<SEC-DOCUMENT>0001144204-17-022300.txt : 20170615
<SEC-HEADER>0001144204-17-022300.hdr.sgml : 20170615
<ACCEPTANCE-DATETIME>20170426164423
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-17-022300
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Investment Corp
		CENTRAL INDEX KEY:			0001534254
		IRS NUMBER:				453058280
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212 - 418 - 4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C&#298;ON Investment Corp
		DATE OF NAME CHANGE:	20111104
</SEC-HEADER>
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    <TD STYLE="width: 50%; font-size: 10pt; padding: 0; text-indent: 0"><IMG SRC="image_001.jpg" ALT="Dechert_STAlogo_BLACKsm2" STYLE="height: 41px; width: 120px"></TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1095 Avenue of the Americas<BR>
        New York, NY 10036-6797</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 212 698 3500 Main</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 212 698 3599 Fax</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.dechert.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
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    <TD STYLE="padding: 0; font-size: 10pt; text-transform: uppercase; font-weight: bold; text-indent: 0">&nbsp;</TD>
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        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Matthew K Kerfoot</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">matthew.kerfoot@dechert.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 212 641 5694 Direct</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 212 698 3599 Fax</P></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 26, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Division of Investment Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Attn:</TD><TD STYLE="text-align: justify">Ms. Marianne Dobelbower, Esq.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Tony Burak</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify">C&#298;ON Investment Corporation</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Registration Statement on Form N-2 (File
No. 333-203683)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Dobelbower and Mr. Burak:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of C&#298;ON Investment Corporation
(the &ldquo;<U>Company</U>&rdquo;), set forth below are the Company&rsquo;s responses to the oral comments provided by the staff
of the Division of Investment Management (the &ldquo;<U>Staff</U>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
to the Company&rsquo;s outside legal counsel, Dechert LLP, on April 6, April 10 and April 21, 2017, regarding Post-Effective Amendment
No. 3 (&ldquo;<U>PEA 3</U>&rdquo;) to the Company&rsquo;s Registration Statement on Form N-2 (File No. 333-203683) (the &ldquo;<U>Registration
Statement</U>&rdquo;) and the prospectus included therein (the &ldquo;<U>Prospectus</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, transmitted herewith is Post-Effective
Amendment No. 4 (&ldquo;<U>PEA 4</U>&rdquo;) to the Registration Statement, which reflects all of the comments and revisions discussed
herein. The Company is filing as separate correspondence its request for acceleration of effectiveness (&ldquo;<U>Acceleration
Request</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For your convenience, the Staff&rsquo;s
comments are numbered and presented in bold text below, and each comment is followed by the Company&rsquo;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Front Cover</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>In the first sentence of the fourth paragraph (which begins, &ldquo;Through our affiliated broker-dealer,
CION Securities, LLC&rdquo; and ends with, &ldquo;offering price of $9.60 per share.&rdquo;), please consider re-including the
parenthetical &ldquo;(formerly known as ICON Securities, LLC)&rdquo; in connection with the past enforcement action.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>In the first sentence (which begins, &ldquo;we have implemented&rdquo; and ends with, &ldquo;repurchase
by us.&rdquo;) of the second bulleted risk disclosure regarding the Company&rsquo;s repurchase program, please include the maximum
percentage amount of shares eligible for repurchase.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>In the last bulleted risk disclosure regarding the Company&rsquo;s distributions, please include
whether any of the Company&rsquo;s distributions through December 31, 2015 and 2016 resulted from the expense support from CION
Investment Group, LLC or Apollo Investment Management, L.P. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>In the last bulleted risk disclosure regarding the Company&rsquo;s distributions, please include
in the disclosure whether distributions may be made from borrowings. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prospectus Summary &ndash; C&#298;ON
Investment Corporation, page 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>On page 2, consider making the latter portion of the first sentence (which begins, &ldquo;however,
our offering of common stock&rdquo; and ends with, &ldquo;for an indefinite period.&rdquo;) in the fifth paragraph a separate sentence.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prospectus Summary &ndash; Market Opportunity,
page 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>On page 4, in the first sentence (which begins, &ldquo;According to GE Capital&rsquo;s National
Center&rdquo; and ends with, &ldquo;48 million aggregate employees.&rdquo;) of the first bulleted disclosure, please confirm the
amount of aggregate revenue and provide disclosure regarding the relevant time period.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised to delete the reference to the amount of aggregate revenue and the related number of aggregate employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>On page 4, please provide updated data, if available, for the third sentence of the second bulleted
disclosure (which begins, &ldquo;For example&rdquo; and ends with, &ldquo;from 2008 to 2012.&rdquo;).</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised to delete the third sentence of the second bulleted disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prospectus Summary &ndash; Estimated
Use of Proceeds, page 10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>In the first paragraph, the Company states that it intends to &ldquo;seek to invest the net
proceeds received in this offering as promptly as practicable after receipt thereof.&rdquo; Please explain supplementally the length
of time the Company intends to fully invest the proceeds consistent with the Company&rsquo;s investment objectives.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The Company
intends to fully invest the proceeds consistent with the Company&rsquo;s investment objectives within three to six months after
receipt thereof as market conditions permit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prospectus Summary &ndash; Liquidity
Strategy, page 15</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>The second paragraph states that the Company may repurchase a limited amount of common stock
&ldquo;at a price that reflects a discount from the purchase price.&rdquo; Please confirm whether this is accurate and revise the
disclosure accordingly.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised to reflect that the Company will repurchase common stock at a price equal to the estimated net asset value per
share on each date of repurchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prospectus Summary &ndash; Recent Developments,
page 18</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>The Company&rsquo;s Form 10-K states that the acquisition of Credit Suisse Park View BDC, Inc.
(&ldquo;CS Park View&rdquo;) by Park South Funding, LLC (&ldquo;Park South) has been accounted for by the Company under the asset
acquisition method of accounting in accordance with ASC&nbsp;805-50,&nbsp;<I>Business Combinations&mdash;Related Issues</I>. Please
provide supplementally the basis for accounting under the asset acquisition method rather than the business combination method.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The Company
respectfully submits Annex A attached hereto which provides the basis for accounting under the asset acquisition method rather
than the business combination method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Please indicate supplementally how the cost basis was determined for the acquisition of CS Park
View by Park South. Please explain supplementally why the transaction costs incurred by the Company in connection with the CS Park
View acquisition were expensed rather than included in the cost basis of the CS Park View securities. In particular, please indicate
(a) whether the treatment of the costs as expenses had a material impact on the Company and how that materiality is quantified
and (b) whether the Company and its external accountants disagreed with how the transaction costs should be treated. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The Company
respectfully submits Annex B attached hereto which provides the determination of cost basis for the acquisition of CS Park View
by Park South, as well as responses to the comments regarding the treatment of the CS Park View acquisition transaction costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Please indicate supplementally whether there were any significant differences in the valuation
of CS Park View&rsquo;s securities as calculated by the Company and Credit Suisse. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: Although the
Company was not provided with, and was not able to independently determine, the valuation of CS Park View&rsquo;s securities as
calculated by Credit Suisse, the Company is unaware of any significant differences in the valuation of the securities as calculated
by the Company and Credit Suisse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prospectus Summary &ndash; <I>JPMorgan
Credit Facility</I>, page 21 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>The first paragraph states, &ldquo;The JPM Credit Facility provides for delayed-draw borrowings
in an aggregate principal amount of $150,000,000, of which $25,000,000 may be funded as a revolving credit facility, each subject
to compliance with a borrowing base.&rdquo; Please clarify supplementally the difference between a delayed-draw borrowing and a
revolving credit facility.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: A delayed-draw
borrowing allows a borrower to draw down certain amounts of an aggregate committed financing amount when and as needed by the borrower.
However, such amounts when repaid may not be re-borrowed. A revolving credit facility allows a borrower to draw down certain amounts,
repay and then re-borrow such amounts. The Company has deleted the reference to &ldquo;delayed-draw&rdquo; from this disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fees and Expenses &ndash; Example, page
24</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD STYLE="text-align: justify"><B>On page 25, footnote 1 assumes the sale of the Company&rsquo;s common stock during 2017 as $150
million. Please include additional disclosure regarding the use of the figure $150 million when the Company had a net sales of
$32 million in 2016.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risk Factors &ndash; Risks Relating
To Our Business And Structure, page 34</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>In the first risk disclosure, please revise the last sentence by deleting the latter portion
that begins, &ldquo;and may use the net proceeds from our continuous offering in ways with which investors may not agree or for
purposes other than those contemplated in this prospectus&rdquo; or provide additional disclosure explaining this portion of the
sentence.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>In the fourth risk disclosure, please include disclosure that the Federal Reserve raised interest
rates during the first quarter of 2017.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>On page 38 in the last risk disclosure, please confirm whether the fourth sentence (which begins,
&ldquo;As a relatively new company&rdquo; and ends with, &ldquo;our ability to make distributions&rdquo;) is accurate and revise
accordingly, if necessary.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risk Factors &ndash; Risks Related To
Our Investments, page 45</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD STYLE="text-align: justify"><B>On page 46, please include a new sub-heading &ldquo;Below-Investment Grade Debt Securities&rdquo;
before the fourth paragraph (which begins, &ldquo;In addition, we invest&rdquo; and ends with, &ldquo;difficult to value and illiquid.&rdquo;)
</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Management &ndash; Committees of the
Board of Directors, page 155</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>19.</B></TD><TD STYLE="text-align: justify"><B>Please update the number of meetings that each committee of the Company held in 2016. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The disclosure
has been revised accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>20.</B></TD><TD STYLE="text-align: justify"><B>Please update the Registration Statement to include the December 31, 2016 year end financial
statements.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: As requested,
the Company has included the December 31, 2016 year end financial statements and updated other disclosures accordingly in PEA 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD STYLE="text-align: justify"><B>The Company&rsquo;s balance sheet on December 31, 2016 included a credit default swap. Please
represent supplementally that, should the Company invest in swaps going forward, the Company will include disclosure in compliance
with the new Rule 12-13(c) under Regulation S-X that requires standardized disclosures for derivatives. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Response</U>: The Company
hereby represents that, should the Company invest in swaps going forward, it will include disclosure in compliance with the new
Rule 12-13(c) under Regulation S-X that requires standardized disclosures for derivatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions or if you require additional information,
please do not hesitate to contact me at (212) 641-5694.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Matthew K. Kerfoot</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.4pt; text-indent: -23.4pt">Matthew K. Kerfoot</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -9pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Treatment of the CS Park View Acquisition
as an Asset Acquisition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 30, 2016, the Company and
Credit Suisse Alternative Capital, LLC, the sole owner of CS Park View, entered into a Purchase and Sale Agreement for the Company,
through a wholly owned subsidiary, to acquire 100% of the common stock of CS Park View for a cash purchase price of $276,852,116,
subject to a post-closing adjustment determined as the difference between estimated working capital and actual working capital
at the time of the transaction. Substantially all of the net assets acquired are derived from interests in senior secured loans
and partnership interests of 27 portfolio companies, interest receivable and accrued expenses, which are all considered financial
assets. The Company did not acquire any employees, intangible assets or fixed assets, nor did it acquire CS Park View&rsquo;s investment
advisor. The Company funded the cash purchase price partially with cash on hand and the proceeds received from the JPM Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under ASC 805, a business combination is
&ldquo;a transaction or other event in which an acquirer obtains control of one or more businesses.&rdquo; The definition of a
business was updated in June 2016. ASC 805 requires entities to determine if transactions or other events constitute a business
combination using the guidance in that subtopic. &ldquo;If the assets acquired are not a business, the reporting entity shall account
for the transaction or other event as an asset acquisition. An entity shall account for each business combination by applying the
acquisition method.&rdquo; According to ASC 805-10-55-4, <I>a business consists of inputs and processes applied to those inputs
that have the ability to create outputs. Although businesses usually have outputs, outputs are not required for an integrated set
to qualify as a business. The three elements of a business are defined as follows: </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>a. Input. Any economic resource
that creates, or has the ability to create, outputs when one or more processes are applied to it. Examples include long-lived assets
(including intangible assets or rights to use long-lived assets), intellectual property, the ability to obtain access to necessary
materials or rights, and employees. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>b. Process. Any system, standard,
protocol, convention, or rule that when applied to an input or inputs, creates or has the ability to create outputs. Examples include
strategic management processes, operational processes, and resource management processes. These processes typically are documented,
but an organized workforce having the necessary skills and experience following rules and conventions may provide the necessary
processes that are capable of being applied to inputs to create outputs. Accounting, billing, payroll, and other administrative
systems typically are not processes used to create outputs. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>c. Output. The result of inputs
and processes applied to those inputs that provide or have the ability to provide a return in the form of dividends, lower costs,
or other economic benefits directly to investors or other owners, members, or participants.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to determine if this transaction
represents a business combination, an assessment must be made on whether the purchase transaction includes inputs, processes, and/or
outputs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Inputs </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is important to note that financial
assets are not included in the definition of inputs in the guidance. Rather, each example is a non-financial asset which requires
processes to convert inputs into outputs. Substantially all of the assets acquired were financial assets, primarily senior secured
loans and partnership interests, which generally do not require processes to generate outputs. As a result, the omission of financial
assets from the definition of a business makes a presumption those transactions that primarily involve acquiring financial assets,
absent other inputs and processes, does not constitute a business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Process</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As with any investment company, the primary
processes relate to deal origination, due diligence, transaction structuring, and portfolio management. For CS Park View, these
processes were performed by CS Park View&rsquo;s investment manager under the Investment Advisory Agreement. However, this agreement
was terminated prior to the transaction, indicating that there were no significant business processes acquired. Furthermore, the
definition states that &ldquo;accounting, billing, payroll, and other administrative systems typically are not in of itself processes
used to create outputs.&rdquo; As such, the presence or exclusion of such processes generally will not affect the determination
of whether an acquired set of activities and net assets is considered a business. In addition, the CS Park View administration
agreement was terminated prior to the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, ASC 805-10-55 states &ldquo;a
business need not include all of the inputs or processes that the seller used in operating that business if market participants
are capable of acquiring the business and continuing to produce outputs, for example, by integrating the business with their own
inputs and processes. Determining whether a particular set of assets and activities is a business should be based on whether the
integrated set is capable of being conducted and managed as a business by a market participant.&rdquo; Based on interpretations
of this guidance, emphasis has been placed on &ldquo;<B><U>all</U></B> of the inputs or process&rdquo;. It is also viewed that
in most cases the acquired set of activities and net assets must have at least some inputs and processes in order to be considered
a business. In this transaction, there were no acquired inputs or processes. Accordingly, the Company does not believe this transaction
should be accounted for as a business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Output</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the financial assets purchased are
expected to generate investment income and capital appreciation, the Company does not believe this represents an output as described
in the standard. Specifically, the guidance states that outputs are &ldquo;the result of inputs and processes applied to those
inputs.&rdquo; As previously discussed, the senior secured loans and partnership interests acquired will generate investment income
regardless of any process applied. As a result, this does not represent inputs. Furthermore, once an investment is purchased, the
investment income generated is typically not a result of processes that can be applied by market participants such as deal origination,
due diligence or transaction structuring. Portfolio management does not determine if an investment will generate investment income.
Therefore, the Company does not believe any inputs or processes were acquired to generate outputs as the primary outputs for an
investment in a portfolio company are the investment income and capital appreciation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Conclusion</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the facts above, the Company does
not believe any inputs, processes, or generated outputs, as defined in the standard, are being acquired. Furthermore, the Company&rsquo;s
routine process of purchasing senior secured loans and partnership interests is not significantly different than the basket of
loans purchased in this transaction. When considering the transaction as a whole, the primary factor is the assessment of the risk
adjusted return of each individual asset by the investment advisor. Considering all factors, the Company does not believe that
this transaction represents a business combination. ASC 805-50-15-3 states &ldquo;the guidance in the Acquisition of Assets Rather
than a Business Subsections applies to transactions or events in which assets acquired and liabilities assumed do not constitute
a business.&rdquo; ASC 805-50-05-3 &ldquo;require[s] such a transaction to be accounted for as an asset acquisition.&rdquo; Accordingly,
the Company believes this transaction is to be accounted for as an acquisition of assets and, more specifically, an acquisition
of a discrete portfolio of senior secured loans and partnership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">How will the purchase price, including
transaction costs, be allocated to the assets acquired as the Company, through a wholly owned subsidiary, acquired an entity that
is not considered a business and holds financial assets?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">ASC 805-50-30
states that &ldquo;assets are recognized based on their cost to the acquiring entity, which generally includes the transaction
costs of the asset acquired, and no gain or loss is recognized. </FONT>&nbsp;<FONT STYLE="font-size: 10pt">Assets acquired in which
the consideration given is cash are measured by the amount of cash paid, which generally includes transaction costs.&rdquo; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, this would require the allocation
of the cash purchase price of $276,852,116 plus the transaction costs of $498,268 to the assets acquired and liabilities assumed.
However, the assets acquired and liabilities assumed are financial assets. ASC 860 &ndash; Transfers and Servicing (of financial
assets) governs the cost at which financial assets should be recorded at initial measurement. <I>Specifically, paragraph 860-20-30-2
states &ldquo;the transferee</I><I> shall initially measure, at fair value, any asset or liability recognized.&rdquo; Based on
this guidance, the allocation of the purchase price, including transaction costs, is limited to the fair value of the assets acquired</I>.
Based on the independent third-party valuation report received from Duff &amp; Phelps, LLC as of September 30, 2016, the Company
determined the fair value of the assets acquired was equal to the cash purchase price, and that the transaction costs were in excess
of the aggregate fair value of the assets acquired and liabilities assumed. Therefore, the transaction costs have been expensed
and included in the consolidated statement of operations based on the nature of the expense, in this case professional fees. There
were no disagreements noted with the Company&rsquo;s independent auditors as part of the Company&rsquo;s 2016 audit.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In terms of materiality, the transaction
costs of $498,268 represented approximately 0.05% of consolidated shareholders&rsquo; equity and approximately 1.04% of net investment
income, each as of and for the twelve months ended December 31, 2016. Accordingly, the Company does not believe that these transaction
costs are material based on the Company&rsquo;s total shareholders&rsquo; equity and its net investment income, nor are they material
to the Company&rsquo;s cash flows, financial position or results of operations. In addition, these transaction costs did not impact
the amount of shareholder distributions or the earnings coverage of such distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Conclusion</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As this transaction will be accounted for
as an asset acquisition, the purchase price will be allocated to the assets acquired and liabilities assumed based on their respective
fair value which approximates the cash purchase price. All transaction costs have been expensed during the period incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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