BlackRock TCP Capital Corp. - Quarter Report: 2016 September (Form 10-Q)

Delaware	56-2594706
(State or Other Jurisdiction of Incorporation)	(IRS Employer Identification No.)
2951 28 th Street, Suite 1000
Santa Monica, California	90405
(Address of Principal Executive Offices)	(Zip Code)

Common Stock, par value $0.001 per share	NASDAQ Global Select Market
(Title of each class)	(Name of each exchange where registered)

Large accelerated filer ☒	Accelerated filer     ☐
Non-accelerated filer   ☐	Smaller Reporting company ☐

	TABLE OF CONTENTS
Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of September 30, 2016 (unaudited) and December 31, 2015	2
	Consolidated Schedule of Investments as of September 30, 2016 (unaudited) and December 31, 2015	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2016 (unaudited) and September 30, 2015 (unaudited)	13
	Consolidated Statements of Changes in Net Assets for the nine months ended September 30, 2016 (unaudited) and year ended December 31, 2015	14
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 (unaudited) and September 30, 2015 (unaudited)	15
	Notes to Consolidated Financial Statements (unaudited)	16
	Consolidated Schedule of Changes in Investments in Affiliates for the nine months ended September 30, 2016 (unaudited) and year ended December 31, 2015	43
	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of September 30, 2016 (unaudited) and December 31, 2015	45
	Consolidating Statements of Assets and Liabilities as of September 30, 2016 (unaudited) and December 31, 2015	47
	Consolidating Statements of Operations for the nine months ended September 30, 2016 (unaudited) and September 30, 2015 (unaudited)	49
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	65
Item 4.	Controls and Procedures	65
Part II.	Other Information
Item 1.	Legal Proceedings	66
Item 1A.	Risk Factors	66
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66
Item 3.	Defaults upon Senior Securities	66
Item 4.	Mine Safety Disclosures	66
Item 5.	Other Information	66
Item 6.	Exhibits	66

		September 30, 2016				December 31, 2015
		(unaudited)
Assets
Investments, at fair value:
Companies less than 5% owned (cost of $1,161,033,998 and $1,123,682,687, respectively)		$	1,144,719,963			$	1,099,208,475
Companies 5% to 25% owned (cost of $72,925,246 and $68,862,518, respectively)			68,900,676				69,008,931
Companies more than 25% owned (cost of $88,662,808 and $39,162,221, respectively)			62,809,253				14,702,319
Total investments (cost of $1,322,622,052 and $1,231,707,426, respectively)			1,276,429,892				1,182,919,725
Cash and cash equivalents			140,873,527				35,629,435
Receivable for investments sold			6,306,581				-
Accrued interest income:
Companies less than 5% owned			11,067,134				8,842,528
Companies 5% to 25% owned			1,036,764				741,306
Companies more than 25% owned			15,919				29,230
Deferred debt issuance costs			4,216,157				5,390,241
Unrealized appreciation on swaps			-				3,229,442
Options (cost of $279,327 and $51,750, respectively)			460,972				-
Prepaid expenses and other assets			1,421,623				2,331,044
Total assets			1,441,828,569				1,239,112,951
Liabilities
Debt, net of unamortized issuance costs			631,701,662				498,205,471
Payable for investments purchased			9,151,343				6,425,414
Incentive allocation payable			5,133,010				5,207,606
Interest payable			4,520,221				2,911,257
Payable to the Advisor			877,866				508,334
Accrued expenses and other liabilities			3,336,925				3,877,852
Total liabilities			654,721,027				517,135,934
Commitments and contingencies (Note 5)
Net assets applicable to common shareholders		$	787,107,542			$	721,977,017
Composition of net assets applicable to common shareholders
Common stock, $0.001 par value; 200,000,000 shares authorized, 53,041,751 and 48,834,734 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively		$	53,042			$	48,834
Paid-in capital in excess of par			944,993,651				878,383,356
Accumulated net investment income			24,716,951				22,261,793
Accumulated net realized losses			(136,476,545	)			(132,483,593	)
Accumulated net unrealized depreciation			(46,179,557	)			(46,233,373	)
Net assets applicable to common shareholders		$	787,107,542			$	721,977,017
Net assets per share		$	14.84			$	14.78

																											Fair Value				% of Total Cash and Investments
Issuer		Instrument		Ref		Floor				Spread				Total Coupon			Maturity		Principal				Cost												Notes
Debt Investments (A)
Activities Related to Real Estate
Associations, Inc.		First Lien FILO Term Loan		LIBOR (Q)			1.00	%			8.96	%			9.96	%	12/23/2019		$	12,924,237			$	12,795,214			$	12,794,994				0.90	%
Advertising and Public Relations Services
InMobi, Inc. (Singapore)		First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee)		LIBOR (M)			0.33	%			10.17	%			10.98	%	9/1/2018		$	15,000,000				14,717,540				14,735,250				1.04	%		H/L
InMobi, Inc. (Singapore)		First Lien Delayed Draw Tranche 1 Term Loan		LIBOR (M)			0.33	%			10.17	%			N/A		9/1/2018		$	–				-				-				-			H
InMobi, Inc. (Singapore)		First Lien Delayed Draw Tranche 1 Term Loan		LIBOR (M)			0.33	%			10.17	%			N/A		9/1/2018		$	–				-				-				-			H
																								14,717,540				14,735,250				1.04	%
Air Transportation
Mesa Air Group, Inc.		Acquisition Loan		LIBOR (M)			-				7.25	%			7.81	%	7/15/2022		$	14,545,227				14,324,197				14,836,131				1.05	%
Apparel Manufacturing
Broder Bros., Co.		First Lien Term Loan (First Out)		LIBOR (Q)			1.25	%			5.75	%			7.00	%	6/3/2021		$	9,760,000				9,592,010				9,711,200				0.69	%
Broder Bros., Co.		First Lien Term Loan B (Last Out)		LIBOR (Q)			1.25	%			12.25	%			13.50	%	6/3/2021		$	9,840,000				9,675,719				9,741,600				0.69	%
JH Apparel Holdings, LLC		First Lien FILO Term Loan		LIBOR (M)			1.00	%			9.60	%			10.60	%	4/8/2019		$	2,953,456				2,940,331				2,982,990				0.21	%
																								22,208,060				22,435,790				1.59	%
Building Equipment Contractors
Hylan Datacom & Electrical, LLC		First Lien Delayed Draw Term Loan		LIBOR (Q)			1.00	%			7.50	%			8.50	%	7/25/2021		$	–				-				-				-
Hylan Datacom & Electrical, LLC		First Lien Term Loan		LIBOR (Q)			1.00	%			7.50	%			8.50	%	7/25/2021		$	14,386,131				14,173,719				14,172,065				1.00	%
																								14,173,719				14,172,065				1.00	%
Business Support Services
Enerwise Global Technologies, Inc.		Sr Secured Revolving Loan		LIBOR (Q)			0.23	%			8.52	%			N/A		11/30/2018		$	–				(22,700	)			(24,400	)			-			K
Enerwise Global Technologies, Inc.		Sr Secured Term Loan (1.0% Exit Fee)		LIBOR (Q)			0.23	%			9.27	%			9.92	%	11/30/2019		$	23,937,500				23,785,168				23,791,481				1.68	%		L
STG-Fairway Acquisitions, Inc. (First Advantage)		Second Lien Term Loan		LIBOR (Q)			1.00	%			9.25	%			10.25	%	6/30/2023		$	31,000,000				30,574,535				31,093,000				2.19	%
																								54,337,003				54,860,081				3.87	%
Chemicals
Anuvia Plant Nutrients Holdings, LLC		Sr Secured Term Loan (8.0% Exit Fee)		LIBOR (Q)			-				10.63	%			12.15	%	2/1/2018		$	9,053,891				9,480,486				9,650,996				0.68	%		L
Green Biologics, Inc.		Sr Secured Delayed Draw Term Loan (10.0% Exit Fee)		Prime Rate			-				7.75	%			11.25	%	5/1/2018		$	15,000,000				15,340,950				14,694,750				1.04	%		L
																								24,821,436				24,345,746				1.72	%
Communications Equipment Manufacturing
Globecomm Systems, Inc.		First Lien Term Loan		LIBOR (Q)			1.25	%			7.63	%			8.88	%	12/11/2018		$	14,517,321				14,372,148				14,517,320				1.02	%		B
Globecomm Systems, Inc.		First Lien Series A Term Loan		LIBOR (Q)			1.25	%			7.63	%			N/A		12/11/2018		$	–				-				-				-			B
Triangle Acquisition Co. (Polycom)		First Lien Term Loan		LIBOR (Q)			1.00	%			6.50	%			7.50	%	9/29/2023		$	5,000,000				4,800,000				4,825,000				0.34	%
																								19,172,148				19,342,320				1.36	%
Computer Equipment Manufacturing
Silicon Graphics  International Corp.		First Lien Term Loan		LIBOR (Q)			1.00	%			9.00	%			10.00	%	7/27/2018		$	15,846,397				15,677,901				16,140,347				1.14	%		J
Computer Systems Design and Related Services
Dealersocket, Inc.		Senior Secured 1st Lien Term Loan		LIBOR (M)			1.00	%			10.00	%			11.00	%	2/10/2021		$	17,500,000				16,858,354				17,272,500				1.22	%
MSC Software Corporation		Second Lien Term Loan		LIBOR (M)			1.00	%			7.50	%			8.50	%	5/29/2021		$	6,993,035				6,949,718				6,853,175				0.49	%
Marketo, Inc.		First Lien Term Loan		LIBOR (Q)			1.00	%			9.50	%			10.50	%	8/16/2021		$	23,295,455				22,605,970				22,596,591				1.59	%
Marketo, Inc.		Senior Secured Revolver		LIBOR (Q)			1.00	%			9.50	%			10.50	%	8/16/2021		$	–				(49,877	)			(51,135	)			-			K
OnX Enterprise Solutions, Ltd. (Canada)		First Lien Term Loan B		LIBOR (Q)			-				8.00	%			8.75	%	9/3/2018		$	2,319,933				2,319,933				2,319,933				0.16	%		H
OnX Enterprise Solutions, Ltd. (Canada)		First Lien Term Loan		LIBOR (Q)			-				8.00	%			8.75	%	9/3/2018		$	10,346,667				10,287,679				10,346,667				0.73	%		H
OnX USA, LLC		First Lien Term Loan B		LIBOR (Q)			-				8.00	%			8.75	%	9/3/2018		$	3,749,867				3,749,867				3,749,867				0.26	%
OnX USA, LLC		First Lien Term Loan		LIBOR (Q)			-				8.00	%			8.75	%	9/3/2018		$	3,173,333				3,160,481				3,173,333				0.22	%
Waterfall International, Inc.		First Lien Delayed Draw Term Loan (3.0% Exit Fee)		LIBOR (Q)			-				11.67	%			12.48	%	9/1/2018		$	4,800,000				4,798,895				4,779,360				0.34	%		L
																								70,681,020				71,040,291				5.01	%
Data Processing and Hosting Services
Rightside Group, Ltd.		Second Lien Term Loan		LIBOR (Q)			0.50	%			8.75	%			9.63	%	8/6/2019		$	4,562,500				3,964,688				4,608,125				0.33	%
United TLD Holdco, Ltd. (Rightside) (Cayman Islands)		Second Lien Term Loan		LIBOR (Q)			0.50	%			8.75	%			9.63	%	8/6/2019		$	9,125,000				7,929,375				9,216,250				0.65	%		H
																								11,894,063				13,824,375				0.98	%
Electric Power Generation, Transmission and Distribution
Holocene Renewable Energy Fund 3, LLC (Conergy)		First Lien Term Loan		Fixed			-				9% Cash + 1% PIK				10.00	%	9/10/2017		$	7,518,173				7,480,132				7,442,991				0.53	%
CGY UK Portfolio I Borrower LLC, (Conergy)		Senior Secured 1st Lien Term Loan		LIBOR (Q)			-				9.00	%			9.85	%	3/3/2018		$	3,951,020				3,862,845				3,911,510				0.28	%
																								11,342,977				11,354,501				0.81	%
Electronic Component Manufacturing
Redaptive, Inc.		First Lien Delayed Draw Term Loan		LIBOR (Q)			-				10.72	%			N/A		7/1/2018		$	–				(84,877	)			-				-			K
Soraa, Inc.		Tranche A Term Loan (3.0% Exit Fee)		LIBOR (Q)			0.44	%			9.33	%			10.15	%	3/1/2018		$	18,563,581				18,170,569				18,164,464				1.28	%		L
Soraa, Inc.		Tranche B Term Loan		LIBOR (Q)			0.44	%			9.33	%			10.15	%	9/1/2017		$	1,603,779				1,539,706				1,548,689				0.11	%
																								19,625,398				19,713,153				1.39	%
Equipment Leasing
36th Street Capital Partners Holdings, LLC		Senior Note		Fixed			-				12.00	%			12.00	%	11/1/2020		$	24,180,718				24,180,718				24,180,718				1.71	%		E/F
Essex Ocean, LLC (Solexel)		Sr Secured Term Loan		Fixed			-				8.00	%			8.00	%	8/15/2018		$	1,928,731				1,928,731				1,967,306				0.14	%
																								26,109,449				26,148,024				1.85	%

																											Fair Value				% of Total Cash and Investments
Issuer		Instrument		Ref		Floor				Spread				Total Coupon			Maturity		Principal				Cost												Notes
Debt Investments (continued)
Facilities Support Services
NANA Development Corp.		First Lien Term Loan B		LIBOR (M)			1.25	%			6.75	%			8.00	%	3/15/2018		$	1,055,416			$	991,404			$	997,368				0.07	%
Financial Investment Activities
iPayment, Inc.		First Lien Term Loan B2		LIBOR (Q)			1.50	%			5.25	%			6.75	%	5/8/2017		$	12,304,553				12,015,428				11,689,326				0.83	%
Magnolia Finance V plc (Cayman Islands)		Asset-Backed Credit Linked Notes		Fixed			-				13.13	%			13.13	%	8/2/2021		$	15,000,000				15,000,000				14,926,500				1.05	%		E/H
																								27,015,428				26,615,826				1.88	%
Gaming
AP Gaming I, LLC		First Lien Revolver		LIBOR (M)			-				8.25	%			N/A		12/20/2018		$	–				(1,707,675	)			(1,125,000	)			(0.08	%)		K
Grocery Stores
Bashas, Inc.		First Lien FILO Term Loan		LIBOR (M)			1.50	%			8.80	%			10.30	%	10/8/2019		$	9,362,778				9,326,959				9,456,406				0.67	%
Hospitals
KPC Healthcare, Inc.		First Lien Term Loan		LIBOR (Q)			1.00	%			9.50	%			10.50	%	8/28/2020		$	15,821,501				15,527,235				16,194,097				1.14	%
Pacific Coast Holdings Investment, LLC		Senior Secured 1st Lien Delayed Draw Term Loan		LIBOR (M)			2.00	%			9.70	%			11.70	%	10/23/2019		$	10,828,233				10,762,079				10,828,233				0.76	%
																								26,289,314				27,022,330				1.90	%
Insurance Carriers
JSS Holdings, Inc.		First Lien Term Loan		LIBOR (Q)			1.00	%			6.50	%			7.50	%	8/31/2021		$	3,800,000				3,735,379				3,781,000				0.27	%
US Apple Holdco, LLC (Ventiv Technology)		First Lien Term Loan		LIBOR (Q)			0.50	%			13.62	%			14.50	%	8/29/2019		$	20,015,152				19,495,681				20,015,152				1.41	%
																								23,231,060				23,796,152				1.68	%
Insurance Related Activities
Acrisure, LLC		Second Lien Notes		LIBOR (Q)			1.00	%			9.00	%			10.00	%	11/19/2022		$	28,999,999				28,618,700				28,999,999				2.05	%
Acrisure, LLC		Second Lien Incremental Notes		LIBOR (Q)			1.00	%			9.00	%			10.00	%	11/19/2022		$	6,000,000				5,943,055				6,000,000				0.42	%
																								34,561,755				34,999,999				2.47	%
Lessors of Nonfinancial Licenses
ABG Intermediate Holdings 2, LLC		Second Lien Term Loan		LIBOR (Q)			1.00	%			8.50	%			9.50	%	5/27/2022		$	16,573,588				16,430,136				16,283,550				1.15	%
ABG Intermediate Holdings 2, LLC		Second Lien Incremental Term Loan		LIBOR (Q)			1.00	%			8.50	%			9.50	%	5/27/2022		$	3,426,412				3,396,188				3,366,450				0.24	%
																								19,826,324				19,650,000				1.39	%
Management, Scientific, and Technical Consulting Services
Dodge Data & Analytics, LLC		First Lien Term Loan		LIBOR (Q)			1.00	%			8.75	%			9.75	%	10/31/2019		$	24,170,030				23,748,562				23,573,030				1.66	%
Medical Equipment and Supplies Manufacturing
Bioventus, LLC		Second Lien Term Loan		LIBOR (Q)			1.00	%			10.00	%			11.00	%	4/10/2020		$	11,000,000				10,844,831				11,027,500				0.78	%
Motion Picture and Video Industries
CORE Entertainment, Inc.		First Lien Term Loan		Fixed			-				11.00	%			11.00	%	6/21/2017		$	9,462,231				9,497,311				4,315,251				0.30	%		C
CORE Entertainment, Inc.		Second Lien Term Loan		Fixed			-				15.50	%			15.50	%	6/21/2018		$	7,569,785				7,700,187				297,493				0.02	%		C
																								17,197,498				4,612,744				0.32	%
Nondepository Credit Intermediation
Caribbean Financial Group (Cayman Islands)		Sr Secured Notes		Fixed			-				11.50	%			11.50	%	11/15/2019		$	28,678,000				28,560,113				29,108,170				2.05	%		E/G/H
Daymark Financial Acceptance, LLC		First Lien Delayed Draw Term Loan		LIBOR (M)			-				9.50	%			10.02	%	1/12/2020		$	17,500,000				17,283,898				17,263,750				1.22	%
Greystone Select Holdings, LLC		First Lien Term Loan		LIBOR (Q)			1.00	%			8.00	%			9.00	%	3/26/2021		$	16,102,989				15,945,396				15,933,907				1.13	%
Trade Finance Funding I, Ltd. (Cayman Islands)		Secured Class B Notes		Fixed			-				10.75	%			10.75	%	11/13/2018		$	15,084,000				15,084,000				14,857,740				1.05	%		E/H
																								76,873,407				77,163,567				5.45	%
Other Chemical Product and Preparation Manufacturing
Nanosys, Inc.		First Lien Delayed Draw Term Loan (3.5% Exit Fee)		LIBOR (Q)			-				9.81	%			10.69	%	4/1/2019		$	7,000,000				6,448,006				6,740,300				0.48	%		L
Other Information Services
Asset International, Inc.		Delayed Draw Term Loan		LIBOR (M)			1.00	%			7.00	%			N/A		7/31/2020		$	–				(24,780	)			(56,427	)			-			K
Asset International, Inc.		Revolver Loan		LIBOR (M)			1.00	%			7.00	%			N/A		7/31/2020		$	–				(11,672	)			(26,580	)			-			K
Asset International, Inc.		First Lien Term Loan		LIBOR (M)			1.00	%			7.00	%			8.00	%	7/31/2020		$	15,506,085				15,293,023				15,086,646				1.06	%
Simmons Research, LLC		First Lien Term Loan		LIBOR (Q)			0.50	%			10.50	%			11.38	%	12/11/2020		$	4,936,601				4,849,352				4,899,576				0.35	%
SoundCloud Ltd. (United Kingdom)		Sr Secured Term Loan (2.0% Exit Fee)		LIBOR (M)			0.28	%			10.72	%			11.60	%	10/1/2018		$	31,550,000				31,562,496				32,039,060				2.26	%		H/L
TCH-2 Holdings, LLC (TravelClick)		Second Lien Term Loan		LIBOR (M)			1.00	%			7.75	%			8.75	%	11/6/2021		$	19,988,392				19,760,997				19,788,509				1.40	%		G
																								71,429,416				71,730,784				5.07	%
Other Manufacturing
AGY Holding Corp.		Sr Secured Term Loan		Fixed			-				12.00	%			12.00	%	9/15/2018		$	4,869,577				4,869,577				4,869,577				0.34	%		B
AGY Holding Corp.		Second Lien Notes		Fixed			-				11.00	%			11.00	%	11/15/2016		$	9,268,000				7,586,317				9,268,000				0.65	%		B/E
AGY Holding Corp.		Delayed Draw Term Loan		Fixed			-				12.00	%			12.00	%	9/15/2018		$	–				-				-				-			B
Boomerang Tube, LLC		Subordinated Notes		LIBOR (M)			-				17.50	%			17.50	%	2/1/2021		$	1,030,741				1,030,741				149,458				0.01	%		C
																								13,486,635				14,287,035				1.00	%
Other Publishing
Bisnow, LLC		First Lien Revolver		LIBOR (Q)			-				9.00	%			N/A		4/29/2021		$	–				(24,000	)			(22,200	)			-			K
Bisnow, LLC		First Lien Term Loan		LIBOR (Q)			-				9.00	%			9.88	%	4/29/2021		$	8,614,356				8,453,191				8,459,298				0.60	%
																								8,429,191				8,437,098				0.60	%
Other Telecommunications
Securus Technologies, Inc.		Second Lien Term Loan		LIBOR (Q)			1.25	%			7.75	%			9.00	%	4/30/2021		$	10,387,097				10,283,226				10,043,024				0.71	%
Pharmaceuticals
Lantheus Medical Imaging, Inc.		First Lien Term Loan		LIBOR (Q)			1.00	%			6.00	%			7.00	%	6/30/2022		$	9,277,833				8,785,818				9,115,471				0.64	%
Plastics Manufacturing
Iracore International, Inc.		Sr Secured Notes		Fixed			-				9.50	%			9.50	%	6/1/2018		$	13,600,000				13,600,000				7,208,000				0.51	%		E/G

																											Fair Value				% of Total Cash and Investments
Issuer		Instrument		Ref		Floor				Spread				Total Coupon			Maturity		Principal				Cost												Notes
Debt Investments (continued)
Radio and Television Broadcasting
Fuse, LLC		Sr Secured Notes		Fixed			-				10.38	%			10.38	%	7/1/2019		$	7,312,000			$	7,312,000			$	5,027,000				0.35	%		E/G
NEP/NCP Holdco, Inc.		Second Lien Term Loan		LIBOR (M)			1.25	%			8.75	%			10.00	%	7/22/2020		$	15,981,496				15,709,496				16,101,357				1.14	%
																								23,021,496				21,128,357				1.49	%
Restaurants
RM OpCo, LLC (Real Mex)		Convertible Second Lien Term Loan Tranche B-1		Fixed			-				8.50	%			8.50	%	3/30/2018		$	1,902,207				1,902,207				1,902,207				0.13	%		B
RM OpCo, LLC (Real Mex)		First Lien Term Loan Tranche A		Fixed			-				7.00	%			7.00	%	3/30/2018		$	4,864,613				4,581,227				4,864,613				0.34	%		B
RM OpCo, LLC (Real Mex)		Second Lien Term Loan Tranche B		Fixed			-				8.50	%			8.50	%	3/30/2018		$	9,478,043				9,478,043				3,981,726				0.28	%		B
RM OpCo, LLC (Real Mex)		Second Lien Term Loan Tranche B-1		Fixed			-				8.50	%			8.50	%	3/30/2018		$	2,984,959				2,969,537				2,984,959				0.21	%		B
RM OpCo, LLC (Real Mex)		Sr Convertible Second Lien Term Loan B		Fixed			-				8.50	%			8.50	%	3/30/2018		$	3,422,601				3,422,601				3,422,601				0.24	%		B
																								22,353,615				17,156,106				1.20	%
Retail
Bon-Ton, Inc.		First Lien Tranche A-1 Revolver		LIBOR (Q)			1.00	%			9.50	%			10.50	%	3/15/2021		$	4,432,934				4,344,275				4,388,604				0.31	%
Gander Mountain Company		Second Lien Term Loan		LIBOR (Q)			-				9.50	%			10.33	%	6/15/2018		$	11,465,152				11,360,266				11,350,501				0.80	%
The Gymboree Corporation		First Lien Term Loan		LIBOR (Q)			-				10.25	%			11.09	%	9/24/2020		$	9,704,432				9,519,691				9,530,723				0.67	%
Kenneth Cole Productions, Inc.		First Lien FILO Term Loan		LIBOR (M)			1.00	%			8.50	%			9.50	%	9/25/2020		$	20,672,789				20,479,758				20,879,517				1.47	%
																								45,703,990				46,149,345				3.25	%
Satellite Telecommunications
Avanti Communications Group, PLC (United Kingdom)		Sr Secured Notes		Fixed			-				10.00	%			10.00	%	10/1/2019		$	9,393,000				9,393,000				7,509,506				0.53	%		E/G/H
Scientific Research and Development Services
BPA Laboratories, Inc.		Senior Secured Notes		Fixed			-				12.25	%			12.25	%	4/1/2017		$	38,932,000				39,001,750				39,061,760				2.76	%		E/G
Software Publishing
Acronis International GmbH (Switzerland)		First Lien Term Loan		LIBOR (Q)			1.00	%			11.00	%			12.00	%	6/9/2017		$	28,336,513				28,303,218				28,121,155				1.98	%		H
ArcServe (USA), LLC		Second Lien Term Loan		LIBOR (Q)			0.50	%			8.5% Cash + 1.25% PIK				10.60	%	1/31/2020		$	30,124,704				29,727,413				28,312,703				2.00	%
Aptos Inc.		First Lien Term Loan		LIBOR (Q)			1.00	%			6.75	%			7.75	%	9/1/2022		$	10,000,000				9,800,200				9,800,000				0.69	%
Autoalert, LLC		First Lien Term Loan		LIBOR (Q)			0.25	%			4.75% Cash + 4% PIK				9.63	%	3/31/2019		$	35,627,947				35,232,825				35,531,752				2.51	%
BlackLine Systems, Inc.		First Lien Acquisition Term Loan		LIBOR (Q)			1.50	%			3.25% Cash + 4.75% PIK				9.50	%	9/25/2018		$	9,593,227				9,500,850				9,503,530				0.67	%
BlackLine Systems, Inc.		First Lien Term Loan		LIBOR (Q)			1.50	%			3.25% Cash + 4.75% PIK				9.50	%	9/25/2018		$	15,347,165				14,711,503				15,203,669				1.07	%
BlackLine Systems, Inc.		Senior Secured 1st Lien Incremental Term Loan		LIBOR (Q)			1.50	%			3.25% Cash + 4.75% PIK				9.50	%	9/25/2018		$	3,868,410				3,808,441				3,832,240				0.27	%
BlackLine Systems, Inc.		Senior Secured Revolver		LIBOR (Q)			0.50	%			6.00	%			6.50	%	9/25/2018		$	–				-				-				-
Bluehornet Networks, Inc.		First Lien Term Loan		LIBOR (Q)			-				9.50	%			10.36	%	12/3/2020		$	5,837,798				5,732,817				5,837,798				0.41	%
Edmentum, Inc.		Jr Revolving Facility		Fixed			-				5.00	%			5.00	%	6/9/2020		$	-				-				-				-			B
Edmentum Ultimate Holdings, LLC		Sr PIK Notes		Fixed			-				8.50	%			8.50	%	6/9/2020		$	2,784,444				2,784,444				2,784,444				0.20	%		B
Edmentum Ultimate Holdings, LLC		Jr PIK Notes		Fixed			-				10.00	%			10.00	%	6/9/2020		$	12,708,557				12,176,942				12,225,632				0.86	%		B
Fidelis Acquisitionco, LLC		First Lien Term Loan		LIBOR (Q)			1.00	%			8.00	%			9.00	%	11/4/2019		$	42,565,572				41,947,258				42,246,330				2.98	%
Fidelis Acquisitionco, LLC		Sr Secured Revolver		LIBOR (Q)			1.00	%			8.00	%			9.00	%	11/4/2019		$	3,182,143				3,182,143				3,158,277				0.22	%
Newscycle Solutions, Inc.		Second Lien Term Loan		LIBOR (Q)			-				13.00	%			13.83	%	9/10/2021		$	11,513,362				11,181,123				11,255,463				0.79	%
Newscycle Solutions AB		Second Lien Term Loan B		LIBOR (Q)			-				13.00	%			13.83	%	9/10/2021		$	11,513,362				11,181,123				11,255,463				0.79	%
Soasta, Inc.		Senior Secured 1st Lien Term Loan (4.0% Exit Fee)		LIBOR (Q)			-				9.56	%			10.44	%	4/1/2019		$	17,880,435				17,699,921				17,777,622				1.25	%		L
Utilidata, Inc.		First Lien Delayed Draw Term Loan (1.0% Exit Fee)		LIBOR (M)			0.62	%			9.88	%			10.69	%	1/1/2019		$	3,200,000				3,120,904				3,040,000				0.21	%		L
Virgin Pulse Inc.		First Lien Term Loan		LIBOR (Q)			-				8.00	%			8.88	%	5/21/2020		$	7,500,000				7,416,185				7,500,000				0.53	%
																								247,507,310				247,386,078				17.43	%
Textile Furnishings Mills
Lexmark Carpet Mills, Inc.		First Lien Term Loan		LIBOR (Q)			1.00	%			10.00	%			11.00	%	12/19/2019		$	23,038,235				23,038,235				22,653,496				1.60	%
Lexmark Carpet Mills, Inc.		First Lien Term Loan B		LIBOR (Q)			1.00	%			10.00	%			11.00	%	12/19/2019		$	7,902,650				7,749,659				7,770,676				0.55	%
																								30,787,894				30,424,172				2.15	%
Utility System Construction
Kawa Solar Holdings Limited		Bank Guarantee Credit Facility		Fixed			-				8.2% Cash + 3.5% PIK				11.70	%	7/2/2017		$	21,089,833				21,089,833				20,704,944				1.46	%		F
Kawa Solar Holdings Limited		Revolving Credit Facility		Fixed			-				8.20	%			8.20	%	7/2/2017		$	4,000,000				4,000,000				4,000,000				0.28	%		F
																								25,089,833				24,704,944				1.74	%
Wholesalers
NILCO, LLC		First Lien Term Loan		LIBOR (Q)			1.00	%			9.50	%			10.50	%	9/1/2021		$	21,289,225				20,655,468				20,650,548				1.46	%
Wired Telecommunications Carriers
Alpheus Communications, LLC		First Lien Delayed Draw FILO Term Loan		LIBOR (Q)			1.00	%			7.42	%			8.42	%	5/31/2018		$	334,243				330,920				328,959				0.02	%
Alpheus Communications, LLC		First Lien Delayed Draw FILO Term Loan		LIBOR (Q)			1.00	%			7.42	%			8.42	%	5/31/2018		$	1,355,968				1,345,325				1,328,879				0.09	%
Alpheus Communications, LLC		First Lien FILO Term Loan		LIBOR (Q)			1.00	%			7.42	%			8.42	%	5/31/2018		$	7,304,093				7,231,480				7,166,776				0.51	%
Integra Telecom Holdings, Inc.		Second Lien Term Loan		LIBOR (Q)			1.25	%			8.50	%			9.75	%	2/22/2020		$	13,231,193				13,072,471				12,613,746				0.89	%
Oxford County Telephone and Telegraph Company		First Lien Term Loan		LIBOR (Q)			1.00	%			7.13	%			8.13	%	8/31/2020		$	3,955,000				3,906,296				3,942,740				0.28	%
U.S. TelePacific Corp.		First Lien Notes		LIBOR (Q)			1.00	%			8.50	%			9.50	%	2/24/2021		$	10,000,000				9,701,998				9,719,000				0.69	%
																								35,588,490				35,100,100				2.48	%
Wireless Telecommunications Carriers
Gogo, LLC		Sr Secured Notes		Fixed			-				12.50	%			12.50	%	7/1/2022		$	10,000,000				10,000,000				10,816,670				0.76	%		E
Total Debt Investments																								1,241,644,130				1,221,182,288				86.16	%

																						Fair Value				% of Total Cash and Investments
Issuer		Instrument		Ref		Floor		Spread		Total Coupon		Maturity		Shares				Cost												Notes
Equity Securities
Advertising and Public Relations Services
InMobi, Inc. (Singapore)		Warrants to Purchase Stock													562,496			$	230,569			$	231,973				0.02	%		C/E/H
Air Transportation
Aircraft Leased to United Airlines, Inc.
United N659UA-767, LLC (N659UA)		Trust Beneficial Interests													683				3,341,416				3,288,050				0.23	%		E/F
United N661UA-767, LLC (N661UA)		Trust Beneficial Interests													688				3,472,159				3,324,395				0.23	%		E/F
Epic Aero, Inc. (One Sky)		Warrants to Purchase Common Stock													1,843				855,313				1,707,044				0.12	%		C/E
																			7,668,888				8,319,489				0.58	%
Business Support Services
Findly Talent, LLC		Membership Units													708,229				230,938				143,062				0.01	%		C/E
STG-Fairway Holdings, LLC (First Advantage)		Class A Units													841,479				325,432				1,716,028				0.12	%		C/E
																			556,370				1,859,090				0.13	%
Chemicals
Green Biologics, Inc.		Warrants to Purchase Stock													615,000				272,594				20,910				-			C/E
Communications Equipment Manufacturing
Wasserstein Cosmos Co-Invest, L.P. (Globecomm)		Limited Partnership Units													5,000,000				5,000,000				2,000,000				0.14	%		B/C/E
Computer Systems Design and Related Services
Waterfall International, Inc.		Series B Preferred Stock													1,428,571				1,000,000				1,065,143				0.07	%		C/E
Waterfall International, Inc.		Warrants to Purchase Stock													920,000				89,847				84,824				0.01	%		C/E
																			1,089,847				1,149,967				0.08	%
Data Processing and Hosting Services
Anacomp, Inc.		Class A Common Stock													1,255,527				26,711,048				1,393,635				0.10	%		C/E/F
Rightside Group, Ltd.		Warrants													498,855				2,778,622				686,883				0.05	%		C/E
																			29,489,670				2,080,518				0.15	%
Electrical Equipment Manufacturing
NEXTracker, Inc.		Series B Preferred Stock													558,884				-				3,240,969				0.23	%		C/E
NEXTracker, Inc.		Series C Preferred Stock													17,640				-				102,277				0.01	%		C/E
																			-				3,343,246				0.24	%
Electronic Component Manufacturing
Soraa, Inc.		Warrants to Purchase Common Stock													3,071,860				478,899				4,915				-			C/E
Equipment Leasing
36th Street Capital Partners Holdings, LLC		Membership Units													5,744,606				5,744,606				5,744,606				0.41	%		C/E/F
Essex Ocean II, LLC		Membership Units													199,430				123,028				172,905				0.01	%		C/E/F
																			5,867,634				5,917,511				0.42	%
Financial Investment Activities
GACP I, LP		Membership Units													12,162,730				12,281,867				12,378,269				0.87	%		C/E/I
Marsico Holdings, LLC		Common Interest Units													168,698				172,694				1,687				-			C/E/I
																			12,454,561				12,379,956				0.87	%
Metal and Mineral Mining
EPMC HoldCo, LLC		Membership Units													1,312,720				-				210,035				0.01	%		B/E
Other Chemical Products and Mineral Manufacturing
Nanosys, Inc.		Warrants to Purchase Common Stock													800,000				605,266				676,800				0.05	%		C/E
Other Information Services
SoundCloud, Ltd. (United Kingdom)		Warrants to Purchase Preferred Stock													946,498				79,082				77,802				0.01	%		C/E/H
Other Manufacturing
Boomerang Tube Holdings, Inc.		Common Stock													24,288				243				-				-			C/E
KAGY Holding Company, Inc.		Series A Preferred Stock													9,778				1,091,200				5,189,344				0.37	%		B/C/E
																			1,091,443				5,189,344				0.37	%
Radio and Television Broadcasting
Fuse Media, LLC		Warrants to Purchase Common Stock													233,470				300,322				-				-			C/E
Restaurants
RM Holdco, LLC (Real Mex)		Equity Participation													24				-				-				-			B/C/E
RM Holdco, LLC (Real Mex)		Membership Units													13,161,000				2,010,777				-				-			B/C/E
																			2,010,777				-				-
Retail
Shop Holding, LLC (Connexity)		Class A Units													507,167				480,049				5,072				-			C/E

																						Fair Value				% of Total Cash and Investments
Issuer		Instrument		Ref		Floor		Spread		Total Coupon		Maturity		Shares				Cost												Notes
Equity Securities (continued)
Software Publishing
Blackline Intermediate, Inc.		Warrants to Purchase Common Stock													1,232,731			$	522,678			$	2,830,844				0.20	%		C/E
Edmentum Ultimate Holdings, LLC		Class A Common Units													159,515				680,226				680,218				0.05	%		B/C/E
Soasta, Inc.		Warrants to Purchase Series F Preferred Stock													715,217				192,651				282,511				0.02	%		C/E
Utilidata, Inc.		Warrants to Purchase Stock													719,998				216,336				205,200				0.01	%		C/E
																			1,611,891				3,998,773				0.28	%
Utility System Construction
Kawa Solar Holdings Limited		Ordinary Shares													2,332,594				-				-				-			C/F
Wired Telecommunications Carriers
Integra Telecom, Inc.		Common Stock													1,274,522				8,433,884				5,269,511				0.37	%		C/E
Integra Telecom, Inc.		Warrants													346,939				19,920				162,645				0.01	%		C/E
V Telecom Investment S.C.A. (Vivacom) (Luxembourg)		Common Shares													1,393				3,236,256				2,350,047				0.17	%		C/D/E/H
																			11,690,060				7,782,203				0.55	%
Total Equity Securities																			80,977,922				55,247,604				3.90	%
Total Investments																		$	1,322,622,052			$	1,276,429,892
Cash and Cash Equivalents
Cash Denominated in Foreign Currencies																							14,354,800				1.01	%
Cash Held on Account at Various Institutions																							46,520,310				3.28	%
Wells Fargo Government Money Market Fund																							55,000,000				3.88	%
Bank Tokyo, Commercial Paper, 0.38%, due 10/07/16																							24,998,417				1.77	%
Cash and Cash Equivalents																							140,873,527				9.94	%
Total Cash and Investments																						$	1,417,303,419				100.00	%		M

Investment		Notional Amount				Fair Value
GBP, Put Option, $1.47370, expires 3/3/17		£	2,681,021			$	460,972

																											Fair Value				% of Total Cash and Investments
Issuer		Instrument		Ref		Floor				Spread				Total Coupon			Maturity		Principal				Cost												Notes
Debt Investments (A)
Accounting, Tax and Payroll Services
EGS Holdings, Inc. (Expert Global Solutions)		Holdco PIK Notes		LIBOR (A)			3.00	%			10.00	%			13.00	%	10/3/2018		$	64,783			$	64,783			$	64,783				0.01	%
Expert Global Solutions, LLC		Second Lien Term Loan		LIBOR (Q)			1.50	%			11.00	%			12.50	%	10/3/2018		$	15,249,675				15,041,186				15,249,675				1.25	%
																								15,105,969				15,314,458				1.26	%
Advertising and Public Relations Services
Doubleplay III Limited (Exterion Media) (United Kingdom)		First Lien Facility A1 Term Loan		EURIBOR (Q)			1.25	%			5.75	%			7.00	%	3/18/2018		€	12,249,157				15,931,220				13,171,984				1.08	%		D/H
InMobi, Inc. (Singapore)		First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee)		LIBOR (M)			0.33	%			10.17	%			10.50	%	9/1/2018		$	13,145,041				12,695,719				12,776,341				1.05	%		H/L
InMobi, Inc. (Singapore)		First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee)		LIBOR (M)			0.33	%			10.17	%			N/A		9/1/2018		$	-				-				-				-			H/L
InMobi, Inc. (Singapore)		First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee)		LIBOR (M)			0.33	%			10.17	%			N/A		9/1/2018		$	-				-				-				-			H/L
																								28,626,939				25,948,325				2.13	%
Air Transportation
Aircraft Leased to Delta Air Lines, Inc.
N913DL		Aircraft Secured Mortgage		Fixed			-				8.00	%			8.00	%	3/15/2017		$	114,196				114,196				115,617				0.01	%		F
N918DL		Aircraft Secured Mortgage		Fixed			-				8.00	%			8.00	%	8/15/2018		$	233,219				233,219				237,494				0.02	%		F
N954DL		Aircraft Secured Mortgage		Fixed			-				8.00	%			8.00	%	3/20/2019		$	336,554				336,554				342,734				0.03	%		F
N955DL		Aircraft Secured Mortgage		Fixed			-				8.00	%			8.00	%	6/20/2019		$	362,232				362,232				369,162				0.03	%		F
N956DL		Aircraft Secured Mortgage		Fixed			-				8.00	%			8.00	%	5/20/2019		$	358,380				358,380				365,197				0.03	%		F
N957DL		Aircraft Secured Mortgage		Fixed			-				8.00	%			8.00	%	6/20/2019		$	365,401				365,401				372,392				0.03	%		F
N959DL		Aircraft Secured Mortgage		Fixed			-				8.00	%			8.00	%	7/20/2019		$	372,361				372,361				379,522				0.03	%		F
N960DL		Aircraft Secured Mortgage		Fixed			-				8.00	%			8.00	%	10/20/2019		$	396,169				396,169				403,869				0.03	%		F
N961DL		Aircraft Secured Mortgage		Fixed			-				8.00	%			8.00	%	8/20/2019		$	385,667				385,667				393,115				0.03	%		F
N976DL		Aircraft Secured Mortgage		Fixed			-				8.00	%			8.00	%	2/15/2018		$	214,686				214,686				218,321				0.02	%		F
Aircraft Leased to United Airlines, Inc.
N659UA		Aircraft Secured Mortgage		Fixed			-				12.00	%			12.00	%	2/28/2016		$	313,315				313,315				318,980				0.03	%		F
N661UA		Aircraft Secured Mortgage		Fixed			-				12.00	%			12.00	%	5/4/2016		$	557,684				557,684				570,303				0.05	%		F
Cargojet Airways LTD. (Canada)		Aircraft Acquisition Loan A		LIBOR (M)			-				8.50	%			8.75	%	1/31/2023		$	14,250,773				13,982,969				14,252,198				1.17	%		H
Cargojet Airways LTD. (Canada)		Aircraft Acquisition Loan A1		LIBOR (M)			-				8.50	%			N/A		1/31/2023		$	-				-				-				-			H
Mesa Air Group, Inc.		Acquisition Delayed Draw Loan		LIBOR (M)			-				7.25	%			N/A		6/17/2019		$	-				-				278,288				0.02	%
Mesa Air Group, Inc.		Acquisition Loan		LIBOR (M)			-				7.25	%			7.62	%	7/15/2022		$	15,997,019				15,724,234				16,324,958				1.34	%
																								33,717,067				34,942,150				2.87	%
Apparel Manufacturing
Broder Bros., Co.		First Lien Term Loan A (First Out)		LIBOR (Q)			1.25	%			5.75	%			7.00	%	6/3/2021		$	9,940,000				9,743,116				9,741,200				0.80	%
Broder Bros., Co.		First Lien Term Loan B (Last Out)		LIBOR (Q)			1.25	%			12.25	%			13.50	%	6/3/2021		$	9,960,000				9,762,553				9,760,800				0.80	%
JH Apparel Holdings, LLC		First Lien FILO Term Loan		LIBOR (M)			1.00	%			9.60	%			10.60	%	4/8/2019		$	3,669,926				3,645,226				3,669,926				0.30	%
																								23,150,895				23,171,926				1.90	%
Business Support Services
Enerwise Global Technologies, Inc.		Sr Secured Revolving Loan		LIBOR (Q)			0.23	%			8.52	%			8.75	%	11/30/2017		$	-				(69,938	)			(123,750	)			(0.01	%)		K
Enerwise Global Technologies, Inc.		Sr Secured Term Loan (1.0% Exit Fee)		LIBOR (Q)			0.23	%			9.27	%			9.50	%	11/30/2019		$	17,281,250				17,043,402				16,996,109				1.39	%		L
STG-Fairway Acquisitions, Inc. (First Advantage)		Second Lien Term Loan		LIBOR (Q)			1.00	%			9.25	%			10.25	%	6/30/2023		$	31,000,000				30,546,700				31,883,500				2.62	%
																								47,520,164				48,755,859				4.00	%
Chemicals
Anuvia Plant Nutrients Holdings, LLC		Sr Secured Term Loan (8.0 % Exit Fee)		LIBOR (M)			0.23	%			10.27	%			10.50	%	2/1/2018		$	7,700,000				7,993,675				8,059,280				0.66	%		L
BioAmber, Inc.		Sr Secured Term Loan (8.25% Exit Fee)		LIBOR (M)			0.23	%			9.27	%			9.50	%	12/1/2017		$	10,000,000				10,226,245				10,509,000				0.86	%		L
Green Biologics, Inc.		Sr Secured Delayed Draw Term Loan (10.0% Exit Fee)		Prime Rate			-				7.75	%			11.25	%	5/1/2018		$	15,000,000				14,927,838				15,175,500				1.25	%		L
																								33,147,758				33,743,780				2.77	%
Communications Equipment Manufacturing
Globecomm Systems, Inc.		First Lien Term Loan		LIBOR (Q)			1.25	%			7.63	%			8.88	%	12/11/2018		$	14,629,280				14,482,987				14,256,233				1.17	%		B
Computer Equipment Manufacturing
Silicon Graphics International Corp.		First Lien Term Loan		LIBOR (Q)			1.00	%			9.00	%			10.00	%	7/27/2018		$	18,432,723				18,157,715				18,570,968				1.52	%		J
Computer Systems Design and Related Services
Autoalert, LLC		First Lien Term Loan		LIBOR (Q)			0.25	%			4.75% Cash + 4% PIK				9.00	%	3/31/2019		$	34,564,922				34,069,278				34,459,499				2.83	%
MSC Software Corporation		Second Lien Term Loan		LIBOR (M)			1.00	%			7.50	%			8.50	%	5/29/2021		$	6,993,035				6,938,605				6,153,871				0.51	%
OnX Enterprise Solutions, Ltd. (Canada)		First Lien Term Loan B		LIBOR (Q)			-				8.00	%			8.32	%	9/3/2018		$	2,337,733				2,337,733				2,355,266				0.19	%		H
OnX Enterprise Solutions, Ltd. (Canada)		First Lien Term Loan		LIBOR (Q)			-				7.00	%			7.32	%	9/3/2018		$	10,426,667				10,343,578				10,322,400				0.85	%		H
OnX USA, LLC		First Lien Term Loan B		LIBOR (Q)			-				8.00	%			8.32	%	9/3/2018		$	4,675,467				4,675,467				4,710,533				0.39	%
OnX USA, LLC		First Lien Term Loan		LIBOR (Q)			-				7.00	%			7.32	%	9/3/2018		$	5,213,333				5,175,467				5,161,200				0.42	%
Vistronix, LLC		First Lien Revolver		LIBOR (Q)			0.50	%			8.50	%			9.00	%	12/4/2018		$	365,437				361,329				365,437				0.03	%
Vistronix, LLC		First Lien Term Loan		LIBOR (M)			0.50	%			8.50	%			9.00	%	12/4/2018		$	6,205,583				6,155,701				6,050,443				0.50	%
Waterfall International, Inc.		First Lien Delayed Draw Term Loan		LIBOR (Q)			-				11.67	%			12.00	%	9/1/2018		$	4,800,000				4,678,943				4,733,280				0.39	%
																								74,736,101				74,311,929				6.11	%
Data Processing and Hosting Services
Asset International, Inc.		Delayed Draw Term Loan		LIBOR (M)			1.00	%			7.00	%			8.00	%	7/31/2020		$	3,430,383				3,396,023				3,404,827				0.28	%
Asset International, Inc.		Revolver Loan		LIBOR (M)			1.00	%			7.00	%			8.00	%	7/31/2020		$	242,376				234,663				242,376				0.02	%
Asset International, Inc.		First Lien Term Loan		LIBOR (M)			1.00	%			7.00	%			8.00	%	7/31/2020		$	8,109,426				7,979,611				8,050,389				0.66	%
Rightside Group, Ltd.		Second Lien Term Loan		LIBOR (Q)			0.50	%			8.75	%			9.38	%	8/6/2019		$	4,750,000				3,991,890				4,828,375				0.40	%
United TLD Holdco, Ltd. (Rightside) (Cayman Islands)		Second Lien Term Loan		LIBOR (Q)			0.50	%			8.75	%			9.38	%	8/6/2019		$	9,500,000				7,983,779				9,656,750				0.79	%		H
																								23,585,966				26,182,717				2.15	%

																											Fair Value				% of Total Cash and Investments
Issuer		Instrument		Ref		Floor				Spread				Total Coupon			Maturity		Principal				Cost												Notes
Debt Investments (continued)
Electric Power Generation, Transmission and Distribution
Holocene Renewable Energy Fund 3, LLC (Conergy)		First Lien Term Loan		Fixed			-				9% Cash + 1% PIK				10.00	%	9/10/2017		$	7,461,240			$	7,397,199			$	7,386,628				0.61	%
Electrical Equipment Manufacturing
API Technologies Corp.		First Lien Term Loan		LIBOR (Q)			1.50	%			8.50	%			10.00	%	2/6/2018		$	6,165,986				6,130,433				6,058,081				0.50	%
API Technologies Corp.		First Lien Term Loan		LIBOR (Q)			1.50	%			8.50	%			10.00	%	2/6/2018		$	3,991,338				3,921,387				3,921,490				0.32	%
																								10,051,820				9,979,571				0.82	%
Electronic Component Manufacturing
Central MN Renewables, LLC (Green Biologics)		Sr Secured Revolver (3.0% Exit Fee)		Fixed			-				8.25	%			N/A		1/1/2016		$	-				-				-				-			L
Redaptive, Inc.		First Lien Delayed Draw Term Loan		LIBOR (Q)			-				10.72	%			N/A		7/1/2018		$	-				(121,106	)			-				-			K
Soraa, Inc.		Tranche A Term Loan (3.0% Exit Fee)		LIBOR (M)			0.44	%			9.33	%			9.77	%	3/1/2018		$	22,500,000				21,452,673				21,411,000				1.76	%		L
Soraa, Inc.		Tranche B Term Loan		LIBOR (M)			0.44	%			9.33	%			9.77	%	9/1/2017		$	1,687,500				1,571,025				1,567,434				0.13	%
																								22,902,592				22,978,434				1.89	%
Equipment Leasing
36th Street Capital Partners Holdings, LLC		Senior Note		Fixed			-				12.00	%			12.00	%	11/1/2020		$	900,000				900,000				900,000				0.07	%		E/F
Essex Ocean, LLC		Sr Secured Term Loan		Fixed			-				8.00	%			8.00	%	3/25/2019		$	-				-				-				-
Essex Ocean, LLC (Solexel)		Sr Secured Term Loan		Fixed			-				8.00	%			8.00	%	8/15/2018		$	2,631,033				2,631,033				2,641,294				0.22	%
																								3,531,033				3,541,294				0.29	%
Financial Investment Activities
Institutional Shareholder Services, Inc.		Second Lien Term Loan		LIBOR (Q)			1.00	%			7.50	%			8.50	%	4/30/2022		$	4,471,492				4,437,802				4,270,275				0.35	%
iPayment, Inc.		First Lien Term Loan B2		LIBOR (Q)			1.50	%			5.25	%			6.75	%	5/8/2017		$	6,763,751				6,425,563				6,502,839				0.53	%
Magnolia Finance V plc (Cayman Islands)		Asset-Backed Credit Linked Notes		Fixed			-				13.13	%			13.13	%	8/2/2021		$	15,000,000				15,000,000				14,881,500				1.22	%		E/H
																								25,863,365				25,654,614				2.10	%
Gaming
AP Gaming I, LLC		First Lien Revolver		LIBOR (M)			-				8.25	%			N/A		12/20/2018		$	-				(1,862,302	)			(1,250,000	)			(0.10	%)		K
Grocery Stores
Bashas, Inc.		First Lien FILO Term Loan		LIBOR (M)			1.50	%			7.00	%			8.50	%	10/8/2019		$	10,033,866				9,995,480				10,111,127				0.83	%
Hospitals
Evidera, Inc.		First Lien Term Loan		LIBOR (Q)			1.00	%			9.00	%			10.00	%	7/1/2018		$	3,907,686				3,888,148				3,912,571				0.32	%
KPC Healthcare, Inc.		First Lien Term Loan		Prime Rate			-				8.25	%			11.75	%	8/28/2020		$	17,157,214				16,790,143				17,043,118				1.40	%
RegionalCare Hospital Partners, Inc.		Second Lien Term Loan		LIBOR (M)			1.00	%			10.25	%			11.25	%	10/23/2019		$	21,017,525				20,777,746				20,807,350				1.71	%		G
																								41,456,037				41,763,039				3.43	%
Insurance Carriers
Acrisure, LLC		Second Lien Incremental Notes		LIBOR (Q)			1.00	%			9.00	%			10.00	%	11/19/2022		$	7,080,555				6,944,926				7,063,562				0.58	%
Acrisure, LLC		Second Lien Notes		LIBOR (Q)			1.00	%			9.00	%			10.00	%	11/19/2022		$	12,720,998				12,542,859				12,690,468				1.04	%
Acrisure, LLC		Second Lien Incremental Notes		LIBOR (Q)			1.00	%			9.00	%			10.00	%	11/19/2022		$	3,846,850				3,795,306				3,837,597				0.31	%
JSS Holdings, Inc.		First Lien Term Loan		LIBOR (Q)			1.00	%			6.25	%			7.25	%	8/31/2021		$	3,950,000				3,874,773				3,732,750				0.31	%
US Apple Holdco, LLC (Ventiv Technology)		First Lien Term Loan		LIBOR (Q)			0.50	%			11.50	%			12.00	%	8/29/2019		$	20,000,000				19,375,352				19,936,000				1.64	%
																								46,533,216				47,260,377				3.88	%
Insurance Related Activities
Confie Seguros Holding II Co.		Second Lien Term Loan		LIBOR (M)			1.25	%			9.00	%			10.25	%	5/8/2019		$	11,061,809				10,950,946				10,951,191				0.90	%		G
Lessors of Nonfinancial Licenses
ABG Intermediate Holdings 2, LLC		Second Lien Term Loan		LIBOR (Q)			1.00	%			8.50	%			9.50	%	5/27/2022		$	15,990,714				15,853,293				15,690,888				1.29	%
ABG Intermediate Holdings 2, LLC		Second Lien Incremental Term Loan		LIBOR (Q)			1.00	%			8.50	%			9.50	%	5/27/2022		$	3,474,715				3,440,934				3,409,564				0.28	%
																								19,294,227				19,100,452				1.57	%
Management, Scientific, and Technical Consulting Services
Dodge Data & Analytics, LLC		First Lien Term Loan		LIBOR (Q)			1.00	%			8.75	%			9.75	%	10/31/2019		$	24,693,587				24,159,891				24,267,623				1.99	%
Medical Equipment and Supplies Manufacturing
Bioventus, LLC		Second Lien Term Loan		LIBOR (Q)			1.00	%			10.00	%			11.00	%	4/10/2020		$	11,000,000				10,819,241				10,835,000				0.89	%
Motion Picture and Video Industries
CORE Entertainment, Inc.		First Lien Term Loan		Fixed			-				11.00	%			11.00	%	6/21/2017		$	9,462,231				9,425,030				4,667,719				0.38	%
CORE Entertainment, Inc.		Second Lien Term Loan		Fixed			-				15.50	%			15.50	%	6/21/2018		$	7,569,785				7,700,187				291,058				0.02	%		C
																								17,125,217				4,958,777				0.40	%
Nondepository Credit Intermediation
Caribbean Financial Group (Cayman Islands)		Sr Secured Notes		Fixed			-				11.50	%			11.50	%	11/15/2019		$	26,975,000				26,829,614				26,705,250				2.19	%		E/G/H
Daymark Financial Acceptance, LLC		First Lien Delayed Draw Term Loan		LIBOR (Q)			-				9.50	%			9.92	%	1/12/2020		$	5,000,000				4,621,333				4,919,250				0.40	%
Greystone Select Holdings, LLC		First Lien Term Loan		LIBOR (Q)			1.00	%			8.00	%			9.00	%	3/26/2021		$	16,305,999				16,125,251				16,133,156				1.32	%
Trade Finance Funding I, Ltd. (Cayman Islands)		Secured Class B Notes		Fixed			-				10.75	%			10.75	%	11/13/2018		$	15,084,000				15,084,000				14,857,740				1.22	%		E/H
																								62,660,198				62,615,396				5.13	%
Oil and Gas Extraction
Jefferson Gulf Coast Energy Partners, LLC		First Lien Term Loan B		Prime Rate			-				7.50	%			11.00	%	2/27/2018		$	14,812,500				14,714,767				13,479,375				1.11	%
MD America Energy, LLC		Second Lien Term Loan		LIBOR (Q)			1.00	%			8.50	%			9.50	%	8/4/2019		$	8,095,238				7,784,717				6,773,043				0.56	%
																								22,499,484				20,252,418				1.67	%
Other Information Services
Simmons Research, LLC		First Lien Term Loan		LIBOR (Q)			0.50	%			10.50	%			11.13	%	12/11/2020		$	5,128,936				5,026,844				5,026,357				0.41	%
TCH-2 Holdings, LLC (TravelClick)		Second Lien Term Loan		LIBOR (M)			1.00	%			7.75	%			8.75	%	11/6/2021		$	19,988,392				19,735,864				18,789,089				1.54	%		G
																								24,762,708				23,815,446				1.95	%
Other Manufacturing
AGY Holding Corp.		Sr Secured Term Loan		Fixed			-				12.00	%			12.00	%	9/15/2016		$	4,869,577				4,869,577				4,869,577				0.40	%		B
AGY Holding Corp.		Second Lien Notes		Fixed			-				11.00	%			11.00	%	11/15/2016		$	9,268,000				7,586,317				9,268,000				0.76	%		B/E
Boomerang Tube, LLC		Second Lien Term Loan		LIBOR (Q)			1.50	%			9.50	%			11.00	%	10/11/2017		$	3,825,453				4,010,758				1,759,709				0.14	%		C
Boomerang Tube, LLC		Super Priority Debtor-in-Possession		Prime Rate			-				10.00	%			13.50	%	11/30/2015		$	1,124,444				1,124,444				1,124,444				0.09	%
																								17,591,096				17,021,730				1.39	%
Other Telecommunications
Securus Technologies, Inc.		Second Lien Term Loan		LIBOR (Q)			1.25	%			7.75	%			9.00	%	4/30/2021		$	14,000,000				13,860,000				7,924,000				0.65	%

																											Fair Value				% of Total Cash and Investments
Issuer		Instrument		Ref		Floor				Spread				Total Coupon			Maturity		Principal				Cost												Notes
Debt Investments (continued)
Other Publishing
MediMedia USA, Inc.		First Lien Revolver		LIBOR (M)			-				6.75	%			7.18	%	5/20/2018		$	3,456,500			$	2,886,378			$	3,003,668				0.25	%
MediMedia USA, Inc.		First Lien Term Loan		LIBOR (Q)			1.25	%			6.75	%			8.00	%	11/20/2018		$	5,681,239				5,582,994				5,425,584				0.45	%		G
																								8,469,372				8,429,252				0.70	%
Pharmaceuticals
Lantheus Medical Imaging, Inc.		First Lien Term Loan		LIBOR (Q)			1.00	%			6.00	%			7.00	%	6/30/2022		$	5,970,000				5,879,117				5,492,400				0.45	%
Plastics Manufacturing
Iracore International, Inc.		Sr Secured Notes		Fixed			-				9.50	%			9.50	%	6/1/2018		$	13,600,000				13,600,000				8,918,010				0.73	%		E/G
Radio and Television Broadcasting
Fuse, LLC		Sr Secured Notes		Fixed			-				10.38	%			10.38	%	7/1/2019		$	7,312,000				7,312,000				5,776,480				0.47	%		E/G
NEP/NCP Holdco, Inc.		Second Lien Term Loan		LIBOR (M)			1.25	%			8.75	%			10.00	%	7/22/2020		$	10,000,000				10,019,257				9,450,000				0.78	%
The Tennis Channel, Inc.		First Lien Term Loan		LIBOR (Q)			-				8.50	%			8.88	%	5/29/2017		$	32,520,727				32,351,929				32,675,201				2.68	%
																								49,683,186				47,901,681				3.93	%
Restaurants
RM OpCo, LLC (Real Mex)		Convertible Second Lien Term Loan Tranche B-1		Fixed			-				8.50	%			8.50	%	3/30/2018		$	1,783,036				1,779,352				1,783,036				0.15	%		B
RM OpCo, LLC (Real Mex)		First Lien Term Loan Tranche A		Fixed			-				7.00	%			7.00	%	3/21/2016		$	3,719,155				3,717,664				3,719,155				0.31	%		B
RM OpCo, LLC (Real Mex)		Second Lien Term Loan Tranche B		Fixed			-				8.50	%			8.50	%	3/30/2018		$	8,884,258				8,884,258				4,490,993				0.37	%		B
RM OpCo, LLC (Real Mex)		Second Lien Term Loan Tranche B-1		Fixed			-				8.50	%			8.50	%	3/30/2018		$	2,797,956				2,782,534				2,797,956				0.23	%		B
RM OpCo, LLC (Real Mex)		Sr Convertible Second Lien Term Loan B		Fixed			-				8.50	%			8.50	%	3/30/2018		$	2,188,233				2,188,233				2,188,233				0.18	%		B
																								19,352,041				14,979,373				1.24	%
Retail
Kenneth Cole Productions, Inc.		First Lien FILO Term Loan		LIBOR (M)			1.00	%			8.50	%			9.50	%	9/25/2020		$	13,185,494				13,049,991				13,317,349				1.09	%
Connexity, Inc.		First Lien Term Loan		LIBOR (Q)			1.00	%			10.00	%			11.00	%	2/13/2020		$	6,354,563				6,354,563				6,237,956				0.51	%
																								19,404,554				19,555,305				1.60	%
Satellite Telecommunications
Avanti Communications Group, PLC (United Kingdom)		Sr Secured Notes		Fixed			-				10.00	%			10.00	%	10/1/2019		$	9,393,000				9,393,000				7,336,027				0.60	%		E/G/H
Scientific Research and Development Services
BPA Laboratories, Inc.		Senior Secured Notes		Fixed			-				12.25	%			12.25	%	4/1/2017		$	38,932,000				39,001,750				40,489,280				3.32	%		E/G
Software Publishing
Acronis International GmbH (Switzerland)		First Lien Term Loan		LIBOR (Q)			1.00	%			9.50	%			10.50	%	2/21/2017		$	29,485,290				29,375,415				28,170,246				2.31	%		H
ArcServe (USA), LLC		Second Lien Term Loan		LIBOR (Q)			0.50	%			8.50	%			9.00	%	1/31/2020		$	30,000,000				29,529,480				28,023,000				2.30	%
BlackLine Systems, Inc.		First Lien Term Loan		LIBOR (Q)			1.50	%			0.4% Cash + 7.6% PIK				9.50	%	9/25/2018		$	14,619,396				13,946,601				14,765,590				1.21	%
Bluehornet Networks, Inc.		First Lien Term Loan		LIBOR (Q)			-				9.50	%			10.11	%	12/3/2020		$	6,062,304				5,881,725				5,880,435				0.48	%
Edmentum, Inc.		Jr Revolving Facility		Fixed			-				5.00	%			5.00	%	6/9/2020		$	-				-				-				-			B
Edmentum Ultimate Holdings, LLC		Sr PIK Notes		Fixed			-				8.50	%			8.50	%	6/9/2020		$	2,612,408				2,612,408				2,612,408				0.21	%		B
Edmentum Ultimate Holdings, LLC		Jr PIK Notes		Fixed			-				10.00	%			10.00	%	6/9/2020		$	11,791,569				11,176,985				11,343,490				0.93	%		B
Fidelis Acquisitionco, LLC		First Lien Term Loan		LIBOR (Q)			1.00	%			8.00	%			9.00	%	11/4/2019		$	41,924,150				41,178,969				42,029,025				3.45	%
Fidelis Acquisitionco, LLC		Sr Secured Revolver		LIBOR (Q)			1.00	%			8.00	%			9.00	%	11/4/2019		$	1,272,857				1,272,857				1,276,039				0.10	%
SoundCloud Ltd. (United Kingdom)		Sr Secured Term Loan (2.0% Exit Fees)		LIBOR (Q)			0.28	%			10.72	%			11.00	%	10/1/2018		$	31,550,000				31,341,229				31,395,405				2.58	%		H/L
Utilidata, Inc.		First Lien Delayed Draw Term Loan (1.0% Exit Fee)		LIBOR (Q)			0.62	%			9.88	%			10.50	%	1/1/2019		$	3,200,000				2,906,672				2,903,680				0.24	%		L
Virgin Pulse Inc.		First Lien Term Loan		LIBOR (Q)			-				8.00	%			8.63	%	5/21/2020		$	7,500,000				7,398,976				7,471,875				0.61	%
																								176,621,317				175,871,193				14.42	%
Textile Furnishings Mills
Lexmark Carpet Mills, Inc.		First Lien Term Loan		LIBOR (Q)			1.00	%			10.00	%			11.00	%	12/19/2019		$	25,000,000				25,000,000				24,785,000				2.03	%
Lexmark Carpet Mills, Inc.		First Lien Term Loan B		LIBOR (Q)			1.00	%			10.00	%			11.00	%	12/19/2019		$	8,575,581				8,378,569				8,501,831				0.70	%
																								33,378,569				33,286,831				2.73	%
Utility System Construction
Kawa Solar Holdings Limited		Revolving Credit Facility		Fixed			-				8.20	%			8.20	%	7/2/2017		$	25,000,000				25,000,000				25,000,000				2.05	%
Wired Telecommunications Carriers
Alpheus Communications, LLC		First Lien Delayed Draw FILO Term Loan		LIBOR (Q)			1.00	%			6.92	%			7.92	%	5/31/2018		$	1,064,676				1,046,166				1,058,812				0.09	%
Alpheus Communications, LLC		First Lien FILO Term Loan		LIBOR (Q)			1.00	%			6.92	%			7.92	%	5/31/2018		$	7,938,819				7,859,897				7,895,156				0.65	%
Integra Telecom Holdings, Inc.		Second Lien Term Loan		LIBOR (Q)			1.25	%			8.50	%			9.75	%	2/22/2020		$	13,231,193				13,039,047				12,883,874				1.06	%
Oxford County Telephone and Telegraph Company		First Lien Term Loan		LIBOR (Q)			1.00	%			7.13	%			8.13	%	8/31/2020		$	4,000,000				3,943,631				3,922,000				0.32	%
																								25,888,741				25,759,842				2.12	%
Wireless Telecommunications Carriers
Gogo, LLC		First Lien Term Loan		LIBOR (Q)			1.50	%			9.75	%			11.25	%	3/21/2018		$	32,822,506				32,877,865				33,150,731				2.72	%		G
Total Debt Investments																								1,160,372,521				1,130,535,387				92.78	%

																						Fair Value				% of Total Cash and Investments
Issuer		Instrument		Ref		Floor		Spread		Total Coupon		Maturity		Shares				Cost												Notes
Equity Securities
Advertising and Public Relations Services
InMobi, Inc. (Singapore)		Warrants to Purchase Stock													17,578			$	230,569			$	233,543				0.02	%		C/E/H
Air Transportation
Aircraft Leased to Delta Air Lines, Inc.
N913DL		Trust Beneficial Interests													1,316				84,164				107,501				0.01	%		E/F
N918DL		Trust Beneficial Interests													1,053				86,044				127,662				0.01	%		E/F
N954DL		Trust Beneficial Interests													975				95,345				77,850				0.01	%		E/F
N955DL		Trust Beneficial Interests													937				92,045				108,100				0.01	%		E/F
N956DL		Trust Beneficial Interests													946				91,995				104,478				0.01	%		E/F
N957DL		Trust Beneficial Interests													937				92,417				105,329				0.01	%		E/F
N959DL		Trust Beneficial Interests													928				92,840				106,203				0.01	%		E/F
N960DL		Trust Beneficial Interests													902				94,503				105,937				0.01	%		E/F
N961DL		Trust Beneficial Interests													919				94,018				101,487				0.01	%		E/F
N976DL		Trust Beneficial Interests													1,130				87,968				100,793				0.01	%		E/F
Aircraft Leased to United Airlines, Inc.
United N659UA-767, LLC (N659UA)		Trust Beneficial Interests													652				3,143,045				3,368,599				0.28	%		E/F
United N661UA-767, LLC (N661UA)		Trust Beneficial Interests													632				3,062,496				3,294,024				0.27	%		E/F
Epic Aero, Inc. (One Sky)		Warrants to Purchase Common Stock													1,843				855,313				3,173,450				0.26	%		C/E
																			7,972,193				10,881,413				0.91	%
Business Support Services
Findly Talent, LLC		Membership Units													708,229				230,938				162,184				0.01	%		C/E
STG-Fairway Holdings, LLC (First Advantage)		Class A Units													841,479				325,432				2,616,916				0.21	%		C/E
																			556,370				2,779,100				0.22	%
Chemicals
Green Biologics, Inc.		Warrants to Purchase Stock													376,147				272,594				236,634				0.02	%		C/E
Communications Equipment Manufacturing
Wasserstein Cosmos Co-Invest, L.P. (Globecomm)		Limited Partnership Units													5,000,000				5,000,000				4,198,500				0.34	%		B/C/E
Computer Systems Design and Related Services
Waterfall International, Inc.		Series B Preferred Stock													1,428,571				1,000,000				999,714				0.08	%		C/E
Waterfall International, Inc.		Warrants to Purchase Stock													857,143				57,026				57,686				-			C/E
																			1,057,026				1,057,400				0.08	%
Data Processing and Hosting Services
Anacomp, Inc.		Class A Common Stock													1,255,527				26,711,048				1,581,964				0.13	%		C/E/F
Rightside Group, Ltd.		Warrants													498,855				2,778,622				919,030				0.07	%		C/E
																			29,489,670				2,500,994				0.20	%
Electrical Equipment Manufacturing
NEXTracker, Inc.		Series B Preferred Stock													558,884				-				2,929,279				0.24	%		C/E
NEXTracker, Inc.		Series C Preferred Stock													17,640				-				92,460				0.01	%		C/E
																			-				3,021,739				0.25	%
Electronic Component Manufacturing
Soraa, Inc.		Warrants to Purchase Common Stock													630,000				499,189				180,432				0.01	%		C/E
Equipment Leasing
36th Street Capital Partners Holdings, LLC		Membership Units													225,000				225,000				225,000				0.02	%		C/E/F
Essex Ocean II, LLC		Membership Units													199,430				199,429				200,686				0.02	%		C/F
																			424,429				425,686				0.04	%
Financial Investment Activities
GACP I, LP		Membership Units													8,470,305				8,589,442				8,589,760				0.70	%		C/E/I
Marsico Holdings, LLC		Common Interest Units													168,698				172,694				5,061				-			C/E/I
																			8,762,136				8,594,821				0.70	%
Metal and Mineral Mining
EPMC HoldCo, LLC		Membership Units													1,312,720				-				682,614				0.06	%		B/E
Other Manufacturing
KAGY Holding Company, Inc.		Series A Preferred Stock													9,778				1,091,200				6,118,515				0.50	%		B/C/E
Precision Holdings, LLC		Class C Membership Interest													33				-				1,431				-			C/E
																			1,091,200				6,119,946				0.50	%
Radio and Television Broadcasting
Fuse Media, LLC		Warrants to Purchase Common Stock													233,470				300,322				-				-			C/E
Restaurants
RM Holdco, LLC (Real Mex)		Equity Participation													24				-				-				-			B/C/E
RM Holdco, LLC (Real Mex)		Membership Units													13,161,000				2,010,777				-				-			B/C/E
																			2,010,777				-				-
Retail
Shop Holding, LLC (Connexity)		Class A Units													507,167				480,049				320,682				0.03	%		C/E
Shop Holding, LLC (Connexity)		Warrants to Purchase Class A Units													326,691				-				8,079				-			C/E
																			480,049				328,761				0.03	%

																						Fair Value				% of Total Cash and Investments
Issuer		Instrument		Ref		Floor		Spread		Total Coupon		Maturity		Shares				Cost												Notes
Equity Securities (continued)
Software Publishing
Blackline Intermediate, Inc.		Warrants to Purchase Common Stock													1,232,731			$	522,678			$	1,290,175				0.11	%		C/E
Edmentum Ultimate Holdings, LLC		Class A Common Units													159,515				680,226				680,218				0.05	%		B/C/E
SoundCloud, Ltd. (United Kingdom)		Warrants to Purchase Preferred Stock													946,498				79,082				75,247				0.01	%		C/E/H
Utilidata, Inc.		Warrants to Purchase Stock													29,593				216,336				216,337				0.02	%		C/E
																			1,498,322				2,261,977				0.19	%
Wired Telecommunications Carriers
Integra Telecom, Inc.		Common Stock													1,274,522				8,433,884				5,269,511				0.43	%		C/E
Integra Telecom, Inc.		Warrants													346,939				19,919				221,174				0.02	%		C/E
V Telecom Investment S.C.A. (Vivacom) (Luxembourg)		Common Shares													1,393				3,236,256				3,390,093				0.28	%		C/D/E/H
																			11,690,059				8,880,778				0.73	%
Total Equity Securities																			71,334,905				52,384,338				4.30	%
Total Investments																		$	1,231,707,426			$	1,182,919,725
Cash and Cash Equivalents
Cash Denominated in Foreign Currencies																							130,081				0.01	%
Cash Held on Account at Various Institutions																							35,499,354				2.91	%
Cash and Cash Equivalents																							35,629,435				2.92	%
Total Cash and Investments																						$	1,218,549,160				100.00	%		M

Investment		Notional Amount				Fair Value
Interest Rate Cap with Deutsche Bank AG, 4%, expires 5/15/2016		$	25,000,000			$	-
Euro/US Dollar Cross-Currency Basis Swap with Wells Fargo Bank, N.A., Pay Euros/Receive USD, Expires 3/31/2017		$	16,401,467			$	3,229,442

		Three Months Ended September 30,								Nine Months Ended September 30,
		2016				2015				2016				2015
Investment income
Interest income:
Companies less than 5% owned		$	35,115,862			$	32,171,144			$	99,016,633			$	98,581,508
Companies 5% to 25% owned			1,848,171				1,516,596				4,982,075				3,828,262
Companies more than 25% owned			1,313,034				125,074				1,915,981				444,168
Lease income:
Companies more than 25% owned			71,013				354,958				1,496,869				978,000
Other income:
Companies less than 5% owned			120,910				1,331,277				1,241,885				3,420,283
Total investment income			38,468,990				35,499,049				108,653,443				107,252,221
Operating expenses
Interest and other debt expenses			6,198,850				4,610,726				17,577,859				13,031,365
Management and advisory fees			4,816,043				4,703,999				13,976,545				13,681,411
Legal fees, professional fees and due diligence expenses			550,563				425,796				1,784,174				1,994,571
Administrative expenses			429,867				394,920				1,267,815				1,177,357
Director fees			97,877				67,625				295,486				233,465
Insurance expense			78,794				99,876				280,575				272,677
Custody fees			75,995				74,891				231,846				214,141
Other operating expenses			555,944				866,249				1,569,986				2,182,452
Total operating expenses			12,803,933				11,244,082				36,984,286				32,787,439
Net investment income			25,665,057				24,254,967				71,669,157				74,464,782
Net realized and unrealized gain (loss) on investments and foreign currency
Net realized gain (loss):
Investments in companies less than 5% owned			(763,617	)			5,735,352				(4,490,140	)			(3,714,114	)
Investments in companies 5% to 25% owned			102,392				395				417,446				1,185
Investments in companies more than 25% owned			-				-				79,742				19,167
Net realized gain (loss)			(661,225	)			5,735,747				(3,992,952	)			(3,693,762	)
Change in net unrealized appreciation/depreciation			869,981				(7,621,948	)			53,816				28,123
Net realized and unrealized gain (loss)			208,756				(1,886,201	)			(3,939,136	)			(3,665,639	)
Net increase in net assets from operations			25,873,813				22,368,766				67,730,021				70,799,143
Gain on repurchase of Series A preferred interests			-				-				-				1,675,000
Dividends on Series A preferred equity facility			-				(460,836	)			-				(1,251,930	)
Net change in accumulated dividends on Series A preferred equity facility			-				398,541				-				497,790
Distributions of incentive allocation to the General Partner from: Net investment income			(5,133,010	)			(4,838,534	)			(14,333,831	)			(14,742,130	)
Net increase in net assets applicable to common shareholders resulting from operations		$	20,740,803			$	17,467,937			$	53,396,190			$	56,977,873
Basic and diluted earnings per common share		$	0.39			$	0.36			$	1.06			$	1.17
Basic and diluted weighted average common shares outstanding			52,736,835				48,957,567				50,245,035				48,858,263

		Common Stock								Paid in Capital				Accumulated Net Investment				Accumulated Net Realized				Accumulated Net Unrealized				Total Net
		Shares				Par Amount				in Excess of Par				Income				Losses				Depreciation				Assets
Balance at December 31, 2014			48,710,627			$	48,710			$	877,103,880			$	21,884,381			$	(126,408,033	)		$	(41,499,910	)		$	731,129,028
Issuance of common stock from at the market offerings, net			248,614				249				3,945,817				-				-				-				3,946,066
Issuance of common stock from dividend reinvestment plan			555				-				8,116				-				-				-				8,116
Repurchase of common stock			(125,062	)			(125	)			(1,797,751	)															(1,797,876	)
Gain on repurchase of Series A preferred interests			-				-				-				-				1,675,000				-				1,675,000
Net investment income			-				-				-				100,502,812				-				-				100,502,812
Net realized and unrealized loss			-				-				-				-				(17,671,648	)			(4,733,463	)			(22,405,111	)
Dividends on Series A preferred equity facility			-				-				-				(754,140	)			-				-				(754,140	)
General Partner incentive allocation			-				-				-				(19,949,734	)			-				-				(19,949,734	)
Regular dividends paid to common shareholders			-				-				-				(70,377,144	)			-				-				(70,377,144	)
Tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles			-				-				(876,706	)			(9,044,382	)			9,921,088				-				-
Balance at December 31, 2015			48,834,734			$	48,834			$	878,383,356			$	22,261,793			$	(132,483,593	)		$	(46,233,373	)		$	721,977,017
Issuance of common stock in public offering, net			2,336,552				2,337				34,956,233				-				-				-				34,958,570
Issuance of common stock from conversion of convertible debt			2,011,900				2,012				30,216,726				-				-				-				30,218,738
Issuance of common stock from dividend reinvestment plan			461				-				7,147				-				-				-				7,147
Issuance of convertible debt			-				-				3,309,596				-				-				-				3,309,596
Repurchase of common stock			(141,896	)			(141	)			(1,879,407	)			-				-				-				(1,879,548	)
Net investment income			-				-				-				71,669,157				-				-				71,669,157
Net realized and unrealized loss			-				-				-				-				(3,992,952	)			53,816				(3,939,136	)
General Partner incentive allocation			-				-				-				(14,333,831	)			-				-				(14,333,831	)
Regular dividends paid to common shareholders			-				-				-				(54,880,168	)			-				-				(54,880,168	)
Balance at September 30, 2016			53,041,751			$	53,042			$	944,993,651			$	24,716,951			$	(136,476,545	)		$	(46,179,557	)		$	787,107,542

		Nine Months Ended September 30,
		2016				2015
Operating activities
Net increase in net assets applicable to common shareholders resulting from operations		$	53,396,190			$	56,977,873
Adjustments to reconcile net increase in net assets applicable to common
shareholders resulting from operations to net cash used in
operating activities:
Net realized loss			3,992,952				3,693,762
Change in net unrealized appreciation/depreciation of investments			121,178				(374,026	)
Gain on repurchase of Series A preferred interests			-				(1,675,000	)
Dividends paid on Series A preferred equity facility			-				1,251,930
Net change in accumulated dividends on Series A preferred equity facility			-				(497,790	)
Net amortization of investment discounts and premiums			(9,263,325	)			(9,252,856	)
Amortization of original issue discount on convertible debt			361,750				308,402
Interest and dividend income paid in kind			(5,209,391	)			(4,854,335	)
Amortization of deferred debt issuance costs			1,947,472				1,623,333
Accrued interest on convertible debt at conversion			218,738				-
Changes in assets and liabilities:
Purchases of investment securities			(374,607,255	)			(418,493,733	)
Proceeds from sales, maturities and pay downs of investments			294,224,143				305,505,796
Increase in accrued interest income - companies less than 5% owned			(2,224,606	)			(4,039,131	)
Increase in accrued interest income - companies 5% to 25% owned			(295,458	)			(496,698	)
Decrease in accrued interest income - companies more than 25% owned			13,311				10,957
Decrease (increase) in receivable for investments sold			(6,306,581	)			8,991,647
Decrease in prepaid expenses and other assets			909,421				795,661
Increase in payable for investments purchased			2,725,929				5,798,002
Increase (decrease) in incentive allocation payable			(74,596	)			535,494
Increase in interest payable			1,608,964				2,069,047
Increase in payable to the Advisor			369,532				271,345
Decrease in accrued expenses and other liabilities			(540,927	)			(584,783	)
Net cash used in operating activities			(38,632,559	)			(52,435,104	)
Financing activities
Borrowings			503,700,000				415,300,000
Repayments of debt			(503,500,000	)			(169,000,000	)
Payments of debt issuance costs			(4,529,350	)			(3,766,618	)
Repurchase of Series A preferred interests			-				(132,325,000	)
Dividends paid on Series A preferred equity facility			-				(1,251,930	)
Regular dividends paid to common shareholders			(54,880,168	)			(52,786,506	)
Repurchase of common shares			(1,879,548	)			(372,843	)
Proceeds from issuance of convertible debt			170,000,000				-
Proceeds from shares issued in connection with dividend reinvestment plan			7,147				6,012
Proceeds from common shares sold, net of underwriting and offering costs			34,958,570				3,946,066
Net cash provided by financing activities			143,876,651				59,749,181
Net increase in cash and cash equivalents			105,244,092				7,314,077
Cash and cash equivalents at beginning of period			35,629,435				27,268,792
Cash and cash equivalents at end of period		$	140,873,527			$	34,582,869
Supplemental cash flow information
Interest payments		$	12,768,481			$	8,110,934
Excise tax payments		$	877,879			$	877,879
Non-cash transactions
Conversion of convertible debt		$	30,218,738			$	-

Level		Basis for Determining Fair Value		Bank Debt				Other Corporate Debt				Equity Securities
1		Quoted prices in active markets for identical assets		$	-			$	-			$	-
2		Other direct and indirect observable market inputs *			25,216,828				91,523,106				-
3		Independent third-party valuation sources that employ significant unobservable inputs			1,033,851,938				70,440,958				53,494,113
3		Advisor valuations with significant unobservable inputs			149,458				-				1,753,491
Total				$	1,059,218,224			$	161,964,064			$	55,247,604

Asset Type		Fair Value			Valuation Technique		Unobservable Input		Range (Weighted Avg.)
Bank Debt		$	801,891,666		Income approach		Discount rate			7.5% – 19.3% (12.0%)
			131,813,913		Market quotations		Indicative bid/ask quotes			1 – 5(2)
			48,698,938		Market comparable companies		Revenue multiples			0.4x – 4.0x(2.4x)
			51,596,879		Market comparable companies		EBITDA multiples			5.0x – 11.5x(6.9x)
Other Corporate Debt			61,172,958		Market quotations		Indicative bid/ask quotes			1 – 2(1)
			9,268,000		Market comparable companies		EBITDA multiples			7.8x(7.8x)
Equity			6,785,350		Income approach		Discount rate			5.3% – 26.2% (5.8%)
			27,675,630		Market quotations		Indicative bid/ask quotes			1(1)
			4,564,588		Market comparable companies		Revenue multiples			0.4x – 7.8x(5.3x)
			16,222,036		Market comparable companies		EBITDA multiples			6.4x – 11.5x(7.6x)
		$	1,159,689,958

Input			Impact to Value if Input Increases			Impact to Value if Input Decreases
Discount rate			Decrease			Increase
Revenue multiples			Increase			Decrease
EBITDA multiples			Increase			Decrease

		Independent Third-Party Valuation
		Bank Debt				Other Corporate Debt				Equity Securities
Beginning balance		$	986,374,365			$	108,247,783			$	53,064,896
Net realized and unrealized gains (losses)			185,985				1,148,520				(1,782,745	)
Acquisitions *			143,164,985				7,310,415				5,540,103
Dispositions			(102,376,236	)			-				(3,007,459	)
Transfers out of Level 3 †			-				(46,265,760	)			-
Transfers into Level 3 ‡			6,502,839				-				-
Reclassifications within Level 3 §			-				-				(320,682	)
Ending balance		$	1,033,851,938			$	70,440,958			$	53,494,113
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	2,587,265			$	1,148,520			$	(1,782,745	)

		Advisor Valuation
		Bank Debt				Other Corporate Debt				Equity Securities
Beginning balance		$	146,365			$	-			$	1,855,336
Net realized and unrealized gains (losses)			3,093				-				(319,764	)
Dispositions			-				-				(102,763	)
Reclassifications within Level 3 *			-				-				320,682
Ending balance		$	149,458			$	-			$	1,753,491
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	3,093			$	-				(420,896	)

		Independent Third-Party Valuation
		Bank Debt				Other Corporate Debt				Equity Securities
Beginning balance		$	907,967,337			$	89,314,530			$	49,956,123
Net realized and unrealized gains (losses)			4,677,005				(1,665,010	)			(5,662,544	)
Acquisitions *			324,878,794				23,280,718				19,764,729
Dispositions			(249,281,514	)			-				(10,238,452	)
Transfers out of Level 3 †			(5,492,400	)			(46,265,760	)			-
Transfers into Level 3 ‡			51,102,716				5,776,480				-
Reclassifications within Level 3 §			-				-				(325,743	)
Ending balance		$	1,033,851,938			$	70,440,958			$	53,494,113
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	7,944,054			$	(1,665,010	)		$	(5,637,217	)

		Advisor Valuation
		Bank Debt				Other Corporate Debt				Equity Securities
Beginning balance		$	1,124,504			$	-			$	2,428,217
Net realized and unrealized gains (losses)			(923,349	)			-				(582,896	)
Acquisitions *			1,050,297				-				243
Dispositions			(1,101,994	)			-				(417,816	)
Reclassifications within Level 3 †			-				-				325,743
Ending balance		$	149,458			$	-			$	1,753,491
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	(881,282	)		$	-			$	(999,280	)

Level		Basis for Determining Fair Value		Bank Debt				Other Corporate Debt				Equity Securities
1		Quoted prices in active markets for identical assets		$	-			$	-			$	-
2		Other direct and indirect observable market inputs *			92,311,257				39,817,757				-
3		Independent third-party valuation sources that employ significant unobservable inputs			907,967,337				89,314,530				49,956,123
3		Advisor valuations with significant unobservable inputs			1,124,504				-				2,428,217
Total				$	1,001,403,098			$	129,132,287			$	52,384,340

Asset Type		Fair Value			Valuation Technique		Unobservable Input		Range (Weighted Avg.)
Bank Debt		$	715,701,737		Income approach		Discount rate			4.2% – 18.9% (11.8%)
			140,033,088		Market quotations		Indicative bid/ask quotes			1 – 5(1)
			36,550,712		Market comparable companies		Revenue multiples			0.3x – 4.5x(2.2x)
			16,806,304		Market comparable companies		EBITDA multiples			3.3x – 11.5x(7.8x)
Other Corporate Debt			80,046,530		Market quotations		Indicative bid/ask quotes			1(1)
			9,268,000		Market comparable companies		EBITDA multiples			7.3x(7.3x)
Equity			7,908,649		Income approach		Discount rate			5.9% – 26.2% (8.0%)
			15,827,563		Market quotations		Indicative bid/ask quotes			1 – 2(1)
			3,212,249		Market comparable companies		Revenue multiples			0.3x – 6.0x(3.2x)
			25,435,879		Market comparable companies		EBITDA multiples			4.4x – 11.5x(6.8x)
		$	1,050,790,711

		Independent Third-Party Valuation
		Bank Debt				Other Corporate Debt				Equity Securities
Beginning balance		$	908,884,909			$	96,136,194			$	38,634,245
Net realized and unrealized gains (losses)			(3,214,866	)			(1,285,320	)			6,167,397
Acquisitions *			111,630,494				-				2,750,607
Dispositions			(30,596,992	)			-				(8,497,163	)
Reclassifications within Level 3 †			(289,132	)‡			-				-
Ending balance		$	986,414,413			$	94,850,874			$	39,055,086
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	(1,862,003	)		$	(1,285,320	)		$	4,284,045

		Advisor Valuation
		Bank Debt				Other Corporate Debt				Equity Securities
Beginning balance		$	(383,918	)‡		$	-			$	2,455,417
Net realized and unrealized gains (losses)			149,870				-				(26,540	)
Acquisitions *			1,076,312				-				-
Dispositions			(6,893	)			-				(1,217	)
Reclassifications within Level 3 †			289,132				-				-
Ending balance		$	1,124,503			$	-			$	2,427,660
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	149,870			$	-			$	201,750

		Independent Third-Party Valuation
		Bank Debt				Other Corporate Debt				Equity Securities
Beginning balance		$	840,538,179			$	56,621,975			$	30,618,142
Net realized and unrealized gains (losses)			(14,665,802	)			897,833				13,506,731
Acquisitions *			406,576,197				300,149				5,266,261
Dispositions			(223,620,986	)			(2,516,390	)			(10,336,048	)
Transfers out of Level 3 †			(36,143,175	)			(16,311,095	)			-
Transfers into Level 3 ‡			13,730,000				51,247,224				-
Reclassifications within Level 3 §			-				4,611,178				-
Ending balance		$	986,414,413			$	94,850,874			$	39,055,086
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	(11,815,486	)		$	841,634			$	7,600,170

		Advisor Valuation
		Bank Debt				Other Corporate Debt				Equity Securities
Beginning balance		$	-			$	4,611,178			$	2,324,629
Net realized and unrealized gains (losses)			134,445				-				104,248
Acquisitions *			1,725,243				-				-
Dispositions			(735,185	)			-				(1,217	)
Reclassifications within Level 3 †			-				(4,611,178	)			-
Ending balance		$	1,124,503			$	-			$	2,427,660
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)		$	134,445			$	-			$	332,538

Instrument		Realized Gains (Losses)				Unrealized Gains (Losses)
Put option		$	-			$	460,972
Cross currency basis swap			2,746,072				(3,229,442	)
Interest rate cap			(51,750	)			51,750

Instrument		Realized Gains (Losses)				Unrealized Gains (Losses)
Cross currency basis swap		$	-			$	1,151,138
Interest rate cap			-				(497	)

		September 30, 2016				December 31, 2015
Unrealized appreciation		$	27,311,608			$	30,920,149
Unrealized depreciation			(73,322,123	)			(79,759,600	)
Net unrealized depreciation		$	(46,010,515	)		$	(48,839,451	)
Cost		$	1,322,901,379			$	1,231,759,176

		Maturity				Rate				Carrying Value*				Available				Total Capacity
SVCP Facility
SVCP Revolver		2018					L+2.50	%†		$	-			$	116,000,000			$	116,000,000
Term Loan		2018					L+2.50	%†			100,500,000				-				100,500,000
2019 Convertible Notes ($108 million par)		2019					5.25	%			106,436,711				-				106,436,711
2022 Convertible Notes ($140 million par)		2022					4.625	%			136,725,763				-				136,725,763
TCPC Funding Facility		2020					L+2.50	%‡			235,000,000				115,000,000				350,000,000
SBA Debentures		2024-2026					2.58	%§			61,000,000				14,000,000				75,000,000	**
Total leverage											639,662,474			$	245,000,000			$	884,662,474
Unamortized issuance costs											(7,960,812	)
Debt, net of unamortized issuance costs										$	631,701,662

		Maturity				Rate				Carrying Value*				Available				Total Capacity
SVCP Facility
SVCP Revolver		2018					L+1.75	%†		$	24,000,000			$	92,000,000			$	116,000,000
Term Loan		2018					L+1.75	%†			100,500,000				-				100,500,000
2019 Convertible Notes ($108 million par)		2019					5.25	%			106,110,321				-				106,110,321
TCPC Funding Facility		2020					L+2.50	%‡			229,000,000				121,000,000				350,000,000
SBA Debentures		2024-2025					2.81	%§			42,800,000				32,200,000				75,000,000	**
Total leverage											502,410,321			$	245,200,000			$	747,610,321
Unamortized issuance costs											(4,204,850	)
Debt, net of unamortized issuance costs										$	498,205,471

		Nine Months Ended September 30,
		2016				2015
Interest expense		$	14,739,195			$	10,488,383
Amortization of deferred debt issuance costs			1,947,472				1,623,333
Commitment fees			891,192				919,649
Total		$	17,577,859			$	13,031,365

	September 30, 2016								December 31, 2015
	2019 Convertible Notes				2022 Convertible Notes				2019 Convertible Notes				2022 Convertible Notes
Principal amount of debt		$	108,000,000			$	140,000,000			$	108,000,000				N/A
Original issue discount, net of accretion			(1,563,289	)			(3,274,237	)			(1,889,679	)			N/A
Carrying value of debt		$	106,436,711			$	136,725,763			$	106,110,321				N/A

	Nine Months Ended September 30,
	2016								2015
	2019 Convertible Notes				2022 Convertible Notes				2019 Convertible Notes				2022 Convertible Notes
Stated interest expense		$	4,252,500			$	431,667			$	4,252,500				N/A
Amortization of original issue discount			326,391				35,359				308,402				N/A
Total interest expense		$	4,578,891			$	467,026			$	4,560,902				N/A

Issuance Date		Maturity		Debenture Amount				Fixed Interest Rate				SBA Annual Charge
September 24, 2014		September 1, 2024		$	18,500,000				3.02	%			0.36	%
March 25, 2015		March 1, 2025			9,500,000				2.52	%			0.36	%
September 23, 2015		September 1, 2025			10,800,000				2.83	%			0.36	%
March 23, 2016		March 1, 2026			4,000,000				2.51	%			0.36	%
September 21, 2016		September 1, 2026			18,200,000				2.05	%			0.36	%
				$	61,000,000				2.58	%*

				Unfunded Balances
Issuer		Maturity		September 30, 2016				December 31, 2015
AGY Holding Corp.		9/15/2018		$	1,049,146			$	N/A
AP Gaming I, LLC		12/20/2018			12,500,000				12,500,000
Acrisure, LLC		11/19/2022			N/A				1,351,596
Alpheus Communications, LLC		5/31/2018			357,419				1,072,256
Anuvia Plant Nutrients Holdings, LLC (VitAG)		2/1/2018			N/A				4,300,000
Asset International, Inc.		7/31/2020			3,068,650				565,544
Bisnow, LLC		4/29/2021			1,200,000				N/A
BlackLine Systems, Inc.		9/25/2018			3,740,693				N/A
Cargojet Airways, LTD.		1/31/2023			N/A				14,457,306
Central MN Renewables, LLC		1/16/2016			N/A				2,100,000
Daymark Financial Acceptance, LLC		1/12/2020			N/A				20,000,000
Edmentum, Inc.		6/9/2020			3,368,586				3,368,586
Enerwise Global Technologies, Inc.		11/30/2017			4,000,000				7,500,000
Essex Ocean, LLC		3/25/2019			N/A				22,008,557
Fidelis Acquisitionco, LLC		11/4/2019			N/A				1,909,286
Globecomm Systems, Inc.		12/11/2018			800,000				N/A
Hylan Datacom & Electrical, LLC		7/25/2016			4,991,956				N/A
InMobi, Inc.		9/1/2018			7,500,000				9,354,959
Marketo, Inc.		8/16/2016			1,704,545				N/A
MediMedia USA, Inc.		5/20/2018			N/A				4,293,500
Mesa Air Group, Inc.		7/15/2022			N/A				13,575,000
Nanosys, Inc.		4/1/19			3,000,000				N/A
Redaptive, Inc.		7/1/2018			15,000,000				15,000,000
RM OpCo, LLC (Real Mex)		3/30/2018			N/A				440,774
Utilidata, Inc.		1/1/2019			N/A				4,800,000
Vistronix, LLC		12/4/2018			N/A				205,558
Waterfall International, Inc.		9/1/2018			N/A				3,200,000
Total Unfunded Balances				$	62,280,995			$	142,002,922

		Shares Issued				Price Per Share				Net Proceeds
Shares issued from dividend reinvestment plan			461			$	15.50	*		$	7,147
Shares issued from conversion of convertible debt †			2,011,900				15.02				-
July 13, 2016 registered direct public offering			2,336,552				15.09				34,958,570

		Shares Issued				Price Per Share				Net Proceeds
At-the-market offerings			248,614			$	15.87	*		$	3,946,066
Shares issued from dividend reinvestment plan			555				14.62	*			8,116

Date Declared		Record Date		Payment Date		Type		Amount Per Share				Total Amount
February 24, 2016		March 17, 2016		March 31, 2016		Regular		$	0.36			$	17,530,963
May 10, 2016		June 16, 2016		June 30, 2016		Regular			0.36				18,254,229
August 9, 2016		September 16, 2016		September 30, 2016		Regular			0.36				19,094,976
								$	1.08			$	54,880,168

Date Declared		Record Date		Payment Date		Type		Amount Per Share				Total Amount
March 10, 2015		March 19, 2015		March 31, 2015		Regular		$	0.36			$	17,535,826
May 7, 2015		June 16, 2015		June 30, 2015		Regular			0.36				17,625,370
August 6, 2015		September 16, 2015		September 30, 2015		Regular			0.36				17,625,310
								$	1.08			$	52,786,506

		Shares Repurchased		Price Per Share				Total Cost
Company Repurchase Plan		141,896		$	13.25	*		$	1,879,548

	Nine Months Ended September 30,
	2016				2015
Net increase in net assets applicable to common shareholders resulting from operations		$	53,396,190			$	56,977,873
Weighted average shares outstanding			50,245,035				48,858,263
Earnings per share		$	1.06			$	1.17

		Nine Months Ended September 30,
		2016				2015
Per Common Share
Per share NAV at beginning of period		$	14.78			$	15.01
Investment operations:
Net investment income			1.43				1.52
Net realized and unrealized losses			(0.08	)			(0.07	)
Dividends on Series A preferred equity facility			-				(0.01	)
Incentive allocation reserve and distributions			(0.29	)			(0.30	)
Total from investment operations			1.06				1.14
Issuance of common stock			0.02				-
Issuance of convertible debt			0.06				-
Repurchase of Series A preferred interests			-				0.03
Distributions to common shareholders from:
Net investment income			(1.08	)			(1.08	)
Per share NAV at end of period		$	14.84			$	15.10
Per share market price at end of period		$	16.38			$	13.56
Total return based on market value (1), (2)			25.3	%			(12.8	%)
Total return based on net asset value (1), (3)			7.7	%			7.8	%
Shares outstanding at end of period			53,041,751				48,934,498

		Nine Months Ended September 30,
		2016				2015
Ratios to average common equity: (4), (5)
Net investment income (6)			10.2	%			11.5	%
Expenses			6.6	%			5.9	%
Expenses and incentive allocation (7)			8.5	%			7.9	%
Ending common shareholder equity		$	787,107,542			$	738,899,630
Portfolio turnover rate			23.8	%			25.3	%
Weighted-average leverage outstanding (8)		$	528,593,078			$	505,921,876
Weighted-average interest rate on leverage (9)			3.7	%			3.0	%
Weighted-average number of common shares			50,245,035				48,858,263
Average leverage per share (8)		$	10.52			$	10.35

Security		Dividends or Interest (2)				Fair Value at December 31, 2015				Acquisitions (3)				Dispositions (4)				Fair Value at September 30, 2016
36th Street Capital Partners Holdings, LLC, Membership Units		$	-			$	225,000			$	5,582,051			$	(62,445	)		$	5,744,606
36th Street Capital Partners Holdings, LLC, Subordinated Promissory Note, 12%, due 11/1/20			1,194,755				900,000				23,280,718				-				24,180,718
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/16			764,610				9,268,000				-				-				9,268,000
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/16			444,756				4,869,577				-				-				4,869,577
Anacomp, Inc., Class A Common Stock			-				1,581,964				-				(188,329	)			1,393,635
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20			1,019,534				11,343,490				999,957				(117,815	)			12,225,632
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20			175,251				2,612,408				172,036				-				2,784,444
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20			51,210				-				2,762,241				(2,762,241	)			-
Edmentum Ultimate Holdings, LLC, Class A Common Units			-				680,218				-				-				680,218
EPMC HoldCo, LLC, Membership Units			-				682,614				102,392				(574,971	)			210,035
Essex Ocean II, LLC, Membership Units			-				200,686				59,668				(87,449	)			172,905
Globecomm Systems Inc., Senior Secured 1st Lien Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/18			986,959				14,256,233				561,807				(300,720	)			14,517,320
KAGY Holding Company, Inc., Series A Preferred Stock			-				6,118,515				45,967				(975,138	)			5,189,344
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 8.2% Cash + 3.5% PIK, due 7/2/17			631,560				25,000,000				89,833				(4,384,889	)			20,704,944
Kawa Solar Holdings Limited, Revolving Credit Facility, 8.2%, due 7/2/17			1,004				-				4,000,000				-				4,000,000
Kawa Solar Holdings Limited, Ordinary Shares			-				-				-				-				-
N659UA Aircraft Secured Mortgage, 12%, due 2/28/16			4,554				318,980				-				(318,980	)			-
N661UA Aircraft Secured Mortgage, 12%, due 5/4/16			11,822				570,303				-				(570,303	)			-
N913DL Aircraft Secured Mortgage, 8%, due 3/15/17			2,322				115,617				-				(115,617	)			-
N918DL Aircraft Secured Mortgage, 8%, due 8/15/18			5,109				237,494				-				(237,494	)			-
N954DL Aircraft Secured Mortgage, 8%, due 3/20/19			7,829				342,734				-				(342,734	)			-
N955DL Aircraft Secured Mortgage, 8%, due 6/20/19			8,463				369,162				-				(369,162	)			-
N956DL Aircraft Secured Mortgage, 8%, due 5/20/19			8,365				365,197				-				(365,197	)			-
N957DL Aircraft Secured Mortgage, 8%, due 6/20/19			8,537				372,392				-				(372,392	)			-
N959DL Aircraft Secured Mortgage, 8%, due 7/20/19			8,708				379,522				-				(379,522	)			-
N960DL Aircraft Secured Mortgage, 8%, due 10/20/19			9,289				403,869				-				(403,869	)			-
N961DL Aircraft Secured Mortgage, 8%, due 8/20/19			9,028				393,115				-				(393,115	)			-
N976DL Aircraft Secured Mortgage, 8%, due 2/15/18			4,636				218,321				-				(218,321	)			-
N913DL Equipment Trust Beneficial Interests			494,813				107,501				375				(107,876	)			-
N918DL Equipment Trust Beneficial Interests			8,483				127,662				89,515				(217,177	)			-
N954DL Equipment Trust Beneficial Interests			8,743				77,850				17,496				(95,346	)			-
N955DL Equipment Trust Beneficial Interests			8,278				108,100				2,433				(110,533	)			-
N956DL Equipment Trust Beneficial Interests			8,362				104,478				2,571				(107,049	)			-
N957DL Equipment Trust Beneficial Interests			8,249				105,329				2,637				(107,966	)			-
N959DL Equipment Trust Beneficial Interests			8,139				106,203				2,702				(108,905	)			-
N960DL Equipment Trust Beneficial Interests			7,785				105,937				3,088				(109,025	)			-
N961DL Equipment Trust Beneficial Interests			7,976				101,487				3,159				(104,646	)			-
N976DL Equipment Trust Beneficial Interests			8,635				100,793				755				(101,548	)			-
RM Holdco, LLC, Equity Participation			-				-				-				-				-
RM Holdco, LLC, Membership Units			220,401				-				-				-				-
RM OpCo, LLC, Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/21/16			241,801				3,719,155				1,145,458				-				4,864,613
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18			595,894				4,490,993				925,943				(1,435,210	)			3,981,726
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18			187,667				2,797,956				187,003				-				2,984,959
RM OpCo, LLC, Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18			123,278				1,783,036				122,855				(3,684	)			1,902,207
RM OpCo, LLC, Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18			170,715				2,188,233				1,234,368				-				3,422,601
United N659UA-767, LLC (N659UA)			416,216				3,368,599				448,126				(528,675	)			3,288,050
United N661UA-767, LLC (N661UA)			511,189				3,294,024				635,980				(605,609	)			3,324,395
Wasserstein Cosmos Co-Invest, L.P., Limited Partnership Units			-				4,198,500				-				(2,198,500	)			2,000,000

Security		Dividends or Interest (2)				Fair Value at December 31, 2014				Acquisitions (3)				Dispositions (4)				Fair Value at December 31, 2015
36th Street Capital Partners Holdings, LLC, Membership Units		$	15,600			$	-			$	225,000			$	-			$	225,000
36th Street Capital Partners Holdings, LLC, Subordinated Promissory Note, 12%, due 11/1/20			-				-				900,000				-				900,000
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/16			1,019,480				9,017,764				250,236				-				9,268,000
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/16			592,466				4,869,577				-				-				4,869,577
Anacomp, Inc., Class A Common Stock			-				916,535				665,429				-				1,581,964
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20			715,131				-				12,054,264				(710,774	)			11,343,490
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20			124,828				-				2,612,408				-				2,612,408
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20			22,329				-				2,105,366				(2,105,366	)			-
Edmentum Ultimate Holdings, LLC, Class A Common Units			-				-				680,218				-				680,218
EPMC HoldCo, LLC, Membership Units			-				682,614				-				-				682,614
Essex Ocean II, LLC, Membership Units			-				-				200,686				-				200,686
Globecomm Systems Inc., Senior Secured 1st Lien Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/18			1,330,125				14,656,950				121,560				(522,277	)			14,256,233
KAGY Holding Company, Inc., Series A Preferred Stock			-				121,975				5,996,540				-				6,118,515
N659UA Aircraft Secured Mortgage, 12%, due 2/28/16			120,307				1,659,003				-				(1,340,023	)			318,980
N661UA Aircraft Secured Mortgage, 12%, due 5/4/16			137,289				1,899,950				-				(1,329,647	)			570,303
N913DL Aircraft Secured Mortgage, 8%, due 3/15/17			12,800				209,168				-				(93,551	)			115,617
N918DL Aircraft Secured Mortgage, 8%, due 8/15/18			21,901				320,440				-				(82,946	)			237,494
N954DL Aircraft Secured Mortgage, 8%, due 3/20/19			30,753				437,679				315				(95,260	)			342,734
N955DL Aircraft Secured Mortgage, 8%, due 6/20/19			32,662				460,258				539				(91,635	)			369,162
N956DL Aircraft Secured Mortgage, 8%, due 5/20/19			32,415				457,902				479				(93,184	)			365,197
N957DL Aircraft Secured Mortgage, 8%, due 6/20/19			32,947				464,283				544				(92,435	)			372,392
N959DL Aircraft Secured Mortgage, 8%, due 7/20/19			33,476				470,601				612				(91,691	)			379,522
N960DL Aircraft Secured Mortgage, 8%, due 10/20/19			35,326				493,258				831				(90,220	)			403,869
N961DL Aircraft Secured Mortgage, 8%, due 8/20/19			34,574				484,908				694				(92,487	)			393,115
N976DL Aircraft Secured Mortgage, 8%, due 2/15/18			20,940				314,588				-				(96,267	)			218,321
N913DL Equipment Trust Beneficial Interests			25,444				117,497				90,909				(100,905	)			107,501
N918DL Equipment Trust Beneficial Interests			21,074				135,890				81,670				(89,898	)			127,662
N954DL Equipment Trust Beneficial Interests			21,205				72,604				112,997				(107,751	)			77,850
N955DL Equipment Trust Beneficial Interests			20,000				111,010				103,527				(106,437	)			108,100
N956DL Equipment Trust Beneficial Interests			20,172				106,800				105,581				(107,903	)			104,478
N957DL Equipment Trust Beneficial Interests			19,872				107,682				105,105				(107,458	)			105,329
N959DL Equipment Trust Beneficial Interests			19,577				108,579				104,638				(107,014	)			106,203
N960DL Equipment Trust Beneficial Interests			18,590				107,865				104,750				(106,678	)			105,937
N961DL Equipment Trust Beneficial Interests			19,044				102,826				107,207				(108,546	)			101,487
N976DL Equipment Trust Beneficial Interests			20,825				102,006				101,347				(102,560	)			100,793
RM Holdco, LLC, Equity Participation			-				792				-				(792	)			-
RM Holdco, LLC, Membership Units			-				-				-				-				-
RM OpCo, LLC, Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/21/16			272,075				3,900,025				18,674				(199,544	)			3,719,155
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18			736,422				6,457,325				731,070				(2,697,402	)			4,490,993
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18			238,052				2,567,717				239,889				(9,650	)			2,797,956
RM OpCo, LLC, Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18			165,715				1,636,314				164,641				(17,919	)			1,783,036
RM OpCo, LLC, Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18			120,207				631,164				1,557,069				-				2,188,233
United N659UA-767, LLC (N659UA)			581,125				3,177,822				1,268,821				(1,078,044	)			3,368,599
United N661UA-767, LLC (N661UA)			569,770				3,078,923				1,230,498				(1,015,397	)			3,294,024
Wasserstein Cosmos Co-Invest, L.P., Limited Partnership Units			-				4,175,000				1,050,000				(1,026,500	)			4,198,500

Investment			Acquisition Date
Avanti Communications Group, PLC, Senior Secured Notes, 10%, due 10/1/19			9/26/13
BlackLine Intermediate, Inc., Warrants to Purchase Common Stock			9/25/13
Boomerang Tube Holdings, Inc., Common Stock			2/2/16
BPA Laboratories, Inc., Senior Secured Notes, 12.25%, due 4/1/17 (144A)			3/5/12
Caribbean Financial Group, Senior Secured Notes, 11.5%, due 11/15/19			10/19/12
Epic Aero, Inc. (One Sky), Warrants to Purchase Common Stock			12/4/13
Findly Talent, LLC, Membership Units			1/1/14
Fuse Media, LLC, Warrants to Purchase Common Stock			8/3/12
Fuse, LLC, Senior Secured Notes, 10.375%, due 7/1/19			6/18/14
GACP I, LP, Membership Units			10/1/15
Gogo Intermediate Holdings, LLC, Senior Secured Notes, 12.5%, due 7/1/22			6/9/16
Green Biologics, Inc., Warrants to Purchase Stock			12/22/14
InMobi, Inc., Warrants to Purchase Stock			9/18/15
Integra Telecom, Inc., Common Stock			11/19/09
Integra Telecom, Inc., Warrants			11/19/09
Iracore International, Inc., Senior Secured Notes, 9.5%, due 6/1/18			5/8/13
Magnolia Finance V plc, Asset-Backed Credit Linked Notes, 13.125%, due 8/2/21			8/1/13
Marsico Holdings, LLC, Common Interest Units			9/10/12
Nanosys, Inc., Warrants to Purchase Common Stock			3/29/16
NEXTracker, Inc., Series B Preferred Stock			12/17/14
NEXTracker, Inc., Series C Preferred Stock			6/12/15
Rightside Group, Ltd., Warrants			8/6/14
Shop Holding, LLC (Connexity), Class A Units			6/2/11
Soasta, Inc., Warrants to Purchase Series F Preferred Stock			3/4/16
Soraa, Inc., Warrants to Purchase Common Stock			8/29/14
SoundCloud, Ltd., Warrants to Purchase Preferred Stock			4/30/15
STG-Fairway Holdings, LLC (First Advantage), Class A Units			12/30/10
Trade Finance Funding I, Ltd., Secured Class B Notes, 10.75%, due 11/13/18			11/13/13
Utilidata, Inc., Warrants to Purchase Stock			12/22/15
V Telecom Investment S.C.A. (Vivacom), Common Shares			11/9/12
Waterfall International, Inc., Series B Preferred Stock			9/16/2015
Waterfall International, Inc., Warrants to Purchase Stock			9/16/2015

Investment			Acquisition Date
Avanti Communications Group, PLC, Senior Secured Notes, 10%, due 10/1/19			9/26/13
BlackLine Intermediate, Inc., Warrants to Purchase Common Stock			9/25/13
BPA Laboratories, Inc., Senior Secured Notes, 12.25%, due 4/1/17 (144A)			3/5/12
Caribbean Financial Group, Senior Secured Notes, 11.5%, due 11/15/19			10/19/12
Findly Talent, LLC, Membership Units			1/1/14
Flight Options Holdings I, Inc. (One Sky), Warrants to Purchase Common Stock			12/4/13
Fuse Media, LLC, Warrants to Purchase Common Stock			8/3/12
Fuse, LLC, Senior Secured Notes, 10.375%, due 7/1/19			6/18/14
GACP I, LP, Membership Units			10/1/15
Green Biologics, Inc., Warrants to Purchase Stock			12/22/14
InMobi, Inc., Warrants to Purchase Stock			9/18/15
Integra Telecom, Inc., Common Stock			11/19/09
Integra Telecom, Inc., Warrants			11/19/09
Iracore International, Inc., Senior Secured Notes, 9.5%, due 6/1/18			5/8/13
Magnolia Finance V plc, Asset-Backed Credit Linked Notes, 13.125%, due 8/2/21			8/1/13
Marsico Holdings, LLC, Common Interest Units			9/10/12
NEXTracker, Inc., Series B Preferred Stock			12/17/14
NEXTracker, Inc., Series C Preferred Stock			6/12/15
Precision Holdings, LLC, Class C Membership Interests			Var. 2010 & 2011
Rightside Group, Ltd., Warrants			8/6/14
Shop Holding, LLC (Connexity), Class A Units			6/2/11
Shop Holding, LLC (Connexity), Warrants to Purchase Class A Units			6/2/11
Soraa, Inc., Warrants to Purchase Common Stock			8/29/14
SoundCloud, Ltd., Warrants to Purchase Preferred Stock			4/30/15
STG-Fairway Holdings, LLC (First Advantage), Class A Units			12/30/10
Trade Finance Funding I, Ltd., Secured Class B Notes, 10.75%, due 11/13/18			11/13/13
Utilidata, Inc., Warrants to Purchase Stock			12/22/15
V Telecom Investment S.C.A. (Vivacom), Common Shares			11/9/12
Waterfall International, Inc., Series B Preferred Stock			9/16/2015
Waterfall International, Inc., Warrants to Purchase Stock			9/16/2015

						Special Value
		TCP				Continuation								TCP
		Capital Corp.				Partners, LP								Capital Corp.
		Standalone				Consolidated				Eliminations				Consolidated
Assets
Investments, at fair value:
Companies less than 5% owned		$	-			$	1,144,719,963			$	-			$	1,144,719,963
Companies 5% to 25% owned			-				68,900,676				-				68,900,676
Companies more than 25% owned			-				62,809,253				-				62,809,253
Investment in subsidiary			1,026,886,283				-				(1,026,886,283	)			-
Total investments			1,026,886,283				1,276,429,892				(1,026,886,283	)			1,276,429,892
Cash and cash equivalents			-				140,873,527				-				140,873,527
Receivable for investments sold			-				6,306,581				-				6,306,581
Accrued interest income			-				12,119,817				-				12,119,817
Deferred debt issuance costs			-				4,216,157				-				4,216,157
Options			-				460,972				-				460,972
Prepaid expenses and other assets			661,170				760,453				-				1,421,623
Total assets			1,027,547,453				1,441,167,399				(1,026,886,283	)			1,441,828,569
Liabilities
Debt, net of unamortized issuance costs			237,256,886				394,444,776				-				631,701,662
Payable for investment securities purchased			-				9,151,343				-				9,151,343
Incentive allocation payable			-				5,133,010				-				5,133,010
Interest payable			2,097,083				2,423,138				-				4,520,221
Payable to the Advisor			411,988				465,878				-				877,866
Accrued expenses and other liabilities			673,954				2,662,971				-				3,336,925
Total liabilities			240,439,911				414,281,116				-				654,721,027
Net assets		$	787,107,542			$	1,026,886,283			$	(1,026,886,283	)		$	787,107,542
Composition of net assets
Common stock		$	53,042			$	-			$	-			$	53,042
Additional paid-in capital			944,993,651				1,180,024,317				(1,180,024,317	)			944,993,651
Accumulated deficit			(157,939,151	)			(153,138,034	)			153,138,034				(157,939,151	)
Net assets		$	787,107,542			$	1,026,886,283			$	(1,026,886,283	)		$	787,107,542

		TCP Capital Corp. Standalone				Special Value Continuation Partners, LP Consolidated				Eliminations				TCP Capital Corp. Consolidated
Assets
Investments, at fair value:
Companies less than 5% owned		$	-			$	1,099,208,475			$	-			$	1,099,208,475
Companies 5% to 25% owned			-				69,008,931				-				69,008,931
Companies more than 25% owned			-				14,702,319				-				14,702,319
Investment in subsidiary			827,455,601				-				(827,455,601	)			-
Total investments			827,455,601				1,182,919,725				(827,455,601	)			1,182,919,725
Cash and cash equivalents			-				35,629,435				-				35,629,435
Deferred debt issuance costs			-				5,390,241				-				5,390,241
Accrued interest income			-				9,613,064				-				9,613,064
Unrealized appreciation on swaps			-				3,229,442				-				3,229,442
Prepaid expenses and other assets			283,913				2,047,131				-				2,331,044
Total assets			827,739,514				1,238,829,038				(827,455,601	)			1,239,112,951
Liabilities
Debt			103,738,064				394,467,407				-				498,205,471
Payable for investment securities purchased			-				6,425,414				-				6,425,414
Incentive allocation payable			-				5,207,606				-				5,207,606
Interest payable			247,916				2,663,341				-				2,911,257
Payable to the Advisor			247,574				260,760				-				508,334
Accrued expenses and other liabilities			1,528,943				2,348,909				-				3,877,852
Total liabilities			105,762,497				411,373,437				-				517,135,934
Net assets		$	721,977,017			$	827,455,601			$	(827,455,601	)		$	721,977,017
Composition of net assets
Common stock		$	48,834			$	-			$	-			$	48,834
Additional paid-in capital			878,383,356				981,033,295				(981,033,295	)			878,383,356
Accumulated deficit			(156,455,173	)			(153,577,694	)			153,577,694				(156,455,173	)
Net assets		$	721,977,017			$	827,455,601			$	(827,455,601	)		$	721,977,017

						Special Value
		TCP				Continuation								TCP
		Capital Corp.				Partners, LP								Capital Corp.
		Standalone				Consolidated				Eliminations				Consolidated
Investment income
Interest income:
Companies less than 5% owned		$	-			$	99,016,633			$	-			$	99,016,633
Companies 5% to 25% owned			-				4,982,075				-				4,982,075
Companies more than 25% owned			-				1,915,981				-				1,915,981
Lease income:
Companies more than 25% owned			-				1,496,869				-				1,496,869
Other income:
Companies less than 5% owned			-				1,241,885				-				1,241,885
Total investment income			-				108,653,443				-				108,653,443
Operating expenses
Interest and other debt expenses			5,819,334				11,758,525				-				17,577,859
Management and advisory fees			-				13,976,545				-				13,976,545
Legal fees, professional fees and due diligence expenses			973,172				811,002				-				1,784,174
Administration expenses			-				1,267,815				-				1,267,815
Director fees			97,295				198,191				-				295,486
Insurance expense			90,345				190,230				-				280,575
Custody fees			2,625				229,221				-				231,846
Other operating expenses			708,438				861,548				-				1,569,986
Total expenses			7,691,209				29,293,077				-				36,984,286
Net investment income (loss)			(7,691,209	)			79,360,366				-				71,669,157
Net realized and unrealized gain (loss) on investments and foreign currency
Net realized gain (loss):
Investments in companies less than 5% owned			-				(4,490,140	)			-				(4,490,140	)
Investments in companies 5% to 25% owned			-				417,446				-				417,446
Investments in companies more than 5% owned			-				79,742				-				79,742
Net realized loss			-				(3,992,952	)			-				(3,992,952	)
Change in net unrealized appreciation/depreciation			-				53,816				-				53,816
Net realized and unrealized loss			-				(3,939,136	)			-				(3,939,136	)
Net increase (decrease) in net assets from operations			(7,691,209	)			75,421,230				-				67,730,021
Interest in earnings of subsidiary			61,087,399				-				(61,087,399	)			-
Distributions of incentive allocation to the General Partner from net investment income			-				-				(14,333,831	)			(14,333,831	)
Net increase in net assets applicable to common equityholders resulting from operations		$	53,396,190			$	75,421,230			$	(75,421,230	)		$	53,396,190

		TCP Capital Corp. Standalone				Special Value Continuation Partners, LP Consolidated				Eliminations				TCP Capital Corp. Consolidated
Investment income
Interest income:
Companies less than 5% owned		$	-			$	98,581,508			$	-			$	98,581,508
Companies 5% to 25% owned			-				3,828,262				-				3,828,262
Companies more than 25% owned			-				444,168				-				444,168
Lease income:
Companies more than 25% owned			-				978,000				-				978,000
Other income:
Companies less than 5% owned			153,217				3,267,066				-				3,420,283
Total investment income			153,217				107,099,004				-				107,252,221
Operating expenses
Management and advisory fees			-				13,681,411				-				13,681,411
Interest expense			4,560,902				5,927,481				-				10,488,383
Legal fees, professional fees and due diligence expenses			1,287,695				706,876				-				1,994,571
Amortization of deferred debt issuance costs			513,581				1,109,752				-				1,623,333
Administration expenses			-				1,177,357				-				1,177,357
Commitment fees			-				919,649				-				919,649
Insurance expense			90,505				182,172				-				272,677
Director fees			76,622				156,843				-				233,465
Custody fees			2,625				211,516				-				214,141
Other operating expenses			921,473				1,260,979				-				2,182,452
Total expenses			7,453,403				25,334,036				-				32,787,439
Net investment income (loss)			(7,300,186	)			81,764,968				-				74,464,782
Net realized and unrealized gain (loss) on investments and foreign currency
Net realized gain (loss):
Investments in companies less than 5% owned			-				(3,714,114	)			-				(3,714,114	)
Investments in companies 5% to 25% owned			-				1,185				-				1,185
Investments in companies more than 5% owned			-				19,167				-				19,167
Net realized loss			-				(3,693,762	)			-				(3,693,762	)
Change in net unrealized appreciation/depreciation			-				28,123				-				28,123
Net realized and unrealized loss			-				(3,665,639	)			-				(3,665,639	)
Net increase (decrease) in net asets from operations			(7,300,186	)			78,099,329				-				70,799,143
Interest in earnings of subsidiary			64,278,059				-				(64,278,059	)			-
Gain on repurchase of Series A preferred interests			-				1,675,000				-				1,675,000
Dividends paid on Series A preferred equity facility			-				(1,251,930	)			-				(1,251,930	)
Net change in accumulated dividends on Series A preferred equity facility			-				497,790				-				497,790
Distributions of incentive allocation to the General Partner from net investment income			-				-				(14,742,130	)			(14,742,130	)
Net increase in net assets applicable to equity holders resulting from operations		$	56,977,873			$	79,020,189			$	(79,020,189	)		$	56,977,873

Industry		Percent of Total Investments
Software Publishing			19.7	%
Nondepository Credit Intermediation			6.0	%
Computer Systems Design and Related Services			5.7	%
Other Information Services			5.6	%
Business Support Services			4.4	%
Retail			3.6	%
Wired Telecommunications Carriers			3.4	%
Scientific Research and Development Services			3.1	%
Financial Investment Activities			3.1	%
Insurance Related Activities			2.7	%
Equipment Leasing			2.5	%
Textile Furnishings Mills			2.4	%
Hospitals			2.1	%
Utility System Construction			1.9	%
Chemicals			1.9	%
Insurance Carriers			1.9	%
Management, Scientific, and Technical Consulting Services			1.8	%
Air Transportation			1.8	%
Apparel Manufacturing			1.8	%
Communications Equipment Manufacturing			1.7	%
Radio and Television Broadcasting			1.7	%
Wholesalers			1.6	%
Electronic Component Manufacturing			1.5	%
Lessors of Nonfinancial Licenses			1.5	%
Other Manufacturing			1.5	%
Restaurants			1.3	%
Computer Equipment Manufacturing			1.3	%
Data Processing and Hosting Services			1.2	%
Advertising and Public Relations Services			1.2	%
Building Equipment Contractors			1.1	%
Activities Related to Real Estate			1.0	%
Other			8.0	%
Total			100.0	%

		Shares Issued				Price Per Share				Net Proceeds
Shares issued from dividend reinvestment plan			461			$	15.50	*		$	7,147
Shares issued from conversion of convertible debt †			2,011,900				15.02				-
July 13, 2016 registered direct public offering			2,336,552				15.09				34,958,570

		Shares Issued				Price Per Share				Net Proceeds
At-the-market offerings			248,614			$	15.87	*		$	3,946,066
Shares issued from dividend reinvestment plan			555				14.62	*			8,116

		Shares Repurchased		Price Per Share				Total Cost
Company Repurchase Plan		141,896		$	13.25	*		$	1,879,548

		Maturity				Rate				Carrying Value*				Available				Total Capacity
SVCP Facility
SVCP Revolver		2018					L+1.75	%†		$	-			$	116,000,000			$	116,000,000
Term Loan		2018					L+1.75	%†			100,500,000				-				100,500,000
2019 Convertible Notes ($108 million par)		2019					5.25	%			106,436,711				-				106,436,711
2022 Convertible Notes ($140 million par)		2022					4.625	%			136,725,763				-				136,725,763
TCPC Funding Facility		2020					L+2.50	%‡			235,000,000				115,000,000				350,000,000
SBA Debentures		2024-2026					2.58	%§			61,000,000				14,000,000				75,000,000	**
Total leverage											639,662,474			$	245,000,000			$	884,662,474
Unamortized issuance costs											(7,960,812	)
Debt, net of unamortized issuance costs										$	631,701,662

Date Declared		Record Date		Payment Date		Type		Amount Per Share				Total Amount
February 24, 2016		March 17, 2016		March 31, 2016		Regular		$	0.36			$	17,530,963
May 10, 2016		June 16, 2016		June 30, 2016		Regular			0.36				18,254,229
August 9, 2016		September 16, 2016		September 30, 2016		Regular			0.36				19,094,976
								$	1.08			$	54,880,168

Date Declared		Record Date		Payment Date		Type		Amount Per Share				Total Amount
March 10, 2015		March 19, 2015		March 31, 2015		Regular		$	0.36			$	17,535,826
May 7, 2015		June 16, 2015		June 30, 2015		Regular			0.36				17,625,370
August 6, 2015		September 16, 2015		September 30, 2015		Regular			0.36				17,625,310
								$	1.08			$	52,786,506

		2016				2015
Shares Issued			311				253
Average Price Per Share		$	15.08			$	15.64
Proceeds		$	4,691			$	3,962

Basis Point Change		Interest income				Interest Expense				Net Income
Up 300 basis points		$	29,376,868			$	(11,895,000	)		$	17,481,868
Up 200 basis points			19,306,154				(7,930,000	)			11,376,154
Up 100 basis points			9,251,715				(3,965,000	)			5,286,715
Down 100 basis points			(2,671,690	)			3,369,060				697,370
Down 200 basis points			(2,671,690	)			3,369,060				697,370
Down 300 basis points			(2,671,690	)			3,369,060				697,370

Number		Description
3.1		Articles of Incorporation of the Registrant (1)
3.2		Bylaws of the Registrant (2)
31.1		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32.1		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S. C. 1350)*

Date: November 8, 2016
	By:	/s/ Howard M. Levkowitz
	Name:	Howard M. Levkowitz
	Title:	Chief Executive Officer

Date: November 8, 2016
	By:	/s/ Paul L. Davis
	Name:	Paul L. Davis
	Title:	Chief Financial Officer