Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation~~Regulation~~ S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes ☐ No ☒

The issuer had ~~12,498,946~~19,729,142.943 shares of common stock, $0.01 par value per share, outstanding as of ~~November 14, 2019.~~June 3, 2020.


		As of September 30, 2019 (Unaudited)			As of December 31, 2018				As of March 31, 2020 (Unaudited)			As of December 31, 2019
Assets	Assets							Assets
Investments, at fair value (amortized cost of $299,530,860 and $138,512,243, respectively)		$	298,399,417		$	137,803,133
Investments, at fair value (amortized cost of $391,572,934 and $346,873,740, respectively)									$	370,688,284		$	345,025,318
Cash and cash equivalents			38,078,058			2,510,208				16,251,625			14,931,791
Receivable for fund shares										41,873,602			19,909,278
Interest receivable			1,978,991			808,707				1,609,436			1,849,816
Receivable for investments sold			187,501			—				74,494			286,935
Deferred financing costs										46,313			64,959
Prepaid expenses			180,502			102,390				44,568			112,166
Deferred financing costs			55,200			172,580
Receivable for fund shares sold			—			12,566,810

Total assets		$	338,879,669		$	153,963,828			$	430,588,322		$	382,180,263

Liabilities	Liabilities							Liabilities
Notes payable (net of unamortized discount and debt issuance costs of $3,195,624 and $0, respectively)		$	209,954,376		$	—
Interest and borrowing expenses payable			1,291,433			247,376
Management fees payable			956,799			830,130
Notes payable (net of unamortized discount of $29,882 and $32,835, respectively and debt issuance costs of $2,405,817 and $2,780,532, respectively)									$	210,714,301		$	210,336,633
Credit facility payable										43,000,000			19,500,000
Interest and borrowings expenses payable										1,765,221			3,412,567
Distribution payable			767,927			403,999				1,619,867			964,833
Incentive fee payable			654,162			199,862				1,331,530			1,049,291
Management fees payable										1,147,126			1,053,696
Professional fees payable			494,338			491,910				917,012			650,840
Payable to Adviser			440,560			90,446				476,585			355,255
Administrator and custodian fees payable			146,101			215,678				132,404			260,061
Accrued expenses and other liabilities										98,774			—
Directors’ fees payable			41,773			—				50,000			—
Accrued expenses and other liabilities			10,747			—
Miscellaneous payable										25,295			25,295
Transfer agent fees payable			8,104			10,717				20,155			9,397
Credit facility payable			—			88,200,000

Total liabilities		$	214,766,320		$	90,690,118			$	261,298,270		$	237,617,868

Commitments and Contingencies (Note 6)	Commitments and Contingencies (Note 6)							Commitments and Contingencies (Note 6)

Net Assets	Net Assets							Net Assets
Common stock, par value $0.01 per share (200,000,000 shares authorized, 12,498,946 and 6,383,672 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)			124,989			63,837
Common stock, par value $0.01 per share (200,000,000 shares authorized, 19,729,143 and 14,627,401 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively)										197,291			146,274
Paid-in capital in excess of par value			125,005,710			63,838,147				189,821,799			146,096,298
Distributable earnings (accumulated loss)			(1,017,350	)		(628,274	)			(20,729,038	)		(1,680,177	)

Total net assets		$	124,113,349		$	63,273,710			$	169,290,052		$	144,562,395

Total liabilities and net assets		$	338,879,669		$	153,963,828			$	430,588,322		$	382,180,263

Net asset value per share		$	9.93		$	9.91			$	8.58		$	9.88


		For the three months ended September 30,						For the nine months ended September 30,							For the Three Months Ended March 31,
		2019			2018			2019			2018				2020			2019
Investment Income:	Investment Income:													Investment Income:
Interest income, net of amortization/accretion		$	5,718,631		$	1,581,876		$	14,290,652		$	3,189,114			$	7,052,300		$	3,400,195
Payment-in-kind interest			104,675			—			166,946			—				206,351			28,637
Other fee income			35,731			2,479			171,072			2,479				182,600			—

Total investment income			5,859,037			1,584,355			14,628,670			3,191,593				7,441,251			3,428,832

Expenses:	Expenses:													Expenses:
Interest and borrowing expenses			2,424,364			494,991			5,844,084			927,005				2,568,667			1,409,152
Management fees			1,017,059			281,892			2,477,129			560,765				1,352,351			615,859
Income-based incentive fee																769,023			106,087
Professional fees			379,792			379,861			1,197,314			1,624,403				547,269			342,361
Collateral management fees			367,534			—			693,343			—				459,059			—
Income-based incentive fee			180,792			66,206			586,627			66,206
Administration and custodian fees			113,524			39,546			259,233			155,504				91,783			65,825
Directors’ fees																50,000			37,500
Insurance expenses			68,338			62,383			193,013			185,116				67,596			61,027
Directors’ fees			37,500			37,223			112,500			108,346
Transfer agent fees			8,104			561			19,203			561				10,758			4,662
Offering costs			—			52,221			—			156,089
Other expenses			103,084			78,595			318,440			231,873				235,122			55,914

Total expenses			4,700,091			1,493,479			11,700,886			4,015,868				6,151,628			2,698,387
Waived collateral management fees			(367,534	)		—			(693,343	)		—				(459,059	)		—
Expense reimbursement from Adviser			(31,875	)		(462,465	)		(447,556	)		(2,052,539	)			(89,757	)		(156,418	)
Waived management fees			(60,261	)		(39,913	)		(191,359	)		(77,203	)			(1,227,046	)		(63,171	)
Waived incentive fees			(56,255	)		(32,302	)		(132,327	)		(32,302	)			(486,784	)		(76,072	)

Net expenses			4,184,166			958,799			10,236,301			1,853,824				3,888,982			2,402,726

Net investment income before taxes			1,674,871			625,556			4,392,369			1,337,769				3,552,269			1,026,106

Excise tax expense			—			—			—			3				—			—

Net investment income			1,674,871			625,556			4,392,369			1,337,766				3,552,269			1,026,106

Net realized and change in unrealized gains (losses) on investment transactions:	Net realized and change in unrealized gains (losses) on investment transactions:													Net realized and change in unrealized gains (losses) on investment transactions:
Net realized gain (loss) from investments			76,718			—			64,058			—				(13,369	)		(1,754	)
Net change in unrealized appreciation (depreciation) from investments			(470,046	)		25,402			(422,333	)		(20,769	)
Net change in unrealized appreciation (depreciation) on investments																(19,036,228	)		358,007

Net realized and change in unrealized gains (losses)			(393,328	)		25,402			(358,275	)		(20,769	)
Net realized and change in unrealized gains (losses) on investment transactions																(19,049,597	)		356,253

Net increase in net assets resulting from operations		$	1,281,543		$	650,958		$	4,034,094		$	1,316,997
Net increase (decrease) in net assets resulting from operations															$	(15,497,328	)	$	1,382,359

Net investment income per share (basic and diluted):	Net investment income per share (basic and diluted):													Net investment income per share (basic and diluted):
Net investment income per share (basic and diluted):		$	0.15		$	0.15		$	0.48		$	0.41			$	0.24		$	0.15
Earnings per share (basic and diluted):		$	0.11		$	0.16		$	0.44		$	0.40			$	(1.06	)	$	0.20
Weighted average shares outstanding:			11,226,276			4,168,629			9,182,983			3,258,111				14,683,464			6,914,873


		Common Stock																Common Stock
		Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings			Total Net Assets				Shares		Par Amount		Paid in Capital in Excess of Par		Distributable Earnings			Total Net Assets
Net assets at June 30, 2019			10,620,261		$	106,203		$	106,234,097		$	(623,964	)	$	105,716,336
Net assets at December 31, 2019																			14,627,401	$	146,274	$	146,096,298	$	(1,680,177	)	$	144,562,395
Increase (decrease) in net assets resulting from operations:	Increase (decrease) in net assets resulting from operations:																Increase (decrease) in net assets resulting from operations:
Net investment income			—			—			—			1,674,871			1,674,871				—		—		—		3,552,269			3,552,269
Net realized gain (loss) on investments			—			—			—			76,718			76,718				—		—		—		(13,369	)		(13,369	)
Net change in unrealized appreciation (depreciation) on investments			—			—			—			(470,046	)		(470,046	)			—		—		—		(19,036,228	)		(19,036,228	)
Capital transactions:	Capital transactions:																Capital transactions:
Issuance of common stock			1,795,822			17,957			17,949,853			—			17,967,810				4,876,625		48,766		41,796,086		—			41,844,852
Issuance of common shares pursuant to distribution reinvestment plan			91,341			913			906,089			—			907,002				225,117		2,251		1,929,415		—			1,931,666
Repurchase of common stock			(8,478	)		(84	)		(84,329	)		—			(84,413	)			—		—		—		—			—
Distributions to shareholders			—			—			—			(1,674,929	)		(1,674,929	)
Distributions to stockholders																			—		—		—		(3,551,533	)		(3,551,533	)

Total increase (decrease) for the three months ended September 30, 2019			1,878,685			18,786			18,771,613			(393,386	)		18,397,013
Total increase (decrease) for the three months ended March 31, 2020																			5,101,742		51,017		43,725,501		(19,048,861	)		24,727,657

Net assets at September 30, 2019			12,498,946		$	124,989		$	125,005,710		$	(1,017,350	)	$	124,113,349
Net assets at March 31, 2020																			19,729,143	$	197,291	$	189,821,799	$	(20,729,038	)	$	169,290,052

Distributions declared per share			—		$	—		$	—		$	0.13		$	0.13				—	$	—	$	—	$	0.24		$	0.24

Net assets at December 31, 2018			6,383,672		$	63,837		$	63,838,147		$	(628,274	)	$	63,273,710
Increase (decrease) in net assets resulting from operations:
Net investment income			—			—			—			4,392,369			4,392,369
Net realized gain (loss) on investments			—			—			—			64,058			64,058
Net change in unrealized appreciation (depreciation) on investments			—			—			—			(422,333	)		(422,333	)
Capital transactions:
Issuance of common stock			5,896,977			58,969			58,997,766			—			59,056,735
Issuance of common shares pursuant to distribution reinvestment plan			241,635			2,416			2,401,687			—			2,404,103
Repurchase of common stock			(23,338	)		(233	)		(231,890	)		—			(232,123	)
Distributions to shareholders			—			—			—			(4,423,170	)		(4,423,170	)

Total increase (decrease) for the nine months ended September 30, 2019			6,115,274			61,152			61,167,563			(389,076	)		60,839,639

Net assets at September 30, 2019			12,498,946		$	124,989		$	125,005,710		$	(1,017,350	)	$	124,113,349

Distributions declared per share			—		$	—		$	—		$	0.44		$	0.44


		Nine Months Ended September 30, 2019			Nine Months Ended September 30, 2018				Three Months Ended March 31, 2020			Three Months Ended March 31, 2019
Cash flows from operating activities	Cash flows from operating activities							Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations		$	4,034,094		$	1,316,997			$	(15,497,328	)	$	1,382,359

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:	Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:							Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments			(191,726,921	)		(67,235,166	)			(57,511,820	)		(60,724,441	)
Payment-in-kind investments			(166,946	)		—				(206,351	)		(28,637	)
Proceeds from sales of investments and principal repayments			31,722,080			5,780,804				13,458,168			2,479,560
Net realized (gain) loss on investments			(64,058	)		—				13,369			1,754
Net change in unrealized (appreciation) depreciation on investments			422,333			20,769				19,036,228			(358,007	)
Amortization of premium and accretion of discount, net			(782,772	)		(122,140	)
Amortization of premium and (accretion) of discount, net										(452,560	)		(124,006	)
Amortization of debt issuance and deferred financing costs			640,997			288,965				396,314			142,897
Amortization of deferred offering costs			—			156,089

Increase (decrease) in operating assets and liabilities:	Increase (decrease) in operating assets and liabilities:							Increase (decrease) in operating assets and liabilities:
(Increase) decrease in receivable for investments sold			(187,501	)		(5,633	)			212,441			(66,507	)
(Increase) decrease in interest receivable			(1,170,284	)		(387,074	)			240,380			(352,249	)
(Increase) decrease in receivable from Adviser			—			(626,976	)
(Increase) decrease in prepaid expenses			(78,112	)		(62,384	)			67,598			61,027
Increase (decrease) in investments purchased payable										—			136,194
Increase (decrease) in management fees payable			126,669			483,562				93,430			552,688
Increase (decrease) in payable to Adviser			350,114			—				121,330			(87,581	)
Increase (decrease) in administrator and custodian fees payable			(69,577	)		155,504				(127,657	)		(69,439	)
Increase (decrease) in professional fees payable			2,428			788,635				266,172			134,064
Increase (decrease) in excise tax payable			—			(2,336	)
Increase (decrease) in incentive fees payable			454,300			33,904				282,239			30,015
Increase (decrease) in directors’ fees payable			41,773			(187	)			50,000			34,500
Increase (decrease) in transfer agent fees payable			(2,613	)		6,855				10,758			4,663
Increase (decrease) in interest and borrowing expenses payable			1,044,057			62,392
Increase (decrease) in accrued organization and offering costs			—			(90,308	)
Increase (decrease) in interest and borrowings expenses payable										(1,647,346	)		702,105
Increase (decrease) in accrued expenses and other liabilities			10,747			92,110				98,774			10,710

Net cash provided by (used for) operating activities			(155,399,192	)		(59,345,618	)			(41,095,861	)		(56,138,331	)

Cash flows from financing activities								Cash flows from financing activities
Issuance of common stock			71,623,545			32,437,843				19,880,528			20,266,912
Repurchase of common stock			(232,123	)		—				—			(72,668	)
Distributions paid			(1,655,139	)		(334,897	)			(964,833	)		(403,998	)
Financing costs paid			(3,686,406	)		(180,492	)			—			(899,946	)
Borrowings on notes			213,117,165			—
Borrowings on credit facility			214,750,000			77,750,000				56,000,000			144,000,000
Repayments of credit facility			(302,950,000	)		(65,000,000	)			(32,500,000	)		(90,200,000	)

Net cash provided by (used for) financing activities			190,967,042			44,672,454				42,415,695			72,690,300

Net increase (decrease) in cash			35,567,850			(14,673,164	)			1,319,834			16,551,969
Cash and cash equivalents, beginning of period			2,510,208			17,139,858				14,931,791			2,510,208

Cash and cash equivalents, end of period		$	38,078,058		$	2,466,694			$	16,251,625		$	19,062,177

Supplemental andnon-cash financing activities	Supplemental andnon-cash financing activities							Supplemental andnon-cash financing activities
Cash paid during the period for interest		$	3,986,622		$	531,923			$	3,787,866		$	528,010
Issuance of common shares pursuant to distribution reinvestment plan		$	2,404,103		$	772,338			$	1,931,666		$	581,297
Excise taxes paid		$	—		$	2,339

Portfolio Company
Industry
Facility Type

Interest
Maturity Funded
Par Amount Cost Fair
Value
BCP Raptor II, LLC^{(1) (8)}
Energy Term Loan 6.79% (L + 4.75%) 11/03/2025 $ 5,726,562 $ 5,732,541 $ 5,130,026
Brazos Delaware II, LLC^{(1) (8)}
Energy Term Loan B 6.05% (L + 4.00%) 05/21/2025 4,055,427 3,959,783 3,736,062
Nine Point Energy, LLC⁽¹⁾
Energy Term Loan 7.54% (L + 5.50%; 1.00% Floor) 06/07/2024 4,921,875 4,827,497 4,823,438
Nine Point Energy, LLC⁽²⁾
Energy Revolver 7.55% (L + 5.50%; 1.00% Floor) 06/07/2024 153,125 146,907 146,563
Nine Point Energy, LLC⁽²⁾
Energy Delayed Draw Term Loan 7.54% (L + 5.50%; 1.00% Floor) 06/07/2024 437,500 404,031 402,500
American Physician Partners, LLC⁽¹⁾
Healthcare & HCIT Term Loan A 8.60% (L + 6.50%; 1.00% Floor) 12/21/2021 5,639,988 5,537,329 5,555,388
American Physician Partners, LLC⁽²⁾
Healthcare & HCIT Revolver 8.60% (L + 6.50%; 1.00% Floor) 12/21/2021 177,601 172,750 170,941
American Physician Partners, LLC^{(1) (2) (3)}
Healthcare & HCIT Delayed Draw Term Loan 8.60% (L + 6.50%; 1.00% Floor) 12/21/2021 1,002,296 992,233 986,329
Analogic Corporation⁽¹⁾
Healthcare & HCIT Term Loan 8.04% (L + 6.00%; 1.00% Floor) 06/24/2024 2,982,913 2,933,965 2,923,255
Analogic Corporation^{(2) (3)}
Healthcare & HCIT Revolver 8.04% (L + 6.00%; 1.00% Floor) 06/22/2023 28,696 24,153 22,956
CutisPharma Inc.⁽¹⁾
Healthcare & HCIT Term Loan 7.79% (L + 5.75%; 1.00% Floor) 03/21/2023 7,292,268 7,175,226 7,164,653
CutisPharma, Inc.^{(2) (3)}
Healthcare & HCIT Revolver 7.79% (L + 5.75%; 1.00% Floor) 03/21/2023 —   (7,646 ) (8,452 )
CutisPharma, Inc.^{(2) (3)}
Healthcare & HCIT Delayed Draw Term Loan 7.79% (L + 5.75%; 1.00% Floor) 03/21/2023 —   (30,582 ) (33,806 )
Delaware Valley Management Holdings, Inc.⁽¹⁾
Healthcare & HCIT Term Loan 7.81% (L + 5.75%; 1.00% Floor) 03/21/2024 4,425,237 4,344,333 4,336,732
Delaware Valley Management Holdings, Inc.^{(2) (3)}
Healthcare & HCIT Revolver 7.81% (L + 5.75%; 1.00% Floor) 03/21/2024 —   (9,449 ) (10,538 )
Delaware Valley Management Holdings, Inc.^{(2) (3)}
Healthcare & HCIT Delayed Draw Term Loan 7.81% (L + 5.75%; 1.00% Floor) 03/21/2024 —   (59,767 ) (105,376 )
Ethos Veterinary Health
LLC^{(1) (2) (3)}
Healthcare & HCIT Term Loan 7.04% (L + 5.00%) 05/15/2026 3,388,686 3,347,657 3,346,409
GHA Buyer, Inc.⁽¹⁾
Healthcare & HCIT Term Loan 7.54% (L + 5.50%; 1.00% Floor) 10/23/2023 2,003,194 1,969,673 1,963,130
GHA Buyer, Inc.^{(2) (3)}
Healthcare & HCIT Revolver 7.54% (L + 5.50%; 1.00% Floor) 10/23/2023 —   (3,300 ) (4,050 )
GHA Buyer, Inc.^{(2) (3)}
Healthcare & HCIT Delayed Draw Term Loan 7.54% (L + 5.50%; 1.00% Floor) 10/23/2023 —   (2,933 ) (13,500 )
INH Buyer, Inc.⁽¹⁾
Healthcare & HCIT Term Loan 8.76% (L + 6.50%; 1.00% Floor) 01/31/2025 8,643,359 8,522,975 8,513,709
INH Buyer, Inc.^{(2) (3)}
Healthcare & HCIT Revolver 8.76% (L + 6.50%; 1.00% Floor) 01/31/2024 —   (2,746 ) (3,088 )
Pace Health Companies, LLC⁽¹⁾
Healthcare & HCIT Term Loan 6.77% (L + 4.50%; 1.00% Floor) 08/02/2024 5,426,804 5,372,976 5,372,536
Pace Health Companies,
LLC^{(2) (3)}
Healthcare & HCIT Revolver 6.77% (L + 4.50%; 1.00% Floor) 08/02/2024 —   (6,099 ) (6,167 )
Pinnacle Dermatology Management, LLC⁽¹⁾
Healthcare & HCIT Term Loan 6.36% (L + 4.25%; 1.00% Floor) 05/18/2023 1,850,273 1,822,773 1,813,268
Pinnacle Dermatology Management, LLC^{(2) (3)}
Healthcare & HCIT Revolver 6.36% (L + 4.25%; 1.00% Floor) 05/18/2023 —   (6,844 ) (9,369 )
Pinnacle Dermatology Management, LLC^{(1) (2) (3)}
Healthcare & HCIT Delayed Draw Term Loan 6.36% (L + 4.25%; 1.00% Floor) 05/18/2023 4,473,445 4,405,541 4,379,760
Platinum Dermatology Partners, LLC⁽¹⁾
Healthcare & HCIT Term Loan 8.59% (L + 6.25%; 1.00% Floor) 01/03/2023 3,152,594 3,101,335 3,089,542
Platinum Dermatology Partners, LLC⁽¹⁾
Healthcare & HCIT Specified Delayed Draw Term Loan Commitment 10.25% (P + 5.25%; 1.00% Floor) 01/03/2023 1,964,451 1,937,952 1,925,162
Platinum Dermatology Partners, LLC⁽⁹⁾
Healthcare & HCIT Revolver 10.25% (P + 5.25%; 1.00% Floor) 01/03/2023 498,592 492,048 488,620
Platinum Dermatology Partners, LLC^{(1) (10)}
Healthcare & HCIT General Delayed Draw Term Loan Commitment 8.36% (L + 6.25%; 1.00% Floor) 01/03/2023 1,425,972 1,398,906 1,397,452
RCP Encore Acquisition, Inc.⁽¹⁾
Healthcare & HCIT Term Loan 7.16% (L + 4.75%; 1.00% Floor) 06/09/2025 3,984,727 3,946,536 3,944,880
The Center for Orthopedic and Research Excellence, Inc.⁽¹⁾
Healthcare & HCIT Term Loan 7.56% (L + 5.50%; 1.00% Floor) 08/15/2025 5,006,357 4,920,074 4,918,746
The Center for Orthopedic and Research Excellence, Inc.⁽²⁾
Healthcare & HCIT Revolver 7.56% (L + 5.50%; 1.00% Floor) 08/15/2025 103,580 91,701 91,496
The Center for Orthopedic and Research Excellence,
Inc.^{(2) (3)}
Healthcare & HCIT Delayed Draw Term Loan 7.56% (L + 5.50%; 1.00% Floor) 08/15/2025 —   (14,790 ) (15,105 )
Theranest, LLC⁽¹⁾
Healthcare & HCIT Term Loan 7.26% (L + 5.00%; 1.00% Floor) 07/24/2023 3,000,000 2,952,789 2,940,000
Theranest, LLC^{(2) (3)}
Healthcare & HCIT Revolver 7.26% (L + 5.00%; 1.00% Floor) 07/24/2023 —   (6,565 ) (8,571 )
Theranest, LLC^{(1) (2) (3)}
Healthcare & HCIT Delayed Draw Term Loan 7.26% (L + 5.00%; 1.00% Floor) 07/24/2023 1,062,214 1,019,183 1,017,214
RxBenefits, Inc.⁽¹⁾
Pharmaceutical Term Loan A 7.70% (L + 5.50%; 1.00% Floor) 03/28/2025 5,792,538 5,792,538 5,734,613
RxBenefits, Inc.^{(2) (3)}
Pharmaceutical Revolver 7.70% (L + 5.50%; 1.00% Floor) 03/29/2024 —   —   (5,757 )
AMI US Holdings, Inc.⁽¹⁾
Software & Services Term Loan 7.60% (L + 5.50%; 1.00% Floor) 04/01/2025 8,277,402 8,069,042 8,111,854
AMI US Holdings, Inc.⁽²⁾
Software & Services Revolver 7.55% (L + 5.50%; 1.00% Floor) 04/01/2024 612,979 593,232 591,087
Avetta, LLC⁽¹⁾
Software & Services Term Loan 7.55% (L + 5.50%; 1.00% Floor) 04/10/2024 3,295,461 3,246,375 3,229,552
Avetta, LLC^{(2) (3)}
Software & Services Revolver 7.55% (L + 5.50%; 1.00% Floor) 04/10/2024 —   (7,016 ) (9,888 )
Avetta, LLC⁽¹⁾
Software & Services Incremental Term Loan B 7.55% (L + 5.50%; 1.00% Floor) 04/10/2024 4,337,713 4,256,111 4,250,959
Avetta, LLC^{(2) (3)}
Software & Services Delayed Draw Term Loan 7.55% (L + 5.50%; 1.00% Floor) 04/10/2024 —   (11,754 ) (12,360 )
Broadway Technology, LLC⁽¹⁾
Software & Services Term Loan 7.07% (L + 4.75%; 1.00% Floor) 04/01/2024 4,455,799 4,371,515 4,366,683
Broadway Technology,
LLC^{(2) (3)}
Software & Services Revolver 7.07% (L + 4.75%; 1.00% Floor) 04/01/2024 —   (6,925 ) (7,677 )
Businesssolver.com, Inc.⁽¹⁾
Software & Services Term Loan 9.66% (L + 7.50%; 1.00% Floor) 05/15/2023 2,588,235 2,549,068 2,588,235
Businesssolver.com, Inc.⁽²⁾
Software & Services Revolver 9.55% (L + 7.50%; 1.00% Floor) 05/15/2023 $ 71,176 $ 66,490 $ 71,176
Businesssolver.com, Inc.⁽²⁾
Software & Services Delayed Draw Term Loan 9.66% (L + 7.50%; 1.00% Floor) 05/15/2023 278,235 273,302 278,235
Degreed, Inc.⁽¹⁾
Software & Services Term Loan 8.40% (L + 6.35%; 1.00% Floor) 05/31/2024 2,228,335 2,206,931 2,206,051

Portfolio Company
Industry
Facility Type

Interest
Maturity Funded
Par Amount Cost Fair Value
Degreed, Inc.^{(2) (3)}
Software & Services Revolver 8.40% (L + 6.35%; 1.00% Floor) 05/31/2024 —   (3,947 ) (4,178 )
Degreed, Inc.^{(2) (3)}
Software & Services Delayed Draw Term Loan 8.40% (L + 6.35%; 1.00% Floor) 05/31/2024 —   (13,810 ) (14,623 )
Drilling Info Holdings,
Inc.^{(1) (8)}
Software & Services Term Loan 6.29% (L + 4.25%) 07/30/2025 3,403,830 3,390,454 3,386,810
E2open LLC⁽¹⁾
Software & Services Term Loan 7.87% (L + 5.75%; 1.00% Floor) 11/26/2024 4,957,292 4,891,445 4,907,719
E2open LLC^{(2) (3)}
Software & Services Revolver 7.87% (L + 5.75%; 1.00% Floor) 11/26/2024 —   (4,024 ) (3,114 )
Engage2Excel, Inc.⁽¹⁾
Software & Services Term Loan 8.71% (L + 6.50%; 1.00% Floor) 03/07/2023 2,977,748 2,932,154 2,918,193
Engage2Excel, Inc.⁽¹⁾
Software & Services Term Loan 9.12% (L + 6.50%; 1.00% Floor) 03/07/2023 1,033,074 1,014,326 1,012,412
Engage2Excel, Inc.⁽²⁾
Software & Services Revolver 10.50% (P + 5.50%; 1.00% Floor) 03/07/2023 188,452 182,166 180,914
Engage2Excel, Inc.^{(2) (3)}
Software & Services Delayed Draw Term Loan 10.50% (P + 5.50%; 1.00% Floor) 03/07/2023 —   (5,911 ) (6,645 )
EnterpriseDB Corporation⁽¹⁾
Software & Services Term Loan 7.33% (L + 4.50%; 0.75% PIK; 1.00% Floor) 06/21/2024 7,814,444 7,664,598 7,658,156
EnterpriseDB
Corporation^{(2) (3)}
Software & Services Revolver 7.33% (L + 4.50%; 0.75% PIK; 1.00% Floor) 06/21/2024 —   (13,167 ) (13,928 )
Exterro, Inc.⁽¹⁾
Software & Services Term Loan 7.64% (L + 5.50%; 1.00% Floor) 05/31/2024 6,067,644 5,950,715 5,946,291
Exterro, Inc.^{(2) (3)}
Software & Services Revolver 7.64% (L + 5.50%; 1.00% Floor) 05/31/2024 —   (4,429 ) (6,600 )
Exterro, Inc.⁽¹⁾
Software & Services Initial Term Loan 7.64% (L + 5.50%; 1.00% Floor) 05/31/2024 2,932,875 2,888,709 2,874,218
Finalsite Holdings, Inc.⁽¹⁾
Software & Services Term Loan 7.76% (L + 5.50%; 1.00% Floor) 09/25/2024 3,341,470 3,291,234 3,291,348
Finalsite Holdings, Inc.^{(2) (3)}
Software & Services Revolver 7.76% (L + 5.50%; 1.00% Floor) 09/25/2024 —   (3,695 ) (3,797 )
Genesis Acquisition Co.⁽¹⁾
Software & Services Term Loan 6.10% (L + 4.00%) 07/31/2024 1,366,142 1,343,481 1,338,819
Genesis Acquisition Co.^{(2) (3)}
Software & Services Revolver 6.11% (L + 4.00%) 07/31/2024 70,840 67,564 66,792
Genesis Acquisition Co.^{(2) (3)}
Software & Services Delayed Draw Term Loan 6.10% (L + 4.00%) 07/31/2024 —   (2,954 ) (3,644 )
GS AcquisitionCo, Inc.⁽¹⁾
Software & Services Term Loan 7.80% (L + 5.75%; 1.00% Floor) 05/24/2024 2,723,599 2,690,436 2,689,554
GS AcquisitionCo, Inc.⁽²⁾
Software & Services Second Supplemental Delayed Draw Term Loan 7.80% (L + 5.75%; 1.00% Floor) 05/24/2024 205,536 191,314 190,877
GS AcquisitionCo, Inc.⁽²⁾
Software & Services Revolver 7.80% (L + 5.75%; 1.00% Floor) 05/24/2024 60,452 56,786 56,674
Ministry Brands, LLC⁽¹⁾
Software & Services Term Loan 6.04% (L + 4.00%; 1.00% Floor) 12/02/2022 3,152,486 3,141,507 3,136,724
Ministry Brands,
LLC^{(1) (2) (3)}
Software & Services Delayed Draw Term Loan 6.04% (L + 4.00%; 1.00% Floor) 12/02/2022 659,271 654,399 652,314
Rhode Holdings, Inc.⁽¹⁾
Software & Services Term Loan 8.72% (L + 5.50%; 1.00% PIK; 1.00% Floor) 05/02/2025 4,465,729 4,425,389 4,376,414
Rhode Holdings, Inc.^{(2) (3)}
Software & Services Revolver 8.60% (L + 6.50%; 1.00% Floor) 05/02/2025 107,425 103,918 99,906
Rhode Holdings, Inc.^{(2) (3)}
Software & Services Delayed Draw Term Loan 8.69% (L + 5.50%; 1.00% PIK; 1.00% Floor) 05/02/2025 69,827 64,209 63,758
Selligent, Inc.
Software & Services Term Loan 7.61% (L + 5.50%; 1.00% Floor) 11/05/2024 1,911,885 1,887,450 1,883,207
Selligent, Inc.^{(2) (3)}
Software & Services Revolver 7.61% (L + 5.50%; 1.00% Floor) 11/03/2023 —   (2,474 ) (3,010 )
Sirsi Corporation⁽¹⁾
Software & Services Term Loan 6.78% (L + 4.75%; 1.00% Floor) 03/15/2024 9,022,523 8,895,481 8,887,185
Sirsi Corporation⁽²⁾
Software & Services Revolver 6.79% (L + 4.75%; 1.00% Floor) 03/15/2024 221,496 214,116 213,190
Sugarcrm Inc.⁽¹⁾
Software & Services Term Loan 8.79% (L + 6.75%; 1.00% Floor) 07/31/2024 3,235,401 3,187,753 3,203,047
Sugarcrm, Inc.⁽²⁾
Software & Services Revolver 9.39% (L + 6.75%; 1.00% Floor) 07/31/2024 186,146 181,754 183,044
Summit Infrastructure Group, Inc.⁽¹⁾
Software & Services Term Loan 7.03% (L + 5.00%; 1.00% Floor) 03/15/2024 7,035,977 6,904,702 6,895,257
Summit Infrastructure Group, Inc.^{(2) (3)}
Software & Services Revolver 7.03% (L + 5.00%; 1.00% Floor) 03/15/2024 —   (10,057 ) (11,257 )
Summit Infrastructure Group, Inc.^{(2) (3)}
Software & Services Delayed Draw Term Loan 7.03% (L + 5.00%; 1.00% Floor) 03/15/2024 —   (20,114 ) (22,515 )
Swiftpage, Inc.
Software & Services Term Loan A 7.04% (L + 5.00%; 1.00% Floor) 06/13/2023 230,377 226,202 225,769
Swiftpage, Inc.
Software & Services Term Loan 7.06% (L + 5.00%; 1.00% Floor) 06/13/2023 2,503,126 2,465,201 2,453,063
Swiftpage, Inc.^{(2) (3)}
Software & Services Revolver 7.06% (L + 5.00%; 1.00% Floor) 06/13/2023 —   (3,354 ) (4,507 )
Symplr Software, Inc.^{(1) (11)}
Software & Services Term Loan 8.10% (L + 6.00%) 11/28/2025 5,771,447 5,691,726 5,684,875
Symplr Software, Inc.^{(2) (11)}
Software & Services Revolver 8.10% (L + 6.00%) 11/30/2023 240,978 237,274 236,531
TRGRP, Inc.⁽¹⁾
Software & Services Term Loan 9.04% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023 4,775,514 4,693,346 4,680,004
TRGRP, Inc.^{(2) (3)}
Software & Services Revolver 9.04% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023 —   (5,468 ) (6,666 )
TRGRP, Inc.⁽¹⁾
Software & Services Incremental Term Loan 9.04% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023 1,067,144 1,046,692 1,045,801
Velocity Purchaser Corporation⁽¹⁾
Software & Services Term Loan 8.05% (L + 6.00%; 1.00% Floor) 12/01/2022 2,815,750 2,780,052 2,815,750
Velocity Purchaser Corporation⁽¹⁾
Software & Services Term Loan 8.06% (L + 6.00%; 1.00% Floor) 12/01/2022 700,038 688,838 700,038
Velocity Purchaser Corporation^{(2) (3)}
Software & Services Revolver 8.06% (L + 6.00%; 1.00% Floor) 12/01/2022 —   (2,655 ) —
Watermark Insights, LLC⁽¹⁾
Software & Services Term Loan 6.81% (L + 4.75%; 1.00% Floor) 06/07/2024 2,619,336 2,598,216 2,593,143
Watermark Insights, LLC⁽¹⁾
Software & Services Delayed Draw Term Loan 6.81% (L + 4.75%; 1.00% Floor) 06/07/2024 328,708 326,821 325,421
Purchasing Power, LLC⁽¹⁾
Specialty Finance Term Loan 9.35% (L + 7.25%; 1.00% Floor) 02/06/2024 $ 2,929,842 $ 2,881,943 $ 2,878,570
Dillon Logistics, Inc.⁽¹⁾
Transport &
Logistics Term Loan B 10.34% (L + 3.00%; 5.00% PIK; 1.00% Floor) 12/11/2023 1,158,111 1,138,307 1,088,624
Dillon Logistics, Inc.⁽¹⁾
Transport &
Logistics Term Loan A 10.34% (L + 3.00%; 5.00% PIK; 1.00% Floor) 12/11/2023 2,625,051 2,580,041 2,467,548
Dillon Logistics, Inc.^{(2) (12)}
Transport &
Logistics Revolver 9.18% (L + 7.00%; 1.00% Floor) 12/11/2023 380,081 372,642 355,683
OSG Bulk Ships, Inc.⁽¹⁾
Transport &
Logistics Term Loan 7.10% (L + 5.00%) 12/21/2023 6,143,151 6,076,620 6,066,361

Total 1st Lien/Senior Secured Debt

285,952,814 284,641,539
See Notes to Unaudited Consolidated Financial Statements

Portfolio Company
Industry
Facility Type

Interest
   Maturity    Funded
Par Amount    Cost    Fair Value
2nd Lien/Junior Secured Debt- 6.14%

Brave Parent Holdings, Inc.⁽¹⁾
Energy    Term Loan    9.76% (L + 7.50%)    04/17/2026    1,230,107    1,203,534    1,180,902
Conterra Ultra Broadband Holdings, Inc.⁽¹⁾
Software & Services    Term Loan    10.11% (L + 8.00%; 1.00% Floor)    04/30/2027    6,537,710    6,442,487    6,439,645




Total 2nd Lien/Junior Secured Debt

   7,646,021    7,620,547




Total U.S. Corporate Debt

   293,598,835    292,262,086
U.S. Preferred Stock- 3.60%

Datarobot, Inc.⁽¹³⁾
   Software & Services          38,190    $ 289,278    $ 289,278
Degreed, Inc.⁽¹³⁾
   Software & Services          43,819    278,541    278,540
Heap⁽¹³⁾
   Software & Services          189,617    696,351    696,351
Protoscale Rubrik⁽¹³⁾
   Software & Services          25,397    598,212    598,201
Punchh⁽¹³⁾
   Software & Services          24,262    275,337    275,337
Symplr Software Intermediate Holdings,
Inc.⁽¹³⁾
   Software & Services          1,196    1,160,531    1,332,182
Workfront, Inc.⁽¹³⁾
   Software & Services          104,058    999,997    999,997




Total U.S. Preferred Stock

      4,298,247    4,469,886
U.S. Common Stock- 1.34%


SSC TS Investments, LLC^{(13) (14)}
   Business Services          62,734    $ 62,734    $ 170,010
NC Holdings, LLC^{(13) (15)}
   Digital Infrastructure & Services          313,087    347,370    347,370
Leeds FEG Investors, LLC⁽¹³⁾
   Education          320    321,309    359,147
INH Group Holdings⁽¹³⁾
   Healthcare & HCIT          484,552    484,552    373,105
Aggregator, LLC⁽¹³⁾
   Software & Services          417,813    417,813    417,813




Total U.S. Common Stock

      1,633,778    1,667,445
TOTAL INVESTMENTS - 240.42%⁽¹⁶⁾
         $ 299,530,860    $ 298,399,417




Cash Equivalents- 0.01%


U.S. Investment Companies- 0.01%


Fidelity Government Portfolio I⁽¹⁷⁾
   Money Market Portfolio    1.86%⁽¹⁸⁾       11,329    $ 11,329    $ 11,329




Total U.S. Investment Companies

      11,329    11,329




Total Cash Equivalents

   11,329    11,329
LIABILITIES IN EXCESS OF OTHER ASSETS - (140.43%)

      $ (174,297,397 )


NET ASSETS—100.00%

      $ 124,113,349


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value
D1 Holdings LLC	Digital Infrastructure & Services	Note	7.00%	06/26/2020		32,804		32,804			—
EvolveIP, LLC⁽¹⁾	Digital Infrastructure & Services	Term Loan A	6.75% (L + 5.75%; 1.00% Floor)	06/07/2023		6,617,196		6,526,536			6,418,680
EvolveIP, LLC⁽²⁾	Digital Infrastructure & Services	Revolver	6.75% (L + 5.75%; 1.00% Floor)	06/07/2023		113,374		105,695			96,368
EvolveIP, LLC^{(2) (3)}	Digital Infrastructure & Services	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)	06/07/2023		—		(10,246	)		(22,675	)
Fuze, Inc.⁽¹⁾	Digital Infrastructure & Services	Term Loan	7.25% (L + 6.25%; 1.00% Floor)	09/20/2024		11,015,029		10,965,679			10,857,514
Fuze, Inc.^{(2) (3)}	Digital Infrastructure & Services	Revolver	7.25% (L+ 6.25%; 1.00% Floor)	09/20/2024		—		(5,798	)		(18,531	)
Fuze, Inc.⁽²⁾	Digital Infrastructure & Services	Delayed Draw Term Loan	7.79% (L + 6.25%; 1.00% Floor)	09/20/2024		777,531		194,636			766,905
InSite Wireless Group, LLC^{(1) (2)}	Digital Infrastructure & Services	Term Loan	5.38% (L + 4.61%; 0.50% Floor)	03/15/2023		10,210,781		10,087,339			10,048,118
InSite Wireless Group, LLC	Digital Infrastructure & Services	Revolver	5.38% (L + 4.61%; 0.50% Floor)	03/15/2023		460,172		455,435			454,419
Star2star Communications, LLC⁽¹⁾	Digital Infrastructure & Services	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	03/13/2025		5,444,894		5,336,539			5,335,996
Star2star Communications, LLC^{(2) (3)}	Digital Infrastructure & Services	Revolver	6.50% (L + 5.50%; 1.00% Floor)	03/13/2025		—		(19,025	)		(19,217	)
Star2star Communications, LLC^{(2) (3)}	Digital Infrastructure & Services	Delayed Draw Term Loan	6.50% (L + 5.50%; 1.00% Floor)	03/13/2025	$	—	$	(12,683	)	$	(12,812	)
AEG Holding Company, Inc.⁽¹⁾	Education	Term Loan	7.08% (L + 6.00%; 1.00% Floor)	11/20/2023		6,090,673		6,011,995			5,816,593
AEG Holding Company, Inc.⁽¹⁾	Education	Term Loan	7.00% (L + 6.00%; 1.00% Floor)	11/20/2023		1,871,541		1,839,991			1,787,322
AEG Holding Company, Inc.	Education	Revolver	7.00% (L + 6.00%; 1.00% Floor)	11/20/2023		1,116,864		1,101,185			1,066,606
AEG Holding Company, Inc.⁽¹⁾	Education	Delayed Draw Term Loan	7.00% (L + 6.00%; 1.00% Floor)	11/20/2023		1,075,502		1,062,110			1,027,104
Accelerate Resources Operating, LLC	Energy	Term Loan	7.00% (L + 6.00%; 1.00% Floor)	02/24/2026		4,977,171		4,879,252			4,355,025
Accelerate Resources Operating, LLC^{(2) (3)}	Energy	Revolver	7.00% (L + 6.00%; 1.00% Floor)	02/24/2026		—		(8,160	)		(51,846	)
Accelerate Resources Operating, LLC^{(2) (3)}	Energy	Delayed Draw Term Loan	7.00% (L + 6.00%; 1.00% Floor)	02/24/2026		—		(57,119	)		(362,919	)
BCP Raptor II, LLC⁽¹⁾	Energy	Term Loan	5.74% (L + 4.75%)	11/03/2025		5,697,857		5,696,961			4,301,882
Brazos Delaware II, LLC⁽¹⁾	Energy	Term Loan B	4.92% (L + 4.00%)	05/21/2025		4,034,893		3,943,343			2,824,425
Nine Point Energy, LLC⁽¹⁾	Energy	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	06/07/2024		4,921,875		4,836,347			4,085,156
Nine Point Energy, LLC⁽¹⁾	Energy	Revolver	6.50% (L + 5.50%; 1.00% Floor)	06/07/2024		328,125		322,517			272,344
Nine Point Energy, LLC^{(1) (2)}	Energy	Delayed Draw Term Loan	6.50% (L + 5.50%; 1.00% Floor)	06/07/2024		437,500		407,847			336,875
Higginbotham Insurance Agency, Inc.	Financial Services	Incremental Term Loan	5.25% (L + 4.25%, 1.00% Floor)	12/19/2024		3,404,667		3,371,933			3,276,992
American Physician Partners, LLC	Healthcare & HCIT	Term Loan C	7.95% (L + 6.50%; 1.00% Floor)	12/21/2021		1,189,788		1,180,137			1,142,197
American Physician Partners, LLC⁽¹⁾	Healthcare & HCIT	Term Loan A	7.95% (L + 6.50%; 1.00% Floor)	12/21/2021		5,498,506		5,447,151			5,278,566
American Physician Partners, LLC⁽²⁾	Healthcare & HCIT	Revolver	7.95% (L + 6.50%; 1.00% Floor)	12/21/2021		346,322		342,460			328,562
American Physician Partners, LLC⁽¹⁾	Healthcare & HCIT	Delayed Draw Term Loan	7.95% (L + 6.50%; 1.00% Floor)	12/21/2021		1,037,754		1,028,688			996,243
Analogic Corporation⁽¹⁾	Healthcare & HCIT	Term Loan	6.25% (L + 5.25%; 1.00% Floor)	06/24/2024		2,133,542		2,103,630			2,026,865
Analogic Corporation⁽²⁾	Healthcare & HCIT	Revolver	6.25% (L + 5.25%; 1.00% Floor)	06/22/2023		18,333		15,710			7,639
BK Medical Holding Company, Inc.	Healthcare & HCIT	Term Loan A	6.25% (L + 5.25%; 1.00% Floor)	06/22/2024		3,002,838		2,974,096			2,882,724
BK Medical Holding Company, Inc.^{(2) (3)}	Healthcare & HCIT	Revolver	6.25% (L + 5.25%; 1.00% Floor)	06/22/2023		—		(3,038	)		(12,869	)
CutisPharma, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	6.84% (L + 5.25%; 1.00% Floor)	03/21/2023		7,292,268		7,190,658			7,073,500
CutisPharma, Inc.^{(2) (3)}	Healthcare & HCIT	Revolver	6.84% (L + 5.25%; 1.00% Floor)	03/21/2023		—		(6,553	)		(14,488	)


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value
CutisPharma, Inc.^{(2) (3)}	Healthcare & HCIT	Delayed Draw Term Loan	6.84% (L + 5.25%; 1.00% Floor)	03/21/2023		—		(6,553	)		(14,488	)
Delaware Valley Management Holdings, Inc.	Healthcare & HCIT	Term Loan	6.75% (L + 5.75%; 1.00% Floor)	03/21/2024		4,299,211		4,228,711			3,288,896
Delaware Valley Management Holdings, Inc.	Healthcare & HCIT	Revolver	6.75% (L + 5.75%; 1.00% Floor)	03/21/2024		526,880		518,399			403,063
Delaware Valley Management Holdings, Inc.^{(2) (3)}	Healthcare & HCIT	Delayed Draw Term Loan	6.75% (L + 5.75%; 1.00% Floor)	03/21/2024		—		(65,360	)		(1,238,167	)
Ethos Veterinary Health LLC⁽¹⁾	Healthcare & HCIT	Term Loan	5.99% (L + 5.00%)	05/15/2026		2,309,120		2,288,131			2,124,391
Ethos Veterinary Health LLC^{(1) (2)}	Healthcare & HCIT	Delayed Draw Term Loan	5.99% (L + 5.00%)	05/15/2026		1,067,934		1,049,318			915,372
GHA Buyer, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	6.95% (L + 5.50%; 1.00% Floor)	10/23/2023		1,993,069		1,963,370			1,893,415
GHA Buyer, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	6.95% (L + 5.50%; 1.00% Floor)	10/23/2023		569,488		558,578			541,014
GHA Buyer, Inc.^{(2) (3)}	Healthcare & HCIT	Revolver	6.95% (L + 5.50%; 1.00% Floor)	10/23/2023		—		(2,899	)		(10,126	)
GHA Buyer, Inc.^{(2) (3)}	Healthcare & HCIT	Delayed Draw Term Loan	6.95% (L + 5.50%; 1.00% Floor)	10/23/2023		—		(4,844	)		(27,002	)
GHA Buyer, Inc.^{(2) (3)}	Healthcare & HCIT	Delayed Draw Term Loan	6.95% (L + 5.50%; 1.00% Floor)	10/23/2023		—		(5,426	)		(22,837	)
INH Buyer, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	10.28% (L + 6.50%; 2.00% PIK, 1.00% Floor)	01/31/2025		8,636,935		8,526,212			7,859,611
INH Buyer, Inc.⁽²⁾	Healthcare & HCIT	Revolver	7.50% (L + 6.50%; 1.00% Floor)	01/31/2024		109,791		107,391			91,264
OMH-HealthEdge Holdings, LLC⁽¹⁾	Healthcare & HCIT	Term Loan	6.50% (L + 5.50%; 1.00% Floor)	10/24/2025		3,765,523		3,685,802			3,614,902
OMH-HealthEdge Holdings, LLC^{(2) (3)}	Healthcare & HCIT	Revolver	6.50% (L + 5.50%; 1.00% Floor)	10/24/2024		—		(9,438	)		(18,349	)
Pace Health Companies, LLC⁽¹⁾	Healthcare & HCIT	Term Loan	5.95% (L + 4.50%; 1.00% Floor)	08/02/2024		5,399,670		5,351,008			5,075,690
Pace Health Companies, LLC⁽²⁾	Healthcare & HCIT	Revolver	5.50% (L + 4.50%; 1.00% Floor)	08/02/2024		533,430		527,951			496,429
Pinnacle Dermatology Management, LLC⁽¹⁾	Healthcare & HCIT	Term Loan	5.32% (L + 4.25%; 1.00% Floor)	05/18/2023		6,314,350		6,210,668			5,809,202
Pinnacle Dermatology Management, LLC	Healthcare & HCIT	Revolver	5.37% (L + 4.25%; 1.00% Floor)	05/18/2023		322,749		318,676			296,929
Pinnacle Dermatology Management, LLC^{(2) (3)}	Healthcare & HCIT	Delayed Draw Term Loan	5.37% (L + 4.25%; 1.00% Floor)	05/18/2023		—		(53,858	)		(263,091	)
Pinnacle Treatment Centers, Inc.	Healthcare & HCIT	Term Loan	8.03% (L + 6.25%; 1.00% Floor)	12/31/2022		4,247,838		4,208,129			4,162,881
Pinnacle Treatment Centers, Inc.⁽⁴⁾	Healthcare & HCIT	Revolver	8.25% (P + 5.00%; 1.00% Floor)	12/31/2022		292,954		290,136			287,095
Pinnacle Treatment Centers, Inc.^{(2) (3)}	Healthcare & HCIT	Delayed Draw Term Loan	8.25% (P + 5.00%; 1.00% Floor)	12/31/2022		—		(4,107	)		(10,253	)
Platinum Dermatology Partners, LLC	Healthcare & HCIT	Term Loan	8.10% (L + 4.00%; 2.25% PIK, 1.00% Floor)	01/03/2023	$	3,147,110	$	3,110,731		$	2,407,539
Platinum Dermatology Partners, LLC	Healthcare & HCIT	Specified Delayed Draw Term Loan	8.50% (P + 3.00%; 2.25% PIK, 1.00% Floor)	01/03/2023		1,970,427		1,947,512			1,507,376
Platinum Dermatology Partners, LLC⁽⁵⁾	Healthcare & HCIT	Revolver	8.50% (P + 3.00%; 2.25% PIK, 1.00% Floor)	01/03/2023		500,683		494,966			383,023
Platinum Dermatology Partners, LLC⁽⁶⁾	Healthcare & HCIT	General Delayed Draw Term Loan	8.20% (L + 4.00%; 2.25% PIK, 1.00% Floor)	01/03/2023		1,430,469		1,414,213			1,094,309
RCP Encore Acquisition, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	6.20% (L + 4.75%; 1.00% Floor)	06/09/2025		3,964,703		3,929,569			3,746,645
The Center for Orthopedic and Research Excellence, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	6.25% (L + 5.25%; 1.00% Floor)	08/15/2025		4,981,325		4,901,591			4,794,525
The Center for Orthopedic and Research Excellence, Inc.	Healthcare & HCIT	Revolver	6.33% (L + 5.25%; 1.00% Floor)	08/15/2025		690,532		679,592			664,637
The Center for Orthopedic and Research Excellence, Inc.^{(2) (3)}	Healthcare & HCIT	Delayed Draw Term Loan	6.33% (L + 5.25%; 1.00% Floor)	08/15/2025		—		(13,572	)		(49,632	)

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded
Par Amount

Cost

Fair
Value

Theranest, LLC⁽¹⁾

Healthcare & HCIT

Term Loan

6.81% (L + 5.00%; 1.00% Floor)

07/24/2023

2,992,500

2,950,912

2,902,725

Theranest, LLC

Healthcare & HCIT

Revolver

7.25% (P + 4.00%; 1.00% Floor)

07/24/2023

428,571

422,853

415,714

Theranest, LLC^{(1) (2)}

Healthcare & HCIT

Delayed Draw Term Loan

6.81% (L + 5.00%; 1.00% Floor)

07/24/2023

1,613,143

1,579,374

1,536,943

ZBS Alliance Animal Health,
LLC⁽¹⁾

Healthcare & HCIT

Term Loan

5.75% (L + 4.75%; 1.00% Floor)

11/08/2025

2,714,557

2,663,290

2,592,402

ZBS Alliance Animal Health, LLC

Healthcare & HCIT

Revolver

5.75% (L + 4.75%; 1.00% Floor)

11/08/2025

680,340

667,523

649,725

ZBS Alliance Animal Health,
LLC^{(1) (2)}

Healthcare & HCIT

Delayed Draw Term Loan

5.75% (L + 4.75%; 1.00% Floor)

11/08/2025

2,095,447

2,010,619

1,891,345

RxBenefits, Inc.⁽¹⁾

Pharmaceutical

Term Loan A

6.58% (L + 5.00%; 1.00% Floor)

03/28/2025

5,763,430

5,475,259

RxBenefits, Inc.⁽²⁾

Pharmaceutical

Revolver

6.00% (L + 5.00%; 1.00% Floor)

03/29/2024

469,151

464,531

440,363

AMI US Holdings, Inc.⁽¹⁾

Software & Services

Term Loan

6.34% (L + 5.25%; 1.00% Floor)

04/01/2025

8,235,807

8,093,648

7,947,554

AMI US Holdings, Inc.⁽²⁾

Software & Services

Revolver

6.39% (L + 5.25%; 1.00% Floor)

04/01/2024

1,007,037

989,120

968,725

Avetta, LLC⁽¹⁾

Software & Services

Term Loan

6.82% (L + 5.75%; 1.00% Floor)

04/10/2024

3,278,775

3,202,758

3,164,018

Avetta, LLC^{(2) (3)}

Software & Services

Revolver

6.82% (L + 5.75%; 1.00% Floor)

04/10/2024

—

(6,687

)

(17,304

)

Avetta, LLC⁽¹⁾

Software & Services

Incremental Term Loan B

6.82% (L + 5.75%; 1.00% Floor)

04/10/2024

4,315,915

4,242,622

4,164,858

Avetta, LLC^{(2) (3)}

Software & Services

Delayed Draw Term Loan

6.82% (L + 5.75%; 1.00% Floor)

04/10/2024

—

(10,480

)

—

Businesssolver.com, Inc.

Software & Services

Term Loan

8.81% (L + 7.50%; 1.00% Floor)

05/15/2023

1,390,037

1,362,730

1,337,911

Businesssolver.com, Inc.⁽¹⁾

Software & Services

Term Loan

9.19% (L + 7.50%; 1.00% Floor)

05/15/2023

2,588,235

2,553,710

2,491,176

Businesssolver.com, Inc.^{(2) (3)}

Software & Services

Revolver

9.19% (L + 7.50%; 1.00% Floor)

05/15/2023

—

(4,117

)

(12,132

)

Businesssolver.com, Inc.⁽¹⁾

Software & Services

Delayed Draw Term Loan

9.19% (L + 7.50%; 1.00% Floor)

05/15/2023

388,235

385,254

373,676

Degreed, Inc.⁽¹⁾

Software & Services

Term Loan

7.35% (L + 6.35%; 1.00% Floor)

05/31/2024

2,228,335

2,208,906

2,189,784

Degreed, Inc.

Software & Services

Revolver

7.35% (L + 6.35%; 1.00% Floor)

05/31/2024

417,813

414,320

410,585

Degreed, Inc.

Software & Services

Delayed Draw Term Loan

7.35% (L + 6.35%; 1.00% Floor)

05/31/2024

2,924,689

2,853,263

2,874,092

Dispatch Track, LLC⁽¹⁾

Software & Services

Term Loan

6.41% (L + 4.50%; 1.00% Floor)

12/17/2024

6,038,593

5,953,108

5,736,663

Dispatch Track, LLC⁽²⁾

Software & Services

Revolver

6.41% (L + 4.50%; 1.00% Floor)

12/17/2024

132,849

128,575

117,753

Drilling Info Holdings, Inc.⁽¹⁾

Software & Services

Term Loan

5.24% (L + 4.25%)

07/30/2025

3,386,643

3,374,308

3,149,578

E2open LLC⁽¹⁾

Software & Services

Term Loan

7.36% (L + 5.75%; 1.00% Floor)

11/26/2024

4,932,505

4,872,158

4,611,892

E2open LLC⁽²⁾

Software & Services

Revolver

6.95% (L + 5.75%; 1.00% Floor)

11/26/2024

155,682

152,044

135,444

Engage2Excel, Inc.⁽¹⁾

Software & Services

Term Loan

8.42% (L + 6.50%; 1.00% Floor)

03/07/2023

1,027,882

1,011,702

914,815

Engage2Excel, Inc.⁽¹⁾

Software & Services

Term Loan

8.40% (L + 6.50%; 1.00% Floor)

03/07/2023

2,962,633

2,923,106

2,636,743

Engage2Excel, Inc.^{(1) (2) (7)}

Software & Services

Revolver

7.71% (L + 6.50%; 1.00% Floor)

03/07/2023

257,552

253,005

216,092

Engage2Excel, Inc.^{(2) (3)}

Software & Services

Delayed Draw Term Loan

8.75% (P + 5.50%; 1.00% Floor)

03/07/2023

—

(5,056

)

(66,449

)

EnterpriseDB Corporation⁽¹⁾

Software & Services

Term Loan

6.50% (L + 4.50%; 0.75% PIK; 1.00% Floor)

06/21/2024

7,844,102

7,708,704

7,706,831

EnterpriseDB Corporation^{(2) (3)}

Software & Services

Revolver

6.50% (L + 4.50%; 0.75% PIK; 1.00% Floor)

06/21/2024

—

(11,797

)

(12,186

)

Exterro, Inc.⁽¹⁾

Software & Services

Term Loan

6.76% (L + 5.50%; 1.00% Floor)

05/31/2024

5,809,123

5,703,908

5,780,077

Exterro, Inc.

Software & Services

Revolver

7.75% (P + 4.50%; 1.00% Floor)

05/31/2024

330,000

325,357

328,350

Exterro, Inc.⁽¹⁾

Software & Services

Initial Term Loan

6.76% (L + 5.50%; 1.00% Floor)

05/31/2024

2,793,450

2,755,165

2,779,483

Finalsite Holdings, Inc.⁽¹⁾

Software & Services

Term Loan

7.28% (L + 5.50%; 1.00% Floor)

09/25/2024

3,324,594

3,278,954

3,224,856

Finalsite Holdings, Inc.^{(2) (3)}

Software & Services

Revolver

7.75% (P + 4.50%; 1.00% Floor)

09/25/2024

—

(3,327

)

(7,594

)

Genesis Acquisition Co.⁽¹⁾

Software & Services

Term Loan

5.20% (L + 3.75%)

07/31/2024

1,359,260

1,338,765

1,247,121

Genesis Acquisition Co.

Software & Services

Revolver

4.73% (L + 3.75%)

07/31/2024

202,400

199,435

185,702

Genesis Acquisition Co.^{(2) (3)}

Software & Services

Delayed Draw Term Loan

4.74% (L + 3.75%)

07/31/2024

—

(2,656

)

(26,424

)

GS AcquisitionCo, Inc.⁽¹⁾

Software & Services

Term Loan

6.83% (L + 5.75%; 1.00% Floor)

05/24/2024

3,553,584

3,513,527

3,429,208

GS AcquisitionCo, Inc.⁽²⁾

Software & Services

Second Supplemental
Delayed Draw Term Loan

6.83% (L + 5.75%; 1.00% Floor)

05/24/2024

1,149,970

1,135,849

1,081,288

GS AcquisitionCo, Inc.⁽²⁾

Software & Services

Revolver

6.83% (L + 5.75%; 1.00% Floor)

05/24/2024

218,809

214,527

205,407

Kaseya Inc.^{(1) (8)}

Software & Services

Term Loan

8.09% (L + 4.00%; 3.00% PIK; 1.00% Floor)

05/02/2025

4,844,900

4,800,677

4,687,441

Kaseya Inc.^{(2) (8)}

Software & Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)

05/02/2025

372,230

369,014

360,011

Portfolio Company

Industry

Facility Type

Interest

Maturity

Funded
Par Amount

Cost

Fair
Value

Kaseya Inc.^{(2) (8)}

Software & Services

Delayed Draw Term Loan

8.09% (L + 4.00%; 3.00% PIK; 1.00% Floor)

05/02/2025

70,128

64,905

57,337

Kaseya Inc.^{(2) (3) (8)}

Software & Services

Delayed Draw Term Loan

8.09% (L + 4.00%; 3.00% PIK; 1.00% Floor)

05/02/2025

—

(2,286

)

(5,939

)

Ministry Brands, LLC⁽¹⁾

Software & Services

Term Loan

5.62% (L + 4.00%; 1.00% Floor)

12/02/2022

3,136,744

3,127,383

3,058,325

Ministry Brands, LLC⁽¹⁾

Software & Services

Delayed Draw Term Loan

5.62% (L + 4.00%; 1.00% Floor)

12/02/2022

655,979

654,010

639,579

Real Capital Analytics, Inc.⁽¹⁾

Software & Services

Term Loan

6.91% (L + 5.00%, 1.00% Floor)

10/02/2024

4,863,178

4,840,938

4,765,915

Real Capital Analytics, Inc.⁽²⁾

Software & Services

Revolver

6.32% (L + 5.00%, 1.00% Floor)

10/02/2024

555,792

552,635

541,897

Real Capital Analytics, Inc.⁽¹⁾

Software & Services

First Supplemental Term
Loan

6.91% (L + 5.00%, 1.00% Floor)

10/02/2024

3,019,297

3,005,101

2,958,911

Selligent, Inc.⁽¹⁵⁾

Software & Services

Term Loan

6.96% (L + 5.50%; 1.00% Floor)

11/05/2024

1,902,253

1,879,343

1,845,186

Selligent, Inc.^{(2) (3) (15)}

Software & Services

Revolver

6.96% (L + 5.50%; 1.00% Floor)

11/03/2023

—

(2,174

)

(6,020

)

Sirsi Corporation⁽¹⁾

Software & Services

Term Loan

5.75% (L + 4.75%; 1.00% Floor)

03/15/2024

8,908,313

8,796,304

8,551,981

Sirsi
Corporation^{(2) (9)}

Software & Services

Revolver

5.75% (L + 4.75%; 1.00% Floor)

03/15/2024

110,748

104,042

88,599

Smartlinx Solutions, LLC⁽¹⁾

Software & Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)

03/04/2026

5,779,256

5,664,318

5,620,327

Smartlinx Solutions,
LLC^{(2) (3)}

Software & Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)

03/04/2026

—

(5,131

)

(14,286

)

Sugarcrm, Inc.⁽¹⁾

Software & Services

Term Loan

7.50% (L + 6.50%; 1.00% Floor)

07/31/2024

3,600,024

3,550,598

3,573,024

Sugarcrm, Inc.

Software & Services

Revolver

7.50% (L + 6.50%; 1.00% Floor)

07/31/2024

310,244

306,236

307,917

Summit Infrastructure Group, Inc.⁽¹⁾

Software & Services

Term Loan

5.20% (L + 4.00%; 1.00% Floor)

03/15/2024

7,003,611

6,886,326

7,003,611

Summit Infrastructure Group, Inc.^{(2) (3)}

Software & Services

Revolver

5.20% (L + 4.00%; 1.00% Floor)

03/15/2024

—

(8,963

)

—

Summit Infrastructure Group, Inc.^{(2) (3)}

Software & Services

Delayed Draw Term Loan

5.20% (L + 4.00%; 1.00% Floor)

03/15/2024

—

(17,902

)

—

Swiftpage, Inc.

Software & Services

Term Loan A

6.13% (L + 5.00%; 1.00% Floor)

06/13/2023

229,216

225,645

221,194

Swiftpage, Inc.

Software & Services

Term Loan

6.00% (L + 5.00%; 1.00% Floor)

06/13/2023

2,490,452

2,456,950

2,403,286

Swiftpage, Inc.

Software & Services

Revolver

7.25% (P + 4.00%; 1.00% Floor)

06/13/2023

225,317

222,411

217,430

Symplr Software, Inc.⁽¹⁾

Software & Services

Term Loan

6.57% (L + 5.50%)

11/28/2025

5,742,372

5,668,272

5,397,829

Symplr Software, Inc.

Software & Services

Revolver

6.60% (L + 5.50%)

11/30/2023

296,459

293,141

278,672

Telesoft Holdings, LLC

Software & Services

Term Loan

7.45% (L + 6.00%, 1.00% Floor)

12/16/2025

5,968,665

5,839,738

5,700,075

Telesoft Holdings, LLC⁽²⁾

Software & Services

Revolver

7.00% (L + 6.00%, 1.00% Floor)

12/16/2025

397,911

385,112

371,052

TRGRP, Inc.⁽¹⁾

Software & Services

Term Loan

8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)

11/01/2023

4,836,525

4,763,567

4,691,430

TRGRP, Inc.

Software & Services

Revolver

8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)

11/01/2023

333,333

328,524

323,333

TRGRP, Inc.⁽¹⁾

Software & Services

Incremental Term Loan

8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)

11/01/2023

1,080,778

1,062,852

1,048,354

Velocity Purchaser Corporation⁽¹⁾

Software & Services

Term Loan

7.08% (L + 6.00%; 1.00% Floor)

12/01/2022

2,815,750

2,784,493

2,815,750

Velocity Purchaser Corporation⁽¹⁾

Software & Services

Term Loan

7.00% (L + 6.00%; 1.00% Floor)

12/01/2022

700,038

690,443

700,038

Velocity Purchaser Corporation

Software & Services

Revolver

7.00% (L + 6.00%; 1.00% Floor)

12/01/2022

193,237

191,131

193,237

Watermark Insights, LLC⁽¹⁾

Software & Services

Term Loan

6.50% (L + 5.50%; 1.00% Floor)

06/07/2024

2,606,074

2,586,998

2,449,709

Watermark Insights, LLC⁽¹⁾

Software & Services

Delayed Draw Term Loan

6.50% (L + 5.50%; 1.00% Floor)

06/07/2024

327,047

325,325

307,425

Purchasing Power, LLC⁽¹⁾

Specialty Finance

Term Loan

8.25% (L + 7.25%; 1.00% Floor)

02/06/2024

2,816,062

2,775,000

2,661,178

Dillon Logistics, Inc.

Transport &
Logistics

Term Loan B

9.81% (L + 1.00%; 7.50% PIK, 1.00% Floor)

12/11/2023

1,195,878

1,178,279

717,527

Dillon Logistics, Inc.

Transport &
Logistics

Term Loan A

9.81% (L + 1.00%; 7.50% PIK, 1.00% Floor)

12/11/2023

2,710,658

2,670,661

1,626,395

Dillon Logistics, Inc.^{(2) (10)}

Transport &
Logistics

Revolver

8.71% (L + 7.00%; 1.00% Floor)

12/11/2023

365,443

360,675

202,789

OSG Bulk Ships, Inc.⁽¹⁾

Transport &
Logistics

Term Loan

5.98% (L + 5.00%)

12/21/2023

5,891,434

5,834,456

5,685,233

Total U.S. 1st Lien/Senior Secured Debt

373,483,172

353,520,684

2nd Lien/Junior Secured Debt—4.35%

Brave Parent Holdings, Inc.⁽¹⁾

Energy

Term Loan

9.28% (L + 7.50%)

04/17/2026

1,230,107

1,205,643

1,088,644


Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded Par Amount		Cost		Fair Value
Conterra Ultra Broadband Holdings, Inc.⁽¹⁾	Software & Services	Term Loan	9.00% (L + 8.00%; 1.00% Floor)		04/30/2027		6,537,710		6,447,439		6,276,202

Total 2nd Lien/Junior Secured Debt									7,653,082		7,364,846

Total U.S. Corporate Debt									381,136,254		360,885,530
Canadian Corporate Debt- 1.63%
1st Lien/Senior Secured Debt- 1.63%
JHMCRN Holdings, Inc.^(1)(15)	Business Services	Term Loan	6.81% (L + 5.00%; 1.00% Floor)		11/25/2025		846,198		838,144		812,350
Nuvei Technologies Corp.^(1)(15)	Business Services	Term Loan	6.00% (L + 5.00%; 1.00% Floor)		09/29/2025		2,015,143		2,010,808		1,939,575

Total Canadian 1st Lien/Senior Secured Debt									2,848,952		2,751,925

Total Canadian Corporate Debt									2,848,952		2,751,925
U.S. Preferred Stock- 3.21%
Concerto, LLC^{(11) (12)}		Healthcare & HCIT					65,614	$	349,977	$	349,977
Health Platforms Group, Inc.⁽¹²⁾		Healthcare & HCIT					16,502		90,761		90,761
Datarobot, Inc.⁽¹²⁾		Software & Services					38,190		289,278		289,278
Degreed, Inc.⁽¹²⁾		Software & Services					43,819		278,541		377,720
Heap⁽¹²⁾		Software & Services					189,617		696,351		696,349
Netskope, Inc.⁽¹²⁾		Software & Services					36,144		302,536		302,536
Phenom People, Inc.⁽¹²⁾		Software & Services					35,055		220,610		220,612
Protoscale Rubrik⁽¹²⁾		Software & Services					25,397		598,212		598,201
Punchh⁽¹²⁾		Software & Services					24,262		275,337		275,337
Symplr Software Intermediate Holdings, Inc.⁽¹²⁾		Software & Services					1,196		1,160,532		1,230,642
Workfront, Inc.⁽¹²⁾		Software & Services					104,058		999,997		999,997

Total U.S. Preferred Stock									5,262,132		5,431,410
U.S. Common Stock- 0.81%
NC Holdings, LLC^{(12) (13)}		Digital Infrastructure & Services					396,513		439,931		294,754
Leeds FEG Investors, LLC⁽¹²⁾		Education					320		321,309		331,162
INH Group Holdings⁽¹²⁾		Healthcare & HCIT					484,552		484,552		290,731
Aggregator, LLC⁽¹²⁾		Software & Services					417,813		417,813		452,909

Total U.S. Common Stock									1,663,605		1,369,556
U.S. Warrants- 0.15%
Fuze, Inc., Warrants expire 09/20/2029⁽¹²⁾		Digital Infrastructure & Services					196,328		615,168		190,438
Degreed, Inc., Warrants expire 05/31/2026⁽¹²⁾		Software & Services					26,294		46,823		59,425

Total U.S. Warrants									661,991		249,863

TOTAL INVESTMENTS - 218.97%⁽¹⁴⁾								$	391,572,934	$	370,688,284


LIABILITIES IN EXCESS OF OTHER ASSETS —(118.97%)										$	(201,398,232	)

NET ASSETS — 100.00%										$	169,290,052

⁽²⁾

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date, that may expire prior to the maturity date stated. See Note 6 “Commitments and ~~Contingencies.”~~Contingencies”.

⁽³⁾	The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

⁽⁴⁾	~~Trade Supplies Acquisition, LLC has been renamed to IFS Acquisition, LLC in 2019.~~

⁽⁵⁾	~~Pivotal Payments, Inc. has been renamed to Nuvei Technologies Corp. in 2019.~~

⁽⁶⁾	$~~52,014~~29,295 of the funded par amount accrues interest at ~~8.50% (P~~8.03% (L + ~~3.50%~~6.25%).

⁽⁷⁾⁽⁵⁾

~~$409,678 of the funded par amount accrues interest at 11.00% (P + 6.00%).~~

⁽⁸⁾	~~Categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy.~~

⁽⁹⁾	$124,648 of the funded par amount accrues interest at ~~8.59%~~5.32% (L + ~~6.25%~~4.00%).

^(10)(6)

$~~249,169~~295,075 of the funded par amount accrues interest at ~~10.25%~~6.25% (P + ~~5.25%~~3.00%).

^(11)(7)

~~Caliper Software, Inc. has been renamed to Symplr Software, Inc. in 2019.~~

⁽¹²⁾	$~~51,280~~125,635 of the funded par amount accrues interest at ~~11.00%~~8.75% (P + 5.50%).

⁽⁸⁾	Rhode Holdings, Inc. has been renamed to Kaseya Inc. in 2020.

⁽⁹⁾	$55,374 of the funded par amount accrues interest at 7.00% (P + 3.75%).

⁽¹⁰⁾	$62,056 of the funded par amount accrues interest at 9.25% (P + 6.00%).

^(13)(11)

Concerto, LLC is held through ABPCIC Concerto Holdings LLC.

⁽¹²⁾	Non-income producing investment.

^(14)(13)

~~SSC TS Investments, LLC is held through ABPCIC SSC TS Holdings LLC.~~

⁽¹⁵⁾	NC Holdings LLC is held through ABPCIC NC Holdings LLC.

^(16)(14)

Aggregate gross unrealized appreciation for federal income tax purposes is ~~$643,388;~~$1,145,114; aggregate gross unrealized depreciation for federal income tax purposes is ~~$1,774,831.~~$22,029,764. Net unrealized depreciation is ~~$1,131,443~~$20,884,650 based upon a tax cost basis of ~~$299,530,860.~~$391,572,934.

^(17)(15)

~~Included within ‘Cash and cash equivalents’ on~~Positions considerednon-qualified assets therefore excluded from the ~~Consolidated Statements of Assets and Liabilities.~~

⁽¹⁸⁾	~~The rate shown is the annualizedseven-day~~ ~~yield~~qualifying assets calculation as ~~of September 30, 2019.~~noted in footnote + above.

Portfolio Company
Industry
Facility Type

Interest
Maturity Funded
Par Amount Cost Fair Value
Pinnacle Dermatology Management, LLC^{(1) (2)}
Healthcare & HCIT Revolver 6.77% (L + 4.25%; 1.00% Floor) 05/18/2023 —   (8,226 ) (9,368 )
Pinnacle Dermatology Management, LLC⁽¹⁾
Healthcare & HCIT Delayed Draw Term Loan 6.77% (L + 4.25%; 1.00% Floor) 05/18/2023 2,763,699 2,681,310 2,670,014
Platinum Dermatology Partners, LLC
Healthcare & HCIT Term Loan 9.05% (L + 6.25%; 1.00% Floor) 01/03/2023 3,169,048 3,108,282 3,105,667
Platinum Dermatology Partners, LLC^{(1) (2)}
Healthcare & HCIT Revolver 9.05% (L + 6.25%; 1.00% Floor) 01/03/2023 —   (8,024 ) (9,972 )
Platinum Dermatology Partners, LLC
Healthcare & HCIT Specified Delayed Draw Term Loan Commitment 9.11% (L + 6.25%; 1.00% Floor) 01/03/2023 1,979,408 1,946,432 1,939,820
Platinum Dermatology Partners, LLC⁽¹⁾
Healthcare & HCIT General Delayed Draw Term Loan Commitment 9.13% (L + 6.25%; 1.00% Floor) 01/03/2023 1,425,972 1,392,746 1,386,084
Qualifacts Corporation
Healthcare & HCIT Term Loan 9.78% (L + 7.00%; 1.00% Floor) 12/12/2022 2,820,000 2,773,525 2,805,900
Qualifacts Corporation^(1) (2)
Healthcare & HCIT Revolver 9.78% (L + 7.00%; 1.00% Floor) 12/12/2022 —   (4,756 ) (1,500 )
Theranest, LLC
Healthcare & HCIT Term Loan 7.76% (L + 5.00%; 1.00% Floor) 07/23/2023 3,000,000 2,944,416 2,940,000
Theranest, LLC^{(1) (2)}
Healthcare & HCIT Revolver 7.76% (L + 5.00%; 1.00% Floor) 07/23/2023 $ —   $ (7,832 ) $ (8,571 )
Theranest, LLC⁽¹⁾
Healthcare & HCIT Delayed Draw Term Loan 7.79% (L + 5.00%; 1.00% Floor) 07/23/2023 214,286 173,176 169,286
Avetta, LLC
Software & Services Term Loan 7.76% (L + 5.25%; 1.00% Floor) 04/10/2024 3,320,490 3,260,667 3,287,285
Avetta, LLC^{(1) (2)}
Software & Services Revolver 7.76% (L + 5.25%; 1.00% Floor) 04/10/2024 —   (8,475 ) (4,944 )
Avetta, LLC^{(1) (2)}
Software & Services Delayed Draw Term Loan 7.76% (L + 5.25%; 1.00% Floor) 04/10/2024 —   (13,634 ) (12,360 )
Businesssolver.com, Inc.
Software & Services Term Loan 10.12% (L + 7.50%; 1.00% Floor) 05/15/2023 2,588,235 2,541,806 2,536,471
Businesssolver.com, Inc.⁽¹⁾
Software & Services Revolver 12.00% (P + 6.50%; 1.00% Floor) 05/15/2023 129,412 123,756 122,941
Businesssolver.com, Inc.⁽¹⁾
Software & Services Delayed Draw Term Loan 10.12% (L + 7.50%; 1.00% Floor) 05/15/2023 97,059 93,663 89,294
Caliper Software, Inc.
Software & Services Term Loan 8.02% (L + 5.50%) 11/30/2025 3,891,026 3,832,660 3,832,660
Caliper Software, Inc.⁽¹⁾
Software & Services Revolver 8.02% (L + 5.50%) 11/30/2023 14,823 10,376 10,376
Drilling Info Holdings, Inc.⁽⁶⁾
Software & Services Term Loan 6.77% (L + 4.25%) 07/30/2025 3,059,098 3,044,509 3,039,979
Drilling Info Holdings,
Inc. ^{(1) (2) (6)}
Software & Services
Delayed Draw
Term Loan
6.77% (L + 4.25%) 07/30/2025 —   (1,103 ) (1,461 )
E2open LLC
Software & Services Term Loan 7.68% (L + 5.00%; 1.00% Floor) 11/26/2024 4,150,293 4,088,890 4,088,039
E2open LLC^{(1) (2)}
Software & Services Revolver 7.68% (L + 5.00%; 1.00% Floor) 11/26/2024 —   (4,595 ) (4,670 )
E2open LLC⁽¹⁾
Software & Services
Delayed Draw
Term Loan
7.68% (L + 5.00%; 1.00% Floor) 11/26/2024 93,382 86,567 80,931
Engage2Excel, Inc.
Software & Services Term Loan 9.36% (L + 6.50%; 1.00% Floor) 03/07/2023 3,000,421 2,945,737 2,940,413
Engage2Excel, Inc.⁽¹⁾
Software & Services Revolver 9.36% (L + 6.50%; 1.00% Floor) 03/07/2023 106,790 99,884 99,252
Exterro, Inc.
Software & Services
Initial
Term Loan
8.24% (L + 5.50%; 1.00% Floor) 05/31/2024 2,955,150 2,903,587 2,896,047
Exterro, Inc.^{(1) (2)}
Software & Services Revolver 8.24% (L + 5.50%; 1.00% Floor) 05/31/2024 —   (5,651 ) (6,600 )
Finalsite Holdings, Inc.
Software & Services Term Loan 8.03% (L + 5.50%; 1.00% Floor) 09/25/2024 3,366,784 3,309,983 3,307,865
Finalsite Holdings, Inc.^{(1) (2)}
Software & Services Revolver 8.03% (L + 5.50%; 1.00% Floor) 09/25/2024 —   (4,234 ) (4,430 )
Genesis Acquisition Co.
Software & Services Term Loan 6.52% (L + 4.00%; 1.00% Floor) 07/31/2024 1,376,466 1,350,527 1,348,936
Genesis Acquisition Co.^{(1) (2)}
Software & Services Revolver 6.52% (L + 4.00%; 1.00% Floor) 07/31/2024 —   (3,772 ) (4,048 )
Genesis Acquisition Co.^{(1) (2)}
Software & Services Delayed Draw Term Loan 6.52% (L + 4.00%; 1.00% Floor) 07/31/2024 —   (3,399 ) (3,645 )
Ministry Brands, LLC
Software & Services
1st Lien
Term Loan
6.52% (L + 4.00%; 1.00% Floor) 12/02/2022 3,176,249 3,162,463 3,160,367
Ministry Brands, LLC⁽¹⁾
Software & Services Delayed Draw Term Loan 6.52% (L + 4.00%; 1.00% Floor) 12/02/2022 448,683 442,681 441,704
Perforce Intermediate Holdings, LLC
Software & Services Term Loan 6.77% (L + 4.25%; 1.00% Floor) 12/27/2024 3,835,253 3,758,340 3,796,900
Perforce Intermediate Holdings, LLC^{(1) (2)}
Software & Services Revolver 6.77% (L + 4.25%; 1.00% Floor) 12/28/2022 —   (10,987 ) (5,915 )

Portfolio Company
Industry
Facility Type

Interest
Maturity Funded
Par Amount Cost Fair Value
Selligent, Inc.
Software & Services Term Loan 8.09% (L + 5.50%; 1.00% Floor) 11/05/2024 1,926,332 1,898,180 1,897,437
Selligent, Inc.^{(1) (2)}
Software & Services Revolver 8.09% (L + 5.50%; 1.00% Floor) 11/03/2023 —   (2,917 ) (3,010 )
Sugarcrm, Inc.
Software & Services Term Loan 9.27% (L + 6.75%; 1.00% Floor) 07/31/2024 3,235,401 3,181,827 3,178,782
Sugarcrm, Inc.⁽¹⁾
Software & Services Revolver 9.43% (L + 6.75%; 1.00% Floor) 07/31/2024 77,561 72,502 72,132
Swiftpage, Inc.
Software & Services Term Loan 8.01% (L + 5.50%; 1.00% Floor) 06/13/2023 2,522,137 2,476,347 2,471,694
Swiftpage, Inc.
Software & Services Term Loan A 8.01% (L + 5.50%; 1.00% Floor) 06/13/2023 232,118 227,512 227,475
Swiftpage, Inc.^{(1) (2)}
Software & Services Revolver 8.01% (L + 5.50%; 1.00% Floor) 06/13/2023 —   (4,019 ) (4,506 )
TRGRP Acquisition Corp.
Software & Services Term Loan 9.80% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023 4,686,111 4,595,436 4,592,389
TRGRP Acquisition Corp.^{(1) (2)}
Software & Services Revolver 9.80% (L + 4.50%; 2.50% PIK; 1.00% Floor) 11/01/2023 —   (6,447 ) (6,667 )
Velocity Purchaser
Corporation
Software & Services Term Loan 8.53% (L + 6.00%; 1.00% Floor) 12/01/2022 2,931,594 2,883,855 2,872,962
Velocity Purchaser
Corporation
Software & Services Term Loan 8.52% (L + 6.00%; 1.00% Floor) 12/01/2022 728,749 714,791 714,174
Velocity Purchaser
Corporation^{(1) (2)}
Software & Services Revolver 8.53% (L + 6.00%; 1.00% Floor) 12/01/2022 —   (3,174 ) (3,865 )
Veriforce Holdings, LLC
Software & Services Term Loan 9.14% (L + 6.50%; 1.00% Floor) 07/13/2023 3,082,612 3,032,743 3,028,666
Veriforce Holdings, LLC^{(1) (2)}
Software & Services Revolver 9.14% (L + 6.50%; 1.00% Floor) 07/13/2023 —   (4,556 ) (4,929 )
Watermark Insights, LLC
Software & Services Term Loan 7.26% (L + 4.75%; 1.00% Floor) 06/07/2024 2,639,230 2,614,903 2,612,837
Watermark Insights, LLC
Software & Services
Delayed Draw Term
Loan
7.26% (L + 4.75%; 1.00% Floor) 06/07/2024 331,198 328,821 327,886
Dillon Logistics, Inc.

Transport &
Logistics

Term Loan A 9.80% (L + 7.00%; 1.00% Floor) 12/11/2023 2,592,288 2,540,918 2,540,442
Dillon Logistics, Inc.

Transport &
Logistics

Term Loan B �� 9.80% (L + 7.00%; 1.00% Floor) 12/11/2023 1,270,729 1,245,548 1,245,315
Dillon Logistics, Inc.

Transport &
Logistics

Term Loan C 9.80% (L + 7.00%; 1.00% Floor) 12/31/2020 304,975 299,032 298,876
Dillon Logistics, Inc.⁽¹⁾

Transport &
Logistics

Revolver 9.65% (L + 7.00%; 1.00% Floor) 12/11/2023 333,571 325,211 325,133
OSG Bulk Ships, Inc.

Transport &
Logistics

Term Loan 7.78% (L + 5.00%) 12/21/2023 6,544,642 6,463,245 6,462,835

Total 1st Lien/Senior Secured Debt
135,776,144 135,061,980
2nd Lien/Junior Secured Debt —1.90%

Brave Parent Holdings, Inc.
Energy Term Loan 10.02% (L + 7.50%) 04/17/2026 1,230,107 1,201,433 1,200,773

Total 2nd Lien/Junior Secured Debt
1,201,433 1,200,773

Total U.S. Corporate Debt
136,977,577 136,262,753
Portfolio Company

Industry

Coupon
Shares Cost Fair Value
U.S. Preferred Stock—1.83%

Symplr Software Intermediate Holdings, Inc.⁽⁷⁾

Software & Services $ 1,196 $ 1,160,531 $ 1,160,531

Total U.S. Preferred Stock
1,160,531 1,160,531
U.S. Common Stock—0.60%

SSC TS Investments, LLC^{(7) (8)}

Business Services 62,734 $ 62,735 $ 62,735
Leeds FEG Investors, LLC⁽⁷⁾

Education 311 $ 311,400 $ 317,114

Total U.S. Common Stock
374,135 379,849
TOTAL INVESTMENTS—217.79%⁽⁹⁾

$ 138,512,243 $ 137,803,133

LIABILITIES IN EXCESS OF OTHER ASSETS—(117.79%)

$ (74,529,423 )

NET ASSETS—100.00%

$ 63,273,710

See Notes to Unaudited Consolidated Financial Statements


Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded Par Amount		Cost			Fair Value
EvolveIP, LLC⁽¹⁾	Digital Infrastructure & Services	Term Loan A	7.55% (L + 5.75%; 1.00% Floor)		06/07/2023		6,633,822		6,536,708			6,534,315
EvolveIP, LLC⁽²⁾⁽³⁾	Digital Infrastructure & Services	Revolver	7.55% (L + 5.75%; 1.00% Floor)		06/07/2023		—		(8,269	)		(8,503	)
EvolveIP, LLC⁽²⁾⁽³⁾	Digital Infrastructure & Services	Delayed Draw Term Loan	7.55% (L + 5.75%; 1.00% Floor)		06/07/2023		—		(11,028	)		(11,337	)
5 Bars, LLC	Digital Infrastructure & Services	Term Loan	8.30% (L + 6.50%; 1.00% Floor)		09/27/2024		4,742,121		4,674,290			4,670,990
5 Bars, LLC⁽²⁾⁽³⁾	Digital Infrastructure & Services	Revolver	8.30% (L + 6.50%; 1.00% Floor)		09/27/2024		—		(9,197	)		(9,700	)
5 Bars, LLC⁽²⁾⁽³⁾	Digital Infrastructure & Services	Delayed Draw Term Loan	8.30% (L + 6.50%; 1.00% Floor)		09/27/2024		—		(49,051	)		(51,732	)
D1 Holdings LLC	Digital Infrastructure & Services	Note	7.00%		06/26/2020		32,241		32,241			32,241
Fuze, Inc.⁽¹⁾	Digital Infrastructure & Services	Term Loan	8.34% (L + 6.25%; 1.00% Floor)		09/20/2024		11,015,029		10,961,643			10,513,845
Fuze, Inc.⁽²⁾	Digital Infrastructure & Services	Revolver	10.00% (P + 5.25%; 1.00% Floor)		09/20/2024		907,120		901,003			848,157
Fuze, Inc.⁽²⁾⁽³⁾	Digital Infrastructure & Services	Delayed Draw Term Loan	8.34% (L + 6.25%; 1.00% Floor)		09/20/2024		—		(586,835	)		(117,926	)
InSite Wireless Group, LLC⁽¹⁾⁽²⁾	Digital Infrastructure & Services	Term Loan	6.28% (L + 4.52%; 0.50% Floor)		03/15/2023		6,833,574		6,700,275			6,670,911
InSite Wireless Group, LLC	Digital Infrastructure & Services	Revolver	6.32% (L + 4.52%; 0.50% Floor)		03/15/2023		460,172		455,073			454,419
AEG Holding Company, Inc.⁽¹⁾	Education	Term Loan	7.74% (L + 6.00%; 1.00% Floor)		11/20/2023		1,876,255		1,842,769			1,838,730
AEG Holding Company, Inc.⁽¹⁾	Education	Term Loan	7.80% (L + 6.00%; 1.00% Floor)		11/20/2023	$	6,106,250	$	6,022,723		$	5,984,125
AEG Holding Company, Inc.⁽²⁾	Education	Revolver	7.72% (L + 6.00%; 1.00% Floor)		11/20/2023		558,432		541,763			536,095
AEG Holding Company, Inc.⁽¹⁾	Education	Delayed Draw Term Loan	7.74% (L + 6.00%; 1.00% Floor)		11/20/2023		1,078,211		1,063,994			1,056,647
BCP Raptor II, LLC⁽¹⁾⁽⁷⁾	Energy	Term Loan	6.55% (L + 4.75%)		11/03/2025		5,712,209		5,711,278			5,255,233
Brazos Delaware II, LLC⁽¹⁾⁽⁷⁾	Energy	Term Loan B	5.79% (L + 4.00%)		05/21/2025		4,045,160		3,949,599			3,441,743
Nine Point Energy, LLC⁽¹⁾	Energy	Term Loan	7.24% (L + 5.50%; 1.00% Floor)		06/07/2024		4,921,875		4,832,047			4,823,438
Nine Point Energy, LLC^(1)(2)(3)	Energy	Revolver	7.21% (L + 5.50%; 1.00% Floor)		06/07/2024		—		(5,998	)		(6,562	)
Nine Point Energy, LLC⁽¹⁾⁽²⁾	Energy	Delayed Draw Term Loan	7.24% (L + 5.50%; 1.00% Floor)		06/07/2024		437,500		406,186			402,500
Higginbotham Insurance Agency, Inc.	Financial Services	Incremental Term Loan	6.05% (L + 4.25%, 1.00% Floor)		12/19/2024		1,047,616		1,037,219			1,037,140
Higginbotham Insurance Agency, Inc.⁽²⁾	Financial Services	Delayed Draw Term Loan	6.05% (L + 4.25%, 1.00% Floor)		12/19/2024		—		—			—
OMH-HealthEdge Holdings, LLC⁽¹⁾	Healthcare & HCIT	Term Loan	7.30% (L + 5.50%; 1.00% Floor)		10/24/2025		3,774,984		3,692,206			3,690,047
OMH-HealthEdge Holdings, LLC⁽²⁾⁽³⁾	Healthcare & HCIT	Revolver	7.30% (L + 5.50%; 1.00% Floor)		10/24/2024		—		(9,940	)		(10,321	)
ZBS Alliance Animal Health, LLC⁽¹⁾	Healthcare & HCIT	Term Loan	5.97% (L + 4.25%; 1.00% Floor)		11/08/2025		2,721,360		2,668,061			2,666,933
ZBS Alliance Animal Health, LLC⁽²⁾	Healthcare & HCIT	Revolver	6.04% (L + 4.25%; 1.00% Floor)		11/08/2025		498,916		485,603			485,309
ZBS Alliance Animal Health, LLC⁽²⁾⁽³⁾	Healthcare & HCIT	Delayed Draw Term Loan	5.97% (L + 4.25%; 1.00% Floor)		11/08/2025		—		(88,520	)		(90,712	)
American Physician Partners, LLC	Healthcare & HCIT	Term Loan C	8.44% (L + 6.50%; 1.00% Floor)		12/21/2021		1,203,704		1,192,634			1,191,667


Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded Par Amount		Cost			Fair Value
American Physician Partners, LLC⁽¹⁾	Healthcare & HCIT	Term Loan A	8.44% (L + 6.50%; 1.00% Floor)		12/21/2021		5,562,816		5,503,929			5,507,188
American Physician Partners, LLC⁽²⁾	Healthcare & HCIT	Revolver	8.44% (L + 6.50%; 1.00% Floor)		12/21/2021		177,601		173,200			173,161
American Physician Partners, LLC⁽¹⁾	Healthcare & HCIT	Delayed Draw Term Loan	8.44% (L + 6.50%; 1.00% Floor)		12/21/2021		1,049,891		1,039,517			1,039,392
Analogic Corporation⁽¹⁾	Healthcare & HCIT	Term Loan	7.80% (L + 6.00%; 1.00% Floor)		06/24/2024		2,937,163		2,891,148			2,893,987
Analogic Corporation⁽²⁾	Healthcare & HCIT	Revolver	7.80% (L + 6.00%; 1.00% Floor)		06/22/2023		28,696		24,667			24,678
CutisPharma, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	7.79% (L + 5.75%; 1.00% Floor)		03/21/2023		7,292,268		7,183,139			7,164,653
CutisPharma, Inc.⁽²⁾⁽³⁾	Healthcare & HCIT	Revolver	7.79% (L + 5.75%; 1.00% Floor)		03/21/2023		—		(7,096	)		(8,451	)
CutisPharma, Inc.⁽²⁾⁽³⁾	Healthcare & HCIT	Delayed Draw Term Loan	7.79% (L + 5.75%; 1.00% Floor)		03/21/2023		—		(7,096	)		(8,451	)
Delaware Valley Management Holdings, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	7.55% (L + 5.75%; 1.00% Floor)		03/21/2024		4,414,146		4,337,516			4,325,863
Delaware Valley Management Holdings, Inc.⁽²⁾	Healthcare & HCIT	Revolver	7.50% (L + 5.75%; 1.00% Floor)		03/21/2024		368,816		359,862			358,278
Delaware Valley Management Holdings, Inc.⁽²⁾⁽³⁾	Healthcare & HCIT	Delayed Draw Term Loan	7.55% (L + 5.75%; 1.00% Floor)		03/21/2024		—		(69,365	)		(105,376	)
Ethos Veterinary Health LLC^{(1) (2)}	Healthcare & HCIT	Term Loan	6.80% (L + 5.00%)		05/15/2026		3,382,870		3,343,496			3,340,651
GHA Buyer, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	7.22% (L + 5.50%; 1.00% Floor)		10/23/2023		570,916		559,588			559,497
GHA Buyer, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	7.30% (L + 5.50%; 1.00% Floor)		10/23/2023		1,998,132		1,966,554			1,958,169
GHA Buyer, Inc.⁽²⁾⁽³⁾	Healthcare & HCIT	Revolver	7.30% (L + 5.50%; 1.00% Floor)		10/23/2023		—		(3,098	)		(4,050	)
GHA Buyer, Inc.⁽²⁾⁽³⁾	Healthcare & HCIT	Delayed Draw Term Loan	7.22% (L + 5.50%; 1.00% Floor)		10/23/2023		—		(5,656	)		(5,709	)
GHA Buyer, Inc.⁽²⁾⁽³⁾	Healthcare & HCIT	Delayed Draw Term Loan	7.30% (L + 5.50%; 1.00% Floor)		10/23/2023		—		(5,175	)		(6,750	)
INH Buyer, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	10.43% (L + 6.50%; 2.00% PIK, 1.00% Floor)		01/31/2025		8,643,765		8,528,135			8,514,109
INH Buyer, Inc.⁽²⁾⁽³⁾	Healthcare & HCIT	Revolver	10.43% (L + 6.50%; 2.00% PIK, 1.00% Floor)		01/31/2024		—		(2,542	)		(3,088	)
Pace Health Companies, LLC⁽¹⁾	Healthcare & HCIT	Term Loan	6.44% (L + 4.50%; 1.00% Floor)		08/02/2024		5,413,237		5,362,021			5,359,104
Pace Health Companies, LLC⁽²⁾⁽³⁾	Healthcare & HCIT	Revolver	6.44% (L + 4.50%; 1.00% Floor)		08/02/2024		—		(5,789	)		(6,167	)
Pinnacle Dermatology Management, LLC⁽¹⁾	Healthcare & HCIT	Term Loan	6.05% (L + 4.25%; 1.00% Floor)		05/18/2023		6,319,034		6,207,891			6,192,653
Pinnacle Dermatology Management, LLC⁽²⁾⁽³⁾	Healthcare & HCIT	Revolver	6.11% (L + 4.25%; 1.00% Floor)		05/18/2023		—		(6,377	)		(9,368	)
Pinnacle Dermatology Management, LLC⁽²⁾	Healthcare & HCIT	Delayed Draw Term Loan	6.11% (L + 4.25%; 1.00% Floor)		05/18/2023		1,499,395		1,455,846			1,436,536
Platinum Dermatology Partners, LLC	Healthcare & HCIT	Term Loan	8.24% (L + 6.25%; 1.00% Floor)		01/03/2023		3,147,110		3,107,800			2,911,076
Platinum Dermatology Partners, LLC⁽¹⁾	Healthcare & HCIT	Specified Delayed Draw Term Loan Commitment	10.00% (P + 5.25%; 1.00% Floor)		01/03/2023		1,959,465		1,934,744			1,812,505
Platinum Dermatology Partners, LLC⁽⁸⁾	Healthcare & HCIT	Revolver	10.00% (P + 5.25%; 1.00% Floor)		01/03/2023		498,592		492,422			461,197
Platinum Dermatology Partners, LLC⁽¹⁾⁽⁹⁾	Healthcare & HCIT	General Delayed Draw Term Loan Commitment	8.20% (L + 6.25%; 1.00% Floor)		01/03/2023		1,422,407		1,404,839			1,315,726
RCP Encore Acquisition, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	6.46% (L + 4.75%; 1.00% Floor)		06/09/2025		3,974,715		3,938,087			3,934,968
The Center for Orthopedic and Research Excellence, Inc.⁽¹⁾	Healthcare & HCIT	Term Loan	7.31% (L + 5.25%; 1.00% Floor)		08/15/2025	$	4,993,841	$	4,910,901		$	4,906,449
The Center for Orthopedic and Research Excellence, Inc.⁽²⁾	Healthcare & HCIT	Revolver	7.31% (L + 5.25%; 1.00% Floor)		08/15/2025		34,527		23,105			22,442


Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded Par Amount		Cost			Fair Value
The Center for Orthopedic and Research Excellence, Inc.⁽²⁾⁽³⁾	Healthcare & HCIT	Delayed Draw Term Loan	7.31% (L + 5.25%; 1.00% Floor)		08/15/2025		—		(14,181	)		(15,105	)
Theranest, LLC⁽¹⁾	Healthcare & HCIT	Term Loan	6.93% (L + 5.00%; 1.00% Floor)		07/24/2023		3,000,000		2,955,526			2,940,000
Theranest, LLC⁽²⁾⁽³⁾	Healthcare & HCIT	Revolver	6.93% (L + 5.00%; 1.00% Floor)		07/24/2023		—		(6,143	)		(8,571	)
Theranest, LLC⁽¹⁾⁽²⁾	Healthcare & HCIT	Delayed Draw Term Loan	6.93% (L + 5.00%; 1.00% Floor)		07/24/2023		1,613,143		1,577,054			1,568,143
RxBenefits, Inc.⁽¹⁾	Pharmaceutical	Term Loan A	7.17% (L + 5.25%; 1.00% Floor)		03/28/2025		5,777,984		5,777,984			5,720,204
RxBenefits, Inc.⁽²⁾⁽³⁾	Pharmaceutical	Revolver	7.17% (L + 5.25%; 1.00% Floor)		03/29/2024		—		(4,900	)		(5,758	)
Dispatch Track, LLC⁽¹⁾	Software & Services	Term Loan	6.41% (L + 4.50%; 1.00% Floor)		12/17/2024		6,038,593		5,948,735			5,948,014
Dispatch Track, LLC⁽²⁾	Software & Services	Revolver	6.41% (L + 4.50%; 1.00% Floor)		12/17/2024		132,849		128,320			128,320
Real Capital Analytics, Inc.⁽¹⁾	Software & Services	Term Loan	7.09% (L + 5.00%, 1.00% Floor)		10/02/2024		4,863,178		4,839,901			4,838,862
Real Capital Analytics, Inc.⁽²⁾	Software & Services	Revolver	6.90% (L + 5.00%, 1.00% Floor)		10/02/2024		555,792		552,482			552,318
Real Capital Analytics, Inc.	Software & Services	First Supplemental Term Loan	6.71% (L + 5.00%, 1.00% Floor)		10/02/2024		3,019,297		3,004,200			3,004,200
Telesoft Holdings, LLC	Software & Services	Term Loan	7.69% (L + 5.75%, 1.00% Floor)		12/16/2025		5,968,665		5,834,630			5,834,370
Telesoft Holdings, LLC⁽²⁾⁽³⁾	Software & Services	Revolver	7.69% (L + 5.75%, 1.00% Floor)		12/16/2025		—		(13,366	)		(13,430	)
AMI US Holdings, Inc.⁽¹⁾	Software & Services	Term Loan	7.19% (L + 5.50%; 1.00% Floor)		04/01/2025		8,256,605		8,108,278			8,091,473
AMI US Holdings, Inc.⁽²⁾	Software & Services	Revolver	7.30% (L + 5.50%; 1.00% Floor)		04/01/2024		481,626		462,683			459,734
Avetta, LLC⁽¹⁾	Software & Services	Term Loan	7.55% (L + 5.75%; 1.00% Floor)		04/10/2024		3,287,118		3,206,937			3,221,375
Avetta, LLC⁽²⁾⁽³⁾	Software & Services	Revolver	7.55% (L + 5.75%; 1.00% Floor)		04/10/2024		—		(7,093	)		(9,888	)
Avetta, LLC⁽¹⁾	Software & Services	Incremental Term Loan B	7.55% (L + 5.75%; 1.00% Floor)		04/10/2024		4,326,814		4,249,497			4,240,278
Avetta, LLC⁽²⁾⁽³⁾	Software & Services	Delayed Draw Term Loan	7.55% (L + 5.75%; 1.00% Floor)		04/10/2024		—		(11,111	)		(12,360	)
Broadway Technology, LLC⁽¹⁾	Software & Services	Term Loan	6.85% (L + 4.75%; 1.00% Floor)		04/01/2024		4,444,603		4,365,514			4,355,711
Broadway Technology, LLC⁽²⁾⁽³⁾	Software & Services	Revolver	6.85% (L + 4.75%; 1.00% Floor)		04/01/2024		—		(6,544	)		(7,677	)
Businesssolver.com, Inc.⁽¹⁾	Software & Services	Term Loan	9.41% (L + 7.50%; 1.00% Floor)		05/15/2023		2,588,235		2,551,360			2,588,235
Businesssolver.com, Inc.^(2)(10)	Software & Services	Revolver	9.30% (L + 7.50%; 1.00% Floor)		05/15/2023		129,412		124,990			129,412
Businesssolver.com, Inc.⁽¹⁾	Software & Services	Delayed Draw Term Loan	9.41% (L + 7.50%; 1.00% Floor)		05/15/2023		388,235		385,043			388,235
Degreed, Inc.⁽¹⁾	Software & Services	Term Loan	8.15% (L + 6.35%; 1.00% Floor)		05/31/2024		2,228,335		2,207,938			2,189,784
Degreed, Inc.⁽²⁾⁽³⁾	Software & Services	Revolver	8.15% (L + 6.35%; 1.00% Floor)		05/31/2024		—		(3,698	)		(7,228	)
Degreed, Inc.⁽²⁾	Software & Services	Delayed Draw Term Loan	8.06% (L + 6.35%; 1.00% Floor)		05/31/2024		1,114,167		1,068,684			1,085,798
Drilling Info Holdings, Inc.⁽¹⁾⁽⁷⁾	Software & Services	Term Loan	6.05% (L + 4.25%)		07/30/2025		3,395,236		3,382,377			3,395,236
E2open LLC⁽¹⁾	Software & Services	Term Loan	7.66% (L + 5.75%; 1.00% Floor)		11/26/2024		4,944,898		4,881,721			4,895,449
E2open LLC⁽²⁾⁽³⁾	Software & Services	Revolver	7.66% (L + 5.75%; 1.00% Floor)		11/26/2024		—		(3,830	)		(3,114	)
Engage2Excel, Inc.⁽¹⁾	Software & Services	Term Loan	8.42% (L + 6.50%; 1.00% Floor)		03/07/2023		1,030,478		1,013,050			1,009,868
Engage2Excel, Inc.⁽¹⁾	Software & Services	Term Loan	8.71% (L + 6.50%; 1.00% Floor)		03/07/2023		2,970,191		2,927,623			2,910,787
Engage2Excel, Inc.^(1)(2)(11)	Software & Services	Revolver	10.25% (P + 5.50%; 1.00% Floor)		03/07/2023		251,270		246,280			243,732


Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded Par Amount		Cost			Fair Value
Engage2Excel, Inc.⁽²⁾⁽³⁾	Software & Services	Delayed Draw Term Loan	10.25% (P + 5.50%; 1.00% Floor)		03/07/2023		—		(5,481	)		(6,645	)
EnterpriseDB Corporation⁽¹⁾	Software & Services	Term Loan	7.33% (L + 4.50%; 0.75% PIK; 1.00% Floor)		06/21/2024		7,829,259		7,687,008			7,711,820
EnterpriseDB Corporation⁽²⁾⁽³⁾	Software & Services	Revolver	7.33% (L + 4.50%; 0.75% PIK; 1.00% Floor)		06/21/2024		—		(12,478	)		(10,445	)
Exterro, Inc.⁽¹⁾	Software & Services	Term Loan	7.41% (L + 5.50%; 1.00% Floor)		05/31/2024		5,945,987		5,834,920			5,916,257
Exterro, Inc.⁽²⁾⁽³⁾	Software & Services	Revolver	7.41% (L + 5.50%; 1.00% Floor)		05/31/2024		—		(4,915	)		(1,650	)
Exterro, Inc.⁽¹⁾	Software & Services	Initial Term Loan	7.41% (L + 5.50%; 1.00% Floor)		05/31/2024		2,866,875		2,825,603			2,852,541
Finalsite Holdings, Inc.⁽¹⁾	Software & Services	Term Loan	6.93% (L + 5.00%; 1.00% Floor)		09/25/2024		3,333,032		3,285,122			3,283,036
Finalsite Holdings, Inc.⁽²⁾⁽³⁾	Software & Services	Revolver	6.93% (L + 5.00%; 1.00% Floor)		09/25/2024		—		(3,509	)		(3,797	)
Genesis Acquisition Co.⁽¹⁾	Software & Services	Term Loan	5.69% (L + 3.75%)		07/31/2024		1,362,701		1,341,127			1,335,447
Genesis Acquisition Co.⁽²⁾	Software & Services	Revolver	5.69% (L + 3.75%)		07/31/2024		70,840		67,715			66,792
Genesis Acquisition Co.⁽²⁾⁽³⁾	Software & Services	Delayed Draw Term Loan	5.69% (L + 3.75%)		07/31/2024		—		(2,804	)		(3,645	)
GS AcquisitionCo, Inc.⁽¹⁾	Software & Services	Term Loan	7.55% (L + 5.75%; 1.00% Floor)		05/24/2024		2,716,747		2,685,271			2,682,788
GS AcquisitionCo, Inc.⁽²⁾	Software & Services	Second Supplemental Delayed Draw Term Loan	7.55% (L + 5.75%; 1.00% Floor)		05/24/2024		205,022		191,520			190,366
GS AcquisitionCo, Inc.⁽²⁾	Software & Services	Revolver	7.55% (L + 5.75%; 1.00% Floor)		05/24/2024		193,445		189,956			189,667
Ministry Brands, LLC⁽¹⁾	Software & Services	Term Loan	5.85% (L + 4.00%; 1.00% Floor)		12/02/2022		3,144,605		3,134,417			3,128,882
Ministry Brands, LLC⁽¹⁾	Software & Services	Delayed Draw Term Loan	5.85% (L + 4.00%; 1.00% Floor)		12/02/2022		657,623		655,480			654,335
Rhode Holdings, Inc.⁽¹⁾	Software & Services	Term Loan	8.72% (L + 5.50%; 1.00% PIK; 1.00% Floor)		05/02/2025		4,477,141		4,437,548			4,387,598
Rhode Holdings, Inc.⁽²⁾	Software & Services	Revolver	8.30% (L + 6.50%; 1.00% Floor)		05/02/2025		214,851		211,489			207,332
Rhode Holdings, Inc.⁽²⁾	Software & Services	Delayed Draw Term Loan	8.69% (L + 5.50%; 1.00% PIK; 1.00% Floor)		05/02/2025		69,949		64,481			63,878
Selligent, Inc.⁽¹⁹⁾	Software & Services	Term Loan	7.45% (L + 5.50%; 1.00% Floor)		11/05/2024		1,907,069		1,883,067			1,878,463
Selligent, Inc.^(2)(3)(19)	Software & Services	Revolver	7.45% (L + 5.50%; 1.00% Floor)		11/03/2023		—		(2,323	)		(3,010	)
Sirsi Corporation⁽¹⁾	Software & Services	Term Loan	6.49% (L + 4.75%; 1.00% Floor)		03/15/2024		8,965,418		8,846,501			8,830,937
Sirsi Corporation^(2)(12)	Software & Services	Revolver	8.50% (P + 3.75%; 1.00% Floor)		03/15/2024	$	221,497	$	214,397		$	213,190
Sugarcrm, Inc.⁽¹⁾	Software & Services	Term Loan	8.30% (L + 6.50%; 1.00% Floor)		07/31/2024		3,600,024		3,548,249			3,600,024
Sugarcrm, Inc.⁽²⁾⁽³⁾	Software & Services	Revolver	8.54% (L + 6.50%; 1.00% Floor)		07/31/2024		—		(4,235	)		—
Summit Infrastructure Group, Inc.⁽¹⁾	Software & Services	Term Loan	5.75% (L + 4.00%; 1.00% Floor)		03/15/2024		7,019,794		6,895,695			6,879,398
Summit Infrastructure Group, Inc.⁽²⁾⁽³⁾	Software & Services	Revolver	5.75% (L + 4.00%; 1.00% Floor)		03/15/2024		—		(9,518	)		(11,258	)
Summit Infrastructure Group, Inc.⁽²⁾⁽³⁾	Software & Services	Delayed Draw Term Loan	5.75% (L + 4.00%; 1.00% Floor)		03/15/2024		—		(19,006	)		(22,515	)


Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded Par Amount		Cost			Fair Value
Swiftpage, Inc.	Software & Services	Term Loan A	7.24% (L + 5.50%; 1.00% Floor)		06/13/2023	$	229,796	$	225,972		$	225,200
Swiftpage, Inc.	Software & Services	Term Loan	7.30% (L + 5.50%; 1.00% Floor)		06/13/2023		2,496,789		2,460,901			2,446,853
Swiftpage, Inc.⁽²⁾⁽³⁾	Software & Services	Revolver	7.30% (L + 5.50%; 1.00% Floor)		06/13/2023		—		(3,128	)		(4,506	)
Symplr Software, Inc.^(1)(13)	Software & Services	Term Loan	7.94% (L + 6.00%)		11/28/2025		5,756,909		5,680,081			5,670,556
Symplr Software, Inc.^(2)(13)	Software & Services	Revolver	7.94% (L + 6.00%)		11/30/2023		268,631		265,115			264,184
TRGRP, Inc.⁽¹⁾	Software & Services	Term Loan	8.80% (L + 4.50%; 2.50% PIK; 1.00% Floor)		11/01/2023		4,806,090		4,728,641			4,709,968
TRGRP, Inc.⁽²⁾⁽³⁾	Software & Services	Revolver	8.80% (L + 4.50%; 2.50% PIK; 1.00% Floor)		11/01/2023		—		(5,139	)		(6,667	)
TRGRP, Inc.⁽¹⁾	Software & Services	Incremental Term Loan	8.80% (L + 4.50%; 2.50% PIK; 1.00% Floor)		11/01/2023		1,073,976		1,054,948			1,052,497
Velocity Purchaser Corporation⁽¹⁾	Software & Services	Term Loan	7.80% (L + 6.00%; 1.00% Floor)		12/01/2022		2,815,750		2,781,894			2,815,750
Velocity Purchaser Corporation⁽¹⁾	Software & Services	Term Loan	7.79% (L + 6.00%; 1.00% Floor)		12/01/2022		700,038		689,647			700,038
Velocity Purchaser Corporation⁽²⁾⁽³⁾	Software & Services	Revolver	7.80% (L + 6.00%; 1.00% Floor)		12/01/2022		—		(2,300	)		—
Watermark Insights, LLC⁽¹⁾	Software & Services	Term Loan	7.29% (L + 5.50%; 1.00% Floor)		06/07/2024		2,612,705		2,592,613			2,586,578
Watermark Insights, LLC⁽¹⁾	Software & Services	Delayed Draw Term Loan	7.29% (L + 5.50%; 1.00% Floor)		06/07/2024		327,878		326,063			324,599
Purchasing Power, LLC⁽¹⁾	Specialty Finance	Term Loan	8.96% (L + 7.25%; 1.00% Floor)		02/06/2024		2,854,850		2,810,973			2,804,891
Dillon Logistics, Inc.⁽¹⁾	Transport & Logistics	Term Loan B	10.48% (L + 3.00%; 5.00% PIK; 1.00% Floor)		12/11/2023		1,172,909		1,154,246			1,089,984
Dillon Logistics, Inc.⁽¹⁾	Transport & Logistics	Term Loan A	10.48% (L + 3.00%; 5.00% PIK; 1.00% Floor)		12/11/2023		2,658,594		2,616,179			2,470,631
Dillon Logistics, Inc.^(2)(14)	Transport & Logistics	Revolver	8.90% (L + 7.00%; 1.00% Floor)		12/11/2023		365,443		360,395			336,694
OSG Bulk Ships, Inc.⁽¹⁾	Transport & Logistics	Term Loan	6.69% (L + 5.00%)		12/21/2023		6,017,292		5,955,690			5,942,076

Total 1st Lien/Senior Secured Debt									329,471,892			327,560,477
2nd Lien/Junior Secured Debt—5.27%
Brave Parent Holdings, Inc.⁽¹⁾	Energy	Term Loan	9.43% (L + 7.50%)		04/17/2026		1,230,107		1,204,314			1,180,902
Conterra Ultra Broadband Holdings, Inc.⁽¹⁾	Software & Services	Term Loan	9.70% (L + 8.00%; 1.00% Floor)		04/30/2027		6,537,710		6,445,244			6,439,645

Total 2nd Lien/Junior Secured Debt									7,649,558			7,620,547

Total U.S. Corporate Debt									337,121,450			335,181,024
Canadian Corporate Debt—1.95%
1st Lien/Senior Secured Debt—1.95%
JHMCRN Holdings, Inc.^(1)(19)	Business Services	Term Loan	6.80% (L + 5.00%; 1.00% Floor)		11/25/2025		846,198		837,854			837,736
Nuvei Technologies Corp.^(1)(4)(19)	Business Services	Term Loan	6.80% (L + 5.00%; 1.00% Floor)		09/29/2025		2,015,143		2,010,646			1,994,992

Total 1st Lien/Senior Secured Debt									2,848,500			2,832,728

Total Canadian Corporate Debt									2,848,500			2,832,728



Portfolio Company	Industry	Shares		Cost		Fair Value
U.S. Preferred Stock—3.36%
Concerto, LLC^(15)(16)	Healthcare & HCIT		65,614	$	349,977	$	349,977
Datarobot, Inc.⁽¹⁶⁾	Software & Services		38,190		289,278		289,278
Degreed, Inc.⁽¹⁶⁾	Software & Services		43,819		278,541		278,540
Heap⁽¹⁶⁾	Software & Services		189,617		696,351		696,351
Protoscale Rubrik⁽¹⁶⁾	Software & Services		25,397		598,212		598,201
Punchh⁽¹⁶⁾	Software & Services		24,262		275,337		275,337
Symplr Software Intermediate Holdings, Inc.⁽¹⁶⁾	Software & Services		1,196		1,160,531		1,374,165
Workfront, Inc.⁽¹⁶⁾	Software & Services		104,058		999,998		999,998

Total U.S. Preferred Stock					4,648,225		4,861,847



Portfolio Company	Industry	Shares		Cost		Fair Value
U.S. Common Stock—1.05%
NC Holdings, LLC^(16)(17)	Digital Infrastructure & Services		360,996		400,525		400,525
Leeds FEG Investors, LLC⁽¹⁶⁾	Education		320		321,309		359,147
INH Group Holdings⁽¹⁶⁾	Healthcare & HCIT		484,552		484,552		290,731
Aggregator, LLC⁽¹⁶⁾	Software & Services		417,813		417,813		467,950

Total U.S. Common Stock					1,624,199		1,518,353
U.S. Warrants—0.44%
Degreed, Inc., Warrants expire 05/31/2026⁽¹⁶⁾	Software & Services		17,749		27,511		27,511
Fuze, Inc., Warrants expire 09/20/2029⁽¹⁶⁾	Digital Infrastructure & Services		184,665	$	603,855	$	603,855

Total U.S. Warrants					631,366		631,366
TOTAL INVESTMENTS—238.67%⁽¹⁸⁾				$	346,873,740	$	345,025,318

LIABILITIES IN EXCESS OF OTHER ASSETS —(138.67%)						$	(200,462,923	)

NET ASSETS—100.00%						$	144,562,395

based on the type of rate used. The terms in the ~~Consolidated Schedule~~consolidated schedule of ~~Investments~~investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to30-day,60-day,90-day or180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively) at the borrower’s option. LIBOR loans may be subject to interest floors. As of December 31, ~~2018,~~2019, rates for 1M L, 2M L, 3M L and 6M L are ~~2.50%~~1.76%, ~~2.61%~~1.83%, ~~2.81%~~1.91% and ~~2.88%~~1.91%, respectively. As of December 31, ~~2018,~~2019, the U.S. Prime ~~rate~~Rate was ~~5.50%~~4.75%. See Note 4 “Borrowings.”

⁽¹⁾	Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd.

⁽²⁾

⁽²⁾⁽³⁾

The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

⁽³⁾⁽⁴⁾

~~D1MT Holdings LLC has been~~Pivotal Payments, Inc. was renamed to ~~Maintech, Incorporated~~Nuvei Technologies Corp. in ~~2018.~~2019.

⁽⁴⁾⁽⁵⁾

$~~55,000~~56,565 of the funded par amount accrues interest at ~~9.39% (L+7.00%; 1.00% Floor)~~6.35% (L + 4.50%).

⁽⁵⁾⁽⁶⁾

$~~33,159~~29,780 of the funded par amount accrues interest at ~~6.89% (L+4.50%; 1.00% Floor)~~10.75 (P + 6.00%).

⁽⁶⁾⁽⁷⁾

Categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy.

⁽⁷⁾⁽⁸⁾

$124,648 of the funded par amount accrues interest at 8.24% (L + 6.25%).

⁽⁹⁾	$293,434 of the funded par amount accrues interest at 10.00% (P + 5.25%).

⁽¹⁰⁾	$45,294 of the funded par amount accrues interest at 11.25% (P + 6.50%).

⁽¹¹⁾	$78,522 of the funded par amount accrues interest at 8.49% (L + 6.50%).

⁽¹²⁾	$110,748 of the funded par amount accrues interest at 6.54% (L + 4.75%).

⁽¹³⁾	Caliper Software, Inc. has been renamed to Symplr Software, Inc. in 2019.

⁽¹⁴⁾	$62,056 of the funded par amount accrues interest at 10.75% (P + 6.00%).

⁽¹⁵⁾	Concerto, LLC is held through ABPCIC Concerto Holdings LLC.

⁽¹⁶⁾	Non-income producing ~~security.~~investment.

^(8)(17)

~~SSC TS Investments,~~NC Holdings LLC is held through ABPCIC ~~SSC TS~~NC Holdings LLC.

^(9)(18)

Aggregate gross unrealized appreciation for federal income tax purposes is ~~$116,400;~~$1,824,555, aggregate gross unrealized depreciation for federal income tax purposes is ~~$825,510.~~$3,672,977. Net unrealized depreciation is ~~$709,110~~$1,848,422 based upon a tax cost basis of ~~$138,512,243.~~$346,873,740.

⁽¹⁹⁾	Positions considerednon-qualifying assets therefore excluded from the qualifying assets calculation as noted in footnote + above.

AB Private Credit Investors Corporation (the “Fund,” “we,” “our,” and “us”), an externally managed,non-diversified,closed-end, management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), was incorporated under the laws of the state of Maryland on February 6, 2015. The Fund was formed to invest in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. AB Private Credit Investors LLC serves as the Fund’s external investment adviser (the “Adviser”).

Prior to 2017, there were no significant operations other than the sale and issuance of 100 shares of common stock, par value $0.01, on June 27, 2016, at an aggregate purchase price of $1,000 ($10.00 per share) to the Adviser. The sale of common shares was approved by the unanimous consent of the Fund’s Board of Directors (the “Board”). In addition, prior to commencing operations in 2017, on May 26, 2017, the Fund issued and sold an additional 2,400 shares of common stock, par value $0.01 at an aggregate purchase price of $24,000 ($10.00 per share) to the Adviser. That sale was also approved by the unanimous consent of the Fund’s Board.

The Fund is conducting private offerings (each a “Private Offering”) of its common stock to investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any Private Offering, each investor will make a capital commitment (a “Capital Commitment”) to purchase shares of the Fund’s common stock pursuant to a subscription agreement entered into with the Fund. Investors will be required to fund drawdowns to purchase shares of the Fund’s common stock up to the amount of their respective Capital Commitment on anas-needed basis each time the Fund delivers a capital draw-down notice to its investors.

On September 29, 2017, the Fund completed the initial closing (“Initial Closing”) of its Private Offering after entering into subscription agreements (collectively, the “Subscription Agreements”) with several investors, providing for the private placement of the Fund’s common shares. At ~~September 30, 2019,~~March 31, 2020, the Fund had total Capital Commitments of ~~$359,356,251,~~$418,448,516, of which ~~66%~~56% is unfunded. Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (includingfollow-on investments), for paying the Fund’s expenses, including fees under the Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities.

There were no operating activities from February 6, 2015 to November 15, 2017. As described above, the Fund completed its Initial Closing on September 29, 2017, and commenced operations on November 15, 2017. The Fund’s fiscal year ends on December 31.

On October 31, 2018, the Adviser established ABPCIC SSC TS Holdings LLC (“ABPCIC SSC TS”), through which the Fund made an investment. ABPCIC SSC TS is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation. On December 19, 2018, the Adviser established ABPCIC Funding I LLC (“ABPCIC Funding”), a Delaware limited liability company. ABPCIC Funding is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation.

On June 14, 2019, the Adviser established ABPCI Direct Lending Fund CLO VI Ltd (“CLO VI”), an exempted company incorporated with limited liability under the laws of the Cayman Islands. CLO VI is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements.

On August 9, 2019, ABPCIC Funding and CLO VI entered into a merger agreement, pursuant to which ABPCIC Funding ~~has~~ agreed to merge with and into CLO VI, with CLO VI as the surviving entity. CLO VI ~~is 100% owned by~~issued Class B, Class C and Subordinated Notes to the Fund ~~and is consolidated in~~through AB PCI Direct Lending Fund CLO VI Depositor LLC, a wholly-owned subsidiary of the ~~Fund’s consolidated financial statements.~~Fund established on August 9, 2019.

On September 25, 2019, the ~~Adviser~~Fund established ABPCIC NC Holdings LLC (“ABPCIC NC”), ~~and together with ABPCIC SSC TS, the “Blockers”)~~ through which the Fund made an investment. ABPCIC NC is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation.

On December 17, 2019, the Fund established ABPCIC Concerto Holdings LLC (“ABPCIC Concerto”), through which the Fund made an investment. ABPCIC Concerto is 100% owned by the Fund and is consolidated in the Fund’s consolidated financial statements commencing from the date of its formation.

On February 7, 2020, the Fund and an affiliate of Abbott Capital Management, LLC (“Abbott”) became members of, ABPCIC Equity Holdings, LLC, a Delaware limited liability company and a special purpose vehicle designed to invest in private equity investments sourced by Abbott. The Fund owns 100% of the Class L Units and 93% of the Class A Units of ABPCIC Equity Holdings, LLC, which had not commenced operations as of March 31, 2020.

The Fund is an investment company under accounting principles generally accepted in the United States of America (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946,Financial Services – Investment Companies.The Fund

has prepared the consolidated financial statements and related financial information pursuant to the requirements for reporting on Form10-Q and Articles 6 and 10 of RegulationS-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. In the opinion of management, the unaudited financial information for the interim period presented in this report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year.

The functional currency of the Fund is U.S. dollars and these consolidated financial statements have been prepared in that currency.

The consolidated financial statements include the accounts of the Fund and its wholly-owned ~~Blockers and CLO VI.~~subsidiaries. All intercompany balances and transactions have been eliminated.

Certain prior period amounts have been reclassified to conform to the current presentation, with no significant effect on our financial condition, results of operations or cash flows.

The following is a summary of significant accounting policies followed by the Fund.

Cash consists of demand deposits and money market ~~portfolios.~~accounts. Cash is carried at cost, which approximates fair value. The Fund maintains deposits of its cash with financial institutions, and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. The Fund considers all highly liquid investments, with original maturities of less than ninety days, as cash equivalents.

Investment transactions are recorded on a trade-date basis. Interest income is recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan onnon-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restoresnon-accrual loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Adviser and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Realized gains and losses on investment transactions are determined on the specific identification method.

Certain investments in debt securities may contain a contractualpayment-in-kind (“PIK”) interest provision. The PIK provisions generally feature the obligation, or the option, at each interest payment date of making interest payments in (i) cash, (ii) additional debt or (iii) a combination of cash and additional debt. PIK interest, computed at the contractual rate specified in the investment’s credit agreement, is accrued as interest income and recorded as interest receivable up to the interest payment date. On the interest payment date, the accrued interest receivable attributable to PIK is added to the principal balance of the investment. When additional debt is received on the interest payment date, it typically has the same terms, including maturity dates and interest rates, as the original loan. PIK interest generally becomes due on the investment’s maturity date or call date.

The Fund may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Fund on an ongoing basis. These fees and any other income are recognized as earned.

The Revolving Credit Facility (as defined ~~below)~~in Note 4) is recorded at carrying value, which approximates fair value. Interest expense and unused commitment fees on the Revolving Credit Facility are recorded on an accrual basis. Unused commitment fees are included in interest and borrowing expenses in the consolidated statements of operations. Deferred financing costs include capitalized expenses related to the closing of the Revolving Credit Facility. Amortization of deferred financing costs is computed on the straight-line basis over the contractual term. The amortization of such costs is included in interest and borrowing expenses in the consolidated statements of operations, with any unamortized amounts included in deferred financing costs on the consolidated statements of assets and liabilities.

The Notes (as defined ~~below)~~in Note 4) are recorded at carrying value. Interest expense on notes payable is recorded on an accrual basis. Debt issuance costs relating to notes payable are amortized on a straight-line basis over the contractual term and included in interest and borrowing expenses in the consolidated statements of operations. The unamortized debt issuance costs are included as a direct reduction of the carrying value of the notes payable (i.e. a contra liability).

Upon early termination or partial principal pay down of the Notes, the unamortized costs related to the Notes are accelerated into interest and borrowing expenses on the Fund’s consolidated statements of operations.

ASC 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax ~~position.~~positions. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are“more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet themore-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior ~~year)~~two years), the Fund has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

The Fund has elected to be treated and intends to continue to be treated for federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). So long as the Fund is able to maintain its status as a RIC, it intends not to be subject to U.S. federal income tax on the portion of its taxable income and gains distributed to stockholders, if any. To qualify for RIC tax treatment, the Fund is required to distribute at least 90% of its investment company taxable income annually, meet diversification and income requirements quarterly, meet gross income requirements annually and file Form1120-RIC, as provided by the Code. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for theone-year period ending

on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Fund will accrue excise tax on estimated undistributed taxable income as required. For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2020 and 2019, the Fund accrued excise taxes of $0 and $0, respectively. ~~For the three and nine months ended September 30, 2018, the Fund accrued excise taxes of $0 and $3, respectively.~~ As of ~~September 30, 2019,~~March 31, 2020, and December 31, ~~2018,~~2019, $0 and $0, respectively, of accrued excise taxes remained payable.

The Fund may be subject to taxes imposed by countries in which the Fund invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized gain (loss) as such income and/or gains are earned.

The Fund remains subject to examination by U.S. federal and state jurisdictions, as well as international jurisdictions, and upon completion of these examinations (if undertaken by the taxing jurisdiction) tax adjustments may be necessary and retroactive to all open tax years.

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements, and the reported amounts of revenues and expenses recorded during the reporting period. Actual results could differ from those estimates and such differences could be material.

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Fund may pay distributions in excess of its taxable net investment income. This excess would be atax-free return of capital in the period and reduce the stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent they are charged or credited topaid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income andnon-deductible expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return. Distributions to common stockholders are recorded on theex-dividend date. The amount to be paid out as a distribution is determined by the Board each quarter and is generally based upon the earnings estimated by the Adviser. The Fund may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Fund intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of the Fund’s taxable income earned in a year, the Fund may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The specific tax characteristics of the Fund’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Fund will be able to declare such distributions in future periods.

The Fund has adopted a dividend reinvestment plan that provides for stockholders to receive dividends or other distributions declared by the Board in cash unless a stockholder elects to “opt in” to the dividend reinvestment plan. As a result, if the Board declares a cash distribution, then the stockholders who have “opted in” to the dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution.

~~As of and for the three and nine months ended September 30, 2019, there are no recent accounting pronouncements that affect the Fund.~~

On ~~July 5, 2017,~~November 13, 2019, the ~~Board approved~~Fund entered into the ~~investment~~Amended and Restated Advisory Agreement (the “Amended and Restated Advisory Agreement”), replacing the advisory agreement the Fund entered into with the Adviser on July 27, 2017 (the “Advisory

Agreement”), pursuant to which the Fund will pay the Adviser, quarterly in arrears, a base management fee calculated at an annual rate of 1.50%. The base management fee is calculated based on a percentage of the average outstanding assets of the Fund (which equals the gross value of equity and debt instruments, including investments made utilizing leverage), excluding cash and cash equivalents, during such fiscal quarter. The average outstanding assets ~~will be~~is calculated by taking the average of the amount of assets of the Fund at the beginning and end of each month that occurs during the calculation period. The base management fee ~~will be~~is calculated and paid quarterly in arrears but will be accrued monthly by the Fund over the fiscal quarter for which such base management fee is paid. The base management fee for any partial month or quarter ~~will be~~is appropriately prorated. For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2020, the Fund incurred a management fee of $1,352,351, of which $1,227,046 was voluntarily waived by the Adviser. For the three months ended March 31, 2019, the Fund incurred a management fee of ~~$1,017,059 and $2,477,129, respectively,~~$615,859, of which $60,261 and $191,359, respectively, were voluntarily waived by the Adviser. For the three and nine months ended September 30, 2018, the Fund incurred a management fee of $281,892 and $560,765, respectively, of which $39,913 and $77,203, respectively, were$63,171 was voluntarily waived by the Adviser. As of ~~September 30, 2019~~March 31, 2020, and December 31, ~~2018, $956,799~~2019, $1,147,126 and ~~$830,130,~~$1,053,696, respectively, of accrued management fee remained payable.

The Fund will also pay the Adviser an incentive fee that provides the Adviser with a share of the income that the Adviser generates for the Fund. The incentive fee will consist of an income-based incentive fee component and a capital-gains component, which are largely independent of each other, with the result that one component may be payable even if the other is not.

Income-Based Incentive Fee: The income-based incentive fee is calculated and payable quarterly in arrears based on the Fund’s net investment income prior to any deductions with respect to such income-based incentive fees and capital gains incentive fees(“Pre-incentive Fee Net Investment Income” or “PIFNII”) for the quarter, as further described below.~~Pre-incentive~~ ~~Fee Net Investment~~

~~Income~~ PIFNII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees the Fund receives from portfolio companies) that the Fund accrues during the fiscal quarter, minus the Fund’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the “Administration Agreement”) we have entered into with State Street Bank and Trust (the “Administrator”), and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee accrued under GAAP).~~Pre-incentive~~ ~~Fee Net Investment Income~~ PIFNII also includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with ~~pay in kind~~pay-in-kind interest andzero-coupon securities), accrued income that the Fund has not yet received in cash. The Adviser is not under any obligation to reimburse the Fund for any part of the income-based incentive fees it received that was based on accrued interest that the Fund never actually received.

~~Pre-incentive~~ ~~Fee Net Investment Income~~PIFNII does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the income-based incentive fee, it is possible that the Fund may accrue such income-based incentive fee in a quarter where the Fund incurs a net loss. For example, if the Fund receives~~Pre-incentive~~ ~~Fee Net Investment Income~~ PIFNII in excess of a hurdle rate (as defined below) for a quarter, the Fund will accrue the applicable income-based incentive fee even if the Fund has incurred a realized and/or unrealized capital loss in that quarter. However, cash payment of the income-based incentive fee may be deferred in this situation, subject to the restrictions detailed at the end of this section.

~~Pre-incentive~~ ~~Fee Net Investment Income,~~PIFNII, expressed as a rate of return on the average value of the Fund’s net assets (defined as total assets, less indebtedness and before taking into account any incentive fees payable during the period) atas of the ~~end~~first day of each month during the course of the immediately preceding ~~fiscal~~calendar quarter, will be compared to various “hurdle rates,” with the income-based incentive fee rate of return increasing at each hurdle rate.

~~We pay~~The Fund pays the Adviser an income-based incentive fee with respect to~~Pre-incentive~~ ~~Fee Net Investment Income~~ PIFNII in each calendar quarter as follows:

For the three ~~and nine~~ months ended ~~September 30, 2019,~~March 31, 2020, the Fund incurred income-based incentive fees of ~~$180,792 and $586,627, respectively,~~$769,023, of which ~~$56,255 and $132,327, respectively,~~$486,784, was voluntarily waived by the Adviser. For the three ~~and nine~~ months ended ~~September 30, 2018,~~March 31, 2019, the Fund incurred income-based incentive fees of ~~$66,206 and $66,206, respectively,~~$106,087, of which ~~$32,302 and $32,302, respectively,~~$76,072, was voluntarily waived by the Adviser. As of ~~September 30, 2019~~March 31, 2020 and December 31, ~~2018, $654,162~~2019, $1,331,530, and ~~$199,862, respectively, of accrued income-based incentive fees~~$1,049,291 remained payable.

Capital Gains Incentive Fee: The capital gains incentive fee is determined and payable at the end of each fiscal year as 20% of aggregate cumulative realized capital gains from the date of the Fund’s election to be regulated as a BDC through the end of that year, computed net of all aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, “aggregate cumulative realized capital gains” will not include any unrealized appreciation. For accounting purposes only, we are required under GAAP to accrue a hypothetical capital gains incentive fee based upon net realized gains and unrealized depreciation for that calendar year (in accordance with the terms of the Amended and Restated Advisory Agreement), plus unrealized appreciation on investments held at the end of the period. The accrual of this hypothetical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a hypothetical capital gains incentive fee that would be payable to the Adviser at each measurement date. The capital gains incentive fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains incentive fee will be payable for such year. Additionally, if the Amended and Restated Advisory Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying the capital gains incentive fee.

Since inception, no capital gains incentive fees have been incurred or are payable as of ~~September 30, 2019~~March 31, 2020 and December 31, ~~2018,~~2019, and for the three ~~and nine~~ months ended ~~September 30, 2019~~March 31, 2020 and ~~September 30, 2018.~~March 31, 2019.

The amount of capital gains incentive fee expense related to a hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund’s portfolio as of period end and the termination of the Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund’s overall investment results.

The Fund will defer cash payment of any income-based incentive fee and/or any capital gains incentive fee otherwise earned by the Adviser if during the most recent four full fiscal quarter periods ending on or prior to the date such payment is to be made, the sum of (a) the~~Pre-incentive~~ ~~Fee Net Investment Income,~~ PIFNII, and (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation expressed as a rate of return on the value of our net assets, is less than 6.0%. Any such deferred fees are carried over for payment in subsequent calculation periods to the extent such payment is payable under the Amended and Restated Advisory Agreement.

We have entered into the Administration Agreement with the Administrator and a separate expense reimbursement agreement with the Adviser (the “Expense Reimbursement Agreement”) under which any allocable portion of the cost of our Chief Compliance Officer and Chief Financial Officer and their respective staffs will be reimbursed by the Fund. Under the Administration Agreement, the Administrator will be responsible for providing us with clerical, bookkeeping, recordkeeping and other administrative services. We will reimburse the Adviser an amount equal to our allocable portion (subject to the review of our Board) of its overhead resulting from its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of our Chief Compliance Officer and Chief Financial Officer and their respective staffs.

On September 29, 2017, the Fund and the Adviser entered into an agreement (the “Expense Support and Conditional Reimbursement Agreement”) to limit certain of the Fund’s Operating Expenses, as defined ~~in the Expense Support and Conditional Reimbursement Agreement,~~below, to no more than 1.5% of the Fund’s average quarterly gross assets. To achieve this percentage limitation,

the Adviser has agreed to reimburse the Fund for certain Operating Expenses on a quarterly basis (any such payment by the Adviser, an “Expense Payment”) and the Fund has agreed to later repay such amounts (any such payment by the Fund, a “Reimbursement Payment”), pursuant to the terms of the Expense Support and Conditional Reimbursement Agreement. The actual percentage of Operating Expenses paid by the Fund in any quarter after deducting any Expense Payment, as a percentage of the Fund’s average quarterly gross assets, is referred to as the “Percentage Limit.”

Any Expense Payment by the Adviser pursuant to the Expense Support and Conditional Reimbursement Agreement will be subject to repayment by the Fund on a quarterly basis within the three years following the fiscal quarter of the Fund in which the Operating Expenses were paid or absorbed, if the total Operating Expenses for the current quarter, including Reimbursement Payments, expressed as a percentage of the Fund’s average gross assets during such quarter is less than the then-current Percentage Limit, if any, and the Percentage Limit that was in effect at the time when the Adviser reimbursed the Operating Expenses that are the subject of the repayment, subject to certain provisions of the Expense Support and Conditional Reimbursement Agreement, as described below. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Operating Expenses” means the Fund’s Total Operating Expenses (as defined below), excluding base management fees, incentive fees, distribution and ~~shareholder~~stockholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses and “Total Operating Expenses” means all of the Fund’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

However, no Reimbursement Payment for any quarter will be made if: (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Fund at the time of such Reimbursement Payment is less than or equal to the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than or equal to the Operating Expense Ratio (as defined below) at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support and Conditional Reimbursement Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a365- day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and ~~shareholder~~stockholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses in any quarter by the Fund’s average net assets in such quarter.

The specific amount of expenses paid by the Adviser, if any, will be determined at the end of each quarter. The Fund or the Adviser may terminate the Expense Support and Conditional Reimbursement Agreement at any time, with or without notice. The Expense Support and Conditional Reimbursement Agreement will automatically terminate in the event of (a) the termination of the Amended and Restated Advisory Agreement, or (b) the Board of the Fund ~~makes~~making a determination to dissolve or liquidate the Fund. Upon termination of the Expense Support and Conditional Reimbursement Agreement, the Fund will be required to fund any Expense Payments, subject to the aforementioned requirements per the Expense Support and Conditional Reimbursement Agreement, that have not been reimbursed by the Fund to the Adviser.

As of ~~September 30, 2019,~~March 31, 2020, the amount of Expense Payments provided by the Adviser since inception is $4,784,382. Management believes that Reimbursement Payments by the Fund to the Adviser were not probable under the terms of the Expense Support Agreement as of September 30, 2019, and therefore have not been accrued.$4,874,139. The following table reflects the Expense Payments that may be subject to reimbursement pursuant to the Expense Agreement:


For the Quarters Ended	Amount of Expense Support		Effective Rate of Distribution per Share⁽¹⁾	Reimbursement Eligibility Expiration	Percentage Limit⁽²⁾			Amount of Expense Support		Amount of Reimbursement Payment		Amount of Unreimbursed Expense Support		Effective Rate of Distribution per Share⁽¹⁾			Reimbursement Eligibility Expiration		Percentage Limit⁽²⁾
September 30, 2017	$	1,002,147	n/a	September 30, 2020		1.5	%	$	1,002,147	$	107,841	$	894,306		n/a			September 30, 2020		1.5	%
December 31, 2017		1,027,398	n/a	December 31, 2020		1.5	%		1,027,398		—		1,027,398		n/a			December 31, 2020		1.5	%
March 31, 2018		503,592	n/a	March 31, 2021		1.5	%		503,592		—		503,592		n/a			March 31, 2021		1.5	%
June 30, 2018		1,086,482	4.787%	June 30, 2021		1.0	%		1,086,482		—		1,086,482		4.787	%		June 30, 2021		1.0	%
September 30, 2018		462,465	4.715%	September 30, 2021		1.0	%		462,465		—		462,465		4.715	%		September 30, 2021		1.0	%
December 31, 2018		254,742	6.762%	December 31, 2021		1.0	%		254,742		—		254,742		6.762	%		December 31, 2021		1.0	%
March 31, 2019		156,418	5.599%	March 31, 2022		1.0	%		156,418		—		156,418		5.599	%		March 31, 2022		1.0	%
June 30, 2019		259,263	6.057%	June 30, 2022		1.0	%		259,263		—		259,263		6.057	%		June 30, 2022		1.0	%
September 30, 2019		31,875	5.154%	September 30, 2022		1.0	%		31,875		—		31,875		5.154	%		September 30, 2022		1.0	%
December 31, 2019									—		—		—		6.423	%		December 31, 2022		1.0	%
March 31, 2020									89,757		—		89,757		10.17	%		March 31, 2023		1.0	%

Total	$	4,784,382						$	4,874,139	$	107,841	$	4,766,298

On September 26, 2017, the Fund and AllianceBernstein Investor Services, Inc. (“ABIS”), an affiliate of the Fund, entered into an agreement pursuant to which ABIS will provide transfer agent services to the Fund. The Fund bears the expenses related to the agreement with ABIS.

For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2020 and 2019, the Fund accrued ~~$8,104~~$10,758 and ~~$19,203 in transfer agent fees, respectively. For the three and nine months ended September 30, 2018, the Fund accrued $561 and $561~~$4,662 in transfer agent fees, respectively. As of ~~September 30, 2019~~March 31, 2020 and December 31, ~~2018, $8,104~~2019, $20,155 and ~~$10,717,~~$9,397, respectively, of accrued transfer agent fees remained payable.

On November 15, 2017, the Fund entered into a credit agreement (the “Credit Agreement”) to establish a revolving credit facility (the “Revolving Credit Facility”) with HSBC Bank USA, National Association (“HSBC”) as administrative agent (the “Administrative Agent”). The initial maximum commitment amount (the “Maximum Commitment”) under the Revolving Credit Facility was $30 million and may be increased in a minimum amount of $10 million and in $5 million increments thereof with the consent of HSBC or reduced upon request of the Fund. As of ~~September 30,~~January 31, 2019, the Fund ~~has adjusted~~increased the Maximum Commitment to $50 million. So long as no request for borrowing is outstanding, the Fund may terminate the ~~Commitments~~lenders’ commitments (“Commitments”) or reduce the Maximum Commitments by giving prior irrevocable written notice to the ~~administrative agent.~~Administrative Agent. Any reduction of the Maximum Commitments shall be in an amount equal to $10 million or multiples thereof; and in no event, shall a reduction by the Fund reduce the Commitments to $35 million or less (in each case, except for a termination of all the Commitments). Proceeds under the Credit Agreement may be used for any purpose permitted under our organizational documents, including general corporate purposes such as the making of investments. The Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. As of ~~September 30, 2019,~~March 31, 2020, the Fund is in compliance with these covenants. The Fund’s obligations under the Credit Agreement are secured by the Capital Commitments and capital contributions to the Fund.

Borrowings under the Credit Agreement bear interest, at the Fund’s election at the time of drawdown, at a rate per annum equal to (i) with respect to LIBOR Rate Loans, Adjusted LIBOR (as defined in the Credit Agreement) for the applicable Interest ~~Period;~~Period (as defined in the Credit Agreement); and (ii) with respect to Reference Rate Loans (as defined in the Credit Agreement), the greatest of: ~~(i)~~(x) the rate of interest per annum publicly announced from time to time by HSBC as its prime rate, ~~(ii)~~(y) the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, plus two hundred basis points (2.00%), provided that if such rate is not so published for any day that is a Business Day (as defined in the ~~credit agreement)~~Credit Agreement), the average of the quotation for such day on such transactions received by the ~~administrative agent (as defined in the credit agreement),~~Administrative Agent, from three (3) Federal funds brokers of recognized standing selected by the ~~administrative agent~~Administrative Agent and, upon request of Borrowers (as defined in the Credit Agreement), with notice of such quotations to the Borrowers and ~~(iii)~~(z) except during any period of time during which LIBOR isunavailable, one-month Adjusted LIBOR plus ~~two~~one hundred ninety basis points ~~(2.00%~~(1.90%). The Fund will also pay an unused commitment fee of 35 basis points (0.35%) on any unused commitments.

The Revolving Credit Facility ~~was~~is scheduled to mature on November ~~13, 2019,~~11, 2020, subject to the Fund’s option to extend the maturity date for up to one additional term not longer than 364 days, subject to the following conditions: (i) each of the Lenders (as defined in the Credit Agreement) and the ~~administrative agent~~Administrative Agent consents to the extension in their sole discretion; (ii) the Fund has paid an extension fee to the ~~administrative agent~~Administrative Agent for the benefit of the extending Lenders consenting to such extension in an amount agreed to by the ~~administrative agent~~Administrative Agent and the Borrowers at the time of the extension and as set forth in the applicable extension request; (iii) no potential default or event of default has occurred and is continuing on the date on which notice is given in accordance with the following clause (iv) or on November ~~13, 2019;~~11, 2020; and (v) the Fund has delivered an extension request to the ~~administrative agent~~Administrative Agent not more than one hundred twenty (120) days or less than forty-five (45) days prior to November ~~13, 2019.~~11, 2020.

On January 30, 2019, ABPCIC Funding entered into a Credit Agreement (the “Barclays Credit Facility”) with Barclays Bank PLC, New York Branch (“Barclays”) as facility agent (in such capacity, the “Facility Agent”) and U.S. Bank National Association (“U.S. Bank”) as collateral agent (in such capacity, the “Collateral Agent”), collateral administrator (in such capacity, the “Collateral Administrator”) and custodian (in such capacity, the “Custodian”). The Barclays Credit Facility was ~~in effect during the quarter, but~~ terminated on August 9, 2019.

All of the collateral pledged to lenders by ABPCIC Funding under the Barclays Credit Facility was held in the custody of the Custodian under an account control agreement by and among ABPCIC Funding, the Collateral Agent and the Custodian. The Collateral Administrator maintained and performed certain collateral administration services with respect to the collateral pursuant to a collateral administration agreement among ABPCIC Funding, the Adviser and the Collateral Administrator. Borrowings under the Barclays Credit Facility were secured by all of the assets held by ABPCIC Funding. Pursuant to a collateral management agreement (the “Collateral Management Agreement”) by and between ABPCIC Funding and the Adviser as collateral manager, the Adviser performed certain duties with respect to the purchase and management of the assets securing the Barclays Credit Facility. The Adviser elected to waive any fees that would otherwise be payable under the Barclays Credit Facility and the Collateral Management Agreement. ABPCIC Funding was responsible for reimbursing the expenses incurred by the Adviser in the performance of its obligations under the Collateral Management Agreement other than any ordinary overhead expenses, which were not required to be reimbursed. ~~For the three and nine months ended September 30, 2019, the Fund incurred a collateral management fee of $100,949 and $426,758, respectively, which was voluntarily waived by the Adviser.~~

The Barclays Credit Facility provided for borrowings in an aggregate amount up to $150 million. Borrowings under the Barclays Credit Facility bore interest paid on an annual adjusted LIBOR for the relevant interest period, plus an applicable spread of 2.25%. ABPCIC Funding would also pay an unused commitment fee of .50% and the commitment would have expired on July 30, 2020. Interest and fees were paid quarterly in arrears. Any amounts borrowed under the Barclays Credit Facility would have matured, and all accrued and unpaid interest thereunder would have been due and payable, on the earlier of (i) January 20, 2029, (ii) the date on which ABPCIC Funding issues collateralized loan obligation securities in a transaction for which the sole arranger is Barclays (or an affiliate thereof) or (iii) upon certain other events which result in accelerated maturity under the credit facility. Borrowing under the Barclays Credit Facility was subject to certain restrictions contained in the 1940 Act. The Barclays Credit Facility matured and was paid down ~~during the period~~in 2019 in connection with the issuance of the Notes (as defined below). For a discussion of the CLO Transaction ~~see “~~“See~~Notes to Unaudited Consolidated Financial Statements~~ – Note 4. Collateralized Loan Obligations.”

The Fund’s outstanding borrowings through the Revolving Credit Facility as of ~~September 30, 2019~~March 31, 2020 were as follows:


	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value		Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	50,000,000	$	—	$	50,000,000	$	—	$	50,000,000	$	43,000,000	$	7,000,000	$	43,000,000

Total	$	50,000,000	$	—	$	50,000,000	$	—	$	50,000,000	$	43,000,000	$	7,000,000	$	43,000,000

The Fund’s outstanding borrowings through the Revolving Credit Facility as of December 31, ~~2018~~2019 were as follows:


	Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value		Aggregate Borrowing Amount Committed		Outstanding Borrowing		Amount Available		Carrying Value
HSBC	$	125,000,000	$	88,200,000	$	36,800,000	$	88,200,000	$	50,000,000	$	19,500,000	$	30,500,000	$	19,500,000

Total	$	125,000,000	$	88,200,000	$	36,800,000	$	88,200,000	$	50,000,000	$	19,500,000	$	30,500,000	$	19,500,000

As of ~~September 30, 2019~~March 31, 2020 and December 31, ~~2018,~~2019, deferred financing costs were ~~$55,200~~$46,313 and ~~$172,580,~~$64,959, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities.

On August 9, 2019, CLO VI (the “Issuer”) and ABPCI Direct Lending Fund CLO VI LLC, a limited liability company organized under the laws of the State of Delaware (the“Co-Issuer,” and together with the Issuer, the“Co-Issuers”), each a newly formed special purpose vehicle, completed a $300,500,000 term debt securitization (the “CLO Transaction”). The stated reinvestment date is August 9, 2022.

The CLO Transaction was executed through a private placement and the notes offered (the “Notes”) that remain outstanding as of ~~September 30,~~March 31, 2020 and December 31, 2019 ~~are~~were as follows:


March 31, 2020									March 31, 2020
	Principal Amount		Interest Rate			Carrying Value⁽¹⁾				Principal Amount		Interest Rate			Carrying Value⁽¹⁾
Class A-1 Senior Secured Floating Rate Note(“Class A-1”)	$	178,200,000		3M L + 1.73	%	$	175,528,458			$	178,200,000		L + 1.73	%	$	176,185,732
Class A-2A Senior Secured Floating Rate Note(“Class A-2A”)	$	25,000,000		L + 2.45	%	$	24,625,153			$	25,000,000		L + 2.45	%	$	24,717,415
Class A-2B Senior Secured Fixed Rate Note(“Class A-2B”)	$	9,950,000		4.23	%	$	9,800,765			$	9,950,000		4.23	%	$	9,811,154
Class B Secured Deferrable Floating Rate Note (“Class B”)	$	16,400,000		L + 3.40	%	$	—	*		$	16,400,000		L + 3.40	%	$	—	*
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	17,350,000		L + 4.40	%	$	—	*		$	17,350,000		L + 4.40	%	$	—	*
Subordinated Notes	$	53,600,000		N/A		$	—	*		$	53,600,000		N/A		$	—	*

The CLO VI indenture provides that the holders of the CLO VIClass A-1,Class A-2A,Class A-2B, Class B and Class C Notes are to receive quarterly interest payments, in arrears, on the 20th day in January, April, July and October of each year, commencing in August 2019.

The Notes are the secured obligations of theCo-Issuers, and the indenture governing the Notes includes customary covenants and events of default. The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

The Adviser serves as collateral manager to the Issuer pursuant to a collateral management agreement between the Adviser and the Issuer (the “CLO Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the CLO Collateral Management Agreement. For the ~~three and nine months~~three-month period ended ~~September 30, 2019,~~March 31, 2020, the Fund incurred a collateral management fee of ~~$266,585 and $266,585, respectively,~~$459,059, which was voluntarily waived by the Adviser.

As of ~~September 30, 2019~~March 31, 2020 and December 31, ~~2018,~~2019 outstanding borrowings under the Revolving Credit Facility and Notes were ~~$209,954,376~~$253,714,301 and ~~$88,200,000,~~$229,836,633, respectively.

For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2020, and March 31, 2019, ~~and September 30, 2018,~~ the components of interest and other debt expenses related to the borrowings were as follows:


	For the three months ended September 30,						For the nine months ended September 30,						For the three months ended March 31,
	2019			2018			2019			2018			2020			2019
Interest and borrowing expenses	$	2,072,853		$	340,405		$	5,024,175		$	585,832		$	2,144,095		$	1,187,000
Commitment fees		45,986			18,217			178,912			52,208			28,258			79,255
Amortization of debt issuance and deferred financing costs		305,525			136,369			640,997			288,965			396,314			142,897

Total	$	2,424,364		$	494,991		$	5,844,084		$	927,005		$	2,568,667		$	1,409,152

Weighted average interest rate(1)		4.32	%		4.17	%		4.64	%		4.09	%		3.73	%		4.87	%
Average outstanding balance	$	190,161,957		$	32,350,000		$	144,708,242		$	19,157,509		$	231,210,440		$	98,848,889

LIBOR Risk—The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, ~~the head of~~ the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced ~~the intention~~that it intends to phase out the use of LIBOR by the end of 2021. ~~Because~~It is unclear if at that time LIBOR will cease to exist or if new methods of calculating LIBOR will be established such that it continues to exist after 2021. In addition, in April 2018, the ~~statements made~~Federal Reserve System, in conjunction with the Alternative Reference Rates Committee, announced the replacement of LIBOR with a new index, calculated by short-term repurchase agreements collateralized by U.S. Treasury securities, called the ~~head of~~Secured Overnight Financing Rate, or the ~~United Kingdom Financial Conduct Authority are recent in nature, there~~“SOFR.” At this time, it is ~~no definitive information regarding~~not possible to predict whether SOFR will attain market traction as a LIBOR replacement. Additionally, the future of LIBOR at this time is uncertain. Potential changes, or uncertainty related to such potential changes, may adversely affect the market for LIBOR-based securities, including our portfolio of ~~any particular replacement index rate. As such,~~LIBOR-indexed, floating-rate debt securities, or the cost of our borrowings. In addition, changes

or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market for LIBOR-based securities, including the value of the LIBOR-indexed, floating-rate debt securities in our portfolio, or the cost of our borrowings. Additionally, if LIBOR ceases to exist, we may need to renegotiate our credit arrangements extending beyond 2021 with our portfolio companies that utilize LIBOR as a factor in determining the interest rate and certain of our existing credit facilities to replace LIBOR with the new standard that is established. The potential effect of ~~any such event~~thephase-out or replacement of LIBOR on our cost of capital and net investment income cannot yet be determined.

In accordance with ASC 820, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability as of the reporting date.

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement is a Level 2 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.

The determination of what constitutes “observable” requires significant judgment by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Investments are valued at fair value as determined in good faith by our Board, based on input of management, the audit committee and independent valuation firms that have been engaged to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter.

The fair values of loan investments based upon ~~price~~pricing data vendors or observable market price quotations are generally categorized as Level 2; however, those priced using models with significant unobservable inputs are categorized as Level 3.

In determining the fair value of the Fund’s Level 3 debt and equity positions, the Adviser uses the following factors where relevant: loan to value (“LTV”) based on an enterprise value determined using the original purchase price, public equity comparable, recent M&A transaction, and a discounted cash flow (“DCF”) analysis, and yields from comparable loans, comparable high yield bonds, high yield indexes and loan indexes (“comparable yields”).

Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material.

The following table summarizes the valuation of the Fund’s investments as of ~~September 30, 2019:~~March 31, 2020:


Assets*	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	12,252,898	$	272,388,641	$	284,641,539	$	—	$	—	$	356,272,609	$	356,272,609
2nd Lien/Junior Secured Debt		—		—		7,620,547		7,620,547		—		—		7,364,846		7,364,846
Preferred Stock		—		—		4,469,886		4,469,886
Common Stock		—		—		1,667,445		1,667,445
Investment Companies		11,329		—		—		11,329
U.S. Preferred Stock										—		—		5,431,410		5,431,410
U.S. Common Stock										—		—		1,369,556		1,369,556
U.S Warrants										—		—		249,863		249,863

Total assets	$	11,329	$	12,252,898	$	286,146,519	$	298,410,746	$	—	$	—	$	370,688,284	$	370,688,284

The following table summarizes the valuation of the Fund’s investments as of December 31, ~~2018:~~2019:


Assets*	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	12,080,585	$	122,981,395	$	135,061,980	$	—	$	12,092,212	$	318,300,993	$	330,393,205
2nd Lien/Junior Secured Debt		—		—		1,200,773		1,200,773		—		—		7,620,547		7,620,547
Preferred Stock		—		—		1,160,531		1,160,531
Common Stock		—		—		379,849		379,849
U.S. Preferred Stock										—		—		4,861,847		4,861,847
U.S. Common Stock										—		—		1,518,353		1,518,353
U.S. Warrants										—		—		631,366		631,366

Total assets	$	—	$	12,080,585	$	125,722,548	$	137,803,133	$	—	$	12,092,212	$	332,933,106	$	345,025,318

The following is a reconciliation of Level 3 assets for the ~~nine~~three months ended ~~September 30, 2019:~~March 31, 2020:


	1st Lien/Senior Secured Debt			2nd Lien/Junior Secured Debt			Common Stock		Preferred Stock		Total			1st Lien/Senior Secured Debt			2nd Lien/ Junior Secured Debt			U.S. Common Stock			U.S. Preferred Stock			U.S. Warrants			Total
Balance as of January 1, 2019	$	122,981,395		$	1,200,773		$	379,849	$	1,160,531	$	125,722,548
Balance as of January 1, 2020														$	318,300,993		$	7,620,547		$	1,518,353		$	4,861,847		$	631,366		$	332,933,106
Purchases (including PIK)		180,686,950			6,439,645			1,259,643		3,137,716		191,523,954			57,034,233			—			39,406			613,907			30,625			57,718,171
Sales and principal payments		(31,599,236	)		—			—		—		(31,599,236	)		(13,458,168	)		—			—			—			—			(13,458,168	)
Realized Gain (Loss)		65,081			—			—		—		65,081			(13,369	)		—			—			—			—			(13,369	)
Net Amortization of Premium/Discount		655,240			4,943			—		—		660,183			449,036			3,524			—			—			—			452,560
Transfers In		—			—			—		—		—			12,092,212			—			—			—			—			12,092,212
Transfers Out		—			—			—		—		—			—			—			—			—			—			—
Net Change in Unrealized Appreciation (Depreciation)		(400,789	)		(24,814	)		27,953		171,639		(226,011	)		(18,132,328	)		(259,225	)		(188,203	)		(44,344	)		(412,128	)		(19,036,228	)

Balance as of September 30, 2019	$	272,388,641		$	7,620,547		$	1,667,445	$	4,469,886	$	286,146,519
Balance as of March 31, 2020														$	356,272,609		$	7,364,846		$	1,369,556		$	5,431,410		$	249,863		$	370,688,284

Change in Unrealized Appreciation (Depreciation) for Investments Still Held	$	(335,674	)	$	(24,815	)	$	27,953	$	171,639	$	(160,897	)	$	(18,388,026	)	$	(259,225	)	$	(188,203	)	$	(44,344	)	$	(412,128	)	$	(19,291,926	)

For the ~~nine~~three months ended ~~September 30, 2019,~~March 31, 2020, there were transfers of $12,092,212 from Level 2 to Level 3 fair value measurements for the Fund due to no visual trades and lack of liquidity. There were no transfers ~~to or~~ from Level 3.

The following is a reconciliation of Level 3 assets for the year ended December 31, ~~2018:~~2019:


	1st Lien/Senior Secured Debt			2nd Lien/Junior Secured Debt			Common Stock		Preferred Stock		Total			1st Lien/Senior Secured Debt			2nd Lien/ Junior Secured Debt			U.S. Common Stock			U.S. Preferred Stock		U.S. Warrants		Total
Balance as of January 1, 2018	$	23,561,630		$	—		$	311,400	$	—	$	23,873,030
Balance as of January 1, 2019														$	122,981,395		$	1,200,773		$	379,849		$	1,160,531	$	—	$	125,722,548
Purchases (including PIK)		115,019,854			1,200,773			62,735		1,160,531		117,443,893			238,113,812			6,439,645			1,312,798			3,487,694		631,366		249,985,315
Sales and principal payments		(15,791,044	)		—			—		—		(15,791,044	)		(43,180,812	)		—			(183,182	)		—		—		(43,363,994	)
Realized Gain (Loss)		8,664			—			—		—		8,664			(37,702	)		—			120,448			—		—		82,746
Net Amortization of Premium/Discount		258,651			660			—		—		259,311			1,319,839			8,480			—			—		—		1,328,319
Transfers In		—			—			—		—		—			—			—			—			—		—		—
Transfers Out		—			—			—		—		—			—			—			—			—		—		—
Net Change in Unrealized Appreciation (Depreciation)		(76,360	)		(660	)		5,714		—		(71,306	)		(895,539	)		(28,351	)		(111,560	)		213,622		—		(821,828	)

Balance as of December 31, 2018	$	122,981,395		$	1,200,773		$	379,849	$	1,160,531	$	125,722,548
Balance as of December 31, 2019														$	318,300,993		$	7,620,547		$	1,518,353		$	4,861,847	$	631,366	$	332,933,106

Change in Unrealized Appreciation (Depreciation) for Investments Still Held	$	(77,132	)	$	(660	)	$	5,714	$	—	$	(72,078	)	$	(830,746	)	$	(28,351	)	$	(111,560	)	$	213,622	$	—	$	(757,035	)

For the year ended December 31, ~~2018,~~2019, there were no transfers to or from Level 3.

The following tables present the ranges of significant unobservable inputs used to value the Fund’s Level 3 investments as of ~~September 30, 2019~~March 31, 2020 and December 31, ~~2018,~~2019, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Fund’s Level 3 investments.

   Fair Value
as of
30-Sep-19
Valuation
Techniques

Unobservable
Input

Range
(Weighted
Average)⁽¹⁾
   Impact to
Valuation from
an Increase in
Input
Assets:

1st Lien/Senior Secured Debt
   $ 174,350,874    Market Yield Analysis    Market Yield    6.3% - 11.5% (8.3%)    Decrease
   98,037,767    Recent Purchase    Purchase Price    N/A    N/A
2nd Lien/Junior Secured Debt
   1,180,902    Market Yield Analysis    Market Yield    11.20%    Decrease
   6,439,645    Recent Purchase    Purchase Price    N/A    N/A
Common
Stock
   1,320,075    Market Approach    EBITDA Multiple    11.0x - 17.0x (13.3x)    Increase
   347,370    Recent Purchase    Purchase Price    N/A    N/A
Preferred
Stock
   1,332,182    Market Approach    EBITDA Multiple    13.6x    Increase
   1,598,198    Market Approach    Revenue Multiple    5.0x - 10.5x (7.1x)    Increase
   1,539,506    Recent Purchase    Purchase Price    N/A    N/A



Total Assets
   $ 286,146,519

Fair Value
as of
December 31.
2018

Valuation

Techniques

Unobservable

Input

Range
(Weighted
Average)⁽¹⁾

Impact to
Valuation from
an Increase in
Input

Fair Value
as of
March 31, 2020

Valuation
Techniques

Unobservable

Input

Range

(Weighted

Average)⁽¹⁾

Impact to

Valuation from

an Increase in

Input

Assets:

1st Lien/Senior Secured Debt

59,170,282

Market Yield Analysis

Market Yield

6.0% - 15.5% (9.2%)

Decrease

348,421,931

Market Yield Analysis

Market Yield

5.0%-18.1% (8.5%)

Decrease

63,811,113

Recent Purchase

Purchase Price

N/A

2,546,711

Liquidation Value

Recovery Rate

85%

Increase

5,303,967

Recent Purchase

Purchase Price

N/A

2nd Lien/Junior Secured Debt

1,200,773

Recent Purchase

Purchase Price

N/A

7,364,846

Market Yield Analysis

Market Yield

10.6%-13.1% (11.0%)

Decrease

Common

Stock

317,114

Market Approach

EBITDA Multiple

12.5x

Increase

62,735

Recent Purchase

Purchase Price

N/A

Preferred

Stock

1,160,531

Recent Purchase

Purchase Price

N/A

U.S. Common

Stock

621,893

Market Approach

EBITDA Multiple

11.5x-15.7x

(13.5x)

Increase

452,909

Market Approach

Recurring Revenue Multiple

4.5x

Increase

294,754

Market Approach

Network Cashflow Multiple

29.6x

Increase

U.S. Preferred Stock

1,230,642

Market Approach

EBITDA Multiple

13.6x

Increase

3,236,882

Market Approach

Revenue Multiple

5.0x-13.4x

(9.2x)

Increase

963,886

Recent Purchase

Purchase Price

N/A

U.S. Warrants

249,863

Market Approach

Revenue Multiple

9.0x-13.3x

(10.0x)

Increase

Total Assets

125,722,548

370,688,284

Fair Value
as of
December 31,
2019

Valuation
Techniques

Unobservable Input

Range (Weighted

Average)⁽¹⁾

Impact to

Valuation from

an Increase in

Input

Assets:

1st Lien/Senior Secured Debt

233,166,392

Market Yield Analysis

Market Yield

6.3%-11.7% (8.2%)

Decrease

85,134,601

Recent Purchase

Purchase Price

N/A

2nd Lien/Junior Secured Debt

7,620,547

Market Yield Analysis

Market Yield

10.5%-11.0% (10.6%)

Decrease

U.S. Common

Stock

1,117,827

Market Approach

EBITDA Multiple

5.0x-16.0x (10.3x)

Increase

400,526

Recent Purchase

Purchase Price

N/A

U.S. Preferred Stock

1,374,166

Market Approach

EBITDA Multiple

13.6x

Increase

2,573,089

Market Approach

Revenue Multiple

5.0x-12.7x (9.0x)

Increase

914,592

Recent Purchase

Purchase Price

N/A

U.S. Warrants

27,511

Market Approach

Revenue Multiple

12.3x

Increase

603,855

Recent Purchase

Purchase Price

N/A

Total Assets

332,933,106

The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of ~~September 30, 2019~~March 31, 2020 and the level of each financial liability within the fair value hierarchy.


	Carrying		Fair								Carrying		Fair
($ in millions)	Value⁽¹⁾		Value		Level 1		Level 2		Level 3
											Value⁽¹⁾		Value		Level 1		Level 2		Level 3
Class A-1 Senior Secured Notes⁽²⁾	$	175,528,458	$	178,200,00	$	—	$	—	$	178,200,000	$	176,185,732	$	168,371,201	$	—	$	—	$	168,371,201
Class A-2A Senior Secured Notes⁽²⁾		24,625,153		25,000,000		—		—		25,000,000		24,717,415		22,404,575		—		—		22,404,575
Class A-2B Senior Secured Notes⁽²⁾		9,800,765		9,950,000		—		—		9,950,000		9,811,154		9,452,679		—		—		9,452,679

Total	$	209,954,376	$	213,150,000	$	—	$	—	$	213,150,000	$	210,714,301	$	200,228,455	$	—	$	—	$	200,228,455

The following table presents the carrying value and fair value of the Fund’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2019 and the level of each financial liability within the fair value hierarchy.

The Fund may enter into commitments to fund investments. As of ~~September 30, 2019,~~March 31, 2020, the Fund believed that it had adequate financial resources to satisfy its unfunded commitments. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Fund’s consolidated statements of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. The Fund had the following unfunded commitments by investment types as of ~~September 30, 2019:~~March 31, 2020:


Investment Type	Facility Type	Commitment Expiration Date⁽¹⁾		Unfunded Commitment⁽²⁾		Fair Value⁽³⁾			Facility Type	Commitment Expiration Date⁽¹⁾		Unfunded Commitment⁽²⁾		Fair Value⁽³⁾
1st Lien/Senior Secured Debt
5 Bars, LLC	Delayed Draw Term Loan		9/27/2024	$	3,448,816	$	(51,733	)	Delayed Draw Term Loan		9/27/2024	$	3,448,816	$	(86,220	)
5 Bars, LLC	Revolver		9/27/2024	$	646,653	$	(9,700	)	Revolver		9/27/2024	$	646,653	$	(16,166	)
AEG Holding Company, Inc.	Revolver		11/20/2023	$	502,589	$	(10,052	)
Accelerate Resources Operating, LLC									Delayed Draw Term Loan		8/24/2021	$	2,903,350	$	(362,919	)
Accelerate Resources Operating, LLC									Revolver		2/24/2026	$	414,764	$	(51,846	)
Ahead Data Blue, LLC									Revolver		11/8/2024	$	517,600	$	(20,704	)
American Physician Partners, LLC	Delayed Draw Term Loan		1/29/2020	$	62,160	$	(932	)	Revolver		12/21/2021	$	97,681	$	(3,907	)
American Physician Partners, LLC	Revolver		12/21/2021	$	266,402	$	(3,996	)
AMI US Holdings Inc.	Revolver		4/1/2024	$	481,626	$	(9,633	)
AMI US Holdings, Inc.									Revolver		4/1/2024	$	87,568	$	(3,065	)
Analogic Corporation	Revolver		6/22/2023	$	258,261	$	(5,165	)	Revolver		6/22/2023	$	195,556	$	(9,778	)
Avetta, LLC	Delayed Draw Term Loan		4/11/2020	$	1,235,991	$	(12,360	)	Delayed Draw Term Loan		4/11/2020	$	1,235,991	$	—
Avetta, LLC	Revolver		4/10/2024	$	494,396	$	(9,888	)	Revolver		4/10/2024	$	494,396	$	(17,304	)
BEP Borrower Holdco, LLC	Delayed Draw Term Loan A		6/12/2021	$	1,288,304	$	(12,883	)	Delayed Draw Term Loan A		6/12/2021	$	1,288,304	$	(109,506	)
BEP Borrower Holdco, LLC	Delayed Draw Term Loan B		6/30/2020	$	2,576,608	$	(25,766	)	Delayed Draw Term Loan B		6/30/2020	$	2,576,608	$	(219,012	)
BEP Borrower Holdco, LLC	Revolver		6/12/2024	$	429,435	$	(6,442	)	Revolver		6/12/2024	$	429,435	$	(38,649	)
BK Medical Holding Company, Inc.									Revolver		6/22/2023	$	321,733	$	(12,869	)
Blink Holdings, Inc.	Delayed Draw Term Loan		11/8/2020	$	548,269	$	(5,483	)	Delayed Draw Term Loan		9/10/2021	$	621,958	$	(40,427	)
Broadway Technology, LLC	Revolver		4/1/2024	$	383,845	$	(7,677	)
Businesssolver.com, Inc.	Delayed Draw Term Loan		5/15/2020	$	110,000	$	—
Businesssolver.com, Inc.	Revolver		5/15/2023	$	252,353	$	—		Revolver		5/15/2023	$	323,529	$	(12,132	)
Captain D’s, Inc.	Revolver		12/15/2023	$	86,474	$	(865	)	Revolver		12/15/2023	$	50,267	$	(5,529	)
CutisPharma Inc.	Delayed Draw Term Loan		5/17/2021	$	1,931,727	$	(33,806	)
CutisPharma Inc.	Revolver		3/21/2023	$	482,932	$	(8,452	)
Degreed, Inc.	Delayed Draw Term Loan		5/31/2021	$	2,924,689	$	(14,623	)
Degreed, Inc.	Revolver		5/31/2024	$	417,813	$	(4,178	)
CutisPharma, Inc.									Revolver		3/21/2023	$	482,931	$	(14,488	)
CutisPharma, Inc.									Delayed Draw Term Loan		5/17/2021	$	482,931	$	(14,488	)
Delaware Valley Management Holdings, Inc.	Delayed Draw Term Loan		3/21/2021	$	5,268,797	$	(105,376	)	Delayed Draw Term Loan		3/21/2021	$	5,268,797	$	(1,238,167	)
Delaware Valley Management Holdings, Inc.	Revolver		3/21/2024	$	526,880	$	(10,538	)
Dillon Logistics, Inc.									Revolver		12/11/2023	$	41,191	$	(16,476	)
Dispatch Track, LLC									Revolver		12/17/2024	$	169,081	$	(8,454	)
E2open LLC									Revolver		11/26/2024	$	155,682	$	(10,119	)
Engage2Excel, Inc.									Delayed Draw Term Loan		10/25/2020	$	664,490	$	(66,449	)
Engage2Excel, Inc.									Revolver		3/7/2023	$	119,353	$	(13,129	)
EnterpriseDB Corporation									Revolver		6/21/2024	$	696,355	$	(12,186	)
Ethos Veterinary Health LLC									Delayed Draw Term Loan		5/17/2021	$	839,091	$	(67,127	)
EvolveIP, LLC									Delayed Draw Term Loan		11/26/2021	$	755,824	$	(22,675	)
EvolveIP, LLC									Revolver		6/7/2023	$	453,495	$	(13,605	)
Finalsite Holdings, Inc.									Revolver		9/25/2024	$	253,142	$	(7,594	)
Fuze, Inc.									Delayed Draw Term Loan		9/20/2021	$	1,814,240	$	(7,438	)
Fuze, Inc.									Revolver		9/20/2024	$	1,295,886	$	(18,531	)
Genesis Acquisition Co.									Delayed Draw Term Loan		7/31/2020	$	364,466	$	(26,424	)


Dillon Logistics, Inc.	Revolver	12/11/2023	$	26,552	$	(1,593	)
E2open LLC	Revolver	11/26/2024	$	311,365	$	(3,114	)
Edgewood Partners Holdings LLC	Delayed Draw Term Loan	12/31/2019	$	1,458,540	$	(14,585	)
Engage2Excel, Inc	Delayed Draw Term Loan	10/25/2020	$	664,490	$	(6,645	)
Engage2Excel, Inc	Revolver	3/7/2023	$	188,453	$	(3,769	)
EnterpriseDB Corporation	Revolver	6/21/2024	$	696,355	$	(13,928	)
Ethos Veterinary Health LLC	Term Loan	5/17/2021	$	839,091	$	(8,391	)
Exterro, Inc.	Revolver	5/31/2024	$	330,000	$	(6,600	)
Finalsite Holdings, Inc.	Revolver	9/25/2024	$	253,142	$	(3,797	)
Fuze, Inc.	Delayed Draw Term Loan	9/20/2021	$	2,591,772	$	(12,959	)
Fuze, Inc.	Revolver	9/20/2024	$	1,295,886	$	(6,480	)
Genesis Acquisition Co.	Delayed Draw Term Loan	7/31/2020	$	364,466	$	(3,644	)
Genesis Acquisition Co.	Revolver	7/31/2024	$	131,560	$	(2,631	)
Investment Type								Facility Type	Commitment Expiration Date⁽¹⁾		Unfunded Commitment⁽²⁾		Fair Value⁽³⁾
GHA Buyer, Inc.								Delayed Draw Term Loan		12/31/2020	$	570,916	$	(22,837	)
GHA Buyer, Inc.	Delayed Draw Term Loan	6/20/2020	$	675,044	$	(13,500	)	Delayed Draw Term Loan		12/31/2020	$	675,044	$	(27,002	)
GHA Buyer, Inc.	Revolver	10/22/2023	$	202,513	$	(4,050	)	Revolver		10/23/2023	$	202,513	$	(10,126	)
GS AcquisitionCo, Inc.	Revolver	5/24/2024	$	241,806	$	(3,023	)	Revolver		5/24/2024	$	164,107	$	(5,744	)
GS AcquisitionCo, Inc.	Second Supplemental Delayed Draw Term Loan	8/2/2021	$	1,934,450	$	(13,251	)	Second Supplemental Delayed Draw Term Loan		8/2/2021	$	988,988	$	(31,757	)
IFS Acquisition, LLC	Revolver	11/21/2023	$	489,374	$	—
INH Buyer, Inc.	Revolver	1/31/2024	$	205,858	$	(3,088	)	Revolver		1/31/2024	$	96,067	$	(8,646	)
InSite Wireless Group, LLC	Revolver	3/15/2023	$	118,339	$	(1,479	)	Term Loan		8/1/2022	$	2,802,260	$	(35,028	)
InSite Wireless Group, LLC	Term Loan	8/1/2022	$	6,990,675	$	(87,383	)
Lucky Bucks, LLC	Delayed Draw Term Loan	4/9/2020	$	94,699	$	(1,657	)
Kaseya Inc.								Delayed Draw Term Loan		5/3/2021	$	467,302	$	(11,122	)
Kaseya Inc.								Delayed Draw Term Loan		3/4/2022	$	237,545	$	(5,939	)
Kaseya Inc.								Revolver		5/2/2025	$	3,760	$	(122	)
Metametrics, Inc.	Revolver	9/10/2025	$	651,183	$	(13,024	)	Revolver		9/10/2025	$	217,061	$	(10,853	)
Ministry Brands, LLC	Delayed Draw Term Loan	12/2/2022	$	732,132	$	(3,661	)
Nine Point Energy, LLC	Delayed Draw Term Loan	6/7/2021	$	1,312,500	$	(26,250	)	Delayed Draw Term Loan		6/7/2021	$	1,312,500	$	(75,469	)
Nine Point Energy, LLC	Revolver	6/7/2024	$	175,000	$	(3,500	)
OMH-HealthEdge Holdings, LLC								Revolver		10/24/2024	$	458,720	$	(18,349	)
Pace Health Companies, LLC	Revolver	8/2/2024	$	616,682	$	(6,167	)	Revolver		8/2/2024	$	83,252	$	(4,995	)
PF Growth Partners, LLC	Delayed Draw Term Loan	7/11/2021	$	336,399	$	(3,364	)	Delayed Draw Term Loan		7/11/2021	$	240,285	$	(24,029	)
Pinnacle Dermatology Management, LLC	Delayed Draw Term Loan	5/18/2020	$	210,791	$	(4,216	)	Delayed Draw Term Loan		5/18/2020	$	3,288,636	$	(263,091	)
Pinnacle Dermatology Management, LLC	Revolver	5/18/2023	$	468,424	$	(9,369	)
Rhode Holdings Inc.	Delayed Draw Term Loan	5/3/2021	$	467,302	$	(5,281	)
Rhode Holdings Inc.	Revolver	5/2/2025	$	268,565	$	(5,371	)
Pinnacle Treatment Centers, Inc.								Delayed Draw Term Loan		1/17/2022	$	585,909	$	(10,253	)
Real Capital Analytics, Inc.								Revolver		10/2/2024	$	138,948	$	(2,779	)
RxBenefits, Inc.	Revolver	3/29/2024	$	575,767	$	(5,757	)	Revolver		3/29/2024	$	106,616	$	(5,331	)
Selligent, Inc.	Revolver	11/3/2023	$	200,660	$	(3,010	)	Revolver		11/3/2023	$	200,660	$	(6,020	)
Single Digits, Inc	Delayed Draw Term Loan	12/21/2020	$	1,040,369	$	(10,404	)
Single Digits, Inc	Revolver	12/21/2023	$	416,148	$	(4,162	)
Single Digits, Inc.								Delayed Draw Term Loan		12/21/2020	$	1,040,369	$	(83,230	)
Single Digits, Inc.								Revolver		12/21/2023	$	416,147	$	(33,292	)
Sirsi Corporation	Revolver	3/15/2024	$	332,245	$	(4,984	)	Revolver		3/15/2024	$	442,993	$	(17,720	)
Smartlinx Solutions, LLC								Revolver		3/4/2026	$	519,484	$	(14,286	)
Smile Brands, Inc.	Delayed Draw Term Loan	10/12/2020	$	333,798	$	(3,338	)	Delayed Draw Term Loan		10/12/2020	$	152,035	$	(8,362	)
Smile Brands, Inc.	Revolver	10/12/2023	$	216,587	$	(2,166	)	Revolver		10/12/2023	$	29,445	$	(1,619	)
Sugarcrm Inc.	Revolver	7/31/2024	$	124,098	$	(1,241	)
Star2star Communications, LLC								Delayed Draw Term Loan		3/11/2022	$	640,576	$	(12,812	)
Star2star Communications, LLC								Revolver		3/13/2025	$	960,864	$	(19,217	)
Summit Infrastructure Group, Inc.	Delayed Draw Term Loan	3/15/2021	$	1,125,756	$	(22,515	)	Delayed Draw Term Loan		3/15/2021	$	1,125,756	$	—
Summit Infrastructure Group, Inc.	Revolver	3/15/2024	$	562,878	$	(11,257	)	Revolver		3/15/2024	$	562,878	$	—
Swiftpage, Inc.	Revolver	6/13/2023	$	225,317	$	(4,507	)
Symplr Software, Inc.	Revolver	11/30/2023	$	55,481	$	(832	)
The Center for Orthopedic and Research Excellence, Inc.	Delayed Draw Term Loan	8/15/2021	$	1,726,330	$	(15,105	)
Telesoft Holdings, LLC								Revolver		12/16/2025	$	198,955	$	(8,953	)
The Center for Orthopedic and Research Excellence, Inc.	Revolver	8/15/2025	$	586,952	$	(10,272	)	Delayed Draw Term Loan		8/15/2021	$	1,726,330	$	(49,632	)
Theranest, LLC	Delayed Draw Term Loan	7/23/2020	$	1,937,786	$	(29,067	)	Delayed Draw Term Loan		7/23/2020	$	1,386,857	$	(35,226	)
Theranest, LLC	Revolver	7/24/2023	$	428,571	$	(8,571	)
TRGRP, Inc.	Revolver	11/1/2023	$	333,333	$	(6,666	)
Tropical Smoothie Cafe, LLC	Revolver	9/24/2023	$	96,435	$	—		Delayed Draw Term Loan		6/18/2021	$	20,418	$	(510	)
Velocity Purchaser Corporation	Revolver	12/1/2022	$	193,237	$	—
ZBS Alliance Animal Health, LLC								Delayed Draw Term Loan		11/8/2025	$	2,440,153	$	(109,806	)

Total 1st Lien/Senior Secured Debt			$	60,480,176	$	(789,172	)				$	54,015,513	$	(3,541,540	)

Total			$	60,480,176	$	(789,172	)				$	54,015,513	$	(3,541,540	)

The Fund had the following unfunded commitments by investment types as of December 31, ~~2018:~~2019:


Investment Type	Facility Type	Commitment Expiration Date⁽¹⁾		Unfunded Commitment⁽²⁾		Fair Value⁽³⁾
1st Lien/Senior Secured Debt
5 Bars, LLC	Delayed Draw Term Loan		9/27/2024	$	3,448,816	$	(51,732	)
5 Bars, LLC	Revolver		9/27/2024	$	646,653	$	(9,700	)
AEG Holding Company, Inc.	Revolver		11/20/2023	$	558,432	$	(11,168	)
Ahead Data Blue, LLC	Revolver		11/8/2024	$	961,256	$	(19,225	)
American Physician Partners, LLC	Revolver		12/21/2021	$	266,402	$	(2,664	)
AMI US Holdings, Inc.	Revolver		4/1/2024	$	612,979	$	(12,260	)
Analogic Corporation	Revolver		6/22/2023	$	258,261	$	(3,616	)
Avetta, LLC	Delayed Draw Term Loan		4/11/2020	$	1,235,991	$	(12,360	)
Avetta, LLC	Revolver		4/10/2024	$	494,396	$	(9,888	)
BEP Borrower Holdco, LLC	Delayed Draw Term Loan A		6/12/2021	$	1,288,304	$	(12,883	)
BEP Borrower Holdco, LLC	Delayed Draw Term Loan B		6/30/2020	$	2,576,608	$	(25,766	)
BEP Borrower Holdco, LLC	Revolver		6/12/2024	$	429,435	$	(6,442	)
Blink Holdings, Inc.	Delayed Draw Term Loan		11/8/2020	$	119,189	$	(1,192	)
Broadway Technology, LLC	Revolver		4/1/2024	$	383,845	$	(7,677	)
Businesssolver.com, Inc.	Revolver		5/15/2023	$	194,118	$	—
Captain D’s, Inc.	Revolver		12/15/2023	$	60,466	$	(604	)
CutisPharma, Inc.	Revolver		3/21/2023	$	482,932	$	(8,451	)
CutisPharma, Inc.	Delayed Draw Term Loan		5/17/2021	$	482,932	$	(8,451	)
Degreed, Inc.	Delayed Draw Term Loan		5/31/2021	$	1,810,522	$	(17,562	)
Degreed, Inc.	Revolver		5/31/2024	$	417,813	$	(7,228	)
Delaware Valley Management Holdings, Inc.	Delayed Draw Term Loan		3/21/2021	$	5,268,797	$	(105,376	)
Delaware Valley Management Holdings, Inc.	Revolver		3/21/2024	$	158,064	$	(3,161	)
Dillon Logistics, Inc.	Revolver		12/11/2023	$	41,191	$	(2,912	)
Dispatch Track, LLC	Revolver		12/17/2024	$	169,081	$	(2,537	)
E2open LLC	Revolver		11/26/2024	$	311,365	$	(3,114	)
Engage2Excel, Inc.	Delayed Draw Term Loan		10/25/2020	$	664,490	$	(6,645	)
Engage2Excel, Inc.	Revolver		3/7/2023	$	125,635	$	(2,513	)
EnterpriseDB Corporation	Revolver		6/21/2024	$	696,355	$	(10,445	)
Ethos Veterinary Health LLC	Term Loan		5/17/2021	$	839,091	$	(8,391	)
EvolveIP, LLC	Delayed Draw Term Loan		11/26/2021	$	755,824	$	(11,337	)
EvolveIP, LLC	Revolver		6/7/2023	$	566,868	$	(8,503	)
Exterro, Inc.	Revolver		5/31/2024	$	330,000	$	(1,650	)
Finalsite Holdings, Inc.	Revolver		9/25/2024	$	253,142	$	(3,797	)
Fuze, Inc.	Delayed Draw Term Loan		9/20/2021	$	2,591,772	$	(117,926	)
Fuze, Inc.	Revolver		9/20/2024	$	388,766	$	(17,689	)
Genesis Acquisition Co.	Delayed Draw Term Loan		7/31/2020	$	364,466	$	(3,645	)
Genesis Acquisition Co.	Revolver		7/31/2024	$	131,560	$	(2,631	)
GHA Buyer, Inc.	Delayed Draw Term Loan		12/31/2020	$	570,916	$	(5,709	)
GHA Buyer, Inc.	Delayed Draw Term Loan		12/31/2020	$	675,044	$	(6,750	)
GHA Buyer, Inc.	Revolver		10/23/2023	$	202,513	$	(4,050	)
GS AcquisitionCo, Inc.	Revolver		5/24/2024	$	108,813	$	(1,360	)
GS AcquisitionCo, Inc.	Second Supplemental Delayed Draw Term Loan		8/2/2021	$	1,934,450	$	(13,251	)
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan		3/11/2020	$	2,365,584	$	—
INH Buyer, Inc.	Revolver		1/31/2024	$	205,858	$	(3,088	)
InSite Wireless Group, LLC	Term Loan		8/1/2022	$	6,179,466	$	(77,243	)
Lucky Bucks, LLC	Delayed Draw Term Loan		4/9/2020	$	64,919	$	(1,136	)
Metametrics, Inc.	Revolver		9/10/2025	$	651,183	$	(13,024	)
Nine Point Energy, LLC	Revolver		6/7/2024	$	328,125	$	(6,562	)
Nine Point Energy, LLC	Delayed Draw Term Loan		6/7/2021	$	1,312,500	$	(26,250	)


Investment Type	Facility Type	Commitment Expiration Date⁽¹⁾		Unfunded Commitment⁽²⁾		Fair Value⁽³⁾
OMH-HealthEdge Holdings, LLC	Revolver		10/24/2024	$	458,721	$	(10,321	)
Pace Health Companies, LLC	Revolver		8/2/2024	$	616,682	$	(6,167	)
PF Growth Partners, LLC	Delayed Draw Term Loan		7/11/2021	$	300,356	$	(3,003	)
Pinnacle Dermatology Management, LLC	Delayed Draw Term Loan		5/18/2020	$	1,643,567	$	(32,871	)
Pinnacle Dermatology Management, LLC	Revolver		5/18/2023	$	468,424	$	(9,368	)
Real Capital Analytics, Inc.	Revolver		10/2/2024	$	138,948	$	(695	)
Rhode Holdings, Inc.	Delayed Draw Term Loan		5/3/2021	$	467,302	$	(5,280	)
Rhode Holdings, Inc.	Revolver		5/2/2025	$	161,139	$	(3,223	)
RxBenefits, Inc.	Revolver		3/29/2024	$	575,767	$	(5,758	)
Selligent, Inc.	Revolver		11/3/2023	$	200,660	$	(3,010	)
Single Digits, Inc.	Delayed Draw Term Loan		12/21/2020	$	1,040,369	$	(10,404	)
Single Digits, Inc.	Revolver		12/21/2023	$	416,148	$	(4,161	)
Sirsi Corporation	Revolver		3/15/2024	$	332,245	$	(4,984	)
Smile Brands, Inc.	Delayed Draw Term Loan		10/12/2020	$	333,798	$	—
Smile Brands, Inc.	Revolver		10/12/2023	$	220,833	$	—
Sugarcrm, Inc.	Revolver		7/31/2024	$	310,244	$	—
Summit Infrastructure Group, Inc.	Delayed Draw Term Loan		3/15/2021	$	1,125,756	$	(22,515	)
Summit Infrastructure Group, Inc.	Revolver		3/15/2024	$	562,878	$	(11,258	)
Swiftpage, Inc.	Revolver		6/13/2023	$	225,317	$	(4,506	)
Symplr Software, Inc.	Revolver		11/30/2023	$	27,828	$	(417	)
Telesoft Holdings, LLC	Revolver		12/16/2025	$	596,865	$	(13,430	)
The Center for Orthopedic and Research Excellence, Inc.	Delayed Draw Term Loan		8/15/2021	$	1,726,330	$	(15,105	)
The Center for Orthopedic and Research Excellence, Inc.	Revolver		8/15/2025	$	656,005	$	(11,480	)
Theranest, LLC	Delayed Draw Term Loan		7/23/2020	$	1,386,857	$	(20,803	)
Theranest, LLC	Revolver		7/24/2023	$	428,571	$	(8,571	)
TRGRP, Inc.	Revolver		11/1/2023	$	333,333	$	(6,667	)
Tropical Smoothie Cafe, LLC	Revolver		9/24/2023	$	96,435	$	—
Tropical Smoothie Cafe, LLC	Delayed Draw Term Loan		6/18/2021	$	6,659,893	$	—
Velocity Purchaser Corporation	Revolver		12/1/2022	$	193,237	$	—
ZBS Alliance Animal Health, LLC	Delayed Draw Term Loan		11/8/2025	$	4,535,600	$	(90,712	)
ZBS Alliance Animal Health, LLC	Revolver		11/8/2025	$	181,424	$	(3,628	)

Total 1st Lien/Senior Secured Debt				$	71,406,720	$	(1,007,901	)

Total				$	71,406,720	$	(1,007,901	)

(2)	Net of capitalized fees, expenses and original issue discount (“OID”).

(3)	A negative fair value was reflected as investments, at fair value in the consolidated statements of assets and liabilities. The negative fair value is the result of the capitalized discount on the loan.

In the normal course of business, the Fund enters into contracts that provide a variety of general indemnifications. Any exposure to the Fund under these arrangements could involve future claims that may be made against the Fund. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.

In connection with its formation, the Fund has the authority to issue 200,000,000 shares of the Fund’s common stock, par value $0.01 per share.

On September 29, 2017, the Fund completed its Initial Closing after entering into Subscription Agreements with several investors, including the Adviser, providing for the private placement of the Fund’s common shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Fund’s common shares up to the amount of their respective Capital Commitments on anas-needed basis upon the issuance of a capital draw-down notice. At ~~September 30,~~March 31, 2020 the Fund had total Capital Commitments of $418,448,516, of which 56% is unfunded. At December 31, 2019, the Fund had total Capital Commitments of ~~$359,356,251, of which 66% is unfunded.~~$397,620,551. The minimum Capital Commitment of an investor is $50,000. The Adviser, however, may waive the minimum Capital Commitment at its discretion.

Capital Commitments may be drawn down by the Fund on a pro rata basis, as needed (including forfollow-on investments), for paying the Fund’s expenses, including fees under the Amended and Restated Advisory Agreement, and/or maintaining a reserve account for the payment of future expenses or liabilities.

The following ~~table summarizes~~tables summarize the total shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the ~~nine~~three months ended ~~September 30, 2019~~March 31, 2020 and ~~September 30, 2018:~~2019:


	For the nine months ended September 30, 2019				For the nine months ended September 30, 2018				For the three months ended March 31, 2020				For the three months ended March 31, 2019
Quarter Ended	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
March 31		2,317,068	$	23,125,308		599,421	$	6,066,799		4,876,625		$41,844,852		2,317,068	$	23,125,308
June 30		1,784,087	$	17,963,617		399,596	$	4,001,001
September 30		1,795,822	$	17,967,810		1,577,979	$	15,912,791

Total capital drawdowns		5,896,977	$	59,056,735		2,576,996	$	25,980,591		4,876,625	$	41,844,852		2,317,068	$	23,125,308

The following tables reflect the distributions declared on shares of the Fund’s common stock during the ~~nine~~three months ended ~~September 30, 2019~~March 31, 2020 and ~~September 30, 2018:~~March 31, 2019:

Date Declared

Record Date

Payment Date

Amount Per Share

Dollar Amount
6/28/2018
6/28/2018 6/29/2018 $0.25 $759,327
9/27/2018
9/27/2018 9/28/2018 $0.12 $625,565

$1,384,892

On September 26, 2017, the Fund adopted a dividend reinvestment plan, which was amended and restated on August 6, 2018 (the “DRIP”). Pursuant to the DRIP (both before and after it was amended), stockholders receive dividends or other distributions in cash unless a stockholder elects to reinvest his or her dividends and other distributions. As a result of adopting the DRIP, if the Board authorizes, and the Fund declares, a cash dividend or distribution, stockholders who have opted into the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of common stock, rather than receiving cash.

The following tables summarize shares distributed pursuant to the DRIP during the ~~nine~~three months ended ~~September 30,~~March 31, 2020 and March 31, 2019 ~~and September 30, 2018~~ to stockholders who opted into the DRIP:

On March 23, 2018, the Small Business Credit Availability Act (the “SBCAA”) was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On September 26, 2018, the Fund’s stockholders approved the reduction of the asset coverage ratio applicable to the Fund from 200% to 150%. Pursuant to the SBCAA, on November 27, 2018, the Fund extended to its stockholders as of such date the opportunity to sell the shares held by that stockholder as of such date, with 25% of those shares to be repurchased in each of the four calendar quarters following the calendar quarter in which the approval was obtained. ~~The first tender offer period began on November 27, 2018 and expired on December 27, 2018. The second tender offer period began on February 22, 2019 and expired on~~

There were no shares repurchased during the three months ended March ~~26, 2019. The third tender offer period began on May 17, 2019 and expired on June 25, 2019. The fourth tender offer period began on August 16, 2019 and expired on September 25, 2019.~~31, 2020.

The following table summarizes shares repurchased during the ~~nine~~three months ended ~~September 30,~~March 31, 2019:

~~There were no shares repurchased during the nine months ended September 30, 2018.~~

The following information sets forth the computation of basic and diluted earnings per share for the three ~~and nine~~ months ended ~~September 30, 2019~~March 31, 2020 and ~~September 30, 2018:~~March 31, 2019:


	For the three months ended September 30,				For the nine months ended September 30,				For the three months ended March 31,
	2019		2018		2019		2018		2020			2019
Net increase (decrease) in net assets from operations	$	1,281,543	$	650,958	$	4,034,094	$	1,316,997	$	(15,497,328	)	$	1,382,359
Weighted average common shares outstanding		11,226,276		4,168,629		9,182,983		3,258,111		14,683,464			6,914,873
Earnings per common share-basic and diluted	$	0.11	$	0.16	$	0.44	$	0.40	$	(1.06	)	$	0.20

Below is the schedule of financial highlights of the Fund for the ~~nine~~three months ended ~~September 30, 2019~~March 31, 2020 and ~~September 30, 2018:~~March 31, 2019:


		For the nine months ended September 30, 2019			For the nine months ended September 30, 2018				For the three months ended March 31, 2020			For the three months ended March 31, 2019
Per Share Data:⁽¹⁾	Per Share Data:⁽¹⁾							Per Share Data:⁽¹⁾
Net asset value, beginning of period		$	9.91		$	10.02			$	9.88		$	9.91
Net investment income (loss)			0.48			0.41				0.24			0.15
Net realized and unrealized gains (losses) on investments			(0.02	)		(0.02	)			(1.30	)		0.06

Net increase (decrease) in net assets resulting from operations			0.46			0.39				(1.06	)		0.21

Distributions to shareholders⁽²⁾			(0.44	)		(0.37	)
Distributions to stockholders⁽²⁾										(0.24	)		(0.15	)

Net asset value, end of period		$	9.93		$	10.04			$	8.58		$	9.97
Shares outstanding, end of period			12,498,946			5,071,409				19,729,143			8,751,728
Total return at net asset value before incentive fees⁽³⁾⁽⁴⁾			5.08	%		3.97	%			(10.53	)%		2.09	%
Total return at net asset value after incentive fees⁽³⁾⁽⁴⁾			4.65	%		3.91	%			(10.72	)%		2.05	%

Ratio/Supplemental Data:	Ratio/Supplemental Data:							Ratio/Supplemental Data:
Net assets, end of period		$	124,113,349		$	50,917,417			$	169,290,052		$	87,232,764
Ratio of total expenses to weighted average net assets⁽⁵⁾			15.68	%		13.73	%			13.08	%		12.57	%
Ratio of net expenses to weighted average net assets⁽⁵⁾⁽⁶⁾			13.78	%		6.34	%			8.32	%		11.71	%
Ratio of net investment income (loss) before waivers to weighted average net assets⁽⁵⁾			4.76	%		(1.29	)%			5.99	%		5.91	%
Ratio of net investment income (loss) after waivers to weighted average net assets⁽⁵⁾⁽⁶⁾			6.66	%		6.10	%			10.75	%		6.77	%
Ratio of interest and credit facility expenses to weighted average net assets⁽⁵⁾			8.17	%		3.61	%			6.58	%		7.59	%
Ratio of incentive fees to weighted average net assets(7)			0.61	%		0.19	%			0.49	%		0.14	%
Portfolio turnover rate⁽⁴⁾			14.47	%		11.55	%			3.75	%		1.51	%
Asset coverage ratio⁽⁷⁾⁽⁸⁾			159	%		240	%			167	%		161	%

Subsequent events after the consolidated statements of assets and liabilities date have been evaluated through the date the financial statements were issued. The Fund has concluded that there isare no ~~impact~~events requiring adjustment or disclosure in the financial statements.

~~Effective November 13, 2019, the Fund has exercised its option to extend the maturity date of the Revolving Credit Facility to November 11, 2020.~~

On November 13, 2019, the Fund entered into the Amended and Restated Advisory Agreement with the Adviser, replacing the Advisory Agreement (which was terminated concurrently with the effectiveness of the Amended and Restated Advisory Agreement). The Amended and Restated Advisory Agreement is identical in all material respects to the Advisory Agreement, except that (i) it reflects new effective and termination dates and (ii) the income-based incentive fee has been revised to calculate Pre-incentive Fee Net Investment Income, which is expressed as a rate of return on the value of the Fund’s net assets, using the Fund’s average monthly net assets as of the first day of each month in the calendar quarter, rather than using the Fund’s net assets at the end of the immediately preceding fiscal quarter.

This Quarterly Report on Form10-Q (this “Quarterly Report”) contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about ~~us, our~~the Fund, its current and prospective portfolio investments, ~~our~~its industry, ~~our~~its beliefs and opinions, and ~~our~~its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond ~~our~~the Fund’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

~~Although we believe~~Fund believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by usthe Fund that ~~our~~the Fund’s plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of Annual Report on Form10-K for the fiscal year ended December 31, ~~2018, our Quarterly Reports onForm 10-Q for~~ ~~the quarters ended March 31, 2019 and June 30,~~ 2019 and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, ~~we assume~~the Fund assumes no duty and dodoes not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this ~~Annual~~Quarterly Report are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because ~~we are~~the Fund is an investment company.

The following analysis of ~~our~~the Fund’s financial condition and results of operations should be read in conjunction with ~~our~~the Fund’s financial statements and the related notes thereto contained elsewhere in this Quarterly Report.

~~We were~~The Fund was formed on February 6, 2015 as a corporation under the laws of the State of Maryland. ~~We are~~The Fund is structured as an externally managed,non-diversified,closed-end management investment company. ~~We were~~The Fund was formed to invest primarily in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. WeThe Fund commenced investment operations on November 15, 2017 (“Commencement”). ~~We are~~The Fund is advised by AB Private Credit Investors LLC (the “Adviser”), which is registered with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring ~~our~~the Fund’s portfolio on an ongoing basis. State Street Bank and Trust Company (the “Administrator”) provides the administrative services necessary for the Fund to operate.

~~On October 6, 2016, we filed with the SEC an election~~The Fund has elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). ~~In addition, the~~The Fund has also elected to be treated and intends to qualify annually as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. ~~To the extent that we have net taxable income prior to our qualification as a RIC, we will be subject to U.S. federal income tax on such income.~~ As a BDC and a RIC, respectively, ~~we are~~the Fund is and will be required to comply with various regulatory requirements, such as the requirement to invest at least 70% of ~~our~~its assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of ~~our~~its taxable income and tax exempt interest.

~~We are~~The Fund is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). WeThe Fund will remain an emerging growth company for up to five years following ~~our~~its initial public offering, if any, although if the market value of ~~our~~its common stock that is held bynon-affiliates exceeds $700 million as of any June 30 before that time, wethe Fund would cease to be an emerging growth company as of the following December 31. For so long as ~~we remain~~the Fund remains an emerging growth company under the JOBS Act, weit will be subject to reduced public company reporting requirements.

The rapid spread ofCOVID-19, a novel strain of coronavirus causing respiratory illness(“COVID-19”) has resulted in temporary closures of many corporate offices, retail stores, and manufacturing facilities and factories around the world, which could materially disrupt the demand for the Fund’s portfolio companies’ products and services. On March 11, 2020, the World Health Organization declaredCOVID-19 a global pandemic and recommended containment and mitigation measures worldwide. TheCOVID-19 pandemic has had a significant impact on the U.S. economy and supply chains worldwide have been interrupted, slowed or rendered inoperable, with an increasing number of individuals becoming ill, subject to quarantine, or otherwise unable to work and/or travel due to health reasons or governmental restrictions. Governmental mandates to control an outbreak may require forced shutdown of the Fund’s portfolio companies’ facilities for extended or indefinite periods. The extent of the impact of theCOVID-19 outbreak on the financial performance of the Fund’s current and future investments will depend on future developments, including the duration and spread of the virus, related advisories and restrictions, and the health of the financial markets and economy as a result ofCOVID-19, all of which are highly uncertain and cannot be predicted. Adverse impacts on the Fund’s investments may have a material adverse impact on the Fund’s future net investment income, the fair value of the Fund’s portfolio investments, the Fund’s financial condition and results of operations and the financial condition of the Fund’s portfolio companies.

The Fund has had a reduction in its net asset value as of March 31, 2020, as compared to its net asset value as of December 31, 2019, which is primarily the result of the impact of theCOVID-19 pandemic. The decrease in net asset value as of March 31, 2020, primarily resulted from an increase in the aggregate unrealized depreciation of the Fund’s investment portfolio due to decreases in fair value of investments attributable to theCOVID-19 pandemic. As of March 31, 2020, the Fund is in compliance with its asset coverage requirements under the 1940 Act. In addition, the Fund is not in default of any of the covenants under the Revolving Credit Facility as of March 31, 2020. However, any continued increase in unrealized depreciation of the Fund’s investment portfolio or further significant reductions in the Fund’s net asset value as a result of the effects of theCOVID-19 pandemic or otherwise, increase the risk of breaching the relevant covenants and requirements.

The Fund will continue to monitor the rapidly evolving situation surrounding theCOVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities, and may take additional actions based on their recommendations. The majority of the Fund’s exposure is within sectors that the Fund expects to be relatively insulated from the impact ofCOVID-19 and related social distancing measures, such as software and technology enabled services, pharmaceutical and healthcare information technology, digital infrastructure and services, and other mission critical business services. The Fund has no direct investments in commercial aviation companies, and the Fund believes that it has limited exposure to sectors currently experiencing challenges, such as gym franchises (comprising approximately 1.4% of the Fund’s portfolio as of March 31, 2020), energy (comprising approximately 5.6% of the Fund’s portfolio as of March 31, 2020) and quick service restaurants (comprising approximately 3.1% of the Fund’s portfolio as of March 31, 2020). In sectors where the Fund believes that it has modest exposure, such as health care services/practice management (comprising approximately 20.5% of the Fund’s portfolio as of March 31, 2020), the Fund is closely monitoring these companies. In these circumstances, there may be developments outside the Fund’s control requiring it to adjust its plan of operation. As such, given the dynamic nature of this situation, the Fund cannot reasonably estimate the impact ofCOVID-19 on its financial condition, results of operations or cash flows in the future.

~~We enter~~The Fund enters into separate subscription agreements with investors providing for the private placement of ~~our~~its common stock (the “Shares”) in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act,” and such offering, the “Private Offering”). Each investor makes a capital commitment (a “Capital Commitment”) to purchase Shares pursuant to a subscription agreement. Investors are required to make capital contributions to purchase Shares each time ~~we deliver~~the Fund delivers a capital call notice, which is issued based on ~~our~~the Fund’s anticipated investment activities and capital needs, delivered at least 10 business days prior to the required funding date, provided that investors may fund such requirements sooner than the deadline as agreed between the Fund and the investor. Generally, purchases of ~~our~~the Fund’s Shares are made pro rata in accordance with each investor’s Capital Commitment, in an amount not to exceed each investor’s remaining capital commitment (“Remaining Commitment”), at aper-Share price equal to the net asset value per share of ~~our~~the Fund’s common stock subject to any adjustments. Pursuant to the Private Offering, the Fund’s initial closing occurred on September 29, 2017.

WeThe Fund may accept additional Capital Commitments quarterly (“Subsequent Closings”) from new investors as well as existing investors that wish to increase their commitment and shareholding in the Fund. These Subsequent Closings are expected to occur on a calendar-quarter end based on investor interest as well as the state of the market and ~~our~~the Fund’s capacity to invest the additional capital in a reasonable period. Each Capital Commitment is for the life of the Fund or for a shorter period based on the investor’s liquidation election, subject to the Fund’s receipt of exemptive relief that would permit stockholders to liquidate their investments pursuant to transactions that are currently prohibited by the 1940 Act and would require an SEC order in order to be established.

~~Our~~The Fund’s investment objective is to generate current income and prioritize capital preservation through a portfolio that primarily invests in directly-sourced, privately-negotiated, secured, middle market loans. ~~We intend~~The Fund intends to primarily invest in middle market businesses based in the United States. ~~We expect~~The Fund expects that the primary use of proceeds by the companies in which ~~we invest~~the Fund invests will be for leveraged buyouts, recapitalizations, mergers and acquisitions and growth capital.

The Fund will seek to build ~~the Fund’s~~its portfolio in a defensive manner that minimizes cyclical and correlated risks across individual names and sector verticals by targeting companies with strong underlying business models and durable intrinsic value.

WeThe Fund will primarily hold secured loans, which encompass traditional first lien, unitranche and second lien loans, but may also invest in mezzanine, structured preferred stock andnon-control equityco-investment opportunities. WeThe Fund will seek to deliver attractive risk adjusted returns with lower volatility and low correlation relative to the public credit markets. The Adviser believes ~~our~~the Fund’s flexibility to invest across the capital structure and liquidity spectrum will allow usthe Fund to optimize investor risk-adjusted returns.

Under the Amended and Restated Advisory Agreement, ~~our~~the Fund’s primary operating expenses will include the payment of fees to the Adviser, ~~our~~the Fund’s allocable portion of overhead expenses under the Expense Reimbursement Agreement and other operating costs described below. ~~We bear~~The Fund bears all otherout-of-pocket costs and expenses of ~~our~~the Fund’s operations and transactions, including those relating to:

During the three months ended ~~September 30, 2019, we~~March 31, 2020, the Fund invested ~~$43,773,769~~$26,047,107 in 1012 portfolio companies, ~~$7,722,734~~$31,464,713 was drawn down against the revolvers and delayed draw term loans, and wethe Fund had ~~$11,984,003~~$12,615,490 in aggregate amount of principal repayments, which includes ~~$1,995,849~~$3,988,364 in revolver and delayed draw term loan paydowns, and ~~$5,323~~$842,678 in sales, resulting in net investments of ~~$39,507,177~~$44,053,652 for the period.

During the three months ended ~~September 30, 2018, we~~March 31, 2019, the Fund invested ~~$23,840,581~~$57,136,514 in 911 portfolio companies, $1,383,962 was drawn down against the revolvers, and we had $907,626 in aggregate amount of principal repayments, which includes $563,856 in revolver paydowns, and $0 in sales, resulting in net investments of $24,316,917 for the period.

~~During the nine months ended September 30, 2019, we invested $174,165,536 in 35 portfolio companies, $17,561,385~~$3,587,927 was drawn down against the revolvers and delayed draw term loans, and wethe Fund had ~~$24,086,016~~$2,348,789 in aggregate amount of principal repayments, which includes ~~$6,444,889~~$1,876,665 in revolver and delayed draw term loan paydowns, and ~~$7,636,064~~$130,771 in sales, resulting in net investments of ~~$160,004,841 for the period.~~

During the nine months ended September 30, 2018, we invested $59,776,931 in 21 portfolio companies, $7,458,235 was drawn down against the revolvers, and we had $1,847,318 in aggregate amount of principal repayments, which includes $1,290,748 in revolver paydowns, and $3,933,486 in sales, resulting in net investments of $61,454,362$58,244,881 for the period.

The following table shows the composition of the investment portfolio and associated yield data as of ~~September 30, 2019:~~March 31, 2020:


	As of September 30, 2019													As of March 31, 2020
	Cost		Percentage of Total Portfolio			Fair Value		Percentage of Total Portfolio			Weighted Average Yield⁽¹⁾			Cost		Percentage of Total Portfolio			Fair Value		Percentage of Total Portfolio			Weighted Average Yield⁽¹⁾
First Lien Senior Secured Debt	$	285,952,814		95.47	%	$	284,641,539		95.39	%		8.56	%	$	376,332,124		96.11	%	$	356,272,609		96.11	%		9.63	%
Second Lien Junior Secured Debt		7,646,021		2.55			7,620,547		2.55			10.89		$	7,653,082		1.96	%	$	7,364,846		1.99	%		11.42	%
Preferred Stock		4,298,247		1.43			4,469,886		1.50			—		$	5,262,132		1.34	%	$	5,431,410		1.46	%		0	%
Common Stock		1,633,778		0.55			1,667,445		0.56			—		$	1,663,605		0.42	%	$	1,369,556		0.37	%		0	%
Investment Company		11,329		0			11,329		0			—
Warrants														$	661,991		0.17	%	$	249,863		0.07	%		0	%

Total	$	299,542,189		100	%	$	298,410,746		100	%				$	391,572,934		100	%	$	370,688,284		100	%

The following table shows the composition of the investment portfolio and associated yield data as of December 31, ~~2018:~~2019:


	As of December 31, 2018													As of December 31, 2019
	Cost		Percentage of Total Portfolio			Fair Value		Percentage of Total Portfolio			Weighted Average Yield⁽¹⁾			Amortized Cost		Percentage of Total Portfolio			Fair Value		Percentage of Total Portfolio			Weighted Average Yield⁽¹⁾
First Lien Senior Secured Debt	$	135,776,144		98.02	%	$	135,061,980		98.01	%		9.34	%	$	332,320,392		95.80	%	$	330,393,205		95.76	%		8.31	%
Second Lien Junior Secured Debt		1,201,433		0.87			1,200,773		0.87			10.91		$	7,649,558		2.21	%	$	7,620,547		2.21	%		10.49	%
Preferred Stock		1,160,531		0.84			1,160,531		0.84			—		$	4,648,225		1.34	%	$	4,861,847		1.41	%		0	%
Common Stock		374,135		0.27			379,849		0.28			—		$	1,624,199		0.47	%	$	1,518,353		0.44	%		0	%
Warrants														$	631,366		0.18	%	$	631,366		0.18	%		0	%

Total	$	138,512,243		100	%	$	137,803,133		100	%				$	346,873,740		100	%	$	345,025,318		100	%

The following table presents certain selected financial information regarding ~~our~~the Fund’s investment portfolio:


	As of September 30, 2019			As of December 31, 2018			As of March 31, 2020			As of December 31, 2019
Number of portfolio companies		80			44			90			85
Percentage of debt bearing a floating rate⁽¹⁾		100	%		100	%
Percentage of debt bearing a fixed rate⁽¹⁾		—	%		—	%
Percentage of debt bearing a floating rate(1)								99.9	%		99.99	%
Percentage of debt bearing a fixed rate(1)								0.01	%		0.01	%

The following table shows the amortized cost and fair value of ~~our~~the Fund’s performing andnon-accrual debt investments as of ~~September 30, 2019:~~March 31, 2020:


	As of September 30, 2019										As of March 31, 2020
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value			Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	293,598,835		100	%	$	292,262,086		100	%	$	383,985,206		100	%	$	363,637,455		100	%
Non-accrual		—		—			—		—			—		—			—		—

Total	$	293,598,835		100	%	$	292,262,086		100	%	$	383,985,206		100	%	$	363,637,455		100	%

The following table shows the amortized cost and fair value of ~~our~~the Fund’s performing andnon-accrual debt investments as of December 31, ~~2018:~~2019:


	As of December 31, 2018										As of December 31, 2019
	Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value			Amortized Cost		Percentage at Amortized Cost			Fair Value		Percentage at Fair Value
Performing	$	136,977,577		100	%	$	136,262,753		100	%	$	339,969,950		100	%	$	338,013,752		100	%
Non-accrual		—		—			—		—			0		—			0		—

Total	$	136,977,577		100	%	$	136,262,753		100	%	$	339,969,950		100	%	$	338,013,752		100	%

Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan onnon-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restoresnon-accrual loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. As of ~~September 30, 2019~~March 31, 2020 and as of December 31, ~~2018,~~2019, the Fund had no investments that were onnon-accrual status.

The following table shows the amortized cost and fair value of the investment portfolio and cash and cash equivalents as of ~~September 30, 2019:~~March 31, 2020:


	As of September 30, 2019										As of March 31, 2020
	Amortized Cost		Percentage of Total			Fair Value		Percentage of Total			Amortized Cost		Percentage of Total Portfolio			Fair Value		Percentage of Total Portfolio
First Lien Senior Secured Debt	$	285,952,814		84.71	%	$	284,641,539		84.59	%	$	376,332,124		92.28	%	$	356,272,609		92.08	%
Second Lien Junior Secured Debt		7,646,021		2.26			7,620,547		2.26			7,653,082		1.88			7,364,846		1.90
Preferred Stock		4,298,247		1.27			4,469,886		1.33			5,262,132		1.29			5,431,410		1.40
Common Stock		1,633,778		0.48			1,667,445		0.50			1,663,605		0.41			1,369,556		0.35
Warrants												661,991		0.16			249,863		0.07
Cash and cash equivalents		38,078,058		11.28			38,078,058		11.32			16,251,625		3.98			16,251,625		4.20

Total	$	337,608,918		100	%	$	336,477,475		100	%	$	407,824,559		100.00	%	$	386,939,909		100.00	%

The following table shows the amortized cost and fair value of the investment portfolio and cash and cash equivalents as of December 31, ~~2018:~~2019:


	As of December 31, 2019
	Amortized Cost		Percentage of Total Portfolio			Fair Value		Percentage of Total Portfolio
First Lien Senior Secured Debt	$	332,320,392		91.85	%	$	330,393,205		91.79	%
Second Lien Junior Secured Debt	$	7,649,558		2.11	%	$	7,620,547		2.11	%
Preferred Stock	$	4,648,225		1.28	%	$	4,861,847		1.35	%
Common Stock	$	1,624,199		0.45	%	$	1,518,353		0.42	%
Warrants	$	631,366		0.17	%	$	631,366		0.18	%
Cash and cash equivalents	$	14,931,791		4.14	%	$	14,931,791		4.15	%

Total	$	361,805,531		100	%	$	359,957,109		100	%

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of ~~September 30, 2019~~March 31, 2020 (with corresponding percentage of total portfolio investments):


	As of September 30, 2019										As of March 31, 2020
	Amortized Cost		Percentage of Total Portfolio			Fair Value		Percentage of Total Portfolio			Amortized Cost		Percentage of Total Portfolio			Fair Value		Percentage of Total Portfolio
Business Services	$	29,789,109		9.94	%	$	29,976,626		10.05	%	$	30,269,771		7.73	%	$	28,498,623		7.69	%
ConsumerNon-Cyclical		12,166,692		4.06			12,162,375		4.08		$	19,376,867		4.95	%	$	18,273,162		4.93	%
Digital Infrastructure & Services		22,140,673		7.39			22,124,909		7.41		$	45,078,860		11.51	%	$	44,519,434		12.01	%
Education		9,862,776		3.29			9,853,128		3.30		$	10,336,590		2.64	%	$	10,028,786		2.71	%
Energy		16,274,293		5.43			15,419,491		5.17		$	21,226,631		5.42	%	$	16,849,586		4.55	%
Financial Services											$	3,371,933		0.86	%	$	3,276,992		0.88	%
Healthcare & HCIT		66,815,939		22.33			66,517,261		22.30		$	87,637,397		22.38	%	$	80,233,526		21.64	%
Pharmaceutical		5,792,538		1.93			5,728,856		1.92		$	6,227,961		1.59	%	$	5,915,622		1.60	%
Software & Services		123,639,287		41.28			123,759,985		41.47		$	155,227,853		39.64	%	$	152,199,431		41.05	%
Specialty Finance		2,881,943		0.96			2,878,570		0.96		$	2,775,000		0.71	%	$	2,661,178		0.72	%
Transport & Logistics		10,167,610		3.39			9,978,216		3.34		$	10,044,071		2.57	%	$	8,231,944		2.22	%

	$	299,530,860		100	%	$	298,399,417		100	%	$	391,572,934		100	%	$	370,688,284		100	%

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, ~~2018~~2019 (with corresponding percentage of total portfolio investments):


	As of December 31, 2018										As of December 31, 2019
	Amortized Cost		Percentage of Total Portfolio			Fair Value		Percentage of Total Portfolio			Amortized Cost		Percentage of Total Portfolio			Fair Value		Percentage of Total Portfolio
Business Services	$	13,455,873		9.72	%	$	13,453,009		9.77	%	$	29,492,348		8.50	%	$	29,467,961		8.54	%
Communications & IT Infrastructure		5,261,251		3.80			5,236,923		3.80
ConsumerNon-Cyclical		7,504,952		5.42			7,500,141		5.44		$	12,573,051		3.63	%	$	12,628,209		3.66	%
Digital Infrastructure & Services											$	35,923,507		10.36	%	$	35,849,013		10.39	%
Education		6,940,001		5.01			6,920,371		5.02		$	9,792,558		2.82	%	$	9,774,744		2.83	%
Energy		10,872,170		7.85			10,242,840		7.43		$	16,097,426		4.64	%	$	15,097,254		4.38	%
Financial Services											$	1,037,219		0.30	%	$	1,037,140		0.30	%
Healthcare & HCIT		25,437,461		18.36			25,411,873		18.44		$	77,923,042		22.46	%	$	77,112,970		22.35	%
Software & Services		58,166,581		41.99			58,165,375		42.21
Transport & Logistics		10,873,954		7.85			10,872,601		7.89

	$	138,512,243		100	%	$	137,803,133		100	%

Pharmaceutical											$	5,773,084		1.66	%	$	5,714,446		1.66	%


	As of December 31, 2019
	Amortized Cost		Percentage of Total Portfolio			Fair Value		Percentage of Total Portfolio
Software & Services	$	145,364,022		41.91	%	$	145,699,305		42.23	%
Specialty Finance	$	2,810,973		0.81	%	$	2,804,891		0.81	%
Transport & Logistics	$	10,086,510		2.91	%	$	9,839,385		2.85	%

	$	346,873,740		100	%	$	345,025,318		100	%

The Adviser monitors ~~our~~the Fund’s portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action for each company. The Adviser has several methods of evaluating and monitoring the performance and fair value of ~~our~~the Fund’s investments, which may include the following:

~~Operating~~The following is a summary of the Fund’s operating results for the ~~three months~~quarters ended ~~September 30, 2019~~March 31, 2020 and ~~2018, were as follows:~~2019:

~~Operating results for the nine months ended September 30, 2019 and 2018, were as follows:~~

During the three months ended ~~September 30,~~March 31, 2020, the Fund’s investment income was comprised of $7,052,300 of interest income, which includes $452,560 from the net amortization of premium and accretion of discounts, $206,351 ofpayment-in-kind interest and $182,600 of other fee income.

During the three months ended March 31, 2019, the Fund’s investment income was comprised of ~~$5,718,631~~$3,400,195 of interest income, which includes ~~$297,702~~$124,006 from the net amortization of premium and accretion of discounts, ~~$104,675~~$28,637 ofpayment-in-kind ~~interest and other fee income of $35,731.~~

During the three months ended September 30, 2018, the Fund’s investment income was comprised of $1,581,876 of interest income, which includes $60,967 from the accretion of discounts and other fee income of $2,479.

During the nine months ended September 30, 2019, the Fund’s investment income was comprised of $14,290,652 of interest income, which includes $782,772 from net amortization of premium and accretion of discounts, $166,946 of~~payment-in-kind~~ ~~interest and other fee income of $171,072.~~interest.

During the nine months ended September 30, 2018, the Fund’s investment income was comprised of $3,189,114 of interest income, which includes $122,140 from the accretion of discounts and other fee income of $2,479.

The ~~composition~~following is a summary of ~~our~~the Fund’s operating expenses for the ~~three months~~quarters ended ~~September 30, 2019~~March 31, 2020 and ~~2018 was as follows:~~2019:


	For the Three Months Ended			For the Three Months Ended
	September 30,			September 30,
	2019			2018			For the Three Months Ended March 31, 2020			For the Three Months Ended March 31, 2019
Interest and borrowing expenses	$	2,424,364		$	494,991		$	2,568,667		$	1,409,152
Management fees		1,017,059			281,892			1,352,351			615,859
Professional fees		379,792			379,861			547,269			342,361
Collateral management fees		367,534			—			459,059			0
Income-based incentive fee		180,792			66,206			769,023			106,087
Administration and custodian fees		113,524			39,546			91,783			65,825
Insurance expenses		68,338			62,383			67,596			61,027
Directors’ fees		37,500			37,223			50,000			37,500
Transfer agent fees		8,104			561			10,758			4,662
Offering costs		—			52,221
Other expenses		103,084			78,595			235,122			55,914

Total expenses		4,700,091			1,493,479			6,151,628			2,698,387
Expense reimbursement from Adviser								(89,757	)		(156,418	)
Waived collateral management fees		(367,534	)		—			(459,059	)		0
Expense reimbursement from Adviser		(31,875	)		(462,465	)
Waived management fees		(60,261	)		(39,913	)		(1,227,046	)		(63,171	)
Waived incentive fees		(56,255	)		(32,302	)		(486,784	)		(76,072	)

Net expenses	$	4,184,166		$	958,799		$	3,888,982		$	2,402,726

~~The composition of our operating expenses for the nine months ended September 30, 2019 and 2018 was as follows:~~

Interest and borrowing expenses includes interest, amortization of debt issuance and deferred financing costs, upfront commitment fees and unused fees on the unused portion of the ~~HSBC~~Revolving Credit Facility ~~and the Barclays Credit Facility (each defined herein, and together, the “Credit Facilities”),~~ and the Notes issued in the CLO ~~transaction.~~Transaction. The Fund first drew on the ~~HSBC~~Revolving Credit Facility on November 15, 2017. ~~The Fund first drew~~As of March 31, 2020, there was an outstanding balance of $43,000,000 on the ~~Barclays Credit Facility on January 30, 2019. As of September 30, 2019, there was no outstanding balance on the HSBC~~Revolving Credit Facility. As of December 31, ~~2018,~~2019, the ~~HSBC~~Revolving Credit Facility had an outstanding balance of ~~$88,200,000.~~$19,500,000. On August 9, 2019, ABPCIC Funding issued collateralized loan obligation securities (“CLOs”), and terminated the Barclays Credit Facility. The outstanding amount on the Notes is ~~$209,954,376~~$210,714,301, net of unamortized discount and debt issuance costs as of ~~September 30, 2019.~~ March 31, 2020. As of December 31, 2019, the amount outstanding on the Notes was $210,336,633, net of unamortized discount and debt issuance costs.

Interest and borrowing expenses for the three months ended ~~September 30, 2019~~March 31, 2020, were $2,568,667, and ~~2018, were $2,424,364 and $494,991, respectively. Interest and borrowing expenses~~ for the ~~nine~~three months ended ~~September 30,~~March 31, 2019, ~~and 2018,~~ were ~~$5,844,084 and $927,005, respectively.~~$1,409,152. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on ~~our~~the Fund’s debt outstanding was ~~4.64%~~3.73% and ~~4.09% for the period ending September 30,~~4.87% as of March 31, 2020 and March 31, 2019, ~~and September 30, 2018,~~ respectively.

The gross management fee expenses for the three months ended ~~September 30,~~March 31, 2020 and March 31, 2019 were $1,352,351 and ~~2018 were $1,017,059 and $281,892~~$615,859, respectively. The increase in the management fee for the three months ended ~~September 30, 2019~~March 31, 2020 was a result of the increase in average gross assets during ~~this~~the period, which are the basis used to calculate management fees. ~~The management fee expenses for~~For the ~~nine~~three months ended ~~September 30,~~March 31, 2020 and March 31, 2019, the Adviser waived management fees of $1,227,046 and ~~2018 were $2,477,129 and $560,765~~$63,171, respectively. ~~The increase in~~

For the ~~management fee for the nine~~three months ended ~~September 30, 2019~~March 31, 2020, the Fund incurred $6,151,628 of expenses in relation to professional fees, directors’ fees, collateral management fees, management fees, incentive fees, insurance expenses, interest and borrowing expenses, transfer agent fees, other fees, and administration and custodian fees, of which $89,757 was ~~also a result~~reimbursed by the Adviser and its affiliates on behalf of the ~~increase~~Fund, and $1,227,046 of management fees, $486,784 of incentive fees and $459,059 of collateral management fees were waived by the Adviser.

For the three months ended March 31, 2019, the Fund incurred $2,698,387 of expenses in ~~average gross assets during this period,~~relation to professional fees, directors’ fees, management fees, incentive fees, insurance expenses, interest and borrowing expenses, transfer agent fees, other fees, and administration and custodian fees, of which ~~are~~$156,418 was reimbursed by the ~~basis used to calculate~~Adviser and its affiliates on behalf of the Fund, and $63,171 of management ~~fees.~~fees and $76,072 of incentive fees were waived by the Adviser.

During the three months ended ~~September 30, 2019, we~~March 31, 2020, the Fund had principal repayments of ~~$11,984,003,~~$12,615,490, which ~~includes $1,995,849~~included $3,988,364 of revolver and delayed draw term loan paydowns, and ~~$5,323~~$842,678 in sales, resulting in ~~$76,718~~$13,369 of net realized ~~gain.~~ loss.

During the ~~nine~~three months ended ~~September 30,~~March 31, 2019, wethe Fund had principal repayments of ~~$24,086,016,~~$2,348,789, which ~~includes $6,444,889~~included $1,876,665 of revolver and delayed draw term loan paydowns, and ~~$7,636,064~~$130,771 in sales, resulting in ~~$64,058~~$1,754 of net realized ~~gain.~~

During the three months ended September 30, 2018, we had principal repayments of $907,626, which includes $563,856 of revolver paydowns, and $0 in sales, resulting in $0 of net realized gain/loss. During the nine months ended September 30, 2018, we had principal repayments of $1,847,318, which includes $1,290,748 of revolver paydowns, and $3,933,486 in sales, resulting in $0 of net realized gain/loss.

During the three months ended ~~September 30, 2019, we~~March 31, 2020, the Fund had ~~$470,046~~$19,036,228 in net change in unrealized depreciation on ~~$299,530,860~~$391,572,934 of investments in 8090 portfolio companies. The increase in net unrealized depreciation for the three months ended March 31, 2020 was primarily due to the negative economic impact and the increased uncertainty caused byCOVID-19.

During the three months ended ~~September 30, 2018, we~~March 31, 2019, the Fund had ~~$25,402~~$358,007 in net change in unrealized appreciation on ~~$85,453,778~~$196,908,013 of investments in ~~27 portfolio companies.~~

~~During the nine months ended September 30, 2019, we had $422,333 in net change in unrealized depreciation on $299,530,860 of investments in 80 portfolio companies.~~

~~During the nine months ended September 30, 2018, we had $20,769 in net change in unrealized depreciation on $85,453,778 of investments in 27~~55 portfolio companies.

For the three months ended ~~September 30,~~March 31, 2020 and March 31, 2019, ~~and 2018,~~ the net decrease and increase in net assets resulting from operations was ~~$1,281,543~~$(15,497,328) and ~~$650,958,~~$1,382,359, respectively. Based on the weighted average shares of common stock outstanding for the three months ended ~~September 30,~~March 31, 2020 and March 31, 2019, ~~and 2018, our~~the Fund’s per share net decrease and increase in net assets resulting from operations was ~~$0.11~~$(1.06) and ~~$0.16, respectively.~~

For the nine months ended September 30, 2019 and 2018, the net increase in net assets resulting from operations was $4,034,094 and $1,316,997, respectively. Based on the weighted average shares of common stock outstanding for the nine months ended September 30, 2019 and 2018, our per share net increase in net assets resulting from operations was $0.44 and $0.40,$0.21, respectively.

For the ~~nine~~three months ended ~~September 30, 2019,~~March 31, 2020, cash increased by ~~$35,567,850.~~$1,319,834. During the same period, wethe Fund used ~~$155,399,192~~$41,095,861 in operating activities, primarily as a result of purchases of investments. During the ~~nine~~three months ended ~~September 30, 2019, we~~March 31, 2020, the Fund generated ~~$190,967,042~~$42,415,695 from financing activities, primarily from issuance of common stock, ~~repurchase of common stock, distributions paid, financing costs paid~~ and net borrowings ~~and repayments~~ on the ~~HSBC~~Revolving Credit ~~Facility and Barclays Credit Facility and CLO Notes.~~Facility.

For the ~~nine~~three months ended ~~September 30, 2018,~~March 31, 2019, cash ~~decreased~~increased by ~~$14,673,164.~~$16,551,969. During the same period, wethe Fund used ~~$59,345,618~~$56,138,331 in operating activities, primarily as a result of purchases of investments. During the ~~nine~~three months ended ~~September 30, 2018, we~~March 31, 2019, the Fund generated ~~$44,672,454~~$72,690,300 from financing activities, primarily from issuance of common stock, and net borrowings ~~and repayments~~ on the ~~HSBC~~Revolving Credit Facility.

The Fund may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective. For the ~~nine~~three months ended ~~September 30,~~March 31, 2020 and March 31, 2019, the Fund did not enter into any hedging contracts.

At ~~September 30, 2019,~~March 31, 2020, and December 31, ~~2018, we~~2019, the Fund had ~~$38,078,058~~$16,251,625 and ~~$2,510,208~~$14,931,791 in cash and cash equivalents, ~~on hand,~~ respectively. ~~We expect~~The Fund expects to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from ~~our~~the Fund’s operations, (iii) any financing arrangements now existing or that wethe Fund may enter into in the future and (iv) any future offerings of ~~our~~the Fund’s equity or debt securities. WeThe Fund may fund a portion of ~~our~~its investments through borrowings from banks, or other large global institutions such as insurance companies, and issuances of senior securities.

~~Our~~The Fund’s primary use of funds from a credit facility will be investments in portfolio companies, cash distributions to holders of ~~our~~its common stock and the payment of operating expenses.

In the future, wethe Fund may also securitize or finance a portion of ~~our~~the Fund’s investments with a special purpose vehicle. If ~~we undertake~~the Fund undertakes a securitization transaction, wethe Fund will consolidate ~~our~~its allocable portion of the debt of any securitization subsidiary on ~~our~~its financial statements, and include such debt in ~~our~~its calculation of the asset coverage test, if and to the extent required pursuant to the guidance of the staff of the SEC.

Cash and cash equivalents as of the ~~nine~~three months ended ~~September 30, 2019,~~March 31, 2020, taken together with ~~our~~the Fund’s uncalled Capital Commitments of ~~$237,562,848~~$234,905,730 and ~~$50,000,000~~$7,000,000 undrawn amount on ~~our~~the Fund’s Revolving Credit ~~Facilities,~~Facility, is expected to be sufficient for ~~our~~the Fund’s investing activities and to conduct ~~our~~the Fund’s operations for at least the next twelve months. As of March 31, 2020, the Fund had $16,251,625 in ~~the near term.~~cash and cash equivalents. During the ~~nine~~three months ended ~~September 30, 2019, we~~March 31, 2020, the Fund used ~~$155,399,192~~$41,095,861 for operating activities. This “Financial Condition, Liquidity and Capital Resources” section should be read in conjunction with “Effects ofCOVID-19 on the Fund’s Results of Operations” above.

~~We have~~The Fund has the authority to issue 200,000,000 shares of common stock at a $0.01 per share par value.

~~We have~~The Fund has entered into Subscription Agreements with investors providing for the private placement of ~~our~~the Fund’s common shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Fund’s common shares up to the amount of their respective Capital Commitments on anas-needed basis upon the issuance of a capital draw down notice. As of ~~September 30, 2019, we~~March 31, 2020, the Fund received ~~capital commitments~~Capital Commitments of ~~$359,356,251.~~$418,448,516. Inception to ~~September 30, 2019, we~~March 31, 2020, the Fund received capital contributions to the Fund of ~~$121,793,403. Proceeds from the issuance of shares in respect of draw down notices described below were used for investing activities and for other general corporate purposes.~~$183,542,786.

For the three months ended ~~September 30, 2019,~~March 31, 2020, the Fund received ~~no capital commitments,~~total Capital Commitments of $20,827,965, had ~~$907,002~~$1,931,666 of dividend reinvestments and issued ~~91,341~~225,117 shares to investors that opted into the Fund’s dividend reinvestment plan, ~~$84,413 was withdrawn from the Fund as part of thequarter-end~~ ~~SBCAA share repurchase program,~~ issued capital drawdown notices to its investors for an aggregate amount of ~~$17,967,810~~$41,844,852 and issued ~~1,795,822~~4,876,625 shares to investors in respect of such capital drawdowns. For the three months ended ~~September 30, 2018,~~March 31, 2019, the Fund received additional capital commitments of ~~$40,975,677,~~$51,768,231, had ~~$347,908~~$581,297 of dividend reinvestments and issued ~~34,652~~58,319 shares to investors that opted into the Fund’s dividend reinvestment plan, ~~$0 was withdrawn from the Fund as part of thequarter-end~~ ~~SBCAA share repurchase program (which commenced in November 2018) and~~ issued capital drawdown notices to its investors for an aggregate amount of ~~$15,912,791~~$23,125,308 and issued ~~1,577,979 shares to investors in respect of such capital drawdowns.~~

For the nine months ended September 30, 2019, the Fund received capital commitments of $51,852,141 (however, a capital commitment of $4,000,000, originally committed during the quarter ended March 31, 2019, was subsequently reduced by $1,000,000 before any capital was called), had $2,404,103 of dividend reinvestments, issued 241,635 shares to investors that opted into the Fund’s dividend reinvestment plan, $232,123 was withdrawn from the Fund as part of the~~quarter-end~~ SBCAA share repurchase program, issued capital drawdown notices to its investors for an aggregate amount of $59,056,735 and issued 5,896,977 shares to investors in respect of such capital drawdowns. For the nine months ended September 30, 2018, the Fund received capital commitments of $131,960,240 (however, two capital commitments of $95,000 and $150,000, originally committed during the year ended December 31, 2017, and quarter ended June 30, 2018, respectively, were subsequently cancelled before any capital was called), had $772,338 of dividend reinvestments, issued 77,042 shares to investors that opted into the Fund’s dividend reinvestment plan, $0 was withdrawn from the Fund as part of the~~quarter-end~~ ~~SBCAA share repurchase program (which commenced in November 2018) and issued capital drawdown notices to its investors for an aggregate amount of $25,980,591 and issued 2,576,996~~2,317,068 shares to investors in respect of such capital drawdowns.

Distributions to stockholders are recorded on the record date. To the extent that ~~we have~~the Fund has income available, ~~we intend~~the Fund intends to distribute quarterly distributions to ~~our~~its stockholders. ~~Our~~The Fund’s quarterly distributions, if any, will be determined by the Board. Any distributions to ~~our~~the Fund’s stockholders will be declared out of assets legally available for distribution.

The following table summarizes distributions declared during the ~~nine~~three months ended ~~September 30, 2019:~~March 31, 2020:

The following table summarizes distributions declared during the ~~nine~~three months ended ~~September 30, 2018:~~March 31, 2019:


Date Declared	Record Date		Payment Date		Amount Per Share		Total Distributions		Record Date		Payment Date		Amount Per Share		Total Distributions
June 28, 2018		June 28, 2018		June 29, 2018	$	0.25	$	759,327
September 27, 2018		September 27, 2018		September 28, 2018	$	0.12	$	625,565
March 27, 2019										March 27, 2019		April 25, 2019	$	0.15	$	1,057,242

Total distributions declared					$	0.37	$	1,384,892					$	0.15	$	1,057,242

The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscalyear-end based upon ~~our~~the Fund’s investment company taxable income for the full fiscal year and distributions paid during the full year. For the ~~nine~~three months ended ~~September 30, 2019,~~March 31, 2020, the Fund ~~estimates that the aggregate $4,423,170~~ distributed $3,551,533 to stockholders, of which $3,551,533 was attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.

To the extent the Fund’s taxable earnings fall below the total amount of its distributions paid for that fiscal year, a portion of those distributions may be deemed a return of capital to the Fund’s stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to stockholders may be the original capital invested by the stockholder rather than the Fund’s income or gains.

OnFor the three months ended March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On September 26, 2018, the Fund’s stockholders approved the reduction of the asset coverage ratio applicable to31, 2019, the Fund distributed $1,057,242 to stockholders, of which $1,057,242 was attributable to ordinary income and $0 was attributable to long-term capital gains. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from ~~200% to 150%. Pursuant to~~GAAP. Stockholders should not assume that the ~~SBCAA, on November 27, 2018, the Fund extended to its stockholders as~~source of such date the opportunity to sell the shares held by that stockholder as of such date, with 25% of those shares to be repurchased in each of the four calendar quarters following the calendar quarter in which the approval wasany distribution is only ordinary income or gains.

obtained. The first tender offer period began on November 27, 2018 and expired on December 27, 2018. The second tender offer period began on February 22, 2019 and expired on March 26, 2019. The third tender offer period began on May 17, 2019 and expired on June 25, 2019. The fourth tender offer period began on August 16, 2019 and expired on September 25, 2019.

~~The following table summarizes shares repurchased during the nine months ended September 30, 2019:~~

~~There were no shares repurchased during the nine months ended September 30, 2018.~~

~~We have~~The Fund has entered into certain contracts under which ~~we have~~it has future commitments. Payments under the Amended and Restated Advisory Agreement with the Adviser consist of (i) a base management fee equal to a percentage of the average outstanding assets of the Fund (which equals the gross value of equity and debt instruments, including investments made utilizing leverage), excluding cash and cash equivalents, during such fiscal quarter and (ii) an incentive fee based on ~~our~~the Fund’s performance. The cost of both the base management fee and the incentive fee will ultimately be borne by ~~our~~the Fund’s stockholders. Under the Administration Agreement, wethe Fund will reimburse the Adviser an amount equal to ~~our~~the Fund’s allocable portion (subject to the review of ~~our~~the Fund’s Board) of its overhead resulting from its obligations under the Expense Reimbursement Agreement. Stockholder approval is not required to amend the Administration Agreement or Expense Reimbursement Agreement. Any new investment advisory agreement would be subject to approval by ~~our~~the Fund’s stockholders.

The following table shows ~~our~~the Fund’s contractual obligations as of ~~September 30,~~March 31, 2020:

The following table shows the Fund’s contractual obligations as of December 31, 2019:


	Payments Due by Period (Millions)										Payments Due by Period
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years		Total		Less Than 1 Year		1 –3 Years		3 – 5 Years		More Than 5 Years
HSBC Credit Facility	$	—	$	—	$	—	$	—	$	—	$	19,500,000	$	19,500,000	$	—	$	—	$	—
Class A-1 Senior Secured Floating Rate Note	$	—	$	—	$	—	$	—	$	178.2	$	178,200,000	$	—	$	—	$	—	$	178,200,000
Class A-2A Senior Secured Floating Rate Note	$	—	$	—	$	—	$	—	$	25.0	$	25,000,000	$	—	$	—	$	—	$	25,000,000
Class A-2B Senior Secured Floating Rate Note	$	—	$	—	$	—	$	—	$	9.95	$	9,950,000	$	—	$	—	$	—	$	9,950,000

See“Notes to ~~Unaudited Consolidated~~ Financial Statements – Note 4. Borrowings,” for a discussion of the terms of the Revolving Credit ~~Facilities~~Facility and ~~CLO~~ Notes.

As of ~~September 30, 2019~~March 31, 2020 and December 31, ~~2018,~~2019, the Fund had unfunded Capital Commitments related to Subscription Agreements of ~~$237,562,848~~$234,905,730 and ~~$245,767,442,~~$255,922,617, respectively.

WeThe Fund may become a party to financial instruments withoff-balance sheet risk in the normal course of ~~our~~the Fund’s business to fund investments and to meet the financial needs of ~~our~~the Fund’s portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the consolidated statements of assets and liabilities.

As of ~~September 30, 2019 our~~March 31, 2020, the Fund’soff-balance sheet arrangements consisted of the following:


Investment Type								Facility Type	Commitment Expiration Date ⁽¹⁾		Unfunded Commitment ⁽²⁾		Fair Value⁽³⁾
E2open LLC								Revolver		11/26/2024	$	155,682	$	(10,119	)
Engage2Excel, Inc.								Delayed Draw Term Loan		10/25/2020	$	664,490	$	(66,449	)
Engage2Excel, Inc.								Revolver		3/7/2023	$	119,353	$	(13,129	)
EnterpriseDB Corporation								Revolver		6/21/2024	$	696,355	$	(12,186	)
Ethos Veterinary Health LLC								Delayed Draw Term Loan		5/17/2021	$	839,091	$	(67,127	)
EvolveIP, LLC								Delayed Draw Term Loan		11/26/2021	$	755,824	$	(22,675	)
EvolveIP, LLC								Revolver		6/7/2023	$	453,495	$	(13,605	)
Finalsite Holdings, Inc.								Revolver		9/25/2024	$	253,142	$	(7,594	)
Fuze, Inc.								Delayed Draw Term Loan		9/20/2021	$	1,814,240	$	(7,438	)
Fuze, Inc.								Revolver		9/20/2024	$	1,295,886	$	(18,531	)
Genesis Acquisition Co.								Delayed Draw Term Loan		7/31/2020	$	364,466	$	(26,424	)
GHA Buyer, Inc.								Delayed Draw Term Loan		12/31/2020	$	570,916	$	(22,837	)
GHA Buyer, Inc.								Delayed Draw Term Loan		12/31/2020	$	675,044	$	(27,002	)
GHA Buyer, Inc.								Revolver		10/23/2023	$	202,513	$	(10,126	)
GS AcquisitionCo, Inc.								Revolver		5/24/2024	$	164,107	$	(5,744	)
GS AcquisitionCo, Inc.								Second Supplemental Delayed Draw Term Loan		8/2/2021	$	988,988	$	(31,757	)
INH Buyer, Inc.								Revolver		1/31/2024	$	96,067	$	(8,646	)
InSite Wireless Group, LLC	Term Loan	8/1/2022	$	6,990,675	$	(87,383	)	Term Loan		8/1/2022	$	2,802,260	$	(35,028	)
Lucky Bucks, LLC	Delayed Draw Term Loan	4/9/2020	$	94,699	$	(1,657	)
Kaseya Inc.								Delayed Draw Term Loan		5/3/2021	$	467,302	$	(11,122	)
Kaseya Inc.								Delayed Draw Term Loan		3/4/2022	$	237,545	$	(5,939	)
Kaseya Inc.								Revolver		5/2/2025	$	3,760	$	(122	)
Metametrics, Inc.	Revolver	9/10/2025	$	651,183	$	(13,024	)	Revolver		9/10/2025	$	217,061	$	(10,853	)
Ministry Brands, LLC	Delayed Draw Term Loan	12/2/2022	$	732,132	$	(3,661	)
Nine Point Energy, LLC	Delayed Draw Term Loan	6/7/2021	$	1,312,500	$	(26,250	)	Delayed Draw Term Loan		6/7/2021	$	1,312,500	$	(75,469	)
Nine Point Energy, LLC	Revolver	6/7/2024	$	175,000	$	(3,500	)
OMH-HealthEdge Holdings, LLC								Revolver		10/24/2024	$	458,720	$	(18,349	)
Pace Health Companies, LLC	Revolver	8/2/2024	$	616,682	$	(6,167	)	Revolver		8/2/2024	$	83,252	$	(4,995	)
PF Growth Partners, LLC	Delayed Draw Term Loan	7/11/2021	$	336,399	$	(3,364	)	Delayed Draw Term Loan		7/11/2021	$	240,285	$	(24,029	)
Pinnacle Dermatology Management, LLC	Delayed Draw Term Loan	5/18/2020	$	210,791	$	(4,216	)	Delayed Draw Term Loan		5/18/2020	$	3,288,636	$	(263,091	)
Pinnacle Dermatology Management, LLC	Revolver	5/18/2023	$	468,424	$	(9,369	)
Rhode Holdings Inc.	Delayed Draw Term Loan	5/3/2021	$	467,302	$	(5,281	)
Rhode Holdings Inc.	Revolver	5/2/2025	$	268,565	$	(5,371	)
Pinnacle Treatment Centers, Inc.								Delayed Draw Term Loan		1/17/2022	$	585,909	$	(10,253	)
Real Capital Analytics, Inc.								Revolver		10/2/2024	$	138,948	$	(2,779	)
RxBenefits, Inc.	Revolver	3/29/2024	$	575,767	$	(5,757	)	Revolver		3/29/2024	$	106,616	$	(5,331	)
Selligent, Inc.	Revolver	11/3/2023	$	200,660	$	(3,010	)	Revolver		11/3/2023	$	200,660	$	(6,020	)
Single Digits, Inc	Delayed Draw Term Loan	12/21/2020	$	1,040,369	$	(10,404	)
Single Digits, Inc	Revolver	12/21/2023	$	416,148	$	(4,162	)
Single Digits, Inc.								Delayed Draw Term Loan		12/21/2020	$	1,040,369	$	(83,230	)
Single Digits, Inc.								Revolver		12/21/2023	$	416,147	$	(33,292	)
Sirsi Corporation	Revolver	3/15/2024	$	332,245	$	(4,984	)	Revolver		3/15/2024	$	442,993	$	(17,720	)
Smartlinx Solutions, LLC								Revolver		3/4/2026	$	519,484	$	(14,286	)
Smile Brands, Inc.	Delayed Draw Term Loan	10/12/2020	$	333,798	$	(3,338	)	Delayed Draw Term Loan		10/12/2020	$	152,035	$	(8,362	)
Smile Brands, Inc.	Revolver	10/12/2023	$	216,587	$	(2,166	)	Revolver		10/12/2023	$	29,445	$	(1,619	)
Sugarcrm Inc.	Revolver	7/31/2024	$	124,098	$	(1,241	)
Star2star Communications, LLC								Delayed Draw Term Loan		3/11/2025	$	640,576	$	(12,812	)
Star2star Communications, LLC								Revolver		3/13/2025	$	960,864	$	(19,217	)
Summit Infrastructure Group, Inc.	Delayed Draw Term Loan	3/15/2021	$	1,125,756	$	(22,515	)	Delayed Draw Term Loan		3/15/2021	$	1,125,756	$	—
Summit Infrastructure Group, Inc.	Revolver	3/15/2024	$	562,878	$	(11,257	)	Revolver		3/15/2024	$	562,878	$	—
Swiftpage, Inc.	Revolver	6/13/2023	$	225,317	$	(4,507	)
Symplr Software, Inc.	Revolver	11/30/2023	$	55,481	$	(832	)
The Center for Orthopedic and Research Excellence, Inc.	Delayed Draw Term Loan	8/15/2021	$	1,726,330	$	(15,105	)
Telesoft Holdings, LLC								Revolver		12/16/2025	$	198,955	$	(8,953	)
The Center for Orthopedic and Research Excellence, Inc.	Revolver	8/15/2025	$	586,952	$	(10,272	)	Delayed Draw Term Loan		8/15/2021	$	1,726,330	$	(49,632	)
Theranest, LLC	Delayed Draw Term Loan	7/23/2020	$	1,937,786	$	(29,067	)	Delayed Draw Term Loan		7/23/2020	$	1,386,857	$	(35,226	)
Theranest, LLC	Revolver	7/24/2023	$	428,571	$	(8,571	)
TRGRP, Inc.	Revolver	11/1/2023	$	333,333	$	(6,666	)
Tropical Smoothie Cafe, LLC	Revolver	9/24/2023	$	96,435	$	—		Delayed Draw Term Loan		6/18/2021	$	20,418	$	(510	)
Velocity Purchaser Corporation	Revolver	12/1/2022	$	193,237	$	—

ZBS Alliance Animal Health, LLC								Delayed Draw Term Loan		11/8/2025	$	2,440,153	$	(109,806	)
Total 1st Lien/Senior Secured Debt			$	60,480,176	$	(789,172	)				$	54,015,513	$	(3,541,540	)

Total			$	60,480,176	$	(789,172	)				$	54,015,513	$	(3,541,540	)

As of December 31, ~~2018, our~~2019, the Fund’soff-balance sheet arrangements consisted of the following:


Investment Type	Facility Type	Commitment Expiration Date⁽¹⁾			Unfunded Commitment⁽²⁾		Fair Value⁽³⁾
GHA Buyer, Inc.	Revolver		10/23/2023		$	202,513	$	(4,050	)
GS AcquisitionCo, Inc.	Revolver		5/24/2024		$	108,813	$	(1,360	)
GS AcquisitionCo, Inc.	Second Supplemental Delayed Draw Term Loan		8/2/2021		$	1,934,450	$	(13,251	)
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan		3/11/2020		$	2,365,584	$	—
INH Buyer, Inc.	Revolver		1/31/2024		$	205,858	$	(3,088	)
InSite Wireless Group, LLC	Term Loan		8/1/2022		$	6,179,466	$	(77,243	)
Lucky Bucks, LLC	Delayed Draw Term Loan		4/9/2020		$	64,919	$	(1,136	)
Metametrics, Inc.	Revolver		9/10/2025		$	651,183	$	(13,024	)
Nine Point Energy, LLC	Revolver		6/7/2024		$	328,125	$	(6,562	)
Nine Point Energy, LLC	Delayed Draw Term Loan		6/7/2021		$	1,312,500	$	(26,250	)
OMH-HealthEdge Holdings, LLC	Revolver		10/24/2024		$	458,721	$	(10,321	)
Pace Health Companies, LLC	Revolver		8/2/2024		$	616,682	$	(6,167	)
PF Growth Partners, LLC	Delayed Draw Term Loan		7/11/2021		$	300,356	$	(3,003	)
Pinnacle Dermatology Management, LLC	Delayed Draw Term Loan		5/18/2020		$	1,643,567	$	(32,871	)
Pinnacle Dermatology Management, LLC	Revolver		5/18/2023		$	468,424	$	(9,368	)
Real Capital Analytics, Inc.	Revolver		10/2/2024		$	138,948	$	(695	)
Rhode Holdings, Inc.	Delayed Draw Term Loan		5/3/2021		$	467,302	$	(5,280	)
Rhode Holdings, Inc.	Revolver		5/2/2025		$	161,139	$	(3,223	)
RxBenefits, Inc.	Revolver		3/29/2024		$	575,767	$	(5,758	)
Selligent, Inc.	Revolver		11/3/2023		$	200,660	$	(3,010	)
Single Digits, Inc.	Delayed Draw Term Loan		12/21/2020		$	1,040,369	$	(10,404	)
Single Digits, Inc.	Revolver		12/21/2023		$	416,148	$	(4,161	)
Sirsi Corporation	Revolver		3/15/2024		$	332,245	$	(4,984	)
Smile Brands, Inc.	Delayed Draw Term Loan		10/12/2020		$	333,798	$	—
Smile Brands, Inc.	Revolver		10/12/2023		$	220,833	$	—
Sugarcrm, Inc.	Revolver		7/31/2024	��	$	310,244	$	—
Summit Infrastructure Group, Inc.	Delayed Draw Term Loan		3/15/2021		$	1,125,756	$	(22,515	)
Summit Infrastructure Group, Inc.	Revolver		3/15/2024		$	562,878	$	(11,258	)
Swiftpage, Inc.	Revolver		6/13/2023		$	225,317	$	(4,506	)
Symplr Software, Inc.	Revolver		11/30/2023		$	27,828	$	(417	)
Telesoft Holdings, LLC	Revolver		12/16/2025		$	596,865	$	(13,430	)
The Center for Orthopedic and Research Excellence, Inc.	Delayed Draw Term Loan		8/15/2021		$	1,726,330	$	(15,105	)
The Center for Orthopedic and Research Excellence, Inc.	Revolver		8/15/2025		$	656,005	$	(11,480	)
Theranest, LLC	Delayed Draw Term Loan		7/23/2020		$	1,386,857	$	(20,803	)
Theranest, LLC	Revolver		7/24/2023		$	428,571	$	(8,571	)
TRGRP, Inc.	Revolver		11/1/2023		$	333,333	$	(6,667	)
Tropical Smoothie Cafe, LLC	Revolver		9/24/2023		$	96,435	$	—
Tropical Smoothie Cafe, LLC	Delayed Draw Term Loan		6/18/2021		$	6,659,893	$	—
Velocity Purchaser Corporation	Revolver		12/1/2022		$	193,237	$	—
ZBS Alliance Animal Health, LLC	Delayed Draw Term Loan		11/8/2025		$	4,535,600	$	(90,712	)
ZBS Alliance Animal Health, LLC	Revolver		11/8/2025		$	181,424	$	(3,628	)

Total 1st Lien/Senior Secured Debt					$	71,406,720	$	(1,007,901	)

Total					$	71,406,720	$	(1,007,901	)

(1)	Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

(2)	Net of capitalized fees, expenses and original issue discount (“OID”).

(3)	A negative fair value was reflected as investments, at fair value in the consolidated statements of assets and liabilities. The negative fair value is the result of the capitalized discount on the loan.

On August 6, 2018, the SEC granted usthe Fund relief sought in a new exemptive application that expands theco-investment exemptive relief previously granted to usthe Fund in October 2016 to allow usthe Fund toco-invest in portfolio companies with Affiliated Funds in a manner consistent with ~~our~~its investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, ~~we are~~the Fund is permitted toco-invest with Affiliated Funds, which the new exemptive relief defines to include affiliated managed accounts, if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of ~~our~~the Fund’s independent directors make certain conclusions in connection with aco-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to usthe Fund and ~~our~~the Fund’s stockholders and do not involve overreaching in respect of usthe Fund or ~~our~~the Fund’s stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of ~~our~~the Fund’s stockholders and is consistent with ~~our~~the Fund’s investment objective and strategies. ~~We intend~~The Fund intends toco-invest with Affiliated Funds, subject to the conditions included in the Order.

On November 15, 2017, the Fund entered into ~~a credit agreement (the “HSBC~~the Credit ~~Agreement”)~~Agreement to establish ~~a revolving credit facility (the “HSBC~~the Revolving Credit ~~Facility”)~~Facility with HSBC ~~Bank USA, National Association (“HSBC”)~~ as ~~administrative agent (the “Administrative Agent”)~~Administrative Agent and any other lender that becomes a party to the ~~HSBC~~Revolving Credit Facility in accordance with the terms of the ~~HSBC~~Revolving Credit Facility, as lenders.

The ~~initial maximum principal amount (the “Maximum Commitment”)~~Maximum Commitment of the ~~HSBC~~Revolving Credit Facility ~~was~~is $30 million. The Maximum Commitment amount may be increased upon request of the Fund to an amount agreed upon by the Fund and the Administrative Agent. Such increase may be done in one or more requested increases, each in a minimum amount of $10 million and in $5 million increments thereof, or such lesser amount to be determined by the Administrative Agent, subject to certain terms and conditions. ~~As of~~On January 31, 2019, the Fund ~~set~~increased the Maximum Commitment asto $50 million. So long as no request for borrowing is outstanding, the Fund may terminate the ~~Lenders’ commitments (the “Commitments”)~~Commitments or reduce the Maximum Commitments by giving prior irrevocable written notice to the Administrative Agent. Any reduction of the Maximum Commitments shall be in an amount equal to $10 million or multiples thereof; and in no event shall a reduction by the Fund reduce the Commitments to $35 million or less (in each case, except for a termination of all the Commitments). Proceeds under the ~~HSBC~~Revolving Credit Facility may be used for any purpose permitted under ~~our~~the Fund’s organizational documents, including general corporate purposes such as the making of investments.

Borrowings under the ~~HSBC~~Revolving Credit Facility bear interest, at the Fund’s election at the time of drawdown, at a rate per annum equal to (i) with respect to LIBOR Rate Loans, Adjusted LIBOR ~~(as defined in the HSBC Credit Agreement)~~ for the applicable Interest Period; and (ii) with respect to Reference Rate Loans, ~~(as defined in the HSBC Credit Agreement),~~ the greatest of: ~~(i)~~(x) the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate, ~~(ii)~~(y) the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, plus two hundred basis points (2.00%), provided that if such rate is not so published for any day that is a Business Day, the average of the quotation for such day on such transactions received by the Administrative Agent from three (3) Federal funds brokers of recognized standing selected by the Administrative Agent and, upon request of Borrowers, with notice of such quotations to the Borrowers and ~~(iii)~~(z) except during any period of time during which LIBOR isunavailable, one-month Adjusted LIBOR plus ~~two~~one hundred ninety basis points ~~(2.00%~~(1.90%). The Fund will also pay an unused commitment fee of 35 basis points (0.35%) on any unused commitments.

The ~~HSBC~~Revolving Credit Facility ~~was~~is scheduled to mature on November ~~13, 2019,~~11, 2020, subject to the Fund’s option to extend the maturity date for up to one additional term not longer than 364 days, subject to the following conditions: (i) each of the Lenders and the Administrative Agent consents to the extension in their sole discretion; (ii) the Fund has paid an extension fee to the Administrative Agent for the benefit of the extending Lenders consenting to such extension in an amount agreed to by the Administrative Agent and the Borrowers at the time of the extension and as set forth in the applicable extension request; (iii) no potential default or event of default has occurred and is continuing on the date on which notice is given in accordance with the following clause (iv) or on November ~~13, 2019;~~11, 2020; and ~~(iv)~~(v) the Fund has delivered an extension request to the Administrative Agent not more than one hundred twenty (120) days or less than forty-five (45) days prior to November ~~13, 2019.~~11, 2020.

Subject to certain terms and conditions, the ~~HSBC~~Revolving Credit Facility is secured by a first priority, exclusive, perfected security interest and lien in and on all of the Fund’s right, title and interest, in, to and under, whether now existing or hereafter acquired or arising and wherever located (a) all of the Fund’s rights, titles, interests and privileges in and to the Capital Commitments, and the Capital Contributions made by its Investors, and all other rights, titles, interests, powers and privileges related to, appurtenant to or arising out of the Capital Commitments; (b) all of the Fund’s rights, titles, interests, remedies, and privileges under the Constituent Documents (i) to issue and enforce Capital Calls and ~~Pending~~pending Capital Calls, (ii) to receive and enforce Capital Contributions and (iii) relating to Capital Calls, ~~Pending~~pending Capital Calls, Capital Commitments or Capital Contributions; (c) all proceeds of any and all of the foregoing.

The ~~HSBC~~Revolving Credit Facility contains customary covenants and events of default (with customary cure and notice provisions).

As of ~~September 30, 2019, there was no~~March 31, 2020, the Fund had $43,000,000 outstanding ~~balance~~ on the ~~HSBC~~Revolving Credit Facility and ~~we were~~the Fund in compliance with the terms of the ~~HSBC~~Revolving Credit Facility. As of December 31, ~~2018, we~~2019, the Fund had ~~$88,200,000~~$19,500,000 outstanding on the ~~HSBC~~Revolving Credit Facility and ~~we were~~the Fund was in compliance with the terms of the ~~HSBC~~Revolving Credit Facility. ~~We intend~~The Fund intends to continue to utilize the ~~HSBC~~Revolving Credit Facility on a revolving basis to fund investments and for other general corporate purposes.

For the three months ended ~~September 30,~~March 31, 2020 and 2019, ~~and 2018,~~ the components of interest expense related to the ~~HSBC~~Revolving Credit Facility were as follows:

~~For the nine months ended September 30, 2019 and 2018, the components of interest expense related to the HSBC Credit Facility were as follows:~~


	For the Nine Months Ended September 30,				For the Three Months Ended March 31,
	2019		2018		2020		2019
Borrowing interest expense	$	410,787	$	585,832	$	145,023	$	303,967
Commitment fees		122,574		52,208	$	28,258	$	42,041
Amortization of deferred financing costs		147,432		288,965
Amortization of financing costs					$	18,646	$	36,593

Total interest and borrowing expenses	$	680,793	$	927,005
Total interest and debt financing expenses					$	191,927	$	382,601

On December 19, 2018, the Fund formed ~~AB PCIC~~ABPCIC Funding, ~~I LLC,~~ an indirectly wholly-owned Delaware limited liability company, ~~(“ABPCIC Funding”),~~ the primary purpose of which iswas to function as the Fund’s special purpose, bankruptcy remote, financing subsidiary in connection with ~~a credit agreement (the “Barclays~~the Barclays Credit Agreement,” together with all ancillary documents thereto, the “Barclays Credit Facility”) with Barclays Bank PLC, New York Branch (“Barclays”) as facility agent (in such capacity, the “Facility Agent”) and U.S. Bank National Association (“U.S. Bank”) as collateral agent (in such capacity, the “Collateral Agent”), collateral administrator (in such capacity, the “Collateral Administrator”) and custodian (in such capacity, the “Custodian”) providing for borrowings in an aggregate amount up to $150,000,000 collateralized with certain assets sold to ABPCIC Funding by the Fund

~~(the~~ (the “Collateral”). The Fund ~~has been~~was appointed as the Designated Manager of ABPCIC Funding and as such ~~has~~had full and exclusive control of ABPCIC Funding’s business and makes all decisions affecting its affairs (except with respect to certain material actions). On January 30, 2019, ABPCIC Funding entered into the Barclays Credit Agreement. Concurrently with the closing of the Barclays Credit Agreement, the Fund contributed and/or sold certain assets to ABPCIC Funding pursuant to a transfer agreement (the “Transfer Agreement”), by and between the Fund as seller and ABPCIC Funding as buyer. The Fund ~~expects~~expected to continue to contribute and/or sell assets to ABPCIC Funding pursuant to the Transfer Agreement in the future.

All of the collateral pledged to lenders by ABPCIC Funding under the Barclays Credit Facility was held in the custody of the Custodian under an account control agreement by and among ABPCIC Funding, the Collateral Agent and the Custodian. The Collateral Administrator maintained and performed certain collateral administration services with respect to the collateral pursuant to a collateral administration agreement among ABPCIC Funding, the Adviser and the Collateral Administrator. Borrowings under the Barclays Credit Facility were secured by all of the assets held by ABPCIC Funding. Pursuant to a collateral management agreement (the “Collateral Management Agreement”) by and between ABPCIC Funding and the Adviser as collateral manager, the Adviser performed certain duties with respect to the purchase and management of the assets securing the Barclays Credit Facility. The Adviser elected to waive any fees that would otherwise be payable under the Barclays Credit Facility and the Collateral Management Agreement. ABPCIC Funding was responsible for reimbursing the expenses incurred by the Adviser in the performance of its obligations under the Collateral Management Agreement other than any ordinary overhead expenses, which were not required to be reimbursed. For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2020 and March 31, 2019, the Fund incurred ano collateral management ~~fee of $100,949 and $426,758, respectively, which was voluntarily waived by the Adviser.~~fees.

The Barclays Credit Facility provided for borrowings in an aggregate amount up to $150 million. Borrowings under the Barclays Credit Facility bore interest paid on an annual adjusted LIBOR for the relevant interest period, plus an applicable spread of 2.25%. ABPCIC Funding would also pay an unused commitment fee of .50% and the commitment would have expired on July 30, 2020. Interest and fees were paid quarterly in arrears. Any amounts borrowed under the Barclays Credit Facility would have matured, and all accrued and unpaid interest thereunder would have been due and payable, on the earlier of (i) January 20, 2029, (ii) the date on which ABPCIC Funding issues collateralized loan obligation securities in a transaction for which the sole arranger is Barclays (or an affiliate thereof) or (iii) upon certain other events which result in accelerated maturity under the credit facility. Borrowing under the Barclays Credit Facility was subject to certain restrictions contained in the 1940 Act. On August 9, 2019, ABPCIC Funding issued collateralized loan obligation securities, and terminated the Barclays Credit Facility. For a discussion of the CLO Transaction see“Notes to ~~Unaudited~~ Consolidated Financial Statements –— Note 4. Collateralized Loan Obligations.”

For the three months ended ~~September 30,~~March 31, 2020 and March 31, 2019, ~~and 2018,~~ the components of interest expense related to the Barclays Credit Facility were as follows:

~~For the nine months ended September 30, 2019 and 2018, the components of interest expense related to the Barclays Credit Facility were as follows:~~


	For the Nine Months Ended September 30,				For the three Months Ended March 31
	2019		2018		2020		2019
Borrowing interest expense	$	3,336,538	$	—
Interest and borrowing expenses					$	—	$	883,033
Commitment fees		56,338		—		—		37,214
Amortization of deferred financing costs		355,465		—		—		106,304

Total interest and borrowing expenses	$	3,748,341	$	—	$	—	$	1,026,551

Borrowings of ABPCIC Funding ~~are~~were considered borrowings by the Fund for purposes of complying with the asset coverage requirements under the 1940 Act applicable to business development companies. The obligations of ABPCIC Funding under the Barclays Credit Facility werenon-recourse to the Fund. The Barclays Credit Facility was in effect during 2019, but terminated on August 9, 2019.

On August 9, 2019, ~~ABPCI Direct Lending Fund CLO VI Ltd (the “Issuer”) and ABPCI Direct Lending Fund CLO VI LLC (the“Co-Issuer,”~~ ~~and together with~~ the Issuer and the~~“Co-Issuers”),~~Co-Issuer, each a newly formed special purpose vehicle, completed ~~a $300,500,000 term debt securitization (the “CLO Transaction”).~~the CLO Transaction. The ~~notes~~Notes offered by theCo-Issuers in the CLO Transaction ~~(the “Notes”)~~ are secured by a diversified portfolio of theCo-Issuers consisting primarily of middle market loans and participation interests in middle market loans and may also include some broadly syndicated loans. The CLO Transaction was executed through a private placement of: (i) $178,200,000 ofClass A-1 Senior Secured Floating Rate Notes, which bear interest at three-months LIBOR plus 1.73%per ~~annum~~;annum; (ii) $25,000,000 ofClass A-2A Senior Secured Floating Rate Notes, which bear interest at LIBOR plus 2.45%per ~~annum~~;annum; (iii) $9,950,000 ofClass A-2B Senior Secured Fixed Rate Notes, which bear interest at 4.23%per ~~annum~~;

annum; (iv) $16,400,000 of Class B Secured Deferrable Floating Rate Notes, which bear interest at LIBOR plus 3.40%per ~~annum~~;annum; and (v) $17,350,000 of Class C Secured Deferrable Floating Rate Notes, which bear interest at LIBOR plus 4.40%per ~~annum~~.annum. The Notes are scheduled to mature on August 9, 2030.

In a series of contemporaneous transactions on the closing date of the CLO Transaction, (i) the Issuer, together with the issuance of certain of the Notes (including $16,400,000 of Class B Notes, $17,350,000 of Class C Notes and $53,600,000 of subordinated notes (the “Subordinated Notes”) to ABPCI Direct Lending Fund CLO VI Depositor LLC (the “Depositor”), a newly-formed wholly-owned subsidiary of the Fund, purchased the initial collateral obligations (which will settle pursuant to the Closing Merger, as such term is defined below) pursuant to a loan sale and contribution agreement dated as of August 9, 2019 (the “Loan Sale Agreement”), among the Fund, as seller, the Depositor, as intermediate seller, and the Issuer, as buyer, as amended or otherwise modified from time to time, (ii) the Issuer repaid all of the outstanding obligations owed to the lenders and agents of the Barclays Credit Facility, (iii) the Issuer made a cash distribution of approximately $8,400,000 to the Fund (in its capacity as sole member of ABPCIC Funding), (iv) the Fund caused ABPCIC Funding to merge into the Issuer with the Issuer being the entity surviving such merger (such merger transaction, the “Closing Merger”) and (v) the Issuer made any other payments due in connection with the repayment of the Barclays Credit Facility and the Closing Merger and paid any other fees and expenses expected to be paid as of such date. Any realized and unrealized gains and losses of ABPCIC Funding during the term of the Barclays Credit Facility are for the Issuer’s account (except to the extent previously distributed to the Fund). Under the terms of the Closing Merger, the rights and property of ABPCIC Funding (including the collateral obligations and eligible investments (if any) acquired by ABPCIC Funding and not distributed or sold as described above) immediately vested in the Issuer. In addition, the Issuer became liable for and subject, in the same manner as ABPCIC Funding, to all funding obligations on any revolving collateral obligations and delayed drawdown collateral obligations and all other liabilities and obligations related to the collateral obligations previously owned by ABPCIC Funding. Following the closing of the CLO Transaction, the Depositor is the 100% owner of the Subordinated Notes.

The Notes are the secured obligations of theCo-Issuers, and the indenture governing the Notes includes customary covenants and events of default. The Notes have not been, and will not be, registered under the Securities Act, ~~of 1933,~~ as amended, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the ~~Securities and Exchange Commission~~SEC or an applicable exemption from registration.

The Adviser serves as collateral manager to the Issuer pursuant to ~~a collateral management agreement between~~ the ~~Adviser and the Issuer (the “Collateral~~Collateral Management ~~Agreement”).~~Agreement. For so long as the Adviser serves as collateral manager to the Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the Collateral Management Agreement. For the ~~three and nine months~~period ended ~~September 30, 2019,~~March 31, 2020, the Fund incurred a collateral management fee of ~~$266,585 and $266,585, respectively,~~$459,059, which was voluntarily waived by the Adviser.

The interest rate and outstanding borrowings under the Notes as of ~~September 30,~~March 31, 2020 were as follows:

The interest rate and outstanding borrowings under the Notes as of December 31, 2019 were as follows:


Notes	Principal Amount		Interest rate at September 30, 2019		Outstanding Borrowings		Fair Value	Principal Amount		Interest rate at December 31, 2019		Carrying Value		Fair Value
Class A-1	$	178,200,000		L+1.73%	$	178,200,000	$178,200,000	$	178,200,000		L+1.73%	$	175,875,031		178,195,723
Class A-2A		25,000,000		L+2.45%		25,000,000	25,000,000		25,000,000		L+2.45%		24,673,826		24,889,050
Class A-2B		9,950,000		4.23%		9,950,000	9,950,000		9,950,000		4.23%		9,787,776		9,916,279
Class B		16,400,000		L+3.40%		0	0		16,400,000		L+3.40%		0		0	*
Class C		17,350,000		L+4.40%		0	0		17,350,000		L+4.40%		0		0	*
Subordinated Notes		53,600,000		N/A		0	0		53,600,000		N/A		0		0	*

Total	$	300,500,000			$	213,150,000	$213,150,000	$	300,500,000			$	210,336,633	$	213,001,052

For the three ~~and nine~~ months ended ~~September 30, 2019,~~March 31, 2020, the components of interest expense related to the Notes were as follows:


	For the three Months Ended March 31
	2020		2019
Interest and borrowing expenses	$	1,999,072	$	—
Amortization of debt issuance costs		377,668		—

Total interest and borrowing expenses	$	2,376,740	$	—

In accordance with the 1940 Act, the Fund has historically only been allowed to borrow amounts such that its “asset coverage,” as defined in the 1940 Act, is at least 200% after such borrowing, permitting the Fund to borrow up to one dollar for investment purposes for every one dollar of investor equity. “Asset coverage” generally refers to a company’s total assets, less all liabilities and indebtedness not represented by “senior securities,” as defined in the 1940 Act, divided by total senior securities representing indebtedness and, if applicable, preferred stock. “Senior securities” for this purpose includes borrowings from banks or other lenders, debt securities and preferred stock.

On March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On July 5, 2018, the Board voted to approve the adoption of the reduced asset coverage ratio and separately recommended that Investors approve the reduced asset coverage requirements at the 2018 annual meeting of stockholders. On September 26, 2018, at the Fund’s 2018 annual meeting of stockholders, the Fund’s stockholders approved the reduction of the required minimum asset coverage ratio applicable to the Fund from 200% to 150%, which took effect on September 27, 2018. This reduction in the required minimum asset coverage ratio increases the amount of debt that the Fund is permitted to incur, permitting the Fund to borrow up to two dollars for investment purposes for every one dollar of investor equity.

As of ~~September 30, 2019,~~March 31, 2020, and December 31, ~~2018,~~2019, the Fund had total senior securities of ~~$209,954,376~~$253,714,301 and ~~$88,200,000,~~$229,836,633, respectively, consisting of borrowings under the Revolving Credit Facility and the Notes, and had asset coverage ratios of ~~159%~~167% and ~~172%~~163%, respectively.

~~We measure~~The Fund measures the value of ~~our~~its investments at fair value accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the Financial Accounting Standards Board, or “FASB.” Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The audit committee of ~~our~~the Fund’s Board (the “Audit Committee”) is also responsible for assisting ~~our~~the Fund’s Board in valuing investments that are not publicly traded or for which current market values are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. With respect to portfolio investments for which market quotations are not readily available, ~~our~~the Fund’s Board, with the assistance of the Adviser and its senior investment team and independent valuation firms, is responsible for determining in good faith the fair value in accordance with the valuation policy approved by ~~our~~the Fund’s Board. If more than one valuation method is used to measure fair value, the results are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. ~~We consider~~The Fund considers a range of fair values based upon the valuation techniques utilized and ~~select~~selects the value within that range that was most representative of fair value based on current market conditions as well as other factors the Adviser’s senior investment team considers relevant. Due to the unprecedented conditions surroundingCOVID-19 spreading throughout the United States and the significant disruptions to the economy that have resulted from such spread during the three months ended March 31, 2020, the Fund undertook supplemental reviews of the fair value of its portfolio with the assistance of a third-party independent valuation firm.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below:

significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement is a Level 2 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.

Because of the inherent uncertainty of valuation for all fair value investments and interests, the Board’s determination of fair value may differ from the values that would have been used had a ready market existed, or that could have been (or will be) realized in an actual sale, and such differences could be material.

The value of any investment on any valuation date is intended to represent the fair value of such investment on such date based upon the amount at which the investment could be exchanged between willing parties, other than in a forced liquidation sale, and reflects the Board’s determination of fair value using the methodology described herein. Any valuation of an investment may not reflect the actual amount received by the Fund upon the liquidation of such investment.

~~Our~~The Fund’s investments will be primarily loans made to middle-market companies. These investments are mostly considered Level 3 assets under ASC Topic 820 because there is not usually a known or accessible market or market indices for these types of debt instruments and, thus, the Adviser’s senior investment team must estimate the fair value of these investment securities based on models utilizing unobservable inputs.

Investment Transactions, Realized/Unrealized Gains or Losses, and Income Recognition

Investment transactions are recorded on a trade-date basis. ~~We measure~~The Fund measures realized gains or losses from the repayment or sale of investments using the identified cost method. The amortized cost basis of investments represents the original cost adjusted for the accretion/amortization of discounts and premiums and upfront loan origination fees. ~~We report~~The Fund reports changes in fair value of investments that are measured at fair value as a component of net change in unrealized appreciation (depreciation) on investments in the consolidated statement of operations.

Interest income, adjusted for amortization of market premium and accretion of market discount, is recorded on an accrual basis to the extent that ~~we expect~~the Fund expects to collect such amounts. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Adviser and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

WeThe Fund will accrue for the base management fee and incentive fee. The accrual for the incentive fee includes the recognition of the incentive fee on unrealized capital gains, even though such incentive fee is neither earned nor payable to the Adviser until the gains are both realized and in excess of unrealized depreciation on investments. The amount of capital gains incentive fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund’s portfolio as of period end and the termination of the Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund’s overall investment results.

~~We have~~The Fund has elected to be treated, and to qualify annually, as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes at least 90% of its net ordinary income and net short-term capital gains in excess of its net long-term capital losses, if any, to its stockholders. ~~We intend~~The Fund intends to distribute sufficient dividends to maintain ~~our~~its RIC status each year and ~~we do~~the Fund does not anticipate paying any material federal income taxes in the future.

~~We are~~The Fund is subject to financial market risks, including changes in interest rates. To the extent that ~~we borrow~~the Fund borrows money to make investments, ~~our~~the Fund’s net investment income is dependent upon the difference between the rate at which ~~we borrow~~the Fund borrows funds and the rate at which ~~we invest~~the Fund invests these funds. In periods of rising interest rates, ~~our~~the Fund’s cost of funds would increase, which may reduce ~~our~~the Fund’s net investment income. Because ~~we expect~~the Fund expects that most of ~~our~~its investments will bear interest at floating rates, ~~we anticipate~~the Fund anticipates that an increase in interest rates would have a corresponding increase in ~~our~~the Fund’s interest income that would likely offset any increase in ~~our~~the Fund’s cost of funds and, thus, net investment income would not be reduced. However, there can be no assurance that a significant change in market interest rates will not have an adverse effect on ~~our~~the Fund’s net investment income. In addition, U.S. and global capital markets and credit markets have experienced a higher level of stress due to the globalCOVID-19 pandemic, which has resulted in an increase in the level of volatility across such markets and a general decline in the value of the securities held by the Fund.

WeThe Fund will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because ~~we expect~~the Fund expects that there will not be a readily available market for many of the investments in ~~our~~the Fund’s portfolio, ~~we expect~~the Fund expects to value many of ~~our~~its portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of ~~our~~the Fund’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

In connection with theCOVID-19 pandemic, the U.S. Federal Reserve and other central banks have reduced certain interest rates and LIBOR has decreased. A prolonged reduction in interest rates will reduce the Fund’s gross investment income and could result in a decrease in the Fund’s net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that the Fund earns on any portfolio investments, a decrease in the Fund’s operating expenses, including with respect to the Fund’s income incentive fee, or a decrease in the interest rate of the Fund’s floating interest rate liabilities tied to LIBOR.

Assuming that the consolidated statement of assets and liabilities as of ~~September 30, 2019,~~March 31, 2020, were to remain constant and that wethe Fund took no actions to alter ~~our~~its existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.


Change in Interest Rates	Increase (Decrease) in Interest Income			Increase (Decrease) in Interest Expense			Net Increase (Decrease) in Net Investment Income			Increase (Decrease) in Interest Income			Increase (Decrease) in Interest Expense			Net Increase (Decrease) in Net Investment Income
Down 25 basis points	$	(746,009	)	$	(508,000	)	$	(238,009	)	$	(1,064,012	)	$	(615,500	)	$	(448,512	)
Up 100 basis points		2,984,038			2,032,000			952,038			4,256,049			2,462,000			1,794,049
Up 200 basis points		5,868,076			4,064,000			1,804,076			8,512,098			4,924,000			3,588,098
Up 300 basis points		8,952,113			6,096,000			2,856,113			12,768,147			7,386,000			5,382,147

In addition, although ~~we do~~the Fund does not currently intend to make investments that are denominated in a foreign currency, to the extent ~~we do, we~~it does, the Fund will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.

WeThe Fund may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate usthe Fund against adverse changes in interest rates, they may also limit ~~our~~the Fund’s ability to participate in benefits of lower interest rates with respect to ~~our~~the Fund’s portfolio of investments with fixed interest rates.

As of the end of the period covered by this report, wethe Fund carried out an evaluation, under the supervision and with the participation of ~~our~~the Fund’s management, including ~~our President~~the Fund’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of ~~our~~the Fund’s disclosure controls and procedures (as defined in Rule~~13a-15~~13a-15(e) and15d-15(e) under the Exchange Act). Based on that evaluation, ~~our~~the Fund’s President and Chief Financial Officer have concluded that ~~our~~the Fund’s current disclosure controls and procedures are effective in timely alerting them to material information relating to usthe Fund that is required to be disclosed by usthe Fund in the reports ~~we file~~it files or ~~submit~~submits under the Exchange Act.

There have been no changes in ~~our~~the Fund’s internal control over financial reporting that occurred during ~~our~~the Fund’s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, ~~our~~the Fund’s internal control over financial reporting.

~~We are~~The Fund is not currently subject to any material legal proceedings, nor, to ~~our~~the Fund’s knowledge, is any material legal proceeding threatened against ~~us.~~the Fund. From time to time, wethe Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of ~~our~~the Fund’s rights under contracts with ~~our~~its portfolio companies. ~~Our~~The Fund’s business is also subject to extensive regulation, which may result in regulatory proceedings against ~~us.~~the Fund. While the outcome of these legal proceedings cannot be predicted with certainty, ~~we do~~the Fund does not expect that these proceedings will have a material effect upon ~~our~~its financial condition or results of operations.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in ~~our~~the Fund’s Annual Report onForm 10-K for the fiscal year ended December 31, ~~2018,~~2019, which could materially affect ~~our~~the Fund’s business, financial condition and/or operating results. The risks described in ~~our~~the Fund’s Annual Report onForm 10-K are not the only risks ~~we face.~~the Fund faces. Additional risks and uncertainties are not currently known to usthe Fund or that wethe Fund currently ~~deem~~deems to be immaterial also may materially adversely affect ~~our~~the Fund’s business, financial condition and/or operating results. ~~As of September 30, 2019,~~During the three months ended March 31, 2020, there have been no material changes from the risk factors set forth in ~~our~~the Fund’s Annual Report onForm 10-K for the year ended December 31, ~~2018,~~2019 except for the following.

The Small Business Credit Availability Act allows usthe Fund to incur additional leverage, which may increase the risk of investing with ~~us.~~the Fund.

On March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On July 5, 2018, the Board voted to approve the adoption of the reduced asset coverage ratio and separately recommended that Investors approve the reduced asset coverage requirements at the 2018 annual meeting of stockholders. On September 26, 2018, the Fund’s stockholders voted to approve the adoption of the reduced asset coverage ratio, effective September 27, 2018.

Increased leverage could increase the risks associated with investing in the Fund. For example, if the value of the Fund’s assets decreases, although the asset base and expected revenues would be larger because increased leverage would permit the Fund to acquire additional assets, leverage will cause the Fund’s net asset value to decline more sharply than it otherwise would have without leverage or with lower leverage. Similarly, any decrease in the Fund’s revenue would cause its net income to decline more sharply, on a relative basis, than it would have if the Fund had not borrowed or had borrowed less (although, as noted above, the Fund’s asset base and expected revenues would likely be larger). However, since the Fund already uses leverage in optimizing its investment portfolio, there are no material new risks associated with increased leverage other than the amount of the leverage.

If the Fund’s asset coverage ratio falls below the required limit, the Fund will not be able to incur additional debt until it is able to comply with the asset coverage ratio. This could have a material adverse effect on the Fund’s operations, and the Fund may not be able to make distributions to stockholders. The actual amount of leverage that the Fund employs will depend on the Board’s and the Adviser’s assessment of market and other factors at the time of any proposed borrowing. The Fund currently anticipates being able to obtain sufficient credit on acceptable terms, although the Fund can make no assurance that this will be the case or that it will remain such in the future.

The following table illustrates the effect of leverage on returns from an investment in the shares of common stock assuming that ~~we employ~~the Fund employs leverage such that ~~our~~the Fund’s asset coverage equals (1) ~~our~~the Fund’s actual asset coverage as of ~~September 30, 2019~~March 31, 2020 and (2) 150%, each at various annual returns, net of expenses and as of ~~September 30, 2019.~~March 31, 2020.

The calculations in the tables below are hypothetical, and are provided for illustrative purposes only. Actual returns may be higher or lower than those appearing below.

~~Uncertainty relating to~~Economic recessions or downturns could impair the ~~LIBOR calculation process may adversely affect~~Fund’s portfolio companies and harm the ~~value of our portfolio~~Fund’s operating results.

Certain of the ~~LIBOR-indexed, floating-rate debt securities in our~~Fund’s portfolio companies may be susceptible to economic downturns or recessions and may be unable to repay the ~~cost of our borrowings.~~

~~On July 27, 2017,~~Fund’s loans during these periods. Therefore, during these periods the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. It is unclear if at that time whether or not LIBOR will cease to exist or if new methods of calculating LIBOR will be established such that it continues to exist after 2021. In addition, in April 2018, the Federal Reserve System, in conjunction with the Alternative Reference Rates Committee, announced the replacement of LIBOR with a new index, calculated by short-term repurchase agreements collateralized by U.S. Treasury securities, called the Secured Overnight Financing Rate, or the “SOFR.” At this time, it is not possible to predict whether SOFR will attain market traction as a LIBOR replacement. Additionally, the future of LIBOR at this time is uncertain. Potential changes, or uncertainty related to such potential changes,Fund’s non-performing assets may adversely affect the market for LIBOR-based securities, including our portfolio of LIBOR-indexed, floating-rate debt securities, or the cost of our borrowings. In addition, changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase ~~or decrease in reported LIBOR, which could have an adverse impact on the market for LIBOR-based securities, including~~and the value of the ~~LIBOR-indexed,~~Fund’s portfolio may decrease if the Fund is required to write down the values of its investments. Adverse economic conditions also may decrease the value of collateral securing some of the Fund’s loans and the value of the Fund’s equity investments.

The Fund principally invests in floating-rate ~~debt securities~~assets and incurs indebtedness on a floating-rate basis as well, and intends to incur indebtedness, when possible, on the same floating base rate applicable to the assets in ~~our portfolio, or~~which it invests, which is currently LIBOR. Regulators in the U.K. have set a 2021 deadline for a transition away from LIBOR. The discontinuation of LIBOR creates uncertainty around the indebtedness the Fund will incur on a floating-rate basis in the future. Because the base rate of the Fund’s assets and indebtedness are expected to be same and will therefore fluctuate on largely the same basis, the increased cost of ~~our borrowings. Additionally,~~the Fund’s indebtedness (resulting from rising interest rates in the event of a recession or downturn) would be expected to be accompanied by increased revenues resulting from the same rising interest rates on the Fund’s floating rate assets. Nonetheless, economic slowdowns or recessions could lead to financial losses in the Fund’s portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase the Fund’s funding costs, limit the Fund’s access to the capital markets or result in a decision by lenders not to extend credit to the Fund. Furthermore, while most of the Fund’s investments are not publicly traded, applicable accounting standards require the Fund to assume as part of its valuation process that the Fund’s investments are sold in a principal market to market participants (even if ~~LIBOR ceases~~the Fund plans on holding an investment through its maturity) and impairments of the market values or fair market values of the Fund’s investments, even if unrealized, must be reflected in the Fund’s financial statements for the applicable period, which could result in significant reductions to ~~exist, we~~the Fund’s net asset value for the period. These events could prevent the Fund from increasing investments and harm the Fund’s operating results.

The recent global outbreak ofCOVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. Some economists and major investment banks have expressed concern that the continued spread ofCOVID-19 globally could lead to a world-wide economic downturn. Many manufacturers of goods in China and other countries in Asia have seen a downturn in production due to the suspension of business and temporary closure of factories in an attempt to curb the spread of the illness. As the impact ofCOVID-19 spreads to other parts of the world, similar impacts may ~~need~~occur with respect to ~~renegotiate~~affected countries. Similarly, between 2008 and 2009, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, there-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. While market conditions have largely recovered from the events of 2008 and 2009, there have been continuing periods of volatility. There can be no assurance that market conditions will not worsen in the future.

A portfolio company’s failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its assets representing collateral for its obligations, which could trigger cross defaults under other agreements ~~extending beyond 2021~~and jeopardize the Fund’s portfolio company’s ability to meet its obligations under the debt investments that the Fund holds and the value of any equity securities the Fund owns. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with ~~our~~a defaulting portfolio company. Any extension or restructuring of the Fund’s loans could adversely affect the Fund’s cash flow. In addition, if one of the Fund’s portfolio companies were to go bankrupt, even though the Fund may have structured its interest as senior debt, depending on the facts and circumstances, including the extent to which the Fund actually provided managerial assistance to that ~~utilize LIBOR as~~portfolio company, a ~~factor in determining~~bankruptcy courtmight re-characterize the ~~interest rate~~ Fund’s debt holding and ~~certain of our existing credit facilities to replace LIBOR with the new standard that is established. The potential effect~~subordinate all or a portion of the~~phase-out~~ ~~or replacement of LIBOR on our cost~~ Fund’s claim to those other creditors.

The Fund is currently operating in a period of capital markets disruption and ~~net~~economic uncertainty.

The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak ofCOVID-19 that began in December 2019. Some economists and major investment ~~income cannot yet~~banks have expressed concern that the continued spread of the virus globally could lead to a world-wide economic downturn. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. These and future market disruptions and/or illiquidity would be ~~determined.~~expected to have an adverse effect on the Fund’s business, financial condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to increase the Fund’s funding costs, limit the Fund’s access to the capital markets or result in a decision by lenders not to extend credit to the Fund. These events have limited and could continue to limit the Fund’s investment originations, limit the Fund’s ability to grow and have a material negative impact on the Fund’s operating results and the fair values of the Fund’s debt and equity investments.

Except as previously reported by the Fund on its current reports on Form8-K, wethe Fund did not sell any securities during the period covered by this Quarterly Report that were not registered under the Securities Act.

~~(a) On November 13, 2019, following~~Due to the ~~sale~~outbreak of, and local, state and federal government responses to, theCOVID-19 pandemic, the Fund availed itself of an extension to file the Quarterly Report, originally due on May 15, 2020 by ~~AXA S.A.~~filing a Current Report on Form8-K on May 8, 2020. In taking such action, the Fund relied on the order issued by the SEC on March 25, 2020 (which extended and superseded a prior order issued on March 4, 2020), pursuant to Section 36 of the Exchange Act (ReleaseNo. 34-88465) (the “COVID-19 Filing Extension Order”), regarding exemptions granted to certain public companies. The COVID-19 Filing Extension Order allows a registrant up to an additional 45 days after the original due date of certain reports required to be filed with the SEC if a registrant’s ability to file such report timely is affected due toCOVID-19.

Due to the unprecedented conditions surroundingCOVID-19 spreading throughout the United States and the significant disruptions to the economy that have resulted from such spread, the Fund undertook additional review of the fair value of its ~~minority stake of AXA Equitable Holdings, Inc., an indirect holder~~portfolio with the assistance of a ~~majority of~~third-party independent valuation firm. Given the membership interests in AllianceBernstein L.P., the direct parent of Alliance Capital Management LLC, the direct parent of the Adviser, via an initial public offering and listing of AXA Equitable’s shares of common stock on the New York Stock Exchange, the Fund entered into a new investment advisory agreement (the “Amended and Restated Advisory Agreement”) with the Adviser, replacing the Advisory Agreement (which was terminated concurrently with the effectiveness of the Amended and Restated Advisory Agreement).

The Amended and Restated Advisory Agreement is identical in all material respects to the Advisory Agreement, except that (i) it reflects new effective and termination dates and (ii) the income-based incentive fee has been revised to~~calculate Pre-incentive Fee~~ ~~Net Investment Income, which is expressed as a rate of return on the value~~time taken for this additional review of the Fund’s ~~net assets, using~~portfolio investments, the Fund’s ~~average monthly net assets as~~preparation of the ~~first day~~Quarterly Report was disrupted. As such, the Fund relied on the COVID-19 Filing Extension Order and made use of ~~each month in~~the45-day grace period provided by the ~~calendar quarter, rather than using~~COVID-19 Filing Extension Order to delay the ~~Fund’s net assets at the end~~filing of the ~~immediately preceding fiscal quarter.~~

The Amended and Restated Advisory Agreement will remain in effect initially for two years, and thereafter will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the affirmative vote of a majority of the Board, or by the affirmative vote of a majority of the outstanding voting securities of the Fund, and (ii) the affirmative vote of a majority of the Fund’s directors who are not “interested persons,” as defined in the 1940 Act (the “Independent Directors”). The Amended and Restated Advisory Agreement may be terminated at any time, without the payment of any penalty, upon not more than 60 days’ written notice by: (i) the affirmative vote of a majority of the outstanding voting securities of the Fund, (ii) the affirmative vote of a majority of the Board, including a majority of the Independent Directors, or (iii) the Adviser. The Amended and Restated Advisory Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

The Amended and Restated Advisory Agreement was approved by the Board (including all of the Independent Directors) on March 28, 2019, and by the Fund’s stockholders at a meeting held on September 26, 2019.

~~The description of the Advisory Agreement contained in this Part II, Item 5 does not purport to be complete and is qualified in its entirety by reference to the Advisory Agreement, attached to this~~ Quarterly ~~Report on Form10-Q~~ ~~as Exhibit 10.1.~~Report.

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements		3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		3544

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		5766

Item 4.	Controls and Procedures		5767

PART II.	OTHER INFORMATION		5867

Item 1.	Legal Proceedings		5867

Item 1A.	Risk Factors		5867

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		5969

Item 3.	Defaults Upon Senior Securities		5969

Item 4.	Mine Safety Disclosures		5969

Item 5.	Other Information		5969

Item 6.	Exhibits		6070

~~SIGNATURES~~SIGNATURES.


Portfolio Company	Industry	Facility Type	Interest	Maturity	Funded Par Amount		Cost			Fair Value

*Investments at Fair Value - 240.42% + # ^**

U.S. Corporate Debt - 235.48%

1st Lien/Senior Secured Debt - 229.34%
BEP Borrower Holdco, LLC⁽¹⁾	Business Services	Term Loan A	7.05% (L + 5.00%; 1.00% Floor)	06/12/2024	$	3,435,477	$	3,386,457		$	3,383,945
BEP Borrower Holdco, LLC^{(2) (3)}	Business Services	Revolver	7.05% (L + 5.00%; 1.00% Floor)	06/12/2024		—		(6,058	)		(6,442	)
BEP Borrower Holdco, LLC^{(2) (3)}	Business Services	Delayed Draw Term Loan B	7.05% (L + 5.00%; 1.00% Floor)	06/12/2024		—		(24,228	)		(25,766	)
BEP Borrower Holdco, LLC^{(2) (3)}	Business Services	Delayed Draw Term Loan A	7.05% (L + 5.00%; 1.00% Floor)	06/12/2024		—		(12,114	)		(12,883	)
Edgewood Partners Holdings LLC⁽¹⁾	Business Services	Term Loan	6.29% (L + 4.25%; 1.00% Floor)	09/06/2024		3,122,652		3,094,448			3,091,425
Edgewood Partners Holdings LLC⁽²⁾	Business Services	Delayed Draw Term Loan	6.29% (L + 4.25%; 1.00% Floor)	09/06/2024		235,723		220,678			218,781
IFS Acquisition, LLC^{(1) (4)}	Business Services	Term Loan	6.55% (L + 4.50%; 1.00% Floor)	11/21/2023		6,254,241		6,170,690			6,254,241
IFS Acquisition, LLC^{(2) (4)}	Business Services	Revolver	8.50% (P + 3.50%; 1.00% Floor)	11/21/2023		99,551		92,229			99,551
IFS Acquisition, LLC^{(1) (4)}	Business Services	Delayed Draw Term Loan	6.53% (L + 4.50%; 1.00% Floor)	11/21/2023		1,598,847		1,575,339			1,598,847
Metametrics, Inc.⁽¹⁾	Business Services	Term Loan	8.13% (L + 6.00%; 1.00% Floor)	09/10/2025		5,904,056		5,786,808			5,785,975
Metametrics, Inc.^{(2) (3)}	Business Services	Revolver	8.13% (L + 6.00%; 1.00% Floor)	09/10/2025		—		(12,902	)		(13,024	)
Nuvei Technologies Corp.^{(1) (5)}	Business Services	Initial U.S. Term Loan Commitment	7.06% (L + 5.00%; 1.00% Floor)	09/29/2025		310,334		300,079			305,679
Nuvei Technologies Corp.^{(1) (5)}	Business Services	Initial Canadian Term Loan Commitment	7.06% (L + 5.00%; 1.00% Floor)	09/29/2025		1,836,987		1,828,144			1,809,432
Quirch Foods Holdings, LLC⁽¹⁾	Business Services	Term Loan B	8.05% (L + 6.00%)	12/19/2025		2,122,895		2,103,117			2,101,666
Single Digits, Inc.⁽¹⁾	Business Services	Term Loan	8.11% (L + 6.00%; 1.00% Floor)	12/21/2023		3,304,212		3,273,874			3,271,169
Single Digits, Inc.^{(2) (3)}	Business Services	Revolver	8.11% (L + 6.00%; 1.00% Floor)	12/21/2023		—		(3,523	)		(4,162	)
Single Digits, Inc.^{(2) (3)}	Business Services	Delayed Draw Term Loan	8.11% (L + 6.00%; 1.00% Floor)	12/21/2023		—		(9,269	)		(10,404	)
Smile Brands, Inc.⁽²⁾	Business Services	Revolver	8.50% (P + 3.50%)	10/12/2023		38,221		36,138			35,673
Smile Brands, Inc.⁽¹⁾	Business Services	Term Loan	6.70% (L + 4.50%)	10/12/2024		1,643,828		1,629,920			1,627,390
Smile Brands, Inc.⁽²⁾	Business Services	Delayed Draw Term Loan	6.70% (L + 4.50%)	10/12/2024		301,879		296,548			295,523
GPS Hospitality Holding Company LLC⁽¹⁾	ConsumerNon-Cyclical	Term Loan B	6.35% (L + 4.25%)	12/08/2025		2,435,452		2,402,456			2,398,920
Blink Holdings, Inc.⁽¹⁾	ConsumerNon-Cyclical	Term Loan	6.79% (L + 4.75%; 1.00% Floor)	11/08/2024		1,664,454		1,647,809			1,647,809
Blink Holdings, Inc.⁽²⁾	ConsumerNon-Cyclical	Delayed Draw Term Loan	6.79% (L + 4.75%; 1.00% Floor)	11/08/2024		642,012		630,109			630,109
Captain D’s, Inc.⁽¹⁾	ConsumerNon-Cyclical	Term Loan	6.54% (L + 4.50%; 1.00% Floor)	12/15/2023		2,008,379		1,993,377			1,988,295
Captain D’s, Inc.^{(2) (6)}	ConsumerNon-Cyclical	Revolver	6.54% (L + 4.50%; 1.00% Floor)	12/15/2023		108,579		107,118			106,629
Lucky Bucks, LLC⁽¹⁾	ConsumerNon-Cyclical	Term Loan	9.62% (L + 7.00%; 1.00% Floor)	04/10/2023		991,381		977,040			974,032
Lucky Bucks, LLC^{(1) (2) (7)}	Consumer Non-Cyclical	Delayed Draw Term Loan	9.52% (L + 7.00%; 1.00% Floor)	04/10/2023		1,013,315		997,713			993,925
PF Growth Partners, LLC⁽¹⁾	ConsumerNon-Cyclical	Term Loan	7.04% (L + 5.00%)	07/11/2025		2,037,317		2,017,439			2,016,944
PF Growth Partners, LLC⁽²⁾	ConsumerNon-Cyclical	Delayed Draw Term Loan	9.00% (P + 4.00%)	07/11/2025		24,029		20,517			20,424
Tropical Smoothie Cafe, LLC⁽¹⁾	ConsumerNon-Cyclical	Term Loan	7.54% (L + 5.50%; 1.00% Floor)	09/24/2023		1,346,714		1,335,656			1,346,714
Tropical Smoothie Cafe, LLC⁽²⁾	ConsumerNon-Cyclical	Revolver	7.54% (L + 5.50%; 1.00% Floor)	09/24/2023		38,574		37,458			38,574
5 Bars, LLC	Digital Infrastructure & Services	Term Loan	8.56% (L + 6.50%; 1.00% Floor)	09/27/2024		4,742,121		4,670,990			4,670,990
5 Bars, LLC^{(2) (3)}	Digital Infrastructure & Services	Revolver	8.56% (L + 6.50%; 1.00% Floor)	09/27/2024		—		(9,679	)		(9,700	)
5 Bars, LLC^{(2) (3)}	Digital Infrastructure & Services	Delayed Draw Term Loan	8.56% (L + 6.50%; 1.00% Floor)	09/27/2024		—		(51,640	)		(51,733	)
D1 Holdings LLC	Digital Infrastructure & Services	Note	7.00%	06/26/2020		31,682		31,682			31,682
Fuze, Inc.⁽¹⁾	Digital Infrastructure & Services	Term Loan	8.34% (L + 6.25%; 1.00% Floor)	09/20/2024		11,015,029		10,960,123			10,959,956
Fuze, Inc.^{(2) (3)}	Digital Infrastructure & Services	Revolver	8.34% (L + 6.25%; 1.00% Floor)	09/20/2024		—		(6,441	)		(6,480	)
Fuze, Inc.^{(2) (3)}	Digital Infrastructure & Services	Delayed Draw Term Loan	8.34% (L + 6.25%; 1.00% Floor)	09/20/2024		—		(12,895	)		(12,959	)
InSite Wireless Group, LLC^{(1) (2)}	Digital Infrastructure & Services	Term Loan	6.61% (L + 4.57%; 0.50% Floor)	03/15/2023		6,285,306		6,135,697			6,119,356
InSite Wireless Group, LLC⁽²⁾	Digital Infrastructure & Services	Revolver	6.62% (L + 4.57%; 0.50% Floor)	03/15/2023		78,892		76,842			76,427
Maintech, Incorporated⁽³⁾	Digital Infrastructure & Services	Term Loan	(L + 7.00%; 1.00% Floor)	12/28/2022		—		(1,376	)		—
AEG Holding Company, Inc.⁽¹⁾	Education	Term Loan	8.05% (L + 6.00%; 1.00% Floor)	11/20/2023		6,121,828		6,033,717			5,999,391
AEG Holding Company, Inc.⁽¹⁾	Education	Term Loan	8.04% (L + 6.00%; 1.00% Floor)	11/20/2023		1,880,970		1,845,118			1,843,350
AEG Holding Company, Inc.⁽²⁾	Education	Revolver	8.03% (L + 6.00%; 1.00% Floor)	11/20/2023		614,275		596,663			591,938
AEG Holding Company, Inc.⁽¹⁾	Education	Delayed Draw Term Loan	8.04% (L + 6.00%; 1.00% Floor)	11/20/2023		1,080,920		1,065,969			1,059,302


Portfolio Company	Industry	Facility Type	Interest	Maturity		Funded Par Amount		Cost			Fair Value
*Investments at Fair Value—238.67% + # ^**
U.S. Corporate Debt—231.87%
1st Lien/Senior Secured Debt—226.60%
Amercareroyal, LLC⁽¹⁾	Business Services	Term Loan	6.80% (L + 5.00%; 1.00% Floor)		11/25/2025	$	4,682,293	$	4,636,124		$	4,635,470
BEP Borrower Holdco, LLC⁽¹⁾	Business Services	Term Loan A	6.80% (L + 5.00%; 1.00% Floor)		06/12/2024		3,435,477		3,388,842			3,383,945
BEP Borrower Holdco, LLC⁽²⁾⁽³⁾	Business Services	Revolver	6.80% (L + 5.00%; 1.00% Floor)		06/12/2024		—		(5,753	)		(6,442	)
BEP Borrower Holdco, LLC⁽²⁾⁽³⁾	Business Services	Delayed Draw Term Loan B	6.80% (L + 5.00%; 1.00% Floor)		06/12/2024		—		(22,949	)		(25,766	)
BEP Borrower Holdco, LLC⁽²⁾⁽³⁾	Business Services	Delayed Draw Term Loan A	6.80% (L + 5.00%; 1.00% Floor)		06/12/2024		—		(11,474	)		(12,883	)
Edgewood Partners Holdings LLC⁽¹⁾	Business Services	Term Loan	6.05% (L + 4.25%; 1.00% Floor)		09/06/2024		5,622,980		5,572,024			5,568,438
Metametrics, Inc.⁽¹⁾	Business Services	Term Loan	7.89% (L + 6.00%; 1.00% Floor)		09/10/2025		5,904,056		5,790,820			5,785,975
Metametrics, Inc.⁽²⁾⁽³⁾	Business Services	Revolver	7.89% (L + 6.00%; 1.00% Floor)		09/10/2025		—		(12,365	)		(13,024	)
Quirch Foods Holdings, LLC⁽¹⁾	Business Services	Term Loan B	7.93% (L + 6.00%)		12/19/2025		2,117,548		2,098,488			2,096,372
Single Digits, Inc.⁽¹⁾	Business Services	Term Loan	7.95% (L + 6.00%; 1.00% Floor)		12/21/2023		3,295,889		3,267,258			3,262,930
Single Digits, Inc.⁽²⁾⁽³⁾	Business Services	Revolver	7.95% (L + 6.00%; 1.00% Floor)		12/21/2023		—		(3,315	)		(4,161	)
Single Digits, Inc.⁽²⁾⁽³⁾	Business Services	Delayed Draw Term Loan	7.95% (L + 6.00%; 1.00% Floor)		12/21/2023		—		(8,290	)		(10,404	)
Smile Brands, Inc.⁽¹⁾	Business Services	Term Loan	6.70% (L + 4.50%)		10/12/2024		1,639,688		1,626,385			1,639,688
Smile Brands, Inc.⁽²⁾	Business Services	Revolver	8.25% (P + 3.50%)		10/12/2023		33,974		32,034			33,974
Smile Brands, Inc.⁽²⁾	Business Services	Delayed Draw Term Loan	6.70% (L + 4.50%)		10/12/2024		301,121		296,019			301,121
GPS Hospitality Holding Company LLC⁽¹⁾	Consumer Non-Cyclical	Term Loan B	6.19% (L + 4.25%)		12/08/2025		2,429,318		2,397,496			2,392,878
Blink Holdings, Inc.⁽¹⁾	ConsumerNon-Cyclical	Term Loan	6.49% (L + 4.75%; 1.00% Floor)		11/08/2024		1,660,261		1,644,369			1,643,658
Blink Holdings, Inc.⁽¹⁾⁽²⁾	ConsumerNon-Cyclical	Delayed Draw Term Loan	6.49% (L + 4.75%; 1.00% Floor)		11/08/2024		1,068,410		1,057,010			1,056,534
Captain D’s, Inc.⁽¹⁾	ConsumerNon-Cyclical	Term Loan	6.44% (L + 4.50%; 1.00% Floor)		12/15/2023		2,003,178		1,988,982			1,983,146
Captain D’s, Inc.⁽²⁾⁽⁵⁾	ConsumerNon-Cyclical	Revolver	8.25% (P + 3.50%, 1.00% Floor)		12/15/2023		134,587		133,209			132,636
Lucky Bucks, LLC⁽¹⁾	ConsumerNon-Cyclical	Term Loan	8.93% (L + 7.00%; 1.00% Floor)		04/10/2023		962,223		949,192			945,384
Lucky Bucks, LLC^(1)(2)(6)	ConsumerNon-Cyclical	Delayed Draw Term Loan	8.91% (L + 7.00%; 1.00% Floor)		04/10/2023		1,043,095		1,028,456			1,023,705
PF Growth Partners, LLC⁽¹⁾	ConsumerNon-Cyclical	Term Loan	6.80% (L + 5.00%)		07/11/2025		2,032,211		2,013,134			2,011,889
PF Growth Partners, LLC⁽²⁾	ConsumerNon-Cyclical	Delayed Draw Term Loan	6.74% (L + 5.00%)		07/11/2025		60,071		56,721			56,467
Tropical Smoothie Cafe, LLC⁽¹⁾	ConsumerNon-Cyclical	Term Loan	7.30% (L + 5.50%; 1.00% Floor)		09/24/2023		1,343,338		1,332,936			1,343,338
Tropical Smoothie Cafe, LLC⁽²⁾	ConsumerNon-Cyclical	Revolver	7.30% (L + 5.50%; 1.00% Floor)		09/24/2023		38,574		37,526			38,574
Tropical Smoothie Cafe, LLC⁽²⁾⁽³⁾	ConsumerNon-Cyclical	Delayed Draw Term Loan	7.30% (L + 5.50%; 1.00% Floor)		09/24/2023		—		(65,980	)		—
Ahead Data Blue, LLC⁽¹⁾	Digital Infrastructure & Services	Term Loan	6.49% (L + 4.75%; 1.00% Floor)		11/08/2024		5,447,119		5,340,940			5,338,177
Ahead Data Blue, LLC⁽²⁾⁽³⁾	Digital Infrastructure & Services	Revolver	6.49% (L + 4.75%; 1.00% Floor)		11/08/2024		—		(18,666	)		(19,225	)


Date Declared	Record Date	Payment Date	Amount Per Share	Dollar Amount
3/27/2019	3/27/2019	4/25/2019	$0.15	$1,057,242
6/28/2019	6/28/2019	7/19/2019	$0.16	$1,690,999
9/25/2019	9/26/2019	10/30/2019	$0.13	$1,674,929

				$4,423,170


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
—	—	—


	Common Stock
	Shares		Par Amount		Paid in Capital in Excess of Par		Distributable Earnings			Total Net Assets
Net assets at June 30, 2018		3,458,778	$	34,588	$	34,634,602	$	(37,865	)	$	34,631,325
Increase (decrease) in net assets resulting from operations:
Net investment income		—		—		—		625,556			625,556
Net realized gain (loss) on investments		—		—		—		—			—
Net change in unrealized appreciation (depreciation) on investments		—		—		—		25,402			25,402
Capital transactions:
Issuance of common stock		1,577,979		15,780		15,897,011		—			15,912,791
Issuance of common shares pursuant to distribution reinvestment plan		34,652		346		347,562		—			347,908
Distributions to shareholders		—		—		—		(625,565	)		(625,565	)

Total increase (decrease) for the three months ended September 30, 2018		1,612,631		16,126		16,244,573		25,393			16,286,092

Net assets at September 30, 2018		5,071,409	$	50,714	$	50,879,175	$	(12,472	)	$	50,917,417

Distributions declared per share		—	$	—	$	—	$	0.12		$	0.12

Net assets at December 31, 2017		2,417,371	$	24,174	$	24,152,786	$	55,423		$	24,232,383
Increase (decrease) in net assets resulting from operations:
Net investment income		—		—		—		1,337,766			1,337,766
Net realized gain (loss) on investments		—		—		—		—			—
Net change in unrealized appreciation (depreciation) on investments		—		—		—		(20,769	)		(20,769	)
Capital transactions:
Issuance of common stock		2,576,996		25,770		25,954,821		—			25,980,591
Issuance of common shares pursuant to distribution reinvestment plan		77,042		770		771,568		—			772,338
Distributions to shareholders		—		—		—		(1,384,892	)		(1,384,892	)

Total increase (decrease) for the nine months ended September 30, 2018		2,654,038		26,540		26,726,389		(67,895	)		26,685,034

Net assets at September 30, 2018		5,071,409	$	50,714	$	50,879,175	$	(12,472	)	$	50,917,417

Distributions declared per share		—	$	—	$	—	$	0.37		$	0.37


December 31, 2019
	Principal Amount		Interest Rate			Carrying Value(1)
Class A-1 Senior Secured Floating Rate Note(“Class A-1”)	$	178,200,000		L + 1.73	%	$	175,875,031
Class A-2A Senior Secured Floating Rate Note(“Class A-2A”)	$	25,000,000		L + 2.45	%	$	24,673,826
Class A-2B Senior Secured Fixed Rate Note(“Class A-2B”)	$	9,950,000		4.23	%	$	9,787,776
Class B Secured Deferrable Floating Rate Note (“Class B”)	$	16,400,000		L + 3.40	%	$	—	*
Class C Secured Deferrable Floating Rate Note (“Class C”)	$	17,350,000		L + 4.40	%	$	—	*
Subordinated Notes	$	53,600,000		N/A		$	—	*


Date Declared	Record Date	Reinvestment Date	Shares	Dollar Amount
3/27/2019	3/27/2019	3/29/2019	58,319	$ 581,297
6/28/2019	6/28/2019	6/28/2019	91,975	$ 915,804
9/25/2019	9/26/2019	9/30/2019	91,341	$ 907,002

			241,635	$2,404,103


Tender Period	Payment Date	Shares	Dollar Amount	Average Price Paid Per Share⁽¹⁾
2/22/2019-3/26/2019	3/28/2019	7,331	$72,668	$9.91

		7,331	$72,668	$9.91


	For the Nine Months Ended September 30, 2019			For the Nine Months Ended September 30, 2018
Total investment income	$	14,628,670		$	3,191,593
Total expenses		11,700,886			4,015,868

Waived collateral management fees		(693,343	)		—
Expense reimbursement from Adviser		(447,556	)		(2,052,539	)
Waived management fees		(191,359	)		(77,203	)
Waived incentive fees		(132,327	)		(32,302	)
Excise tax expense		—			3

Net investment income		4,392,369			1,337,766
Net realized and change in unrealized gains (losses)		(358,275	)		(20,769	)

Net increase in net assets resulting from operations	$	4,034,094		$	1,316,997


	For the Three Months Ended March 31, 2020			For the Three Months Ended March 31, 2019
Total investment income	$	7,441,251		$	3,428,832
Total expenses		6,151,628			2,698,387

Expense Reimbursement from Adviser		(89,757	)		(156,418	)
Waived Collateral Management Fees		(459,059	)		—
Waived Management Fees		(1,227,046	)		(63,171	)
Waived Incentive Fees		(486,784	)		(76,072	)

Net investment income		3,552,269			1,026,106
Net realized and change in unrealized depreciation on investments		(19,049,597	)		356,253

Net increase (decrease) in net assets resulting from operations	$	(15,497,328	)	$	1,382,359


	For the Nine Months Ended			For the Nine Months Ended
	September 30,			September 30,
	2019			2018
Interest and borrowing expenses	$	5,844,084		$	927,005
Management fees		2,477,129			560,765
Professional fees		1,197,314			1,624,403
Income-based incentive fee		586,627			66,206
Collateral management fees		693,343			—
Administration and custodian fees		259,233			155,504
Insurance expenses		193,013			185,116
Directors’ fees		112,500			108,346
Transfer agent fees		19,203			561
Offering costs		—			156,089
Other expenses		318,440			231,873

Total expenses		11,700,886			4,015,868
Expense reimbursement from Adviser		(447,556	)		(2,052,539	)
Waived collateral management fees		(693,343	)		—
Waived management fees		(191,359	)		(77,203	)
Waived incentive fees		(132,327	)		(32,302	)

Net expenses	$	10,236,301		$	1,853,824


	For the Three Months Ended September 30,
	2019		2018
Borrowing interest expense	$	44,955	$	340,405
Commitment fees		40,945		18,217
Amortization of deferred financing costs		43,878		136,369

Total interest and borrowing expenses	$	129,778	$	494,991


Notes	Principal Amount		Interest rate at March 31, 2020		Carrying Value		Fair Value
Class A-1	$	178,200,000		L+1.73%	$	176,185,732		168,371,201
Class A-2A		25,000,000		L+2.45%		24,717,415		22,404,575
Class A-2B		9,950,000		4.23%		9,811,154		9,452,679
Class B		16,400,000		L+3.40%		0		0	*
Class C		17,350,000		L+4.40%		0		0	*
Subordinated Notes		53,600,000		N/A		0		0	*

Total	$	300,500,000			$	210,714,301	$	200,228,455


	For the Three and Nine Months Ended September 30, 2019
Borrowing interest expense	$	1,276,850
Commitment fees		—
Amortization of debt issuance costs		138,100

Total interest expenses	$	1,414,950


Assumed Return on Our Portfolio (net of expenses)	(10.00	)%	(5.00	)%	0.00	%	5.00	%	10.00	%

Corresponding net return to holders of common stock assuming actual asset coverage as of September 30, 2019⁽¹⁾	(18.5	)%	(4.8	)%	8.9	%	22.5	%	36.2	%
Corresponding net return to holders of common stock assuming 150% asset coverage⁽²⁾	(19.8	)%	(4.8	)%	10.2	%	25.2	%	40.2	%


Assumed Return on the Fund’s Portfolio (net of expenses)	(10.00	)%	(5.00	)%	0.00	%	5.00	%	10.00	%

Corresponding net return to holders of common stock assuming actual asset coverage as of March 31, 2020⁽¹⁾	(18.6	)%	(5.9	)%	6.8	%	19.5	%	32.2	%
Corresponding net return to holders of common stock assuming 150% asset coverage⁽²⁾	(21.2	)%	(6.2	)%	8.8	%	23.8	%	38.8	%


~~10.1~~		Amended and Restated Investment Advisory Agreement, dated November 13, 2019, by and between the Fund and the Adviser*

31.1		Certification of Chief Executive Officer pursuant to Rule13a-14 of the Securities Exchange Act of 1934, as amended.amended

31.2		Certification of Chief Financial Officer pursuant to Rule13a-14 of the Securities Exchange Act of 1934, as amended.amended

32.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.amended


		AB PRIVATE CREDIT INVESTORS CORPORATION

Date: ~~November 14, 2019~~June 3, 2020	By:	/s/ J. Brent Humphries
		J. Brent Humphries
		President and Chief Executive Officer
		(Principal Executive Officer)

Date:~~November 14, 2019~~June3, 2020	By:	/s/ Wesley Raper
		Wesley Raper
		Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging Growth Company