UNITED STATES SECURITIES AND EXCHANGE COMMISSION

FORM 10-Q

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,”filer” and “smaller reporting company,”company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

The number of the Registrant's common shares outstanding as of AugustMay 4, 20172018 was 1,617,517.

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

The Master Fund has elected to be treated as a BDC under the 1940 Act and it has the same investment objectives as the Company. The Master Fund iscommenced investment operations on April 2, 2015. The Master Fund's consolidated financial statements are an integral part of the Company's financial statements and should be read in their entirety.

From inception through September 10, 2017, the Master Fund was externally managed by Carey Credit Advisors, LLC ( the "Advisor"("CCA"), an affiliate of W. P. Carey Inc. ("WPC"), and Guggenheim Partners Investment Management, LLC ("GPIM") (collectivelyGuggenheim" or the "Advisors""Advisor"), which arewere responsible for sourcing potential investments, analyzing and conducting due diligence on prospective investment opportunities, structuring investments, and ongoing monitoring of the Master Fund’s investment portfolio. Both Advisors are registeredOn August 10, 2017, CCA resigned as the Master Fund's investment advisers with the U.S. Securitiesadvisor and Exchange Commission ("SEC"). The Advisor also provides the administrative services necessary for the operations of the Companyadministrator, and the Master Fund. The Fund's Board of Trustees ("Master Fund's consolidated financial statements are an integral partBoard") selected Guggenheim to perform the Master Fund's investment advisory and administrative responsibilities, both events concurrently effective on September 11, 2017. On October 20, 2017 Guggenheim was approved as the Master Fund's investment advisor by a majority of the Company's financial statements and should be read in their entirety.votes cast by shareholders.

The Company's interim financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and the disclosure requirements stipulated in Articles 6 and 10 of Regulation S-X, and therefore do not necessarily include all information and notes necessary for a fair statement of financial position and results of operations in accordance with accounting principles generally accepted in the U.S. ("GAAP"). 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 Company's unaudited financial statements should be read in conjunction with the Master Fund's unaudited consolidated financial statements; the Master Fund's quarterly report on Form 10-Q is incorporated by reference and filed as an exhibit to this Report.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ materially from those estimates under different assumptions and conditions.

Cash consists of demand deposits held at a major U.S. financial institution and the amount recorded on the statements of assets and liabilities may exceed the Federal Deposit Insurance Corporation insured limit. Management believes the credit risk related to its demand deposits is minimal.

The Company invests substantially all of its equity capital in the purchase of the Master Fund's common shares and its primary investment position is common shares of the Master Fund. The Company determines the fair value of the Master Fund's common shares as the Master Fund's net asset value per common share (as determined by the Master Fund) multiplied by the number of Master Fund common shares owned by the Company. The Company has implemented Accounting Standards Update ("ASU") 2015-07, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment.

Distributions received from the Master Fund are recorded on the record date. Distributions received from the Master Fund are generally recognized as dividend income or distributions of long term gains in the current period, a portion of which may be subject to a change in characterization in future periods, including the potential for reclassification to realizedbetween dividend income, long term gains and return of capital. The Company's transactions with the Master Fund are recorded on the effective date of the subscription in, or the redemption from theof, Master Fund.Fund shares. Realized gains and losses resulting from the Company's share repurchase transactions with the Master Fund are calculated on the specific share identification basis.

Organization expenses are expensed on the Company's statements of operations. Continuous offering expenses are capitalized monthly on the Company's statements of assets and liabilities as deferred offering costs and thereafter expensed to the Company's statements of operations over a 12-month period.period on a straight-line basis commencing at the later of (i) when the expense was incurred and (ii) when operations begin.

Earnings per Common Share is calculated based upon the weighted average number of Common Shares outstanding during the reporting period.

Distributions to the Company's shareholders are recorded as a liability as of the record date.

The Company has elected to be treated for federal income tax purposes, and intends to maintain its qualification, as a Regulated Investment Company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes dividends in a timely manner out of assets legally available for distributions to its shareholders of an amount generally at least equal to 90% of its “Investment Company Taxable Income,” as defined in the Code. The Company intends to distribute sufficient dividends to maintain its RIC status each year and it does not anticipate paying a material level of federal income taxes.

The Master Fund does not currently intend to list its common shares on any securities exchange and it does not expect a secondary market to develop for its issued and outstanding common shares. As a result, the Company's ability to sell its Master Fund common shares will be limited. Because the Master Fund common shares are being acquired in one or more transactions not involving a public offering, they are "restricted securities" and may be required to be held indefinitely. Master Fund common shares may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) the Master Fund's consent is granted, and (ii) the Master Fund common shares are registered under applicable securities laws or specifically exempted from registration (in which case the Master Fund's shareholder may, at the Master Fund's option, be required to provide the Master Fund with a legal opinion, in form and substance satisfactory to the Master Fund, that registration is not required). Accordingly, a shareholder in the Master Fund, including the Company, must be willing to bear the economic risk of investment in the Master Fund common shares. No sale, transfer, assignment, pledge, or other disposition, whether voluntary or involuntary, of the Master Fund's common shares may be made except by registration of the transfer on the Master Fund's books. Each transferee will be required to execute

AllThe Company has entered into agreements with Guggenheim whereby the Company agrees to (i) receive expense support payments, (ii) reimburse certain expenses of, and to pay for, administrative, expense support, organization and offerings costs incurred by Guggenheim on the Company's behalf, and (iii) compensate the Guggenheim Funds Distributors, LLC ("GFD"), an affiliate of Guggenheim, for capital market services in connection with the marketing and distribution of the Company’s executive officers, except its chief executive officer and chief compliance officer, also serve as executive officers of the Advisor. Its chief executive officer also serves as chief executive officer of WPC, the Advisor's ultimate parent. Company's Shares.

The memberships of the Company's Board of Trustees of(the "Company's Board" or the Company"Board") and the Master FundFund's Board are identical and consequently the Company and the Master Fund are related parties. All of the Company's executive officers also serve as executive officers of the Master Fund.

On October 3, 2016,Prior to September 11, 2017, the Company entered intowas party to an amended and restated administrative services agreement with the AdvisorCCA (the "Administrative"Prior Administrative Services Agreement") whereby the AdvisorCCA agreed to provide administrative services to the Company, including office facilities and equipment, and clerical, bookkeeping, and record-keeping services. More specifically, the Advisor,CCA, serving as the administrator (the "Administrator""Prior Administrator"), performsperformed and overseesoversaw the Company's required administrative services, which include financial and corporate record-keeping, preparing and disseminating the Company's reports to its shareholders, and filing reports with the SEC. In addition, the Prior Administrator assistsassisted in determining net asset value, overseesoverseeing the preparation and filing of tax returns, overseesoverseeing the payment of expenses and distributions, and overseesoverseeing the performance of administrative and professional services rendered by others. For providing these services, facilities, and personnel, the Company reimbursesreimbursed the Prior Administrator the allocable portion of overhead and other expenses incurred by the Prior Administrator in performing its obligations under the Prior Administrative Services Agreement. On September 5, 2017 the Company entered into an administrative services agreement with Guggenheim (the "Administrative Services Agreement") whereby Guggenheim, serving as the administrator (the "Administrator") agreed to provide administrative services, similar to those previously provided by CCA, commencing on September 11, 2017.

The Administrative Services Agreement may be terminated at any time, without the payment of any penalty: (i) by the Company upon 60 days' written notice to the AdministratorGuggenheim upon the vote of the Company's independent trustees, or (ii) by the AdministratorGuggenheim upon not less than 120 days' written notice to the Company. Unless earlier terminated, the Administrative Services Agreement will remain in effect year to yearfor two years, and thereafter shall continue automatically for successive one-year periods if approved annually by a majority of the Company's Board of Trustees and the Company's Independent Trustees.

On July 17, 2015, the Company initially entered into an amended and restated dealer manager agreement, as subsequently amended and restated (the "Dealer Manager Agreement") with the Dealer ManagerCarey Financial, LLC, a Delaware limited liability company ("Carey Financial") and the Master Fund. On August 10, 2017, Carey Financial assigned the Dealer Manager Agreement to GFD and the assignment agreement was approved by the Company's Board. Under the terms of the Dealer Manager Agreement, the Dealer ManagerGFD is to act on a best efforts basis as the exclusive dealer manager for (i) the Company's Public OfferingOfferings and (ii) the public offering of common

On August 17, 2015, the Company initially entered into an organization and offering expense reimbursement agreement, as may be amended (the "O"Prior O&O Agreement") with the Advisors.CCA and Guggenheim. Under the Prior O&O Agreement the Company reimburses the Advisors

As of June 30, 2017, the Advisors haveMarch 31, 2018, Guggenheim had incurred organization and offering costs on behalf of the Company related to its Initial Public Offering, net of reimbursements received from the Company, in the approximate amount of $2.3$1.1 million. Under the terms of the O&O Agreement, the Company is no longer obligated to reimburse the AdvisorsGuggenheim for these organization andexpenses as the Initial Public Offering has concluded. Any offering expenses solely in connectioncosts incurred by Guggenheim on behalf of the Company associated with the capital raise activityPublic Offering are subject to reimbursement under the terms and conditions of ourthe O&O Agreement. As of March 31, 2018 Guggenheim incurred offering costs associated with the Public Offering.Offering of less than $0.1 million. The O&O Agreement may be terminated at any time, without the payment of any penalty, by the Company or the Advisors,Guggenheim, with or without notice. The O&O Agreement shall automatically terminate in the event of (i) the termination by the Master Fund of the investment advisory agreement between the Master Fund and the Advisor, or (ii) the Master Fund's Board of Trustees makes the determination to dissolve or liquidate the Master Fund.

Pursuant to the Expense Support Agreement, the Company has a conditional obligation to reimburse the AdvisorsGuggenheim for any amounts funded by the AdvisorsGuggenheim under this arrangement or the Prior Expense Support Agreement if (and only to the extent that), during any month occurring within three years of the date on which the AdvisorsGuggenheim funded such amount, the sum of the Company's estimated investment company taxable income and net capital gains exceeds the ordinary cash distributions paid by the Company to its shareholders; provided, however, that (i) the Company will only reimburse the AdvisorsGuggenheim for expense support payments made by the AdvisorsGuggenheim to the extent that the payment of such reimbursement (together with any other reimbursement paid during such fiscal year) does not cause "other operating expenses" (as defined below) (on an annualized basis and net of any expense support reimbursement payments received by the Company during such fiscal year) to exceed the lesser of (A) 1.75% of the Company's average net assets attributable to its Common Shares for the fiscal year-to-date period after taking such reimbursement payments into account and (B) the percentage of the Company's average net assets attributable to its Common Shares represented by "other operating expenses" during the fiscal year in which such expense support payment from the AdvisorsAdvisor was made (provided, however, that this clause (B) will not apply to any reimbursement payment which relates to an expense support payment from the AdvisorsGuggenheim made during the same fiscal year); and (ii) the Company will not reimburse the AdvisorsGuggenheim for expense support payments made by the AdvisorsGuggenheim if the annualized rate of regular cash distributions declared by the Company at the time of such reimbursement payment is less than the annualized rate of regular cash distributions declared by the Company at the time the AdvisorsGuggenheim made the

The Company or the AdvisorsGuggenheim may terminate the Expense Support Agreement at any time. The Expense Support Agreement will automatically terminate (i) if the Master Fund terminates the investment advisory agreementInvestment Advisory Agreement with the Advisor,Guggenheim, (ii) the Company's Board of Trustees makes a determination to dissolve or liquidate the Company.

The specific amount of Advisors'Guggenheim's expense supportpayment obligation is determined at the end of each month. Upon termination of the Expense Support Agreement by the Advisors, they areGuggenheim, it is required to fund any amounts accrued thereunder as of the date of termination. Similarly, the conditional obligation of the Company to reimburse the AdvisorsGuggenheim pursuant to the terms of the Expense Support Agreement shall survive the termination of such agreementthe Expense Support Agreement by either party. There can be no assurance that the Expense Support Agreement will remain in effect or that the AdvisorsGuggenheim will reimburse any portion of the Company's expenses in future months.

The following table presents the related party fees, expenses, and transactions, excluding related transactions between the Company and the Master Fund in connection with Common Shares purchases, sales and distributions, for the three and six months ended June 30, 2017March 31, 2018 and June 30, 2016.March 31, 2017:

The Company's Initial Registration Statement pertaining to its Initial Public Offering was declared effective on July 31, 2015. Effective February 26, 2016, the Company effected a reverse stock split of the Company's outstanding Common Shares. Each issued2015 and outstanding Common Share then outstanding was converted into 0.3480 Common Shares. Additionally, the total number of authorized Common Shares was also reduced, on a 1.0-for-0.3480 basis, from 1,000,000,000 to 348,000,000 Common Shares. The par value of Common Shares was unchanged.has concluded.

For the sixthree months ended June 30,March 31, 2017, the public offering price of the Company's Common Shares ranged from $26.75 per Common Share to $26.90 per Common Share. For the six months ended June 30, 2016, the public offering price of the Company's Common Shares ranged from a low of $8.70$26.75 per Common Share to a high of $25.50$26.90 per Common Share, restated for the reverse stock split prior to February 26, 2016.Share.

The following table summarizes the total Common Shares issued and proceeds received in connection with the Company's Public OfferingOfferings and reinvestment of distributions for (i) the sixthree months ended June 30, 2017March 31, 2018 and (ii) the period commencing on July 31, 2015 (inception) and ending June 30,March 31, 2018, including the event that the Initial Public Offering was suspended on August 23, 2017:

The following table presentsDeclared distributions are paid monthly. Total distributions paid and the cashsources of distributions per Common Share per week thaton a GAAP basis for the Company paid on its Common Shares during the sixthree months ended June 30,March 31, 2018 and March 31, 2017 and June 30, 2016.are presented in the table below (in thousands, except per share amounts):

Note 9. Financial Highlights

The following per Common Share data and financial ratios have been derived from information provided in the financial statements. The following is a schedule of financial highlights during the sixthree months ended June 30, 2017March 31, 2018 and June 30, 2016.March 31, 2017:

We are a feeder fund and we are affiliated with the Master Fund, which is a specialty finance investment company that has elected to be treated as a business development company (a "BDC")BDC under the 1940 Act. The Master Fund is externally managed by the Advisors,Guggenheim, which areis responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments, determining the securities and other assets that we will purchase, retain or sell, and monitoring ourthe Master Fund's portfolio on an ongoing basis. The Master Fund's management discussion and analysis of financial condition and results of operations as presented in its quarterly report should be read in its entirety.

Our investment objectives are to provide our shareholders with current income, capital preservation, and, to a lesser extent, long-term capital appreciation.

We intend to meet our investment objectives by investing substantially all of our equity capital in the Master Fund. The Master Fund's investment objectives are the same as our own. The Master Fund's investment strategy is focused on creating and growing an investment portfolio that generates superior risk-adjusted returns by carefully selecting investments through rigorous due diligence and actively managing and monitoring our investment portfolio. When evaluating an investment and the related portfolio company, the Master Fund uses the resources of its AdvisorsAdvisor to develop an investment thesis and a proprietary view of a potential portfolio company’s intrinsic value. We believe the Master Fund's flexible approach to investing allows it to take advantage of opportunities that offer favorable risk/reward characteristics.

The Master Fund primarily focuses on the following range of investment types that may be available within the capital structure of portfolio companies:

The Master Fund's investment activities may vary substantially from period to period depending on many factors, including: the demand for capital from creditworthy privately owned U.S. companies, the level of merger, acquisition, and refinancing activity involving private companies, the availability of credit to finance transactions, the general economic environment, the competitive investment environment for the types of investments the Master Fund currently seeks and intends to seek in the future, the amount of equity capital the Master Fund raises from the sale of its common shares to us and any other feeder funds, and the amount and cost of capital that the Master Fund may borrow.

The Master Fund acquires its portfolio investments through the following investment access channels:

We generate revenues primarily in the form of dividendDividend income derived from our ownership of the Master Fund's common shares.shares is our source of investment income. Our revenues will fluctuate with the Master Fund's operating performance of the Master Fund and its distributions to us.

Operating results for the three and six months ended June 30,March 31, 2018 and March 31, 2017 and June 30, 2016 were as follows:

Investment income consisted solely of distributions from the Master Fund for the three and six months ended June 30, 2017March 31, 2018 and June 30, 2016, respectively.March 31, 2017.

Operating expenses consisted of the following major components for the three and six months ended June 30, 2017March 31, 2018 and June 30, 2016:March 31, 2017:

The operating expenses presented above do not represent our normalized operations since we expect our variable operating expenses to increase in tandem with increases in our equity capital base and number of shareholders.

Related party reimbursements are comprised of the Company's allocable share of administrative costs and expenses incurred by the AdministratorCCA or Guggenheim that were reimbursable. Reimbursable costs and expenses include, but are not limited to, the Company's share of salaries, rent, office administration, costs associated with regulatory reporting and filings, and costs related to the preparation for and conducting of meetings of the Company's Board of Trustees.Board. An investment advisory fee is only incurred by the Master Fund, although it is incurred indirectly by the Company through its ownership of Master Fund common shares.

For the three and six months ended June 30,March 31, 2018 and March 31, 2017, and June 30, 2016, we did not sell any shares of the Master Fund and therefore we did not incur any realized gains or losses on our investment ininvestment. During the three months ended March 31, 2018, $0.2 million of distributions received from the Master Fund.Fund were classified as long term gains. During the three months ended March 31, 2017, distributions from the Master Fund were composed entirely of income.

For the three and six months ended June 30,March 31, 2018, the total net change in unrealized appreciation from our investment in the Master Fund was $0.2 million. For the three months ended March 31, 2017, the total net change in unrealized appreciation (depreciation) onfrom our investment in the Master Fund was $(31,870) and $191,288, respectively. For the three and six months ended June 30, 2016, the total net change in unrealized appreciation on our investment in the Master Fund was $89,855 and $89,442, respectively.$0.2 million.

Our primary sources of cash include (i) the sale of our Common Shares, (ii) our shareholders' reinvestment of their distributions, (iii) distributions, including capital gains, if any, received from our ownership of the Master Fund's common shares, and (iv) expense reimbursementsupport payments from the Advisors pursuant to the Expense Support Agreement.Agreement, and (v) the sale of our owned Master Fund shares in conjunction with its periodic share repurchase programs. Our primary uses of cash include (i) investment in the Master Fund's common shares, (ii) payment of operating expenses, (iii) cash distributions to our shareholders, and (iv) periodic repurchases of our Common Shares pursuant to our periodic share repurchase program.programs and (v) reimbursement payments for prior period expense support payments. We doare not intendpermitted to issue any senior securities, including preferred securities.

We manage our assets and liabilities such that current assets are sufficient to cover current liabilities. All remaining cash inliabilities and excess of net working capitalif any, is invested in the acquisition of Master Fund's common shares.

We have not entered into any agreements under which we have material future commitments that cannot otherwise be terminated within a reasonable time period.