7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2013-03-31 2012-06-30 2012-03-31 2011-09-30 2011-06-30 2011-03-31 2010-12-31 2010-09-30 2010-06-30 2010-03-31 2009-12-31 2009-09-30 2009-06-30 2009-03-31 
      
    		                                            
      cash flows from operating activities
    		                                            
      net increase in net assets resulting from operations
    		214,000,000 -209,000,000 120,000,000 147,000,000 160,000,000 105,000,000 173,000,000 90,000,000 454,000,000 -73,000,000 225,000,000 181,000,000 270,000,000 865,000,000 199,000,000 143,000,000 210,000,000 -55,000,000 -703,000,000 -27,000,000 71,000,000 101,000,000 101,000,000 598,753,000 -11,340,000 -31,338,000 12,925,000 14,754,000 85,398,000 -641,000 82,476,000 45,068,000 82,410,000 -39,486,000 17,820,000 22,322,000 15,264,000 11,848,000 -3,717,000 4,869,000 3,469,000 5,282,000 2,412,000 293,000 
      adjustments to reconcile net increase in net assets resulting from operations to net cash from operating activities:
    		                                            
      purchases of investments
    		-1,005,000,000 -1,400,000,000 -1,704,000,000 -891,000,000 -1,136,000,000 -1,260,000,000 -1,444,000,000 -680,000,000 1,735,000,000 -804,000,000 -2,068,000,000 -2,071,000,000 -2,781,000,000 -1,330,000,000 -417,000,000 -613,000,000 -174,000,000 -253,000,000 -1,296,000,000 -1,147,000,000 -698,000,000 -513,000,000 -549,000,000 -220,072,000 -184,495,000 -240,443,000 -115,990,000 -262,562,000 -183,384,000 -188,455,000 -649,916,000 -999,925,000 -561,430,000 -476,151,000 -392,638,000 -548,074,000 -347,552,000 -196,422,000 -180,201,000 -125,067,000 -52,454,000 -22,476,000 -20,011,000 -11,157,000 
      paid-in-kind interest
    		-53,000,000 -52,000,000 -64,000,000 -96,000,000 -44,000,000 -38,000,000 -25,000,000 -28,000,000 -54,000,000 -28,000,000 -34,000,000 -44,000,000 -33,000,000 -19,000,000 -15,000,000 -20,000,000 -21,000,000 -20,000,000 -23,000,000 -21,000,000 -11,000,000 -16,000,000 -12,000,000 -15,813,000 -14,297,000 -11,497,000 -13,393,000 -11,900,000 -10,670,000 -16,995,000 -1,413,000   -965,000           
      proceeds from sales and repayments of investments
    		1,346,000,000 1,650,000,000 1,113,000,000 1,462,000,000 1,321,000,000 1,336,000,000 1,855,000,000 664,000,000 -673,000,000 906,000,000 1,673,000,000 1,855,000,000 1,806,000,000 1,037,000,000 877,000,000 595,000,000 322,000,000 470,000,000 914,000,000 929,000,000 723,000,000 692,000,000 510,000,000 397,383,000 223,419,000 350,253,000 215,945,000 234,638,000 225,483,000 131,060,000 543,817,000 307,504,000 219,584,000 173,991,000 210,521,000 398,684,000 109,991,000 69,744,000 25,975,000 34,344,000 9,525,000 2,468,000 3,134,000 1,590,000 
      net realized (gain) loss on investments
    		53,000,000 135,000,000 18,000,000 136,000,000 43,000,000 64,000,000 243,000,000 5,000,000 489,000,000 -183,000,000 32,000,000 -48,000,000 -197,000,000 -52,000,000 126,000,000 87,000,000 207,000,000 70,000,000 126,000,000 21,000,000 -17,000,000 59,000,000 18,000,000      18,216,000 129,339,000 -14,171,000 -7,696,000 3,102,000            
      net change in unrealized (appreciation) depreciation on investments
    		-100,000,000 155,000,000 14,000,000 -57,000,000 -22,000,000 48,000,000 -186,000,000 71,000,000 -716,000,000 506,000,000 -27,000,000 56,000,000 142,000,000 -673,000,000 -242,000,000 -175,000,000 -356,000,000 57,000,000 695,000,000 84,000,000 76,000,000 -61,000,000 -16,000,000        -17,518,000 4,138,000 -61,017,000            
      net change in unrealized (appreciation) depreciation on foreign currency forward contracts
    		-3,000,000 10,000,000 10,000,000 -12,000,000 6,000,000 21,000,000 -8,000,000 12,000,000 19,000,000 -15,000,000 -1,000,000 -3,000,000 -5,000,000 -1,000,000 -1,000,000 4,000,000 1,000,000 0 -2,000,000 8,000,000 -7,000,000 2,000,000 -1,000,000                      
      realized loss on extinguishment of debt
    		0                                            
      accretion of discount
    		-10,000,000 -14,000,000 -9,000,000 -12,000,000 -18,000,000 -16,000,000 -15,000,000 -15,000,000 7,000,000 -21,000,000 -29,000,000 -25,000,000 -27,000,000 -13,000,000 -6,000,000 -5,000,000 -3,000,000 -3,000,000 -4,000,000 -5,000,000 -8,000,000 -4,000,000 -4,000,000 -2,536,000 -1,974,000 -1,067,000 -1,423,000 -13,568,000 -7,088,000 5,384,000 -10,106,000 -3,729,000 -3,080,000 -4,143,000 -2,086,000 -1,416,000 -1,459,000 -1,339,000 -1,098,000 -929,000 -846,000 -590,000 -265,000 -73,000 
      amortization of deferred financing costs and discount
    		5,000,000 6,000,000 5,000,000 5,000,000 5,000,000 5,000,000 4,000,000 4,000,000 5,000,000 4,000,000 3,000,000 2,000,000 2,000,000 2,000,000 3,000,000 4,000,000 5,000,000 2,000,000 1,000,000 1,000,000 2,000,000 1,000,000 2,000,000 1,103,000 2,408,000 1,251,000 1,238,000 1,267,000 1,267,000                
      unrealized (gain)/loss on borrowings in foreign currency
    		-8,000,000 83,000,000 25,000,000 -49,000,000 30,000,000 -6,000,000 -11,000,000 28,000,000 25,000,000 -30,000,000 -6,000,000 -22,000,000 8,000,000 -7,000,000 -6,000,000 20,000,000 16,000,000 2,000,000 -28,000,000 23,000,000 -4,000,000 0 0 -1,406,000 626,000 -2,828,000 608,000 860,000 1,187,000                
      increase in receivable for investments sold and repaid
    		272,000,000 -255,000,000 121,000,000 282,000,000 -243,000,000 104,000,000 -83,000,000 -70,000,000 -33,000,000 358,000,000 -289,000,000 -202,000,000 -40,000,000 -62,000,000 -90,000,000 58,000,000 -94,000,000 67,000,000 453,000,000 -329,000,000 -242,000,000 37,000,000 21,000,000 -116,796,000 -8,129,000 -18,357,000 2,282,000 -1,581,000 28,659,000 46,340,000 -974,000 -37,817,000 -2,573,000  113,046,000 -119,865,000 10,114,000 -15,256,000 6,695,000 -6,700,000 148,000 -135,000 987,000 -1,015,000 
      increase in income receivable
    		-13,000,000 -14,000,000 7,000,000 37,000,000 4,000,000 -17,000,000 -10,000,000 27,000,000 -53,000,000 -14,000,000 -23,000,000 10,000,000 -23,000,000   21,000,000 -15,000,000 1,000,000 3,000,000 2,000,000 -7,000,000 -12,000,000 -5,000,000 -36,288,000 8,859,000 113,000 -1,684,000 8,143,000 -10,202,000                
      increase in prepaid expenses and other assets
    		23,000,000 -11,000,000 -5,000,000 11,000,000 -17,000,000 0 -2,000,000 -5,000,000    1,000,000 3,000,000 -3,000,000 -2,000,000   -1,000,000 -2,000,000 0 -1,000,000 1,000,000 -2,000,000 63,000 -233,000 1,150,000 20,000 -1,041,000 109,000 -80,000 119,000 24,000 113,000 23,000 21,000 -60,000 5,000 5,000 0 -6,000 0 -9,000 -5,000 -10,000 
      increase in payable for investments purchased
    		 0 1,000,000 1,000,000 0   0 -39,000,000 -6,000,000 31,000,000 -55,000,000    -5,000,000 -16,000,000 11,000,000 -5,000,000 -56,000,000 54,000,000 2,000,000 9,000,000 4,531,000 -20,394,000 21,740,000 -1,877,000 1,372,000 -10,194,000 -98,136,000 103,188,000 136,620,000 21,430,000   103,487,000 13,055,000 18,157,000 -13,769,000 48,991,000 11,549,000 -1,856,000 539,000 5,134,000 
      increase in management fees payable
    		  -1,000,000 -1,000,000 0 -1,000,000 -1,000,000 0 -6,000,000 1,000,000 2,000,000 2,000,000 4,000,000   1,000,000 -2,000,000   2,000,000 0 -1,000,000 9,000,000 6,191,000 -829,000 -215,000 -147,000 -2,588,000 -329,000 -2,490,000 2,835,000 2,240,000 3,573,000  1,263,000 1,464,000 982,000 824,000 697,000 358,000 196,000 127,000 76,000 38,000 
      increase in subordinated income incentive fees payable
    		-3,000,000 -3,000,000 4,000,000 -9,000,000 0 1,000,000 2,000,000 -6,000,000 17,000,000 -3,000,000 6,000,000 -1,000,000 -9,000,000       -8,000,000 -17,000,000 1,000,000 10,000,000 13,871,000 -10,906,000 -1,093,000 -872,000 209,000 1,045,000 -3,476,000 2,208,000              
      increase in administrative services expense payable
    		1,000,000 1,000,000 2,000,000   1,000,000 1,000,000    2,000,000            1,000,000 477,000 133,000 142,000 248,000 -201,000 -64,000 -555,000 598,000              
      increase in interest payable
    		-10,000,000 15,000,000 -43,000,000 9,000,000 -18,000,000 26,000,000 -7,000,000 19,000,000 -18,000,000 11,000,000 -4,000,000 15,000,000 -10,000,000 24,000,000 16,000,000 -8,000,000 -1,000,000 2,000,000 9,000,000 -6,000,000 3,000,000 0 -2,000,000 10,184,000 -5,543,000 5,020,000 -4,661,000 5,388,000 -4,825,000 2,897,000 -753,000 99,000 1,085,000 629,000 2,000 210,000 201,000 -27,000       
      increase in other accrued expenses and liabilities
    		1,000,000 7,000,000 -32,000,000 35,000,000 -6,000,000 2,000,000 -20,000,000 19,000,000 -1,000,000 -1,000,000 -13,000,000 14,000,000 -18,000,000 19,000,000 -7,000,000 12,000,000 0 -1,000,000 -6,000,000 7,000,000 -2,000,000 -2,000,000 -11,000,000 16,556,000 -66,000 752,000 -6,242,000 5,880,000 110,000 -5,724,000 -375,000 -110,000 1,168,000 715,000 -218,000 568,000 303,000 73,000 -38,000 104,000 71,000 22,000 -23,000 113,000 
      net cash from operating activities
    		707,000,000 108,000,000 -418,000,000 978,000,000 81,000,000 376,000,000 466,000,000 134,000,000 1,165,000,000 605,000,000 -520,000,000 -333,000,000 -850,000,000 109,000,000 435,000,000 116,000,000 82,000,000 346,000,000 131,000,000 -524,000,000 -83,000,000 276,000,000 75,000,000 -38,313,000 40,820,000 153,221,000 124,272,000 17,601,000 80,537,000 -60,245,000 28,488,000 -559,935,000 -351,972,000 -292,619,000 -220,596,000 -161,241,000 -207,613,000 -121,695,000 -159,155,000 -48,008,000 -30,571,000 -21,850,000 -15,383,000 -5,519,000 
      cash flows from financing activities
    		                                            
      stockholder distributions
    		-196,000,000   -392,000,000 -196,000,000 -210,000,000 -210,000,000 -211,000,000 -257,000,000 -179,000,000 -176,000,000 -186,000,000 -168,000,000 -74,000,000 -74,000,000 -74,000,000 -75,000,000 -95,000,000 -96,000,000 -98,000,000 -100,000,000 -99,000,000 -45,000,000 -67,668,000 -46,029,000 -46,599,000 -46,704,000 -54,753,000 -54,607,000 -57,783,000 -51,066,000 -43,979,000 -34,214,000 -19,752,000 -18,448,000 -8,770,000 -12,802,000 -1,437,000 -4,594,000 -616,000 -1,986,000 1,000 -395,000 -138,000 
      borrowings under financing arrangements
    		1,045,000,000 2,669,000,000 2,831,000,000 1,532,000,000 1,070,000,000 1,336,000,000 1,019,000,000 1,042,000,000 -1,054,000,000 568,000,000 1,613,000,000 2,317,000,000 1,647,000,000 797,000,000 245,000,000  357,000,000 347,000,000 808,000,000                          
      repayments of financing arrangements
    		-1,690,000,000 -2,739,000,000 -2,232,000,000 -2,182,000,000 -1,017,000,000 -1,297,000,000 -1,263,000,000 -896,000,000 176,000,000 -1,070,000,000 -907,000,000 -1,630,000,000 -884,000,000 -477,000,000 -648,000,000  -321,000,000 -679,000,000 -717,000,000                          
      deferred financing costs paid
    		-23,000,000 -2,000,000 -5,000,000 -11,000,000 0 -14,000,000 -1,000,000 -14,000,000 12,000,000 -10,000,000 -9,000,000  -2,000,000    -2,000,000 -10,000,000 1,000,000  -7,000,000 -3,000,000 -3,000,000 -357,000    0 0   -3,499,000 -1,027,000 -391,000 -15,000 -212,000 -8,000 -638,000 -18,000 -663,000     
      net cash from financing activities
    		-864,000,000 -268,000,000 594,000,000 -1,053,000,000 -143,000,000 -185,000,000 -455,000,000 -79,000,000 -1,132,000,000 -705,000,000 512,000,000 469,000,000 592,000,000 241,000,000 -477,000,000 -61,000,000 -41,000,000 -444,000,000 -44,000,000 504,000,000 -79,000,000 -80,000,000 -87,000,000 42,090,000 -141,633,000 -167,500,000 -47,957,000 -57,850,000 -44,254,000 -85,646,000 -4,487,000 476,283,000 456,826,000 424,692,000 271,246,000 209,899,000 210,446,000 115,690,000 197,372,000 42,718,000 29,864,000 29,675,000 14,204,000 7,615,000 
      total increase in cash
    		-157,000,000 -160,000,000 176,000,000 -75,000,000 -62,000,000 191,000,000 11,000,000 55,000,000 33,000,000 -100,000,000 -8,000,000 136,000,000 -258,000,000 350,000,000 -42,000,000 55,000,000 41,000,000 -98,000,000 87,000,000 -20,000,000 -162,000,000 196,000,000 -12,000,000 3,777,000 -100,813,000 -14,279,000 76,315,000 -40,249,000 36,283,000 -145,891,000 24,001,000 -83,652,000 104,854,000 132,073,000 50,650,000 48,658,000 2,833,000 -6,005,000 38,217,000 -5,290,000 -707,000 7,825,000 -1,179,000 2,096,000 
      cash, cash equivalents and foreign currency at beginning of period
    		0 0 296,000,000                                          
      cash, cash equivalents and foreign currency at end of period
    		-157,000,000 -160,000,000 472,000,000                                          
      supplemental disclosure
    		                                            
      federal income taxes paid during the period
    		4,000,000                                            
      interest paid during the period
    		121,000,000 104,000,000 151,000,000  131,000,000 84,000,000 119,000,000 95,000,000                                     
      repurchases of common stock
    		       0 -9,000,000 -14,000,000 -9,000,000 -11,000,000    0 0 -7,000,000 -40,000,000 -35,000,000 -47,000,000 -24,000,000 -47,000,000 0 -11,096,000 -37,901,000 -1,003,000    -8,830,000 -3,984,000 -3,695,000 -767,000 -1,531,000 -955,000 -1,020,000 -1,019,000       
      cash and foreign currency at beginning of year
    		                                            
      cash and foreign currency at end of year
    		                                            
      federal income taxes paid during the year
    		                                            
      interest paid during the year
    		                                            
      non-cash purchases of investments
    		    -300,000,000 -332,000,000 -423,000,000 -325,000,000 429,000,000 -276,000,000 -242,000,000 -801,000,000 -127,000,000 -39,000,000 -32,000,000 -26,000,000 -131,000,000 -40,000,000 -41,000,000 -26,000,000 -189,000,000                        
      non-cash sales of investments
    		    300,000,000 332,000,000 423,000,000 325,000,000 -429,000,000 276,000,000 242,000,000 801,000,000 127,000,000 39,000,000 32,000,000 26,000,000 131,000,000 40,000,000 41,000,000 26,000,000 189,000,000                        
      local and excise taxes paid
    		    1,000,000 2,000,000 23,000,000 0 9,000,000 0 11,000,000 0 0 -1,000,000 10,000,000 0 0 0 7,000,000 0 1,000,000 1,000,000 7,000,000 467,000 215,000 -67,000 5,385,000 -4,000 0 5,071,000 821,000              
      cash, and foreign currency at beginning of period
    		     0 231,000,000  -126,000,000 0 377,000,000  0 0 191,000,000  0 0 106,000,000                          
      cash, and foreign currency at end of period
    		     191,000,000 242,000,000  -93,000,000 -100,000,000 369,000,000  -258,000,000 350,000,000 149,000,000  41,000,000 -98,000,000 193,000,000                          
      increase in deferred merger costs
    		           0 0 2,000,000 -1,000,000                              
      cash acquired in merger
    		           0 0                                
      other assets acquired from merger net of other assets
    		                                            
      merger costs capitalized into purchase price
    		           0 0                                
      net change in unrealized (appreciation) depreciation on swap contracts
    		                   -1,000,000 -1,000,000 -10,000,000 -4,000,000                      
      increase in due from counterparty
    		                               -66,000 -56,883,000 -26,282,000           
      mark-to-market of merged debt
    		           0 0                                
      deferred financing costs and discount paid
    		                                            
      increase in administrative services expense
    		            1,000,000 2,000,000 1,000,000  0 1,000,000 -1,000,000  3,000,000                        
      other assets acquired from merger net of other assets, net of unrealized depreciation on derivatives
    		            0                                
      change in unrealized appreciation from merger accounting
    		                                            
      other liabilities acquired from merger net of other assets
    		                                            
      cash purchased in merger
    		                                            
      reinvestment of stockholder distributions
    		                           0 5,324,000 -15,892,000 26,476,000 22,700,000 17,206,000 9,413,000 8,420,000 3,828,000 5,285,000 1,440,000 911,000 616,000 324,000 124,000   
      borrowings under credit facilities
    		                     754,000,000 618,000,000 134,637,000 244,363,000 55,000,000 48,000,000 44,000,000 57,265,000 184,400,000 5,600,000              
      borrowings under unsecured notes
    		                                            
      repayments of credit facilities
    		                     -708,000,000 -610,000,000 -221,522,000 -324,228,000 -138,000,000 -48,250,000 -44,240,000 -52,236,000                
      repayments under unsecured notes
    		                                            
      secured borrowing
    		                                            
      cash, restricted cash and foreign currency at beginning of period
    		                                            
      cash, restricted cash and foreign currency at end of period
    		                                            
      cash and foreign currency at beginning of period
    		                      104,000,000  0 0 138,742,000  0                
      cash and foreign currency at end of period
    		                      92,000,000  -100,813,000 -14,279,000 215,057,000  36,283,000                
      net realized (gain) loss on investments and secured borrowing
    		                       175,217,000 -23,895,000 -30,665,000 4,343,000                  
      net change in unrealized (appreciation) depreciation on investments and secured borrowing
    		                       -16,161,000 90,891,000 110,532,000 32,738,000 29,116,000 -54,182,000                
      repayments under repurchase agreement
    		                                            
      excludes 4,428 of cost of investments acquired from the merger.
    		                                            
      increase in directors’ fees payable
    		                        7,000 -229,000 214,000 9,000 1,000                
      increase in accrued capital gains incentive fees
    		                              -4,583,000              
      net change in unrealized (appreciation) depreciation on total return swap
    		                               63,000 -4,512,000            
      amortization of deferred financing costs
    		                              805,000 351,000 221,000 225,000 223,000 205,000 175,000 170,000 130,000 31,000     
      increase in interest receivable
    		                              -7,749,000 -8,684,000 -9,434,000 -4,044,000 -1,932,000 -4,442,000 -172,000 -1,688,000 -966,000 -404,000 -111,000 -190,000 -57,000 -44,000 
      increase in receivable due on total return swap
    		                               856,000 -1,259,000            
      issuance of common stock
    		                               408,797,000 394,357,000 328,603,000 281,639,000 177,328,000 119,460,000 60,290,000 66,517,000 39,649,000 35,410,000 33,005,000 16,229,000 8,330,000 
      offering costs
    		                               -1,719,000 -1,515,000 -1,700,000 -1,213,000 -1,084,000 -1,042,000 -168,000 -280,000 -181,000 -3,425,000 -3,143,000 -1,512,000 -494,000 
      borrowings under repurchase agreement
    		                              23,333,000 50,000,000 85,714,000            
      cash at beginning of period
    		                              338,895,000 0 210,714,000 0 0 38,790,000  0 0 9,035,000 0 0 0 1,000,000 
      cash at end of period
    		                              362,896,000 -83,652,000 315,568,000 132,073,000 50,650,000 87,448,000  -6,005,000 38,217,000 3,745,000 -707,000 7,825,000 -1,179,000 3,096,000 
      net change in unrealized (gain) loss on foreign currency
    		                                            
      increase in accrued capital gains incentive fee
    		                                            
      increase in deferred income
    		                                            
      payments to investment adviser for offering and organization costs
    		                                 0 0 -641,000        -140,000 
      see note 8 for a discussion of the company's total return swap agreement.
    		                                            
      increase in capital gains incentive fee payable
    		                                14,801,000    5,086,000        
      increase in administrative services fees payable
    		                                729,000   107,000 75,000 153,000 -18,000 4,000 38,000 33,000 10,000 15,000 
      borrowings under credit facility
    		                                 0 2,394,000 40,405,000 99,934,000 57,267,000       
      see note 8 for a discussion of the company’s total return swap agreement.
    		                                            
      net change in unrealized appreciation (depreciation) on investments
    		                                 63,164,000           
      net change in unrealized appreciation (depreciation) on total return swap
    		                                            
      net change in unrealized gain/loss on foreign currency
    		                                 72,000 -21,000 -52,000         
      net realized gain on investments
    		                                 -2,433,000 -14,370,000 -5,653,000 -5,698,000 -294,000 -1,100,000 -1,989,000 -352,000 -319,000 -235,000 -124,000 
      decrease/increase in receivable for investments sold and repaid
    		                                            
      decrease/increase in payable for investments purchased
    		                                 11,135,000           
      increase in management fee payable
    		                                            
      decrease/increase in capital gains incentive fee payable
    		                                            
      capital contributions of investment adviser
    		                                           57,000 
      net change in unrealized appreciation on total return swap
    		                                  -1,079,000 -208,000         
      increase/decrease in capital gains incentive fee payable
    		                                            
      increase/decrease in administrative services fees payable
    		                                            
      see note 4 for a discussion of reimbursements paid by the company to its investment adviser.
    		                                            
      payment-in-kind interest
    		                                    0 -21,000 -20,000 -62,000     
      net change in unrealized appreciation on investments
    		                                   -10,393,000 -7,998,000   -1,776,000 -1,772,000 -4,331,000 -2,017,000 -155,000 
      increase in capital gain incentive fee payable
    		                                   1,875,000    213,000 37,000    
      portfolio company
    		                                            
      senior secured loans—first lien—88.2%
    		                                            
      1-800 contacts, inc., l+395, 3.8% libor floor, 3/4/15
    		                                            
      advance pierre foods, inc., l+525, 1.8% libor floor, 9/29/16
    		                                            
      airborne tactical advantage co., llc, l+500, 7/2/12
    		                                            
      airvana network solutions inc., l+800, 2.0% libor floor, 3/18/15
    		                                            
      altegrity, inc., l+600, 1.8% libor floor, 2/21/15
    		                                            
      amscan holdings, inc., l+525, 1.5% libor floor, 12/2/17
    		                                            
      amwins group, inc., l+250, 6/8/13
    		                                            
      anchor glass container corp., l+400, 2.0% libor floor, 3/1/16
    		                                            
      ardent health services llc, l+500, 1.5% libor floor, 9/15/15
    		                                            
      aspect software, inc., l+450, 1.8% libor floor, 5/7/16
    		                                            
      attachmate corp., l+500, 1.5% libor floor, 4/27/17
    		                                            
      avaya inc., l+392, 10/24/14
    		                                            
      brock holdings iii, inc., l+450, 1.5% libor floor, 3/16/17
    		                                            
      burger king corp., l+300, 1.5% libor floor, 10/19/16
    		                                            
      c.h.i. overhead doors, inc., l+550, 2.0% libor floor, 4/15/15
    		                                            
      calumet lubricants co., lp, l+400, 1/3/15
    		                                            
      canwest lp, l+500, 1.3% libor floor, 7/23/16
    		                                            
      canwest lp, l+700, 2.0% libor floor, 7/23/16
    		                                            
      carestream health, inc., l+350, 1.5% libor floor, 2/25/17
    		                                            
      ccc information services inc., l+400, 1.5% libor floor, 11/11/15
    		                                            
      cenveo corp., l+475, 1.5% libor floor, 12/21/16
    		                                            
      ceridian corp., l+300, 11/9/14
    		                                            
      citgo petroleum corp., l+700, 2.0% libor floor, 6/24/17
    		                                            
      cmp susquehanna corp., l+200, 5/5/13
    		                                            
      contec llc, l+475, 3.0% libor floor, 7/28/14
    		                                            
      convatec inc., l+425, 1.5% libor floor, 12/22/16
    		                                            
      corel corp., l+400, 5/2/12
    		                                            
      cumulus media inc., l+375, 6/11/14
    		                                            
      custom building products, inc., l+400, 1.8% libor floor, 3/1/15
    		                                            
      data device corp., l+550, 1.8% libor floor, 12/23/16
    		                                            
      dei sales, inc., l+550, 2.0% libor floor, 9/22/13
    		                                            
      digital cinema implementation partners, llc, l+375, 1.3% libor floor, 3/25/17
    		                                            
      east cameron partners, lp, 18.0%, 7/11/11
    		                                            
      equipower resources holdings, llc, l+425, 1.5% libor floor, 1/26/18
    		                                            
      fairway group acquisition co., l+600, 1.5% libor floor, 3/3/17
    		                                            
      fifth third processing solutions llc, l+400, 1.5% libor floor, 11/3/16
    		                                            
      first data corp., l+275, 9/24/14
    		                                            
      first reserve crestwood holdings llc, l+850, 2.0% libor floor, 10/3/16
    		                                            
      freescale semiconductor, inc., l+425, 12/1/16
    		                                            
      general chemical corp., l+350, 1.5% libor floor, 3/9/18
    		                                            
      getty images, inc., l+375, 1.5% libor floor, 11/7/16
    		                                            
      global tel link corp., l+400, 1.0% libor floor, 11/10/16
    		                                            
      goodman global, inc., l+400, 1.8% libor floor, 10/28/16
    		                                            
      green tree credit solutions llc, l+575, 2.3% libor floor, 12/18/15
    		                                            
      harbor freight tools usa, inc., l+500, 1.5% libor floor, 12/22/17
    		                                            
      harland clarke holdings corp., l+250, 6/30/14
    		                                            
      hcr manor care, inc., l+350, 1.5% libor floor, 4/6/18
    		                                            
      houghton international inc., l+500, 1.8% libor floor, 1/31/16
    		                                            
      ihealth technologies, inc., l+600, 1.8% libor floor, 12/28/16
    		                                            
      infogroup, inc., l+450, 1.8% libor floor, 7/1/16
    		                                            
      intelligrated, inc., l+575, 1.8% libor floor, 2/18/17
    		                                            
      intralinks, inc., l+425, 1.5% libor floor, 6/15/14
    		                                            
      net change in unrealized loss on foreign currency
    		                                    15,000 -93,000 85,000 11,000     
      cash at beginning of year
    		                                            
      cash at end of year
    		                                            
      non-cash financing activities
    		                                            
      payable to investment adviser for offering and organization costs
    		                                            
      senior secured loans—first lien—124.4%
    		                                            
      airvana network solutions inc., l+900, 2.0% libor floor, 8/27/14
    		                                            
      alaska communications systems holdings, inc., l+400, 1.5% libor floor, 10/21/16
    		                                            
      alliant holdings llc, l+500, 1.8% libor floor, 8/16/14
    		                                            
      armstrong world industries, inc., l+350, 1.5% libor floor, 5/23/17
    		                                            
      atlantic broadband finance, llc, l+350, 1.5% libor floor, 11/29/15
    		                                            
      avaya inc., l+350, 0.8% libor floor, 10/24/14
    		                                            
      bbhi acquisition llc, l+300, 1.5% libor floor, 12/14/17
    		                                            
      bentley systems inc., l+425, 1.5% libor floor, 11/24/16
    		                                            
      burger king corp., l+450, 1.8% libor floor, 10/19/16
    		                                            
      cdw corp., l+500, 7/10/17
    		                                            
      cedar fair, lp, l+400, 1.5% libor floor, 12/15/16
    		                                            
      clopay ames true temper holding corp., l+600, 1.8% libor floor, 9/30/16
    		                                            
      dineequity, inc., l+450, 1.5% libor floor, 10/7/17
    		                                            
      dunkin’ brands, inc., l+425, 1.5% libor floor, 11/23/17
    		                                            
      fairmount minerals, ltd., l+450, 1.8% libor floor, 8/5/16
    		                                            
      general chemical corp., l+500, 1.8% libor floor, 10/6/15
    		                                            
      global tel link corp., l+550, 1.8% libor floor, 11/10/16
    		                                            
      green mountain coffee roasters, inc., l+400, 1.5% libor floor, 12/16/16
    		                                            
      grifols, sa , l+425, 1.8% libor floor, 6/4/16
    		                                            
      hanger orthopedic group, inc., l+375, 1.5% libor floor, 12/1/16
    		                                            
      harbourvest partners lp, l+475, 1.5% libor floor, 12/17/16
    		                                            
      intelsat jackson holdings sa, l+375, 1.5% libor floor, 4/2/18
    		                                            
      interactive data corp., l+500, 1.8% libor floor, 1/29/17
    		                                            
      intralinks, inc.,l+425, 1.5% libor floor, 6/15/14
    		                                            
      kik custom products inc., l+225, 5/31/14
    		                                            
      knology, inc., l+400, 1.5% libor floor, 10/15/16
    		                                            
      lantiq deutschland gmbh, l+700, 2.0% libor floor, 11/16/15
    		                                            
      mda info products ltd., l+550, 1.5% libor floor, 1/4/17
    		                                            
      medassets, inc., l+375, 1.5% libor floor, 11/22/16
    		                                            
      michael foods group, inc., l+450, 1.8% libor floor, 6/29/16
    		                                            
      increase in reimbursement from sponsor
    		                                           -124,000 
      payments to investment advisor for offering and organization costs
    		                                     -70,000 -940,000 -668,000 -535,000 -500,000   
      capital contributions of investment advisor
    		                                     25,000 280,000 181,000 76,000 188,000   
      senior secured loans—first lien—116.8%
    		                                            
      avaya inc., l+275, 10/24/14
    		                                            
      caritor, inc.
    		                                            
      cdw corp., l+400, 10/10/14
    		                                            
      cincinnati bell inc., l+500, 1.5% libor floor, 6/10/17
    		                                            
      columbian chemicals co., l+600, 3/16/13
    		                                            
      edwards ltd., l+200, 5/31/14
    		                                            
      intergraph corp., l+400, 2.0% libor floor, 5/29/14
    		                                            
      intralinks, inc., l+450, 1.5% libor floor, 6/15/14
    		                                            
      kik custom products inc., l+225, 2.0% libor floor, 5/31/14
    		                                            
      lyondellbasell industries nv, l+400, 1.5% libor floor, 4/30/16
    		                                            
      mosaic us holdings inc., l+275, 4/3/13
    		                                            
      nalco co., l+300, 1.5% libor floor, 11/1/17
    		                                            
      national processing co. group, inc., l+500, 2.5% libor floor, 9/29/13
    		                                            
      nbty, inc, l+450, 1.8% libor floor, 10/1/17
    		                                            
      nco group, inc., l+500, 2.5% libor floor, 5/15/13
    		                                            
      new development holdings, llc
    		                                            
      osi restaurant partners, llc, l+225, 6/14/14
    		                                            
      ozburn hessey holding co., llc, l+550, 2.0% libor floor, 4/8/16
    		                                            
      protection one, inc., l+425, 1.8% libor floor, 6/4/16
    		                                            
      repconstrickland, inc., l+525, 3.3% libor floor, 2/19/13
    		                                            
      revlon consumer products corp., l+400, 2.0% libor floor, 3/11/15
    		                                            
      reynolds & reynolds co., l+350, 1.8% libor floor, 4/21/17
    		                                            
      reynolds group holdings inc., l+441, 1.8% libor floor, 5/5/16
    		                                            
      sagittarius restaurants llc, l+550, 2.0% libor floor, 5/18/15
    		                                            
      savvis, inc., l+500, 1.8% libor floor, 8/4/16
    		                                            
      semgroup corp., l+700, 1.5% libor floor, 11/30/12
    		                                            
      sheridan production co., llc, l+550, 2.0% libor floor, 4/20/17
    		                                            
      sitel, llc, l+550, 1/30/14
    		                                            
      smurfit-stone container enterprises, inc., l+475, 2.0% libor floor, 2/10/16
    		                                            
      spansion, llc, l+550, 2.0% libor floor, 2/9/15
    		                                            
      styron sarl, l+575, 1.8% libor floor, 6/14/16
    		                                            
      telcordia technologies inc., l+500, 1.8% libor floor, 4/30/16
    		                                            
      texas competitive electric holdings co. llc, l+350, 10/10/14
    		                                            
      tns, inc., l+400, 2.0% libor floor, 11/18/15
    		                                            
      toys“r”us, inc., l+450, 1.5% libor floor, 8/17/16
    		                                            
      trident exploration corp., l+950, 3.0% libor floor, 6/10/14
    		                                            
      univar inc., l+300, 10/11/14
    		                                            
      universal health services, inc., l+400, 1.5% libor floor, 7/28/16
    		                                            
      vertafore, inc., l+500, 1.8% libor floor, 7/29/16
    		                                            
      wcp exposition services operating co. llc, l+600, 3.0% libor floor, 8/29/11
    		                                            
      west corp., l+500, 3.5% libor floor, 10/24/13
    		                                            
      yell group plc, l+300, 7/31/14
    		                                            
      total senior secured loans—first lien
    		                                            
      decrease in capital gain incentive fee payable
    		                                            
      senior secured loans—first lien—113.0%
    		                                            
      1-800 contacts, inc., l+395, 3/4/15
    		                                            
      affinion group inc., l+350, 4/8/16
    		                                            
      american general finance corp., l+550, 4/16/15
    		                                            
      anchor glass container corp., l+400, 3/1/16
    		                                            
      ardent health services, llc, l+500, 9/15/15
    		                                            
      aspect software, inc., l+450, 5/7/16
    		                                            
      avaya, inc., l+275, 10/24/14
    		                                            
      canwest mediaworks, l+700, 7/23/16
    		                                            
      cdw corporation, l+400, 10/10/14
    		                                            
      cincinnati bell, l+500, 6/10/17
    		                                            
      citgo petroleum corporation, l+700, 6/30/17
    		                                            
      columbian chemicals, l+600, 3/16/13
    		                                            
      contec llc, l+475, 7/28/14
    		                                            
      cumulus media inc., l+400, 6/11/14
    		                                            
      custom building products, l+400, 3/17/15
    		                                            
      edwards limited, l+200, 5/31/14
    		                                            
      freescale semiconductor, l+425, 12/1/16
    		                                            
      green tree financial, l+575, 12/15/15
    		                                            
      info group inc., l+450, 5/15/16
    		                                            
      infrastrux group, inc., l+500, 0.5% pik, 11/3/12
    		                                            
      intergraph, l+400, 5/29/14
    		                                            
      intralinks, inc., l+275, 6/15/14
    		                                            
      kik custom products, l+225, 5/31/14
    		                                            
      lyondellbasell industries, l+400, 4/30/16
    		                                            
      michael foods, l+450, 5/1/14
    		                                            
      mosaic sales solutions, l+275, 4/3/13
    		                                            
      multiplan, inc., l+425, 4/12/13
    		                                            
      national processing co., l+500, 9/29/13
    		                                            
      nco group, l+500, 5/15/13
    		                                            
      new development holding, llc
    		                                            
      osi restaurant partners, l+225, 6/14/14
    		                                            
      ozburn hessey, l+550, 7/15/14
    		                                            
      pierre foods, inc., l+500, 3/1/16
    		                                            
      protection one alarm monitoring, inc., l+425, 6/4/16
    		                                            
      quantum corp., l+350, 7/12/14
    		                                            
      repcon strickland, l+475, 4/1/13
    		                                            
      revlon consumer products corp., l+400, 3/11/15
    		                                            
      reynolds & reynolds, l+350, 5/15/17
    		                                            
      reynolds group ltd., l+425, 5/5/16
    		                                            
      semgroup, l+700, 11/30/12
    		                                            
      sheridan group inc., l+550, 4/16/17
    		                                            
      sitel a.k.a. clientlogic corp., l+550, 1/30/14
    		                                            
      smurfit-stone container enterprises, inc., l+475, 2/10/16
    		                                            
      spansion, inc., l+550, 2/9/15
    		                                            
      styron, l+575, 6/14/16
    		                                            
      telcordia technologies inc., l+500, 4/30/16
    		                                            
      trident exploration corp., l+950, 6/10/15
    		                                            
      vertafore, inc., l+400, 7/31/14
    		                                            
      wcp exposition services operating co., l+600, 8/29/11
    		                                            
      west corp., l+500, 10/24/13
    		                                            
      borrowing under credit facility
    		                                       4,400,000     
      senior secured loans - first lien - 83.6%
    		                                            
      camelbak products, prime+475, 8/4/11
    		                                            
      first data corp., l+ 275, 9/24/14
    		                                            
      global tel link corp., l+400, 3/2/16
    		                                            
      international lease finance corp., l+475, 3/17/15
    		                                            
      kenan advantage group, inc., l+275, 12/16/11
    		                                            
      kik custom products, l+225, 6/2/14
    		                                            
      total senior secured loans - first lien
    		                                            
      senior secured loans - second lien - 43.4%
    		                                            
      allen systems group, l+800, 2.0% pik, 10/13/16
    		                                            
      amwins group, inc., l+550, 6/8/14
    		                                            
      aspect software group, l+700, 7/11/12
    		                                            
      asurion corp., l+650, 7/3/15
    		                                            
      attachmate corp., l+675, 10/13/13
    		                                            
      awesome acquisition co., l+ 500, 6/4/14
    		                                            
      bresnan communications llc, l+450, 3/29/14
    		                                            
      datatel, inc., l+825, 12/10/16
    		                                            
      dresser, inc., l+575, 5/4/15
    		                                            
      fr brand acquisition corp., l+640, 2/7/15
    		                                            
      harrington holdings, l+600, 7/11/14
    		                                            
      ilc holdings, inc., 11.5%, 6/30/14
    		                                            
      intergraph, l+825, 11/28/14
    		                                            
      sirius computer, l+600, 5/30/13
    		                                            
      tpf a.k.a. tenaska power fund, l+425, 12/15/14
    		                                            
      wm. bolthouse farms, inc., l+750, 8/11/16
    		                                            
      total senior secured loans - second lien
    		                                            
      senior secured bonds - 6.3%
    		                                            
      paetec communications, 8.9%, 6/30/17
    		                                            
      reader’s digest association, inc., l+650, 2/15/17
    		                                            
      total senior secured bonds
    		                                            
      mezzanine debt/other - 11.7%
    		                                            
      ati enterprises, inc., l+1100, 12/30/16
    		                                            
      base clo i class e, euribor+500, 10/17/18
    		                                            
      n.e.w. customer service cos., inc., l+750, 3/22/17
    		                                            
      total mezzanine debt/other
    		                                            
      total investments - 145.0%
    		                                            
      liabilities in excess of other assets -
    		                                            
      net assets - 100.0%
    		                                            
      senior secured loans—first lien—49.1%
    		                                            
      apptis (de), inc., l+325, 12/20/12
    		                                            
      caritor, inc. (keane, inc.), l+225, 6/4/13
    		                                            
      data transmission network corp., l+500, 3/10/13
    		                                            
      global tel link corp., l+600, 2/14/13
    		                                            
      king pharmaceuticals, inc., l+500, 4/19/12
    		                                            
      national processing co., l+500, 10/31/13
    		                                            
      pierre foods, inc., l+600, 9/30/14
    		                                            
      safenet, inc., l+250, 4/12/14
    		                                            
      vertellus specialties, inc., l+425, 12/10/12
    		                                            
      senior secured loans—second lien—48.8%
    		                                            
      allen systems group, l+800, 2.0% pik, 4/19/14
    		                                            
      american safety razor, l+625, 1/30/14
    		                                            
      aspect software group, l+700, 6/29/12
    		                                            
      awesome acquisition co., l+500, 6/4/14
    		                                            
      building materials corp. of america, l+575, 10/6/14
    		                                            
      custom building products, l+800, 4/20/12
    		                                            
      fr brand acquisition corp, l+600, 2/7/15
    		                                            
      ilc holdings, inc., 11.5%, 6/30/12
    		                                            
      lntergraph, l+600, 11/28/14
    		                                            
      sorenson communications, inc., l+700, 2/16/14
    		                                            
      total senior secured loans—second lien
    		                                            
      mezzanine debt—10.0%
    		                                            
      ati enterprises, inc., l+1100, 12/15/16
    		                                            
      sorenson holdings, inc., l+1200 pik, 8/16/14
    		                                            
      total mezzanine debt
    		                                            
      total investments—107.9%
    		                                            
      liabilities in excess of other assets—
    		                                            
      net assets—100.0%
    		                                            
      increase in reimbursement receivable from sponsor
    		                                         -12,000   
      senior secured loans - first lien - 48.7%
    		                                            
      1-800 contacts, inc., l+395, 3/04/15
    		                                            
      caritor, inc. (keane, inc.), l+225, 6/04/13
    		                                            
      headwaters, inc., l+675, 4/30/11
    		                                            
      senior secured loans - second lien - 38.0%
    		                                            
      asurion corp., l+650, 7/03/15
    		                                            
      awesome acquisition co., l+500, 6/04/14
    		                                            
      dresser, inc,. l+575, 5/04/15
    		                                            
      fr brand acquisiton corp, l+600, 2/7/15
    		                                            
      intergraph, l+600, 11/28/14
    		                                            
      senior secured bonds - second lien - 4.9%
    		                                            
      protection one, inc., 12%, 11/15/11
    		                                            
      total senior secured bonds - second lien
    		                                            
      total investments - 91.6%
    		                                            
      assets in excess of liabilities - 8.4%
    		                                            
      senior secured loans — first lien - 76.0%
    		                                            
      corel corp., l+400, 5/02/12
    		                                            
      sitel a.k.a clientlogic corp. l+550, 1/30/14
    		                                            
      wcp exposition services operating company, l+600, 8/29/11
    		                                            
      total senior secured loans — first lien
    		                                            
      senior secured loans — second lien — 33.2%
    		                                            
      awesome acquisition co., l+ 500, 6/04/14
    		                                            
      dresser, inc. l+575, 5/04/15
    		                                            
      total senior secured loans — second lien
    		                                            
      senior unsecured bonds — 5.6%
    		                                            
      osi restaurant partners llc, 10%, 6/15/15
    		                                            
      total senior unsecured bonds
    		                                            
      total investments — 114.8%
    		                                            
      liabilities in excess of other assets —
    		                                            
      net assets — 100.0%
    		                                            
      senior secured loans - first lien - 81.9%
    		                                            
      1-800 contacts, inc., l+395, 12/19/14
    		                                            
      apptis
    		                                            
      kenan advantage group, inc., l+300, 12/16/11
    		                                            
      west corp., l+350, 10/24/13
    		                                            
      senior secured loans - second lien - 29.5%
    		                                            
      total investments - 111.4%
    		                                            
      net income
    		                                            
      adjustments to reconcile net income to net cash from operating activities: increase in accrued liabilities
    		                                            
      •
    		                                            
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.