | ​ | ​ | ​ | ​ | 14,456,630 | ​ | ​ |
| ​                     | ​ | ​ | ​                              | $       | 15,748,539 | ​        | ​ | ​ | ​          | $       | 133,333 | ​                                        | ​ | ​ | ​                              | $       | (832,752) | ​ | ​ | ​ | ​ | $ | 2,222,080 | ​ | ​ | ​ | ​ | $ | 14,456,630 | ​ | ​ |
| ​                     |

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| ​                                         | ​ | ​ | As of December 31, 2017 | ​ | ​   | As of December 31, 2016 | ​ | ​ | As of December 31, 2015 | ​ |
|-------------------------------------------------|---------|---------|------------------------------|---------|-----------|------------------------------|---------|---------|------------------------------|---------|
| Accumulated undistributed net investment income | ​ | ​ | ​                      | $       | (948,428) | ​                      | ​ | ​ | ​                      | $       | (293,029) | ​ | ​ | ​ | ​ | $ | 3,114 | ​ | ​ |
| Accumulated net realized gains (losses)         | ​ | ​ | ​                      | ​ | 1,178,396 | ​                      | ​ | ​ | ​                      | ​ | 713,845 | ​ | ​ | ​ | ​ | ​ | (3,114) | ​ | ​ |
| Additional paid-in capital                      | ​ | ​ | ​                      | ​ | (229,968) | ​                      | ​ | ​ | ​                      | ​ | (420,816) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |

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| ​                     | ​ | ​ | As of December 31, 2017 | ​ | ​    | As of December 31, 2016 | ​ | ​ | As of December 31, 2015 | ​ |
|-----------------------------|---------|---------|------------------------------|---------|------------|------------------------------|---------|---------|------------------------------|---------|
| Ordinary income             | ​ | ​ | ​                      | $       | 18,219,766 | ​                      | ​ | ​ | ​                      | $       | 18,351,553 | ​ | ​ | ​ | ​ | $ | 18,382,802 | ​ | ​ |
| Net long-term capital gains | ​ | ​ | ​                      | ​ | —    | ​                      | ​ | ​ | ​                      | ​ | 4,596 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total distributions paid    | ​ | ​ | ​                      | $       | 18,219,766 | ​                      | ​ | ​ | ​                      | $       | 18,356,149 | ​ | ​ | ​ | ​ | $ | 18,382,802 | ​ | ​ |
| ​                     |
| ​                                              | ​ | ​ | As of December 31, 2017 | ​ | ​      | As of December 31, 2016 | ​ | ​ | As of December 31, 2015 | ​ |
|------------------------------------------------------|---------|---------|------------------------------|---------|--------------|------------------------------|---------|---------|------------------------------|---------|
| Undistributed net investment income                  | ​ | ​ | ​                      | $       | 6,369,243    | ​                      | ​ | ​ | ​                      | $       | 6,262,940 | ​ | ​ | ​ | ​ | $ | 1,231,457 | ​ | ​ |
| Accumulated net realized gains (losses)              | ​ | ​ | ​                      | ​ | 260,467      | ​                      | ​ | ​ | ​                      | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,693,574 | ​ | ​ |
| Unrealized appreciation (depreciation)               | ​ | ​ | ​                      | ​ | (36,742,515) | ​                      | ​ | ​ | ​                      | ​ | (12,564,546) | ​ | ​ | ​ | ​ | ​ | (6,558,423) | ​ | ​ |
| Components of tax distributable earnings at year end | ​ | ​ | ​                      | $       | (30,112,805) | ​                      | ​ | ​ | ​                      | $       | (6,301,606) | ​ | ​ | ​ | ​ | $ | (2,633,392) | ​ | ​ |
| ​                                              |

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| ​                                        | ​ | ​ | Level 1 | ​ | ​ | Level 2 | ​ | ​ | Level 3 | ​ | ​ | Total   | ​ |
|------------------------------------------------|---------|---------|--------------|---------|---------|--------------|---------|---------|--------------|---------|---------|---------|---------|
| Senior Secured – First Lien  | ​ | ​ | ​      | $       | — | ​      | ​ | ​ | ​      | $       | — | ​ | ​ | ​ | ​ | $ | 177,340,027 | ​ | ​ | ​ | ​ | $ | 177,340,027 | ​ | ​ |
| Senior Secured – Second Lien | ​ | ​ | ​      | ​ | — | ​      | ​ | ​ | ​      | ​ | — | ​ | ​ | ​ | ​ | ​ | 14,203,691 | ​ | ​ | ​ | ​ | ​ | 14,203,691 | ​ | ​ |
| Subordinated Debt                              | ​ | ​ | ​      | ​ | — | ​      | ​ | ​ | ​      | ​ | — | ​ | ​ | ​ | ​ | ​ | 66,884,849 | ​ | ​ | ​ | ​ | ​ | 66,884,849 | ​ | ​ |
| Equity/Other                                   | ​ | ​ | ​      | ​ | — | ​      | ​ | ​ | ​      | ​ | — | ​ | ​ | ​ | ​ | ​ | 29,125,978 | ​ | ​ | ​ | ​ | ​ | 29,125,978 | ​ | ​ |
| Total Investments                              | ​ | ​ | ​      | $       | — | ​      | ​ | ​ | ​      | $       | — | ​ | ​ | ​ | ​ | $ | 287,554,545 | ​ | ​ | ​ | ​ | $ | 287,554,545 | ​ | ​ |
| ​                                        | ​ | ​ | Level 1 | ​ | ​ | Level 2 | ​ | ​ | Level 3 | ​ | ​ | Total   | ​ |
|------------------------------------------------|---------|---------|--------------|---------|---------|--------------|---------|---------|--------------|---------|---------|---------|---------|
| Senior Secured – First Lien  | ​ | ​ | ​      | $       | — | ​      | ​ | ​ | ​      | $       | — | ​ | ​ | ​ | ​ | $ | 95,684,153 | ​ | ​ | ​ | ​ | $ | 95,684,153 | ​ | ​ |
| Senior Secured – Second Lien | ​ | ​ | ​      | ​ | — | ​      | ​ | ​ | ​      | ​ | — | ​ | ​ | ​ | ​ | ​ | 84,864,909 | ​ | ​ | ​ | ​ | ​ | 84,864,909 | ​ | ​ |
| Subordinated Debt                              | ​ | ​ | ​      | ​ | — | ​      | ​ | ​ | ​      | ​ | — | ​ | ​ | ​ | ​ | ​ | 74,050,349 | ​ | ​ | ​ | ​ | ​ | 74,050,349 | ​ | ​ |
| Equity/Other                                   | ​ | ​ | ​      | ​ | — | ​      | ​ | ​ | ​      | ​ | — | ​ | ​ | ​ | ​ | ​ | 21,673,539 | ​ | ​ | ​ | ​ | ​ | 21,673,539 | ​ | ​ |
| Total Investments                              | ​ | ​ | ​      | $       | — | ​      | ​ | ​ | ​      | $       | — | ​ | ​ | ​ | ​ | $ | 276,272,950 | ​ | ​ | ​ | ​ | $ | 276,272,950 | ​ | ​ |
| ​                                                                                                       | ​ | ​ | Senior Secured — First Lien | ​ | ​      | Senior Secured — Second Lien | ​ | ​ | Senior Subordinated | ​ | ​      | Equity/​ Other | ​ | ​ | Total   | ​ |
|---------------------------------------------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|--------------|------------------------------------|---------|---------|---------------------|---------|--------------|----------------------|---------|---------|---------|---------|
| Balance as of January 1, 2017                                                                            | ​ | ​ | ​                           | $       | 95,684,153   | ​                            | ​ | ​ | ​             | $       | 84,864,909   | ​              | ​ | ​ | ​ | $       | 74,050,349 | ​ | ​ | ​ | ​ | $ | 21,673,539 | ​ | ​ | ​ | ​ | $ | 276,272,950 | ​ | ​ |
| Amortized discounts/premiums                                                                                  | ​ | ​ | ​                           | ​ | 729,607      | ​                            | ​ | ​ | ​             | ​ | 1,016,258    | ​              | ​ | ​ | ​ | ​ | 146,019 | ​ | ​ | ​ | ​ | ​ | 13,867 | ​ | ​ | ​ | ​ | ​ | 1,905,751 | ​ | ​ |
| Paid in-kind interest                                                                                         | ​ | ​ | ​                           | ​ | 958,229      | ​                            | ​ | ​ | ​             | ​ | 1,328,351    | ​              | ​ | ​ | ​ | ​ | 981,139 | ​ | ​ | ​ | ​ | ​ | 782,314 | ​ | ​ | ​ | ​ | ​ | 4,050,033 | ​ | ​ |
| Net realized gain (loss)                                                                                      | ​ | ​ | ​                           | ​ | (10,000)     | ​                            | ​ | ​ | ​             | ​ | (10,405,104) | ​              | ​ | ​ | ​ | ​ | 73 | ​ | ​ | ​ | ​ | ​ | (1,019,860) | ​ | ​ | ​ | ​ | ​ | (11,434,891) | ​ | ​ |
| Net change in unrealized appreciation (depreciation)                                                          | ​ | ​ | ​                           | ​ | (2,492,521)  | ​                            | ​ | ​ | ​             | ​ | (7,261,074)  | ​              | ​ | ​ | ​ | ​ | (10,602,783) | ​ | ​ | ​ | ​ | ​ | (8,242,492) | ​ | ​ | ​ | ​ | ​ | (28,598,870) | ​ | ​ |
| Purchases                                                                                                     | ​ | ​ | ​                           | ​ | 118,756,622  | ​                            | ​ | ​ | ​             | ​ | 19,145,193   | ​              | ​ | ​ | ​ | ​ | 2,310,319 | ​ | ​ | ​ | ​ | ​ | 19,998,749 | ​ | ​ | ​ | ​ | ​ | 160,210,883 | ​ | ​ |
| Sales/Return of capital                                                                                       | ​ | ​ | ​                           | ​ | (36,286,063) | ​                            | ​ | ​ | ​             | ​ | (74,484,842) | ​              | ​ | ​ | ​ | ​ | (267) | ​ | ​ | ​ | ​ | ​ | (4,080,139) | ​ | ​ | ​ | ​ | ​ | (114,851,311) | ​ | ​ |
| Transfers in                                                                                                  | ​ | ​ | ​                           | ​ | —      | ​                            | ​ | ​ | ​             | ​ | —      | ​              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Transfers out                                                                                                 | ​ | ​ | ​                           | ​ | —      | ​                            | ​ | ​ | ​             | ​ | —      | ​              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Balance as of December 31, 2017                                                                          | ​ | ​ | ​                           | $       | 177,340,027  | ​                            | ​ | ​ | ​             | $       | 14,203,691   | ​              | ​ | ​ | ​ | $       | 66,884,849 | ​ | ​ | ​ | ​ | $ | 29,125,978 | ​ | ​ | ​ | ​ | $ | 287,554,545 | ​ | ​ |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2017 | ​ | ​ | ​                           | $       | (2,266,477)  | ​                            | ​ | ​ | ​             | $       | (8,056,827)  | ​              | ​ | ​ | ​ | $       | (10,602,708) | ​ | ​ | ​ | ​ | $ | (9,234,253) | ​ | ​ | ​ | ​ | $ | (30,160,265) | ​ | ​ |
| ​                                                                                                       |

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| ​                                                                                                       | ​ | ​ | Senior Secured — First Lien | ​ | ​      | Senior Secured — Second Lien | ​ | ​ | Senior Subordinated | ​ | ​      | Equity/​ Other | ​ | ​ | Total   | ​ |
|---------------------------------------------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|--------------|------------------------------------|---------|---------|---------------------|---------|--------------|----------------------|---------|---------|---------|---------|
| Balance as of January 1, 2016                                                                            | ​ | ​ | ​                           | $       | 88,453,325   | ​                            | ​ | ​ | ​             | $       | 83,266,558   | ​              | ​ | ​ | ​ | $       | 80,458,554 | ​ | ​ | ​ | ​ | $ | 44,163,174 | ​ | ​ | ​ | ​ | $ | 296,341,611 | ​ | ​ |
| Amortized discounts/premiums                                                                                  | ​ | ​ | ​                           | ​ | 234,054      | ​                            | ​ | ​ | ​             | ​ | 298,817      | ​              | ​ | ​ | ​ | ​ | 692,963 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,225,834 | ​ | ​ |
| Paid in-kind interest                                                                                         | ​ | ​ | ​                           | ​ | 1,729,143    | ​                            | ​ | ​ | ​             | ​ | 618,732      | ​              | ​ | ​ | ​ | ​ | 1,660,971 | ​ | ​ | ​ | ​ | ​ | 2,195,117 | ​ | ​ | ​ | ​ | ​ | 6,203,963 | ​ | ​ |
| Net realized gain (loss)                                                                                      | ​ | ​ | ​                           | ​ | (5,334,131)  | ​                            | ​ | ​ | ​             | ​ | 11,658       | ​              | ​ | ​ | ​ | ​ | 411,308 | ​ | ​ | ​ | ​ | ​ | 629,182 | ​ | ​ | ​ | ​ | ​ | (4,281,983) | ​ | ​ |
| Net change in unrealized appreciation (depreciation)                                                          | ​ | ​ | ​                           | ​ | 2,522,071    | ​                            | ​ | ​ | ​             | ​ | (3,117,202)  | ​              | ​ | ​ | ​ | ​ | (4,009,434) | ​ | ​ | ​ | ​ | ​ | (5,368,432) | ​ | ​ | ​ | ​ | ​ | (9,972,997) | ​ | ​ |
| Purchases                                                                                                     | ​ | ​ | ​                           | ​ | 60,425,816   | ​                            | ​ | ​ | ​             | ​ | 20,956,473   | ​              | ​ | ​ | ​ | ​ | 67,125,299 | ​ | ​ | ​ | ​ | ​ | 9,098,318 | ​ | ​ | ​ | ​ | ​ | 157,605,906 | ​ | ​ |
| Sales/Return of capital                                                                                       | ​ | ​ | ​                           | ​ | (52,346,125) | ​                            | ​ | ​ | ​             | ​ | (17,170,127) | ​              | ​ | ​ | ​ | ​ | (72,289,312) | ​ | ​ | ​ | ​ | ​ | (29,043,820) | ​ | ​ | ​ | ​ | ​ | (170,849,384) | ​ | ​ |
| Balance as of December 31, 2016                                                                          | ​ | ​ | ​                           | $       | 95,684,153   | ​                            | ​ | ​ | ​             | $       | 84,864,909   | ​              | ​ | ​ | ​ | $       | 74,050,349 | ​ | ​ | ​ | ​ | $ | 21,673,539 | ​ | ​ | ​ | ​ | $ | 276,272,950 | ​ | ​ |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2016 | ​ | ​ | ​                           | $       | (1,902,020)  | ​                            | ​ | ​ | ​             | $       | (2,928,053)  | ​              | ​ | ​ | ​ | $       | (3,909,754) | ​ | ​ | ​ | ​ | $ | (2,033,672) | ​ | ​ | ​ | ​ | $ | (10,773,499) | ​ | ​ |
| ​                                                                                                       |
| Assets at Fair Value               | ​ | ​ | Fair Value at December 31, 2017 | ​ | ​     | Valuation Technique | ​ | ​ | Unobservable Input | ​ | ​ | Range of Inputs                              | ​ | ​ | Weighted Average                | ​ |
|------------------------------------|---------|---------|--------------------------------------|---------|-------------|---------------------|---------|---------|--------------------|---------|---------|----------------------------------------------|---------|---------|---------------------------------|---------|
| Senior Secured – First Lien  | ​ | ​ | ​                              | $       | 177,340,027 | ​             | ​ | ​ | Yield to Maturity  | ​ | ​ | Comparable Market Rate                       | ​ | ​ | 8.0% – 17.0%  | ​ | ​ | ​ | ​ | 10.9% | ​ | ​ |
| Senior Secured – Second Lien | ​ | ​ | ​                              | $       | 14,203,691  | ​             | ​ | ​ | Yield to Maturity  | ​ | ​ | Comparable Market Rate                       | ​ | ​ | 12.3% – 25.0% | ​ | ​ | ​ | ​ | 15.0% | ​ | ​ |
| Senior Subordinated                | ​ | ​ | ​                              | $       | 66,884,849  | ​             | ​ | ​ | Yield to Maturity  | ​ | ​ | Comparable Market Rate                       | ​ | ​ | 4.0% – 14.7%  | ​ | ​ | ​ | ​ | 12.7% | ​ | ​ |
| Preferred Ownership                | ​ | ​ | ​                              | $       | 19,751,824  | ​             | ​ | ​ | Market Approach    | ​ | ​ | Enterprise Value/​ LTM EBITDA Multiple | ​ | ​ | 4.5x – 13.0x  | ​ | ​ | ​ | ​ | 9.3x | ​ | ​ |
| Common Ownership/Common Warrants   | ​ | ​ | ​                              | $       | 9,374,154   | ​             | ​ | ​ | Market Approach    | ​ | ​ | Enterprise Value/​ LTM EBITDA Multiple | ​ | ​ | 4.5x – 13.0x  | ​ | ​ | ​ | ​ | 8.3x | ​ | ​ |
| Total                              | ​ | ​ | ​                              | $       | 287,554,545 | ​             | ​ | ​ | ​            | ​ | ​ |
| ​                            |

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| Assets at Fair Value               | ​ | ​ | Fair Value at December 31, 2016 | ​ | ​     | Valuation Technique | ​ | ​ | Unobservable Input | ​ | ​ | Range of Inputs                              | ​ | ​ | Weighted Average                 | ​ |
|------------------------------------|---------|---------|--------------------------------------|---------|-------------|---------------------|---------|---------|--------------------|---------|---------|----------------------------------------------|---------|---------|----------------------------------|---------|
| Senior Secured – First Lien  | ​ | ​ | ​                              | $       | 95,684,153  | ​             | ​ | ​ | Yield to Maturity  | ​ | ​ | Comparable Market Rate                       | ​ | ​ | 9.0% – 17.0%   | ​ | ​ | ​ | ​ | 11.44% | ​ | ​ |
| Senior Secured – Second Lien | ​ | ​ | ​                              | $       | 84,864,909  | ​             | ​ | ​ | Yield to Maturity  | ​ | ​ | Comparable Market Rate                       | ​ | ​ | 9.75% – 20.7%  | ​ | ​ | ​ | ​ | 11.39% | ​ | ​ |
| Senior Subordinated                | ​ | ​ | ​                              | $       | 74,050,349  | ​             | ​ | ​ | Yield to Maturity  | ​ | ​ | Comparable Market Rate                       | ​ | ​ | 10% – 14%      | ​ | ​ | ​ | ​ | 12.33% | ​ | ​ |
| Preferred Ownership                | ​ | ​ | ​                              | $       | 12,426,782  | ​             | ​ | ​ | Market Approach    | ​ | ​ | Enterprise Value/​ LTM EBITDA Multiple | ​ | ​ | 4.00x – 13.00x | ​ | ​ | ​ | ​ | 8.26x | ​ | ​ |
| Common Ownership/Common Warrants   | ​ | ​ | ​                              | $       | 9,246,757   | ​             | ​ | ​ | Market Approach    | ​ | ​ | Enterprise Value/​ LTM EBITDA Multiple | ​ | ​ | 4.00x – 13.00x | ​ | ​ | ​ | ​ | 10.13x | ​ | ​ |
| Total                              | ​ | ​ | ​                              | $       | 276,272,950 | ​             | ​ | ​ | ​            | ​ | ​ |
| ​                            |
| Month Ended       | ​ | ​ | Shares Issued | ​ | ​ | Issuance Price Per Share | ​ | ​ | Aggregate Consideration for Issued Shares | ​ |
|-------------------|---------|---------|---------------|---------|---------|--------------------------|---------|---------|-------------------------------------------|---------|
| May 31, 2017 | ​ | ​ | ​       | ​ | 808,161 | ​                  | ​ | ​ | ​                                   | $       | 13.68 | ​ | ​ | ​ | ​ | $ | 10,853,602 | ​ | ​ |
| Month Ended            | ​ | ​ | Shares Repurchased | ​ | ​ | Repurchase Price Per Share | ​ | ​ | Aggregate Consideration for Repurchased Shares | ​ |
|------------------------|---------|---------|--------------------|---------|---------|----------------------------|---------|---------|------------------------------------------------|---------|
| January 31, 2017  | ​ | ​ | ​            | ​ | 14,574  | ​                    | ​ | ​ | $12.13 – $12.49              | ​ | ​ | ​ | $ | 165,514 | ​ | ​ |
| November 30, 2017 | ​ | ​ | ​            | ​ | 21,400  | ​                    | ​ | ​ | $7.74 – $8.00                | ​ | ​ | ​ | ​ | 169,742 | ​ | ​ |
| December 31, 2017 | ​ | ​ | ​            | ​ | 875     | ​                    | ​ | ​ | $8.25                                          | ​ | ​ | ​ | ​ | 7,254 | ​ | ​ |
| Total                  | ​ | ​ | ​            | ​ | 36,849  | ​                    | ​ | ​ | ​                                        | ​ | ​ | ​ | $ | 342,510 | ​ | ​ |

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| Month Ended            | ​ | ​ | Shares Repurchased | ​ | ​ | Repurchase Price Per Share | ​ | ​ | Aggregate Consideration for Repurchased Shares | ​ |
|------------------------|---------|---------|--------------------|---------|---------|----------------------------|---------|---------|------------------------------------------------|---------|
| March 31, 2016    | ​ | ​ | ​            | ​ | 10,509  | ​                    | ​ | ​ | ​                                        | $       | 10.77 – $11.24 | ​ | ​ | ​ | ​ | $ | 115,828 | ​ | ​ |
| May 31, 2016      | ​ | ​ | ​            | ​ | 9,547   | ​                    | ​ | ​ | ​                                        | $       | 11.56 – $12.33 | ​ | ​ | ​ | ​ | ​ | 114,762 | ​ | ​ |
| June 30, 2016     | ​ | ​ | ​            | ​ | 6,074   | ​                    | ​ | ​ | ​                                        | $       | 12.23 – $12.36 | ​ | ​ | ​ | ​ | ​ | 74,860 | ​ | ​ |
| November 30, 2016 | ​ | ​ | ​            | ​ | 17,003  | ​                    | ​ | ​ | ​                                        | $       | 11.50 – $12.30 | ​ | ​ | ​ | ​ | ​ | 203,026 | ​ | ​ |
| December 31, 2016 | ​ | ​ | ​            | ​ | 22,000  | ​                    | ​ | ​ | ​                                        | $       | 11.65 – $12.49 | ​ | ​ | ​ | ​ | ​ | 267,146 | ​ | ​ |
| ​                | ​ | ​ | ​            | ​ | 65,133  | ​                    | ​ | ​ | ​                                        | ​ | ​ | ​ | ​ | ​ | ​ | $ | 775,622 | ​ | ​ |
| Date Declared         | ​ | ​ | Record Date             | ​ | ​ | Payment Date         | ​ | ​ | Amount Per Share | ​ |
|-----------------------|---------|---------|-------------------------|---------|---------|----------------------|---------|---------|------------------|---------|
| March 9, 2017    | ​ | ​ | March 31, 2017     | ​ | ​ | April 6, 2017   | ​ | ​ | ​          | $       | 0.340 | ​ | ​ |
| March 9, 2017    | ​ | ​ | March 31, 2017     | ​ | ​ | April 6, 2017   | ​ | ​ | ​          | $       | 0.030 | ​ | ​ |
| May 4, 2017      | ​ | ​ | June 30, 2017      | ​ | ​ | July 6, 2017    | ​ | ​ | ​          | $       | 0.340 | ​ | ​ |
| August 3, 2017   | ​ | ​ | September 30, 2017 | ​ | ​ | October 5, 2017 | ​ | ​ | ​          | $       | 0.340 | ​ | ​ |
| November 2, 2017 | ​ | ​ | December 29, 2017  | ​ | ​ | January 4, 2018 | ​ | ​ | ​          | $       | 0.250 | ​ | ​ |
| Date Declared         | ​ | ​ | Record Date             | ​ | ​ | Payment Date         | ​ | ​ | Amount Per Share | ​ |
|-----------------------|---------|---------|-------------------------|---------|---------|----------------------|---------|---------|------------------|---------|
| March 7, 2016    | ​ | ​ | March 31, 2016     | ​ | ​ | April 7, 2016   | ​ | ​ | ​          | $       | 0.340 | ​ | ​ |
| May 5, 2016      | ​ | ​ | June 30, 2016      | ​ | ​ | July 7, 2016    | ​ | ​ | ​          | $       | 0.340 | ​ | ​ |
| August 4, 2016   | ​ | ​ | September 30, 2016 | ​ | ​ | October 6, 2016 | ​ | ​ | ​          | $       | 0.340 | ​ | ​ |
| November 3, 2016 | ​ | ​ | December 31, 2016  | ​ | ​ | January 7, 2017 | ​ | ​ | ​          | $       | 0.340 | ​ | ​ |

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| Date Declared         | ​ | ​ | Record Date             | ​ | ​ | Payment Date         | ​ | ​ | Amount Per Share | ​ |
|-----------------------|---------|---------|-------------------------|---------|---------|----------------------|---------|---------|------------------|---------|
| March 10, 2015   | ​ | ​ | March 31, 2015     | ​ | ​ | April 6, 2015   | ​ | ​ | ​          | $       | 0.340 | ​ | ​ |
| May 11, 2015     | ​ | ​ | June 30, 2015      | ​ | ​ | July 6, 2015    | ​ | ​ | ​          | $       | 0.340 | ​ | ​ |
| August 10, 2015  | ​ | ​ | September 30, 2015 | ​ | ​ | October 6, 2015 | ​ | ​ | ​          | $       | 0.340 | ​ | ​ |
| November 5, 2015 | ​ | ​ | December 31, 2015  | ​ | ​ | January 7, 2016 | ​ | ​ | ​          | $       | 0.340 | ​ | ​ |

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| ​                                                                    | ​ | ​ | For the year ended December 31, 2017 | ​ | ​     | For the year ended December 31, 2016 | ​ | ​ | For the year ended December 31, 2015 | ​ |
|----------------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|-------------|-------------------------------------------|---------|---------|-------------------------------------------|---------|
| Investment purchases, at cost (including PIK interest and dividends)       | ​ | ​ | ​                                   | $       | 139,558,602 | ​                                   | ​ | ​ | ​                                   | $       | 151,765,946 | ​ | ​ | ​ | ​ | $ | 112,628,252 | ​ | ​ |
| Investment sales, proceeds (including Principal payments/paydown proceeds) | ​ | ​ | ​                                   | ​ | 90,148,997  | ​                                   | ​ | ​ | ​                                   | ​ | 158,805,461 | ​ | ​ | ​ | ​ | ​ | 66,446,840 | ​ | ​ |
| ​ | Tenor at Origination (in years) | ​ | ​ | Principal Amount (000’s omitted) | ​ | ​ | Interest Rate Range | ​ | ​ | Weighted Average Interest Rate  | ​ | ​ | Maturity Date Range | ​ |
|---------|--------------------------------------|---------|---------|----------------------------------------|---------|---------|---------------------|---------|---------|---------------------------------|---------|---------|---------------------|---------|
| ​ | 5                                    | ​ | ​ | ​                                | $       | 53,582  | ​             | ​ | ​ | 6.25% – 6.50% | ​ | ​ | ​             | ​ | 6.38% | ​ | ​ | ​ | February 15, 2020 – June 15, 2021 | ​ |
| ​ | 7                                    | ​ | ​ | ​                                | ​ | 1,418   | ​             | ​ | ​ | 6.50% – 6.75% | ​ | ​ | ​             | ​ | 6.63% | ​ | ​ | ​ | January 15, 2022 – April 15, 2022 | ​ |
| ​ | ​                              | ​ | ​ | ​                                | $       | 55,000  | ​             | ​ | ​ | ​                         | ​ |
| ​ |

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| ​                             | ​ | ​ | As of                  | ​ |
|-------------------------------------|---------|---------|------------------------|---------|
| ​                             | ​ | ​ | December 31, 2017 | ​ | ​ | December 31, 2016 | ​ |
| Cirrus Medical Staffing, Inc.       | ​ | ​ | ​                | $       | 4,000,000 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Healthcare Associates of Texas, LLC | ​ | ​ | ​                | ​ | 6,900,000 | ​ | ​ | ​ | ​ | ​ | 1,300,000 | ​ | ​ |
| IGT                                 | ​ | ​ | ​                | ​ | 500,000 | ​ | ​ | ​ | ​ | ​ | 500,000 | ​ | ​ |
| Lugano Diamonds & Jewelry, Inc  | ​ | ​ | ​                | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,000,000 | ​ | ​ |
| NTI Holdings, LLC                   | ​ | ​ | ​                | ​ | 1,258,540 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Pharmalogics Recruiting, LLC        | ​ | ​ | ​                | ​ | 2,000,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Superior Controls, Inc.             | ​ | ​ | ​                | ​ | 2,500,000 | ​ | ​ | ​ | ​ | ​ | 2,500,000 | ​ | ​ |
| Total                               | ​ | ​ | ​                | $       | 17,158,540 | ​ | ​ | ​ | ​ | $ | 6,300,000 | ​ | ​ |
| ​                             |

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| Industry†                                | ​ | ​ | Cost    | ​ | ​     | Fair Value | ​ | ​ | % of Net Assets* | ​ |
|------------------------------------------------|---------|---------|---------|---------|-------------|------------|---------|---------|------------------|---------|
| Healthcare Services                            | ​ | ​ | ​ | $       | 55,159,796  | ​    | ​ | ​ | ​          | $       | 55,289,718 | ​ | ​ | ​ | ​ | ​ | 35.06% | ​ | ​ |
| Business Services                              | ​ | ​ | ​ | ​ | 51,334,231  | ​    | ​ | ​ | ​          | ​ | 51,724,999 | ​ | ​ | ​ | ​ | ​ | 32.80% | ​ | ​ |
| Industrial Services                            | ​ | ​ | ​ | ​ | 29,762,072  | ​    | ​ | ​ | ​          | ​ | 29,668,447 | ​ | ​ | ​ | ​ | ​ | 18.81% | ​ | ​ |
| Technology & Telecom                       | ​ | ​ | ​ | ​ | 23,951,328  | ​    | ​ | ​ | ​          | ​ | 23,318,694 | ​ | ​ | ​ | ​ | ​ | 14.79% | ​ | ​ |
| Wholesale/Distribution                         | ​ | ​ | ​ | ​ | 19,281,908  | ​    | ​ | ​ | ​          | ​ | 19,684,932 | ​ | ​ | ​ | ​ | ​ | 12.48% | ​ | ​ |
| High Tech Industries                           | ​ | ​ | ​ | ​ | 18,677,481  | ​    | ​ | ​ | ​          | ​ | 18,729,396 | ​ | ​ | ​ | ​ | ​ | 11.88% | ​ | ​ |
| Telecommunications                             | ​ | ​ | ​ | ​ | 15,641,231  | ​    | ​ | ​ | ​          | ​ | 17,677,538 | ​ | ​ | ​ | ​ | ​ | 11.21% | ​ | ​ |
| Retail                                         | ​ | ​ | ​ | ​ | 13,807,599  | ​    | ​ | ​ | ​          | ​ | 14,192,432 | ​ | ​ | ​ | ​ | ​ | 9.00% | ​ | ​ |
| Security                                       | ​ | ​ | ​ | ​ | 15,358,937  | ​    | ​ | ​ | ​          | ​ | 14,135,409 | ​ | ​ | ​ | ​ | ​ | 8.96% | ​ | ​ |
| Oil & Gas Services                         | ​ | ​ | ​ | ​ | 16,193,495  | ​    | ​ | ​ | ​          | ​ | 11,168,822 | ​ | ​ | ​ | ​ | ​ | 7.08% | ​ | ​ |
| Industrial Manufacturing                       | ​ | ​ | ​ | ​ | 8,833,734   | ​    | ​ | ​ | ​          | ​ | 9,219,455 | ​ | ​ | ​ | ​ | ​ | 5.85% | ​ | ​ |
| Environmental/Recycling Services               | ​ | ​ | ​ | ​ | 7,601,167   | ​    | ​ | ​ | ​          | ​ | 7,820,167 | ​ | ​ | ​ | ​ | ​ | 4.96% | ​ | ​ |
| Media: Advertising, Printing & Publishing  | ​ | ​ | ​ | ​ | 12,677,834  | ​    | ​ | ​ | ​          | ​ | 6,678,442 | ​ | ​ | ​ | ​ | ​ | 4.22% | ​ | ​ |
| Transportation Logistics                       | ​ | ​ | ​ | ​ | 7,691,296   | ​    | ​ | ​ | ​          | ​ | 5,474,294 | ​ | ​ | ​ | ​ | ​ | 3.47% | ​ | ​ |
| Waste Services                                 | ​ | ​ | ​ | ​ | 2,529,303   | ​    | ​ | ​ | ​          | ​ | 2,771,797 | ​ | ​ | ​ | ​ | ​ | 1.76% | ​ | ​ |
| Media & Entertainment                      | ​ | ​ | ​ | ​ | 10,355,366  | ​    | ​ | ​ | ​          | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 0.0% | ​ | ​ |
| Education                                      | ​ | ​ | ​ | ​ | 15,863,517  | ​    | ​ | ​ | ​          | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 0.0% | ​ | ​ |
| Automotive Business Services                   | ​ | ​ | ​ | ​ | 8,496,239   | ​    | ​ | ​ | ​          | ​ | — | ​ | ​ | ​ | ​ | ​ | 0.0% | ​ | ​ |
| Total                                          | ​ | ​ | ​ | $       | 333,216,534 | ​    | ​ | ​ | ​          | $       | 287,554,545 | ​ | ​ | ​ | ​ | ​ | 182.33% | ​ | ​ |
| Geographic Region†                       | ​ | ​ | ​ | ​ |
| Southeast                                      | ​ | ​ | ​ | $       | 99,474,605  | ​    | ​ | ​ | ​          | $       | 78,667,734 | ​ | ​ | ​ | ​ | ​ | 49.88% | ​ | ​ |
| Northeast                                      | ​ | ​ | ​ | ​ | 57,107,756  | ​    | ​ | ​ | ​          | ​ | 54,446,210 | ​ | ​ | ​ | ​ | ​ | 34.52% | ​ | ​ |
| West                                           | ​ | ​ | ​ | ​ | 57,327,891  | ​    | ​ | ​ | ​          | ​ | 49,593,273 | ​ | ​ | ​ | ​ | ​ | 31.45% | ​ | ​ |
| South                                          | ​ | ​ | ​ | ​ | 56,444,310  | ​    | ​ | ​ | ​          | ​ | 48,087,167 | ​ | ​ | ​ | ​ | ​ | 30.49% | ​ | ​ |
| Midwest                                        | ​ | ​ | ​ | ​ | 39,883,664  | ​    | ​ | ​ | ​          | ​ | 33,560,162 | ​ | ​ | ​ | ​ | ​ | 21.28% | ​ | ​ |
| Canada                                         | ​ | ​ | ​ | ​ | 22,978,308  | ​    | ​ | ​ | ​          | ​ | 23,199,999 | ​ | ​ | ​ | ​ | ​ | 14.71% | ​ | ​ |
| Total                                          | ​ | ​ | ​ | $       | 333,216,534 | ​    | ​ | ​ | ​          | $       | 287,554,545 | ​ | ​ | ​ | ​ | ​ | 182.33% | ​ | ​ |
| Investment Type                                | ​ | ​ | ​ | ​ | ​     | ​    | ​ | ​ | ​          | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Senior Secured – First Lien  | ​ | ​ | ​ | $       | 181,664,266 | ​    | ​ | ​ | ​          | $       | 177,340,027 | ​ | ​ | ​ | ​ | ​ | 112.44% | ​ | ​ |
| Senior Subordinated                            | ​ | ​ | ​ | ​ | 81,397,386  | ​    | ​ | ​ | ​          | ​ | 66,884,849 | ​ | ​ | ​ | ​ | ​ | 42.41% | ​ | ​ |
| Equity/Other                                   | ​ | ​ | ​ | ​ | 45,824,064  | ​    | ​ | ​ | ​          | ​ | 29,125,978 | ​ | ​ | ​ | ​ | ​ | 18.47% | ​ | ​ |
| Senior Secured – Second Lien | ​ | ​ | ​ | ​ | 24,330,818  | ​    | ​ | ​ | ​          | ​ | 14,203,691 | ​ | ​ | ​ | ​ | ​ | 9.01% | ​ | ​ |
| Total                                          | ​ | ​ | ​ | $       | 333,216,534 | ​    | ​ | ​ | ​          | $       | 287,554,545 | ​ | ​ | ​ | ​ | ​ | 182.33% | ​ | ​ |
| ​                                        |

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| Industry                                       | ​ | ​ | Cost    | ​ | ​     | Fair Value | ​ | ​ | % of Net Assets* | ​ |
|------------------------------------------------|---------|---------|---------|---------|-------------|------------|---------|---------|------------------|---------|
| Healthcare Services                            | ​ | ​ | ​ | $       | 43,497,566  | ​    | ​ | ​ | ​          | $       | 43,750,000 | ​ | ​ | ​ | ​ | ​ | 23.71% | ​ | ​ |
| Telecommunications                             | ​ | ​ | ​ | ​ | 26,601,444  | ​    | ​ | ​ | ​          | ​ | 27,342,064 | ​ | ​ | ​ | ​ | ​ | 14.82% | ​ | ​ |
| Security                                       | ​ | ​ | ​ | ​ | 22,425,000  | ​    | ​ | ​ | ​          | ​ | 22,909,589 | ​ | ​ | ​ | ​ | ​ | 12.41% | ​ | ​ |
| High Tech Industries                           | ​ | ​ | ​ | ​ | 20,400,000  | ​    | ​ | ​ | ​          | ​ | 20,516,000 | ​ | ​ | ​ | ​ | ​ | 11.12% | ​ | ​ |
| Automotive Business Services                   | ​ | ​ | ​ | ​ | 20,090,093  | ​    | ​ | ​ | ​          | ​ | 20,206,939 | ​ | ​ | ​ | ​ | ​ | 10.95% | ​ | ​ |
| Industrial Services                            | ​ | ​ | ​ | ​ | 20,358,827  | ​    | ​ | ​ | ​          | ​ | 19,440,026 | ​ | ​ | ​ | ​ | ​ | 10.53% | ​ | ​ |
| Industrial Manufacturing                       | ​ | ​ | ​ | ​ | 15,472,567  | ​    | ​ | ​ | ​          | ​ | 16,259,000 | ​ | ​ | ​ | ​ | ​ | 8.81% | ​ | ​ |
| Technology & Telecom                       | ​ | ​ | ​ | ​ | 15,122,171  | ​    | ​ | ​ | ​          | ​ | 14,456,630 | ​ | ​ | ​ | ​ | ​ | 7.83% | ​ | ​ |
| Education                                      | ​ | ​ | ​ | ​ | 14,837,425  | ​    | ​ | ​ | ​          | ​ | 13,500,157 | ​ | ​ | ​ | ​ | ​ | 7.32% | ​ | ​ |
| Waste Services                                 | ​ | ​ | ​ | ​ | 13,586,080  | ​    | ​ | ​ | ​          | ​ | 13,160,777 | ​ | ​ | ​ | ​ | ​ | 7.13% | ​ | ​ |
| Retail                                         | ​ | ​ | ​ | ​ | 11,876,716  | ​    | ​ | ​ | ​          | ​ | 12,022,615 | ​ | ​ | ​ | ​ | ​ | 6.52% | ​ | ​ |
| Media: Advertising, Printing & Publishing  | ​ | ​ | ​ | ​ | 11,750,000  | ​    | ​ | ​ | ​          | ​ | 10,870,000 | ​ | ​ | ​ | ​ | ​ | 5.89% | ​ | ​ |
| Oil & Gas Services                         | ​ | ​ | ​ | ​ | 14,750,272  | ​    | ​ | ​ | ​          | ​ | 10,077,583 | ​ | ​ | ​ | ​ | ​ | 5.46% | ​ | ​ |
| Environmental/Recycling Services               | ​ | ​ | ​ | ​ | 7,093,046   | ​    | ​ | ​ | ​          | ​ | 6,517,046 | ​ | ​ | ​ | ​ | ​ | 3.53% | ​ | ​ |
| Wholesale/Distribution                         | ​ | ​ | ​ | ​ | 4,900,000   | ​    | ​ | ​ | ​          | ​ | 4,900,000 | ​ | ​ | ​ | ​ | ​ | 2.66% | ​ | ​ |
| Media & Entertainment                      | ​ | ​ | ​ | ​ | 10,258,933  | ​    | ​ | ​ | ​          | ​ | 4,531,545 | ​ | ​ | ​ | ​ | ​ | 2.46% | ​ | ​ |
| Transportation Logistics                       | ​ | ​ | ​ | ​ | 7,475,203   | ​    | ​ | ​ | ​          | ​ | 4,316,871 | ​ | ​ | ​ | ​ | ​ | 2.34% | ​ | ​ |
| Technology & IT                            | ​ | ​ | ​ | ​ | 3,840,726   | ​    | ​ | ​ | ​          | ​ | 3,919,108 | ​ | ​ | ​ | ​ | ​ | 2.12% | ​ | ​ |
| Aerospace                                      | ​ | ​ | ​ | ​ | 4,000,000   | ​    | ​ | ​ | ​          | ​ | 3,877,000 | ​ | ​ | ​ | ​ | ​ | 2.10% | ​ | ​ |
| Food & Beverage                            | ​ | ​ | ​ | ​ | 5,000,000   | ​    | ​ | ​ | ​          | ​ | 3,700,000 | ​ | ​ | ​ | ​ | ​ | 2.01% | ​ | ​ |
| Total                                          | ​ | ​ | ​ | $       | 293,336,069 | ​    | ​ | ​ | ​          | $       | 276,272,950 | ​ | ​ | ​ | ​ | ​ | 149.72% | ​ | ​ |
| Geographic Region                              | ​ | ​ | ​ | ​ |
| South                                          | ​ | ​ | ​ | $       | 82,260,883  | ​    | ​ | ​ | ​          | $       | 73,848,766 | ​ | ​ | ​ | ​ | ​ | 40.02% | ​ | ​ |
| Mid West                                       | ​ | ​ | ​ | ​ | 48,785,996  | ​    | ​ | ​ | ​          | ​ | 49,578,049 | ​ | ​ | ​ | ​ | ​ | 26.87% | ​ | ​ |
| Eastern                                        | ​ | ​ | ​ | ​ | 48,228,643  | ​    | ​ | ​ | ​          | ​ | 48,486,134 | ​ | ​ | ​ | ​ | ​ | 26.28% | ​ | ​ |
| South East                                     | ​ | ​ | ​ | ​ | 35,200,203  | ​    | ​ | ​ | ​          | ​ | 31,186,871 | ​ | ​ | ​ | ​ | ​ | 16.90% | ​ | ​ |
| South West                                     | ​ | ​ | ​ | ​ | 29,981,737  | ​    | ​ | ​ | ​          | ​ | 29,506,630 | ​ | ​ | ​ | ​ | ​ | 15.99% | ​ | ​ |
| West                                           | ​ | ​ | ​ | ​ | 34,637,881  | ​    | ​ | ​ | ​          | ​ | 29,231,392 | ​ | ​ | ​ | ​ | ​ | 15.84% | ​ | ​ |
| North East                                     | ​ | ​ | ​ | ​ | 14,240,726  | ​    | ​ | ​ | ​          | ​ | 14,435,108 | ​ | ​ | ​ | ​ | ​ | 7.82% | ​ | ​ |
| Total                                          | ​ | ​ | ​ | $       | 293,336,069 | ​    | ​ | ​ | ​          | $       | 276,272,950 | ​ | ​ | ​ | ​ | ​ | 149.72% | ​ | ​ |
| Investment Type                                | ​ | ​ | ​ | ​ |
| Senior Secured – First Lien  | ​ | ​ | ​ | $       | 97,515,871  | ​    | ​ | ​ | ​          | $       | 95,684,153 | ​ | ​ | ​ | ​ | ​ | 51.85% | ​ | ​ |
| Senior Secured – Second Lien | ​ | ​ | ​ | ​ | 87,730,962  | ​    | ​ | ​ | ​          | ​ | 84,864,909 | ​ | ​ | ​ | ​ | ​ | 45.99% | ​ | ​ |
| Senior Subordinated                            | ​ | ​ | ​ | ​ | 77,960,103  | ​    | ​ | ​ | ​          | ​ | 74,050,349 | ​ | ​ | ​ | ​ | ​ | 40.13% | ​ | ​ |
| Equity/Other                                   | ​ | ​ | ​ | ​ | 30,129,133  | ​    | ​ | ​ | ​          | ​ | 21,673,539 | ​ | ​ | ​ | ​ | ​ | 11.75% | ​ | ​ |
| Total                                          | ​ | ​ | ​ | $       | 293,336,069 | ​    | ​ | ​ | ​          | $       | 276,272,950 | ​ | ​ | ​ | ​ | ​ | 149.72% | ​ | ​ |
| ​                                        |

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| ​                                                                                | ​ | ​ | For the year ended December 31, 2017 | ​ | ​     | For the year ended December 31, 2016 | ​ | ​ | For the year ended December 31, 2015 | ​ | ​     | For the period from May 8, 2014* through December 31, 2014 | ​ |
|----------------------------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|-------------|-------------------------------------------|---------|---------|-------------------------------------------|---------|-------------|----------------------------------------------------------------------|---------|
| Per share data(1)                                                                      | ​ | ​ | ​                                   | ​ | ​     |
| Net asset value, beginning of period                                                   | ​ | ​ | ​                                   | $       | 13.72       | ​                                   | ​ | ​ | ​                                   | $       | 14.43       | ​                                                              | ​ | ​ | ​ | $ | 14.87 | ​ | ​ | ​ | ​ | $ | 14.55 | ​ | ​ |
| Net investment income (loss)                                                           | ​ | ​ | ​                                   | ​ | 1.32        | ​                                   | ​ | ​ | ​                                   | ​ | 1.66        | ​                                                              | ​ | ​ | ​ | ​ | 1.43 | ​ | ​ | ​ | ​ | ​ | 0.86 | ​ | ​ |
| Net realized and unrealized gains (losses)                                             | ​ | ​ | ​                                   | ​ | (2.84)      | ​                                   | ​ | ​ | ​                                   | ​ | (1.06)      | ​                                                              | ​ | ​ | ​ | ​ | (0.68) | ​ | ​ | ​ | ​ | ​ | 0.57 | ​ | ​ |
| Benefit (Provision) for taxes on unrealized appreciation (depreciation) on investments | ​ | ​ | ​                                   | ​ | 0.19        | ​                                   | ​ | ​ | ​                                   | ​ | 0.05        | ​                                                              | ​ | ​ | ​ | ​ | 0.17 | ​ | ​ | ​ | ​ | ​ | (0.13) | ​ | ​ |
| Net increase (decrease) in net assets resulting from operations                        | ​ | ​ | ​                                   | ​ | (1.33)      | ​                                   | ​ | ​ | ​                                   | ​ | 0.65        | ​                                                              | ​ | ​ | ​ | ​ | 0.92 | ​ | ​ | ​ | ​ | ​ | 1.30 | ​ | ​ |
| Distributions to shareholders:(2)                                                      | ​ | ​ | ​                                   | ​ | ​     |
| From net investment income                                                             | ​ | ​ | ​                                   | ​ | (1.27)      | ​                                   | ​ | ​ | ​                                   | ​ | (1.36)      | ​                                                              | ​ | ​ | ​ | ​ | (1.36) | ​ | ​ | ​ | ​ | ​ | (0.86) | ​ | ​ |
| Net realized gains                                                                     | ​ | ​ | ​                                   | ​ | (0.03)      | ​                                   | ​ | ​ | ​                                   | ​ | 0.00        | ​                                                              | ​ | ​ | ​ | ​ | 0.00 | ​ | ​ | ​ | ​ | ​ | 0.00 | ​ | ​ |
| Total dividend distributions declared                                                  | ​ | ​ | ​                                   | ​ | (1.30)      | ​                                   | ​ | ​ | ​                                   | ​ | (1.36)      | ​                                                              | ​ | ​ | ​ | ​ | (1.36) | ​ | ​ | ​ | ​ | ​ | (0.86) | ​ | ​ |
| Offering costs                                                                         | ​ | ​ | ​                                   | ​ | —     | ​                                   | ​ | ​ | ​                                   | ​ | —     | ​                                                              | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (0.12) | ​ | ​ |
| Net asset value, end of period                                                         | ​ | ​ | ​                                   | $       | 11.09       | ​                                   | ​ | ​ | ​                                   | $       | 13.72       | ​                                                              | ​ | ​ | ​ | $ | 14.43 | ​ | ​ | ​ | ​ | $ | 14.87 | ​ | ​ |
| Market value per share, end of period                                                  | ​ | ​ | ​                                   | $       | 8.39        | ​                                   | ​ | ​ | ​                                   | $       | 11.97       | ​                                                              | ​ | ​ | ​ | $ | 11.60 | ​ | ​ | ​ | ​ | $ | 12.50 | ​ | ​ |
| Total return based on net asset value(3)                                               | ​ | ​ | ​                                   | ​ | (9.7)%      | ​                                   | ​ | ​ | ​                                   | ​ | 4.5%        | ​                                                              | ​ | ​ | ​ | ​ | 6.2% | ​ | ​ | ​ | ​ | ​ | 4.9%(4)(5) | ​ | ​ |
| Total return based on market value(3)                                                  | ​ | ​ | ​                                   | ​ | (19.0)%     | ​                                   | ​ | ​ | ​                                   | ​ | 14.9%       | ​                                                              | ​ | ​ | ​ | ​ | 3.7% | ​ | ​ | ​ | ​ | ​ | (10.9)%(4)(5) | ​ | ​ |
| Shares outstanding at end of period                                                    | ​ | ​ | ​                                   | ​ | 14,222,945  | ​                                   | ​ | ​ | ​                                   | ​ | 13,451,633  | ​                                                              | ​ | ​ | ​ | ​ | 13,516,766 | ​ | ​ | ​ | ​ | ​ | 13,516,766 | ​ | ​ |
| ​                                                                                | ​ | ​ | ​                                   | ​ | ​     |
| Ratio/Supplemental Data:                                                               | ​ | ​ | ​                                   | ​ | ​     |
| Net assets, at end of period                                                           | ​ | ​ | ​                                   | $       | 157,714,175 | ​                                   | ​ | ​ | ​                                   | $       | 184,524,591 | ​                                                              | ​ | ​ | ​ | $ | 195,032,211 | ​ | ​ | ​ | ​ | $ | 200,989,308 | ​ | ​ |
| Ratio of total expenses before waiver to average net assets                            | ​ | ​ | ​                                   | ​ | 9.31%       | ​                                   | ​ | ​ | ​                                   | ​ | 9.58%       | ​                                                              | ​ | ​ | ​ | ​ | 7.79% | ​ | ​ | ​ | ​ | ​ | 5.12%(6) | ​ | ​ |
| Ratio of interest expenses to average net assets                                       | ​ | ​ | ​                                   | ​ | 4.18%       | ​                                   | ​ | ​ | ​                                   | ​ | 3.59%       | ​                                                              | ​ | ​ | ​ | ​ | 2.50% | ​ | ​ | ​ | ​ | ​ | 1.04%(6) | ​ | ​ |
| Ratio of incentive fees to average net assets                                          | ​ | ​ | ​                                   | ​ | 0.36%       | ​                                   | ​ | ​ | ​                                   | ​ | 1.71%       | ​                                                              | ​ | ​ | ​ | ​ | 1.63% | ​ | ​ | ​ | ​ | ​ | 0.75%(6) | ​ | ​ |
| Ratio of waiver of management and incentive fees to average net assets                 | ​ | ​ | ​                                   | ​ | 0.76%       | ​                                   | ​ | ​ | ​                                   | ​ | —%    | ​                                                              | ​ | ​ | ​ | ​ | 0.50% | ​ | ​ | ​ | ​ | ​ | 1.57%(6) | ​ | ​ |
| Ratio of net expenses to average net assets                                            | ​ | ​ | ​                                   | ​ | 8.55%       | ​                                   | ​ | ​ | ​                                   | ​ | 9.58%       | ​                                                              | ​ | ​ | ​ | ​ | 7.29% | ​ | ​ | ​ | ​ | ​ | 3.55%(6) | ​ | ​ |
| Ratio of net investment income (loss) before waiver to average net assets              | ​ | ​ | ​                                   | ​ | 9.67%       | ​                                   | ​ | ​ | ​                                   | ​ | 11.80%      | ​                                                              | ​ | ​ | ​ | ​ | 9.13% | ​ | ​ | ​ | ​ | ​ | 7.45%(6) | ​ | ​ |
| Ratio of net investment income (loss) after waiver to average net assets               | ​ | ​ | ​                                   | ​ | 10.43%      | ​                                   | ​ | ​ | ​                                   | ​ | 11.80%      | ​                                                              | ​ | ​ | ​ | ​ | 9.63% | ​ | ​ | ​ | ​ | ​ | 9.02%(6) | ​ | ​ |
| Total Credit Facility payable outstanding                                              | ​ | ​ | ​                                   | $       | 89,703,273  | ​                                   | ​ | ​ | ​                                   | $       | 39,133,273  | ​                                                              | ​ | ​ | ​ | $ | 63,504,738 | ​ | ​ | ​ | ​ | $ | 62,499,154 | ​ | ​ |
| Total Notes payable outstanding                                                        | ​ | ​ | ​                                   | $       | 55,000,000  | ​                                   | ​ | ​ | ​                                   | $       | 55,000,000  | ​                                                              | ​ | ​ | ​ | $ | 40,000,000 | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Asset coverage ratio(7)                                                                | ​ | ​ | ​                                   | ​ | 2.1         | ​                                   | ​ | ​ | ​                                   | ​ | 3.0         | ​                                                              | ​ | ​ | ​ | ​ | 2.9 | ​ | ​ | ​ | ​ | ​ | 4.2 | ​ | ​ |
| Portfolio turnover rate                                                                | ​ | ​ | ​                                   | ​ | 32%         | ​                                   | ​ | ​ | ​                                   | ​ | 51%         | ​                                                              | ​ | ​ | ​ | ​ | 24% | ​ | ​ | ​ | ​ | ​ | 20%(4)(8) | ​ | ​ |

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| ​                                                               | ​ | ​ | January 1, 2014 to May 7, 2014 | ​ | ​ | December 31, 2013 | ​ |
|-----------------------------------------------------------------------|---------|---------|------------------------------------------|---------|---------|------------------------|---------|
| Net investment income (loss) ratio before carried interest allocation | ​ | ​ | ​                                  | ​ | 15.06%  | ​                | ​ | ​ | ​ | ​ | 7.50% | ​ | ​ |
| Expense ratio before carried interest allocation                      | ​ | ​ | ​                                  | ​ | 1.81%   | ​                | ​ | ​ | ​ | ​ | 3.54% | ​ | ​ |
| Carried interest allocation                                           | ​ | ​ | ​                                  | ​ | (4.51)% | ​                | ​ | ​ | ​ | ​ | 1.80% | ​ | ​ |
| Expense ratio after carried interest allocation                       | ​ | ​ | ​                                  | ​ | (2.70)% | ​                | ​ | ​ | ​ | ​ | 5.34% | ​ | ​ |
| Cumulative IRR after carried interest allocation                      | ​ | ​ | ​                                  | ​ | 13.69%  | ​                | ​ | ​ | ​ | ​ | 10.03% | ​ | ​ |
| ​                                                               |
| ​ | Tax Cost                               | ​ | ​ | ​ | $       | 333,216,534  | ​ | ​ |
|---------|----------------------------------------|---------|---------|---------|---------|--------------|---------|---------|
| ​ | Gross unrealized appreciation          | ​ | ​ | ​ | ​ | 5,655,729    | ​ | ​ |
| ​ | Gross unrealized depreciation          | ​ | ​ | ​ | ​ | (51,317,718) | ​ | ​ |
| ​ | Net unrealized investment depreciation | ​ | ​ | ​ | $       | (45,661,989) | ​ | ​ |
| ​ |

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| ​ | Tax Cost                               | ​ | ​ | ​ | $       | 293,276,560  | ​ | ​ |
|---------|----------------------------------------|---------|---------|---------|---------|--------------|---------|---------|
| ​ | Gross unrealized appreciation          | ​ | ​ | ​ | ​ | 3,101,358    | ​ | ​ |
| ​ | Gross unrealized depreciation          | ​ | ​ | ​ | ​ | (20,104,968) | ​ | ​ |
| ​ | Net unrealized investment depreciation | ​ | ​ | ​ | $       | (17,003,610) | ​ | ​ |
| ​ |
| Balance Sheet          | ​ | ​ | As ofDecember 31, 2017 | ​ | ​    | Income Statement | ​ | ​ | For the year ended December 31, 2017 | ​ |
|------------------------|---------|---------|-----------------------------|---------|------------|------------------|---------|---------|-------------------------------------------|---------|
| Current Assets         | ​ | ​ | ​                     | ​ | 6,276,379  | ​          | ​ | ​ | Net Sales                                 | ​ | ​ | ​ | ​ | 19,716,632 | ​ | ​ |
| Noncurrent Assets      | ​ | ​ | ​                     | ​ | 18,281,690 | ​          | ​ | ​ | Gross Profit                              | ​ | ​ | ​ | ​ | 6,534,303 | ​ | ​ |
| Current Liabilities    | ​ | ​ | ​                     | ​ | 1,022,247  | ​          | ​ | ​ | Net Income/EBITDA                         | ​ | ​ | ​ | ​ | 3,339,407 | ​ | ​ |
| Noncurrent Liabilities | ​ | ​ | ​                     | ​ | 14,003,599 | ​          | ​ | ​ | ​                                   |
| Balance Sheet          | ​ | ​ | As ofDecember 31, 2016 | ​ | ​    | Income Statement | ​ | ​ | For the year ended December 31, 2016 | ​ |
|------------------------|---------|---------|-----------------------------|---------|------------|------------------|---------|---------|-------------------------------------------|---------|
| Current Assets         | ​ | ​ | ​                     | ​ | 4,881,976  | ​          | ​ | ​ | Net Sales                                 | ​ | ​ | ​ | ​ | 15,174,299 | ​ | ​ |
| Noncurrent Assets      | ​ | ​ | ​                     | ​ | 18,320,899 | ​          | ​ | ​ | Gross Profit                              | ​ | ​ | ​ | ​ | 5,271,000 | ​ | ​ |
| Current Liabilities    | ​ | ​ | ​                     | ​ | 811,164    | ​          | ​ | ​ | Net Income (Loss)                         | ​ | ​ | ​ | ​ | 3,322,367 | ​ | ​ |
| Noncurrent Liabilities | ​ | ​ | ​                     | ​ | 13,315,630 | ​          | ​ | ​ | ​                                   |

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| ​                                                         | ​ | ​ | 2017                                   | ​ |
|-----------------------------------------------------------------|---------|---------|----------------------------------------|---------|
| ​                                                         | ​ | ​ | For the quarter ended December 31 | ​ | ​ | For the quarter ended September 30 | ​ | ​ | For the quarter ended June 30 | ​ | ​ | For the quarter ended March 31 | ​ |
| Total investment income                                         | ​ | ​ | ​                                | $       | 8,201,431 | ​ | ​ | ​ | ​ | $ | 7,610,521 | ​ | ​ | ​ | ​ | $ | 8,338,109 | ​ | ​ | ​ | ​ | $ | 9,201,448 | ​ | ​ |
| Total investment income per common share                        | ​ | ​ | ​                                | ​ | 0.58 | ​ | ​ | ​ | ​ | ​ | 0.53 | ​ | ​ | ​ | ​ | ​ | 0.61 | ​ | ​ | ​ | ​ | ​ | 0.68 | ​ | ​ |
| Net investment income                                           | ​ | ​ | ​                                | ​ | 4,044,773 | ​ | ​ | ​ | ​ | ​ | 4,843,375 | ​ | ​ | ​ | ​ | ​ | 4,843,375 | ​ | ​ | ​ | ​ | ​ | 4,592,616 | ​ | ​ |
| Net investment income per common share                          | ​ | ​ | ​                                | ​ | 0.28 | ​ | ​ | ​ | ​ | ​ | 0.34 | ​ | ​ | ​ | ​ | ​ | 0.36 | ​ | ​ | ​ | ​ | ​ | 0.34 | ​ | ​ |
| Net realized and unrealized (loss) gain                         | ​ | ​ | ​                                | ​ | (17,413,043) | ​ | ​ | ​ | ​ | ​ | (6,454,859) | ​ | ​ | ​ | ​ | ​ | (9,996,441) | ​ | ​ | ​ | ​ | ​ | (3,561,538) | ​ | ​ |
| Net realized and unrealized (loss) gain per common share        | ​ | ​ | ​                                | ​ | (1.25) | ​ | ​ | ​ | ​ | ​ | (0.45) | ​ | ​ | ​ | ​ | ​ | (0.73) | ​ | ​ | ​ | ​ | ​ | (0.26) | ​ | ​ |
| Net (decrease) increase in net assets resulting from operations | ​ | ​ | ​                                | ​ | (13,368,270) | ​ | ​ | ​ | ​ | ​ | (1,611,484) | ​ | ​ | ​ | ​ | ​ | (5,153,066) | ​ | ​ | ​ | ​ | ​ | 1,031,078 | ​ | ​ |
| Basic and diluted earnings per common share                     | ​ | ​ | ​                                | ​ | (0.96) | ​ | ​ | ​ | ​ | ​ | (0.11) | ​ | ​ | ​ | ​ | ​ | (0.38) | ​ | ​ | ​ | ​ | ​ | 0.08 | ​ | ​ |
| Net asset value per common share at the end of quarter          | ​ | ​ | ​                                | ​ | 11.09 | ​ | ​ | ​ | ​ | ​ | 12.27 | ​ | ​ | ​ | ​ | ​ | 12.73 | ​ | ​ | ​ | ​ | ​ | 13.43 | ​ | ​ |
| ​                                                         | ​ | ​ | 2016                                   | ​ |
|-----------------------------------------------------------------|---------|---------|----------------------------------------|---------|
| ​                                                         | ​ | ​ | For the quarter ended December 31 | ​ | ​ | For the quarter ended September 30 | ​ | ​ | For the quarter ended June 30 | ​ | ​ | For the quarter ended March 31 | ​ |
| Total investment income                                         | ​ | ​ | ​                                | $       | 10,899,771 | ​ | ​ | ​ | ​ | $ | 9,116,468 | ​ | ​ | ​ | ​ | $ | 10,639,969 | ​ | ​ | ​ | ​ | $ | 9,946,391 | ​ | ​ |
| Total investment income per common share                        | ​ | ​ | ​                                | ​ | 0.81 | ​ | ​ | ​ | ​ | ​ | 0.68 | ​ | ​ | ​ | ​ | ​ | 0.79 | ​ | ​ | ​ | ​ | ​ | 0.74 | ​ | ​ |
| Net investment income                                           | ​ | ​ | ​                                | ​ | 6,119,155 | ​ | ​ | ​ | ​ | ​ | 4,786,793 | ​ | ​ | ​ | ​ | ​ | 5,898,346 | ​ | ​ | ​ | ​ | ​ | 5,604,892 | ​ | ​ |
| Net investment income per common share                          | ​ | ​ | ​                                | ​ | 0.45 | ​ | ​ | ​ | ​ | ​ | 0.35 | ​ | ​ | ​ | ​ | ​ | 0.44 | ​ | ​ | ​ | ​ | ​ | 0.41 | ​ | ​ |
| Net realized and unrealized (loss) gain                         | ​ | ​ | ​                                | ​ | (1,195,769) | ​ | ​ | ​ | ​ | ​ | (6,629,320) | ​ | ​ | ​ | ​ | ​ | (4,503,177) | ​ | ​ | ​ | ​ | ​ | (1,291,134) | ​ | ​ |
| Net realized and unrealized (loss) gain per common share        | ​ | ​ | ​                                | ​ | (0.09) | ​ | ​ | ​ | ​ | ​ | (0.49) | ​ | ​ | ​ | ​ | ​ | (0.33) | ​ | ​ | ​ | ​ | ​ | (0.10) | ​ | ​ |
| Net (decrease) increase in net assets resulting from operations | ​ | ​ | ​                                | ​ | 4,923,386 | ​ | ​ | ​ | ​ | ​ | (1,842,527) | ​ | ​ | ​ | ​ | ​ | 1,395,169 | ​ | ​ | ​ | ​ | ​ | 4,313,758 | ​ | ​ |
| Basic and diluted earnings per common share                     | ​ | ​ | ​                                | ​ | 0.37 | ​ | ​ | ​ | ​ | ​ | (0.14) | ​ | ​ | ​ | ​ | ​ | 0.10 | ​ | ​ | ​ | ​ | ​ | 0.32 | ​ | ​ |
| Net asset value per common share at the end of quarter          | ​ | ​ | ​                                | ​ | 13.72 | ​ | ​ | ​ | ​ | ​ | 13.69 | ​ | ​ | ​ | ​ | ​ | 14.16 | ​ | ​ | ​ | ​ | ​ | 14.41 | ​ | ​ |

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| ​                                                         | ​ | ​ | 2015                                   | ​ |
|-----------------------------------------------------------------|---------|---------|----------------------------------------|---------|
| ​                                                         | ​ | ​ | For the quarter ended December 31 | ​ | ​ | For the quarter ended September 30 | ​ | ​ | For the quarter ended June 30 | ​ | ​ | For the quarter ended March 31 | ​ |
| Total investment income                                         | ​ | ​ | ​                                | $       | 8,676,914 | ​ | ​ | ​ | ​ | $ | 8,507,142 | ​ | ​ | ​ | ​ | $ | 8,507,540 | ​ | ​ | ​ | ​ | $ | 8,224,653 | ​ | ​ |
| Total investment income per common share                        | ​ | ​ | ​                                | ​ | 0.64 | ​ | ​ | ​ | ​ | ​ | 0.63 | ​ | ​ | ​ | ​ | ​ | 0.63 | ​ | ​ | ​ | ​ | ​ | 0.61 | ​ | ​ |
| Net investment income                                           | ​ | ​ | ​                                | ​ | 4,529,602 | ​ | ​ | ​ | ​ | ​ | 5,142,044 | ​ | ​ | ​ | ​ | ​ | 4,649,349 | ​ | ​ | ​ | ​ | ​ | 4,977,174 | ​ | ​ |
| Net investment income per common share                          | ​ | ​ | ​                                | ​ | 0.34 | ​ | ​ | ​ | ​ | ​ | 0.38 | ​ | ​ | ​ | ​ | ​ | 0.34 | ​ | ​ | ​ | ​ | ​ | 0.37 | ​ | ​ |
| Net realized and unrealized (loss) gain                         | ​ | ​ | ​                                | ​ | (6,577,824) | ​ | ​ | ​ | ​ | ​ | (1,887,595) | ​ | ​ | ​ | ​ | ​ | 1,764,307 | ​ | ​ | ​ | ​ | ​ | 14,717 | ​ | ​ |
| Net realized and unrealized (loss) gain per common share        | ​ | ​ | ​                                | ​ | (0.49) | ​ | ​ | ​ | ​ | ​ | (0.14) | ​ | ​ | ​ | ​ | ​ | 0.13 | ​ | ​ | ​ | ​ | ​ | 0.00 | ​ | ​ |
| Net (decrease) increase in net assets resulting from operations | ​ | ​ | ​                                | ​ | (2,048,222) | ​ | ​ | ​ | ​ | ​ | 3,254,449 | ​ | ​ | ​ | ​ | ​ | 6,413,656 | ​ | ​ | ​ | ​ | ​ | 4,991,891 | ​ | ​ |
| Basic and diluted earnings per common share                     | ​ | ​ | ​                                | ​ | (0.15) | ​ | ​ | ​ | ​ | ​ | 0.24 | ​ | ​ | ​ | ​ | ​ | 0.47 | ​ | ​ | ​ | ​ | ​ | 0.37 | ​ | ​ |
| Net asset value per common share at the end of quarter          | ​ | ​ | ​                                | ​ | 14.43 | ​ | ​ | ​ | ​ | ​ | 14.92 | ​ | ​ | ​ | ​ | ​ | 15.03 | ​ | ​ | ​ | ​ | ​ | 14.90 | ​ | ​ |

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| ​ | Report of Independent Registered Public Accounting Firm                                                                                        | ​ | ​ | ​ | ​ | 76 | ​ | ​ |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|----|---------|---------|
| ​ | Consolidated Statements of Assets and Liabilities as of December 31, 2017 and December 31, 2016                                      | ​ | ​ | ​ | ​ | 77 | ​ | ​ |
| ​ | Consolidated Statements of Operations for the year ended December 31, 2017, December 31, 2016, and December 31, 2015            | ​ | ​ | ​ | ​ | 78 | ​ | ​ |
| ​ | Consolidated Statements of Changes in Net Assets for the year ended December 31, 2017, December 31, 2016, and December 31, 2015 | ​ | ​ | ​ | ​ | 79 | ​ | ​ |
| ​ | Consolidated Statements of Cash Flows for the year ended December 31, 2017, December 31, 2016, and December 31, 2015            | ​ | ​ | ​ | ​ | 80 | ​ | ​ |
| ​ | Consolidated Schedule of Investments as of December 31, 2017 and December 31, 2016                                                   | ​ | ​ | ​ | ​ | 83 | ​ | ​ |
| ​ | Notes to the Consolidated Financial Statements                                                                                                 | ​ | ​ | ​ | ​ | 89 | ​ | ​ |
| ​ | 3.1         | ​ | ​ | Articles of Amendment and Restatement of Alcentra Capital Corporation (the “Registrant”)(1)                                                                  | ​ |
|---------|-------------|---------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ | 3.2         | ​ | ​ | Amended and Restated Bylaws*                                                                                                                                             | ​ |
| ​ | 4.1         | ​ | ​ | Form of Stock Certificate(4)                                                                                                                                             | ​ |
| ​ | 4.2         | ​ | ​ | Form of Base Indenture(6)                                                                                                                                                | ​ |
| ​ | 4.3         | ​ | ​ | Statement of Eligibility of Trustee on Form T-1(5)                                                                                                                       | ​ |
| ​ | 4.4         | ​ | ​ | Form of Supplemental Indenture(6)                                                                                                                                        | ​ |
| ​ | 4.5         | ​ | ​ | Form of First Supplemental Indenture relating to the Alcentra Capital Internotes® 6.500% Notes due 2022(6)                                                          | ​ |
| ​ | 4.6         | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.500% Notes due 2022 (included as Exhibit A to the Form of First Supplemental Indenture)(6)  | ​ |
| ​ | 4.7         | ​ | ​ | Form of Second Supplemental Indenture relating to the Alcentra Capital Internotes® 6.375% Notes due 2020(7)                                                         | ​ |
| ​ | 4.8   | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.375% Notes due 2020 (included as Exhibit A to the Form of Second Supplemental Indenture)(7) | ​ |
| ​ | 4.9   | ​ | ​ | Form of Third Supplemental Indenture relating to the Alcentra Capital Internotes® 6.375% Notes due 2020(8)                                                          | ​ |
| ​ |  4.10 | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.375% Notes due 2020 (included as Exhibit A to the Form of Third Supplemental Indenture)(8)  | ​ |
| ​ |  4.11 | ​ | ​ | Form of Fourth Supplemental Indenture relating to the Alcentra Capital Internotes® 6.375% Notes due 2020(9)                                                         | ​ |

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| ​ |  4.12        | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.375% Notes due 2020 (included as Exhibit A to the Form of Fourth Supplemental Indenture)(9)      | ​ |
|---------|--------------------|---------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ |  4.13        | ​ | ​ | Form of Fifth Supplemental Indenture relating to the Alcentra Capital Internotes® 6.375% Notes due 2020(10)                                                              | ​ |
| ​ |  4.14        | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.375% Notes due 2020 (included as Exhibit A to the Form of Fifth Supplemental Indenture)(10)      | ​ |
| ​ |  4.15        | ​ | ​ | Form of Sixth Supplemental Indenture relating to the Alcentra Capital Internotes® 6.375% Notes due 2020(12)                                                              | ​ |
| ​ |  4.16        | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.375% Notes due 2020 (included as Exhibit A to the Form of Sixth Supplemental Indenture)(12)      | ​ |
| ​ |  4.17        | ​ | ​ | Form of Seventh Supplemental Indenture relating to the Alcentra Capital Internotes® 6.750% Notes due 2022(12)                                                            | ​ |
| ​ |  4.18        | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.750% Notes due 2022 (included as Exhibit A to the Form of Seventh Supplemental Indenture(12)     | ​ |
| ​ |  4.19        | ​ | ​ | Form of Eighth Supplemental Indenture relating to the Alcentra Capital Internotes® 6.25% Notes due 2020(13)                                                              | ​ |
| ​ |  4.20        | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.25% Notes due 2020 (included as Exhibit A to the Form of Eighth Supplemental Indenture)(13)      | ​ |
| ​ |  4.21        | ​ | ​ | Form of Ninth Supplemental Indenture relating to the Alcentra Capital Internotes® 6.50% Notes due 2020(13)                                                               | ​ |
| ​ |  4.22        | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.50% Notes due 2020 (included as Exhibit A to the Form of Ninth Supplemental Indenture)(13)       | ​ |
| ​ |  4.23        | ​ | ​ | Form of Tenth Supplemental Indenture relating to the Alcentra Capital Internotes® 6.50% Notes due 2021(16)                                                               | ​ |
| ​ |  4.24        | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.50% Notes due 2021 (included as Exhibit A to the Form of Tenth Supplemental Indenture)(16)       | ​ |
| ​ |  4.25        | ​ | ​ | Form of Eleventh Supplemental Indenture relating to the Alcentra Capital Internotes® 6.50% Notes due 2021(17)                                                            | ​ |
| ​ |  4.26        | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.50% Notes due 2021 (included as Exhibit A to the Form of Eleventh Supplemental Indenture)(17)    | ​ |
| ​ |  4.27        | ​ | ​ | Form of Twelfth Supplemental Indenture relating to the Alcentra Capital Internotes® 6.50% Notes due 2021(18)                                                             | ​ |
| ​ |  4.28        | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.50% Notes due 2021 (included as Exhibit A to the Form of Twelfth Supplemental Indenture)(18)     | ​ |
| ​ |  4.29        | ​ | ​ | Form of Thirteenth Supplemental Indenture relating to the Alcentra Capital Internotes® 6.375% Notes due 2021(20)                                                         | ​ |
| ​ |  4.30        | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.375% Notes due 2021 (included as Exhibit A to the Form of Thirteenth Supplemental Indenture)(20) | ​ |
| ​ |   4.31 | ​ | ​ | Form of Fourteenth Supplemental Indenture relating to the Alcentra Capital Internotes® 6.375% Notes due 2021(21)                                                         | ​ |
| ​ |   4.32 | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.375% Notes due 2021 (included as Exhibit A to the Form of Fourteenth Supplemental Indenture)(21) | ​ |
| ​ |   4.33 | ​ | ​ | Form of Fifteenth Supplemental Indenture relating to the Alcentra Capital Internotes® 6.375% Notes due 2021(22)                                                          | ​ |
| ​ |   4.34 | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.375% Notes due 2021 (included as Exhibit A to the Form of Fifteenth Supplemental Indenture)(22)  | ​ |

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| ​ |   4.35 | ​ | ​ | Form of Sixteenth Supplemental Indenture relating to the Alcentra Capital® Internotes 6.375% Notes due 2021(23)                                                                                                                          | ​ |
|---------|--------------------|---------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ |   4.36 | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.375% Notes due 2021 (included as Exhibit A to the Form of Sixteenth Supplemental Indenture)(23)                                                                  | ​ |
| ​ |   4.37 | ​ | ​ | Form of Seventeenth Supplemental Indenture relating to the Alcentra Capital® Internotes 6.25% Notes due 2021(24)                                                                                                                         | ​ |
| ​ |   4.38 | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.25% Notes due 2021 (included as Exhibit A to the Form of Seventeenth Supplemental Indenture)(24)                                                                 | ​ |
| ​ |   4.39 | ​ | ​ | Form of Eighteenth Supplemental Indenture relating to the Alcentra Capital® Internotes 6.25% Notes due 2021(25)                                                                                                                          | ​ |
| ​ |   4.40 | ​ | ​ | Form of Global Note relating to the Alcentra Capital Internotes® 6.25% Notes due 2021 (included as Exhibit A to the Form of Eighteenth Supplemental Indenture)(25)                                                                  | ​ |
| ​ |   4.41 | ​ | ​ | Form of Warrant Certificate and Warrant Agreement(15)                                                                                                                                                                                         | ​ |
| ​ |   4.42 | ​ | ​ | Form of Articles Supplementary Establishing and Fixing the Rights and Preferences of Preferred Stock(15)                                                                                                                                      | ​ |
| ​ | 10.1               | ​ | ​ | Form of Dividend Reinvestment Plan(3)                                                                                                                                                                                                         | ​ |
| ​ | 10.2               | ​ | ​ | Form of Investment Advisory Agreement between the Registrant and Alcentra NY, LLC(3)                                                                                                                                                          | ​ |
| ​ | 10.3               | ​ | ​ | Form of Letter Agreement between the Registrant and Alcentra NY, LLC(3)                                                                                                                                                                       | ​ |
| ​ | 10.4               | ​ | ​ | Form of Custodian Agreement between the Registrant and State Street Bank and Trust Company(4)                                                                                                                                                 | ​ |
| ​ | 10.5               | ​ | ​ | Form of Master Administration and Accounting Agreement between the Registrant and State Street Bank and Trust Company(4)                                                                                                                      | ​ |
| ​ | 10.6               | ​ | ​ | Form of License Agreement between the Registrant and Alcentra NY, LLC(2)                                                                                                                                                                      | ​ |
| ​ | 10.7               | ​ | ​ | Form of Registration Rights Agreement between the Registrant and BNY Mellon-Alcentra Mezzanine III, L.P.(2)                                                                                                                                   | ​ |
| ​ | 10.8               | ​ | ​ | Form of Senior Secured Revolving Credit Agreement, dated as of May 8, 2014, among the Registrant and ING Capital LLC(4)                                                                                                                  | ​ |
| ​ | 10.9               | ​ | ​ | Form of Guarantee, Pledge and Security Agreement, dated as of May 8, 2014, among the Registrant and ING Capital LLC(4)                                                                                                                   | ​ |
| ​ |  10.10       | ​ | ​ | Amendment No. 1 to the Senior Revolving Credit Agreement, dated December 19, 2014, by and among the Company as borrower, the Lenders party thereto and ING Capital LLC, as Administrative Agent, Arranger and Bookrunner(11)             | ​ |
| ​ |  10.11       | ​ | ​ | Incremental Commitment Agreement, dated as of December 19, 2014, by and among the Company, as borrower, the Increasing Lenders party thereto and ING Capital LLC as Administrative Agent and Collateral Agent(11)                        | ​ |
| ​ |  10.12       | ​ | ​ | Form of Amendment No. 2 to the Senior Revolving Credit Agreement, to be entered into by and among the Company as borrower, the Lenders party thereto and ING Capital LLC, as Administrative Agent, Arranger and Bookrunner(6)                 | ​ |
| ​ | 10.13              | ​ | ​ | Amendment No. 3 to the Senior Secured Revolving Credit Agreement, dated as of August 11, 2015, by and among the Company as borrower, the Lenders party thereto and ING Capital LLC, as Administrative Agent, Arranger and Bookrunner(14) | ​ |
| ​ | 10.14              | ​ | ​ | Incremental Commitment Agreement, dated as of August 11, 2015, by and among the Company, as borrower, the Increasing Lenders party thereto and ING Capital LLC, as Administrative Agent and Collateral Agent(14)                         | ​ |
| ​ | 10.15              | ​ | ​ | Amendment No. 4 to the Senior Secured Revolving Credit Agreement, dated as of March 2, 2016 by and among the Company, as borrower, the Lenders party thereto and ING Capital LLC, as Administrative Agent, Arranger and Bookrunner(19)   | ​ |

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| ​ | 10.16 | ​ | ​ | Amendment No. 5 to the Senior Secured Revolving Credit Agreement, dated as of April 3, 2017 by and among the Company, as borrower, the Lenders party thereto and ING Capital LLC, as Administrative Agent, Arranger and Bookrunner(26) | ​ |
|---------|-------|---------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ | 10.17 | ​ | ​ | Form of Selling Agent Agreement, by and among Alcentra Capital Corporation, Alcentra NY, LLC and Incapital LLC(6)                                                                                                                           | ​ |
| ​ | 10.18 | ​ | ​ | Form of Indemnification Agreement*                                                                                                                                                                                                          | ​ |
| ​ | 10.19 | ​ | ​ | Amendment No. 6 to the Senior Secured Revolving Credit Agreement, dated as of March 9, 2017 by and among the Company, as borrower, the Lenders party thereto and ING Capital LLC, as Administrative Agent, Arranger and Bookrunner*    | ​ |
| ​ | 11.1  | ​ | ​ | Computation of Per Share Earnings (included in the notes to the audited financial statements contained in this report)                                                                                                                      | ​ |
| ​ | 12.1  | ​ | ​ | Computation of ratios (included in the notes to the audited financial statements contained in this report).                                                                                                                                 | ​ |
| ​ | 21.1  | ​ | ​ | Subsidiaries of the Registrant: Alcentra BDC Equity Holdings, LLC — Delaware                                                                                                                                                          | ​ |
| ​ | 31.1  | ​ | ​ | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*                                                                                                                         | ​ |
| ​ | 31.2  | ​ | ​ | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*                                                                                                                         | ​ |
| ​ | 32.1  | ​ | ​ | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*                                                                                                                   | ​ |
| ​ | 32.2  | ​ | ​ | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*                                                                                                                   | ​ |

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| ​ | ​                   | ​ | ​ | ALCENTRA CAPITAL CORPORATION                                                                   | ​ |
|---------|---------------------------|---------|---------|------------------------------------------------------------------------------------------------|---------|
| ​ | Date: March 14, 2018 | ​ | ​ | /s/ David Scopelliti​Name: David Scopelliti Title: President and Chief Executive Officer | ​ |
| ​ | Date: March 14, 2018 | ​ | ​ | /s/ David Scopelliti​David Scopelliti President and Chief Executive Officer, (Principal Executive Officer) and Director                                    | ​ |
|---------|---------------------------|---------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​ | Date: March 14, 2018 | ​ | ​ | /s/ Ellida McMillan​Ellida McMillan Chief Financial Officer, Chief Operating Officer, Treasurer and Secretary (Principal Financial and Accounting Officer) | ​ |
| ​ | Date: March 14, 2018 | ​ | ​ | /s/ Paul Hatfield​Paul Hatfield Director                                                                                                                   | ​ |
| ​ | Date: March 14, 2018 | ​ | ​ | /s/ T. Ulrich Brechbuhl​T. Ulrich Brechbuhl Director                                                                                                       | ​ |
| ​ | Date: March 14, 2018 | ​ | ​ | /s/ Douglas J. Greenlaw​Douglas J. Greenlaw Director                                                                                                       | ​ |
| ​ | Date: March 14, 2018 | ​ | ​ | /s/ Edward Grebow​Edward Grebow Director                                                                                                                   | ​ |
| ​ | Date: March 14, 2018 | ​ | ​ | /s/ Steven H. Reiff​Steven H. Reiff Director                                                                                                               | ​ |

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