<SEC-DOCUMENT>0000930413-16-005652.txt : 20160225
<SEC-HEADER>0000930413-16-005652.hdr.sgml : 20160225
<ACCEPTANCE-DATETIME>20160225161035
ACCESSION NUMBER:		0000930413-16-005652
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160225
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160225
DATE AS OF CHANGE:		20160225

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			StoneCastle Financial Corp.
		CENTRAL INDEX KEY:			0001578987
		IRS NUMBER:				900934878
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22853
		FILM NUMBER:		161456022

	BUSINESS ADDRESS:	
		STREET 1:		152 WEST 57TH STREET 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-354-6500

	MAIL ADDRESS:	
		STREET 1:		152 WEST 57TH STREET 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>c84107_8k.htm
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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1px solid">&nbsp;</P>

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<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>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 OR 15(d) of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Securities Exchange Act of 1934</B></P>

<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">Date of Report (Date of earliest event
reported)<B> <U>February 25, 2016</U></B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>StoneCastle Financial Corp. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified
in Charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 25%; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></td>
    <TD STYLE="width: 50%; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>333-189307</B></FONT></td>
    <TD STYLE="width: 25%; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>90-0934878</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction</FONT></td>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Commission</FONT></td>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer</FONT></td></tr>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">of incorporation)</FONT></td>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">File Number)</FONT></td>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Identification No.)</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>152 West 57<SUP>th</SUP>
    Street, 35<SUP>th</SUP> floor, New York, NY</B></FONT></td>
    <TD STYLE="width: 40%; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>10019</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></td>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></td></tr>
</table>
<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">Registrant&rsquo;s telephone number, including
area code (212) 354-6500</P>

<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">(Former name or former address, if changed
since last report.)</P>

<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">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</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"><FONT STYLE="font-family: Wingdings">o</FONT> Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</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"><FONT STYLE="font-family: Wingdings">o</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</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"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</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"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1px solid">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition</U></B>.</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; text-indent: 36pt">On February 25, 2016 the registrant issued
a press release announcing its financial results for the fourth quarter ended December 31, 2015. The text of the press release
is included as Exhibit 99.1 to this Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The information disclosed under this item
2.02 is being furnished and shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act
of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly
set forth by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</U></B></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">(d) Exhibits:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 18%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font-size: 10pt"><U>Exhibit
    Number</U></FONT></td>
    <TD STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Description</FONT></td>
    </tr>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">99.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Press Release, dated <B><U>February 25, 2016</U></B></TD></TR>
</table>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1px solid">&nbsp;</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; text-align: left">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</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 0pt 288pt; text-indent: 36pt">STONECASTLE FINANCIAL CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 288pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: <B><U>February 25, 2016</U></B></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 0pt 324pt">By: /s/ <U>Patrick J. Farrell</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 324pt">Name: Patrick J. Farrell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 324pt">Title: Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 324pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 1px solid">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 18%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><FONT STYLE="font-size: 10pt"><U>Exhibit
    Number</U></FONT></td>
    <TD STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">Description</FONT></td>
    </tr>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">99.1</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Press Release, Dated <B><U>February 25, 2016</U></B></TD></TR>
</table>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 2: EX-99.1 (EX-99.1)</B></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 0pt 252pt; text-align: right; text-indent: 36pt">Exhibit 99.1</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="x1_c84107a001.jpg" ALT="">&nbsp;</P>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>StoneCastle
Financial Corp. Reports Fourth Quarter 2015 Results </B></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">NEW
YORK, February 25, 2016 &ndash; StoneCastle Financial Corp. (Nasdaq: BANX) (&ldquo;StoneCastle Financial&rdquo; or the &ldquo;Company&rdquo;),
an investment company registered with the Securities and Exchange Commission (&ldquo;SEC&rdquo;), today announced results for
the fourth fiscal quarter ended December 31, 2015.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Fourth
Quarter 2015 Investment Highlights:</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="width: 18pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Symbol">&middot;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Invested $85.4 million in 14 investments</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Symbol">&middot;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Received repayments of $42.2 million from
    6 investments</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Symbol">&middot;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Received sales proceeds of $51.2 million
    from 14 investments</FONT></TD></TR>
</TABLE>



<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Investment
Activity in the Fourth Quarter 2015 Included:</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 8pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">$45.5
                                                                                                                                                                                                                                  million
                                                                                                                                                                                                                                  in
                                                                                                                                                                                                                                  Preferred
                                                                                                                                                                                                                                  Shares
                                                                                                                                                                                                                                  of
                                                                                                                                                                                                                                  Community
                                                                                                                                                                                                                                  Funding
                                                                                                                                                                                                                                  CLO</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 8pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">$9.7
                                                                                                                                                                                             million
                                                                                                                                                                                             in
                                                                                                                                                                                             First
                                                                                                                                                                                             Reliance
                                                                                                                                                                                             Bancshares
                                                                                                                                                                                             Fixed
                                                                                                                                                                                             Rate
                                                                                                                                                                                             Cumulative
                                                                                                                                                                                             Perpetual
                                                                                                                                                                                             Preferred
                                                                                                                                                                                             Stock,
                                                                                                                                                                                             Series
                                                                                                                                                                                             A,
                                                                                                                                                                                             9.00%</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 8pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">$5.2
                                                                                                                                                                                             million
                                                                                                                                                                                             in
                                                                                                                                                                                             Universal
                                                                                                                                                                                             Bancorp
                                                                                                                                                                                             Fixed
                                                                                                                                                                                             Rate
                                                                                                                                                                                             Cumulative
                                                                                                                                                                                             Perpetual
                                                                                                                                                                                             Preferred
                                                                                                                                                                                             Stock,
                                                                                                                                                                                             Series
                                                                                                                                                                                             A,
                                                                                                                                                                                             9.00%
                                                                                                                                                                                             </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 8pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">$5.2
                                                                                                                                                                                                                                  million
                                                                                                                                                                                                                                  in
                                                                                                                                                                                                                                  F
                                                                                                                                                                                                                                  &amp;
                                                                                                                                                                                                                                  M
                                                                                                                                                                                                                                  Financial
                                                                                                                                                                                                                                  Corporation,
                                                                                                                                                                                                                                  Fixed
                                                                                                                                                                                                                                  Rate
                                                                                                                                                                                                                                  Cumulative
                                                                                                                                                                                                                                  Perpetual
                                                                                                                                                                                                                                  Preferred
                                                                                                                                                                                                                                  Stock,
                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                  B,
                                                                                                                                                                                                                                  9.00%</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; font: 8pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">$5.0
                                                                                                                                                                                                                                  million
                                                                                                                                                                                                                                  in
                                                                                                                                                                                                                                  Community
                                                                                                                                                                                                                                  1<SUP>st
                                                                                                                                                                                                                                  </SUP>Bancorp
                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                  Term
                                                                                                                                                                                                                                  Loan,
                                                                                                                                                                                                                                  7.99%,
                                                                                                                                                                                                                                  1/1/2026</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">A complete
listing of investments as of the end of the quarter can be found in the 2015 annual report and on the Company&rsquo;s website
at www.StoneCastle-Financial.com.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">The
estimated annualized yield generated by the invested portfolio as of December 31, 2015 (excluding cash and cash equivalents) was
approximately 9.03%.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Fourth
Quarter 2015 Financial Results</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">Net
investment income was $2,749,738 or $0.42 per share, comprised of $4,482,779 in gross income and $1,733,041 of expenses. Realized
losses were ($3,005,896) of which ($2,479,198) was related to the contribution of certain assets to Community Funding.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">Net
Assets at quarter end were $140,769,920, down from $143,807,916 in the previous quarter. The Company&rsquo;s Net Asset Value was
$21.62 per share.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">The
Company declared a fourth quarter cash distribution of $0.35 per share, up 6.1% or $0.02 from the prior quarter. The distribution
was paid on January 4, 2016 to shareholders of record at the close of business on December 22, 2015.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">The
Company had $25 million outstanding on its $70 million credit facility at the quarter end, which represents approximately 13%
of total assets. According to regulated investment company rules, the Company may borrow only up to 33.3% of its total assets.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Full
Year 2015 Financial Results </B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">For
the full year, the Company had gross investment income of $15.77 million and operating expenses of $6.42 million. This resulted
in net investment income of $9.35 million or $1.44 per share. The Company realized net capital losses of approximately $1 million,
or $0.15 per share, during the year. The Company paid cash distributions of $1.51 per share.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Portfolio
and Investment Summary </B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">As
of the close of business on December 31, 2015, the Company had total assets of $192,533,669 consisting of total investments of
$184,753,872, cash of $4,009,133 and other assets of $3,770,664. &nbsp;Other assets include interest and dividends receivable
of $2,948,819, and prepaid assets of $821,845.</FONT></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the quarter,
the Company deployed $85.4 million in new investments. The Company purchased $45.5 million of Preferred Shares of Community Funding
CLO, $32.4 million of preferred securities, and $7.5 million of term loans. The Company received repayments totaling $42.2 million
from 6 investments and sold 14 investments for proceeds of $51.2 million.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Quarterly Conference Call</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">StoneCastle Financial
will host a webcast and conference call on February 25, 2016 at 5:00 pm Eastern time.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The conference
call can be accessed by dialing 1-877-407-9039 for domestic callers or 1-201-689-8470 for international callers. Participants
may also access the call via live webcast by visiting StoneCastle Financial&rsquo;s investor relations website at <U>www.stonecastle-financial.com</U>.
To listen to a live broadcast, go to the website at least 15 minutes prior to the scheduled start time in order to register, download
and install any necessary audio software.&nbsp;A replay will be available shortly after the call and be available through midnight
(Eastern Time) on March 10, 2016. The replay can be accessed by dialing 1-877-870-5176 for domestic callers or 1-858-384-5517
for international callers. The passcode for the replay is 13627151.&nbsp;The archive of the webcast will be available on the Company&rsquo;s
website for a limited time.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About StoneCastle Financial Corp.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">StoneCastle Financial
is an SEC registered non-diversified, closed-end management investment company listed on the NASDAQ Global Select Market under
the symbol &ldquo;BANX.&rdquo; StoneCastle Financial intends to make long-term, passive, non-control investments in community banks
seeking capital for organic growth, acquisitions, share repurchases and other refinancing activities. Its investment objective
is to provide current income and, to a lesser extent, capital appreciation. StoneCastle Financial is managed by StoneCastle Asset
Management LLC.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Disclaimer and Risk Factors:</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">There is no assurance that StoneCastle
Financial will achieve its investment objective. StoneCastle Financial is subject to numerous risks, including investment and
market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities
risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks,
market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade
above (a premium) or below (a discount) their net asset value. Shares of StoneCastle Financial may not be appropriate for all
investors. Investors should review and consider carefully StoneCastle Financial&rsquo;s investment objective, risks, charges and expenses.
Past performance does not guarantee future results. Learn more at www.stonecastle-financial.com.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">The Annual Report, Semi-Annual Report
and other regulatory filings of the Company with the SEC are accessible on the SEC&rsquo;s website at <B><U>www.sec.gov</U></B>
and on the Company&rsquo;s website at <B><U>www.stonecastle-financial.com</U></B>,<B> </B>and may discuss these or other factors
that affect the Company.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">CONTACT: Investor Contact:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Julie Muraco</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">347-887-0324</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="x1_c84107a002.jpg" ALT=""></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(153,153,153)">Copyright 2015 StoneCastle Financial Corp.</P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"></P>

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<P STYLE="font: 16pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>STONECASTLE FINANCIAL CORP.</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>Statement of Assets and Liabilities</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>December 31, 2015</U></FONT></TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>September 30, 2015</U></FONT></TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Assets</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="width: 60%; padding-left: 20pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Investments in securities, at
    fair value (cost: $184,998,847 and $197,239,693 respectively)</FONT></TD><TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 15%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">184,753,872</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 16%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">197,497,723</FONT></TD><TD STYLE="width: 1%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Cash <SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">4,009,133</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">4,018,444</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Interest and dividends
    receivable</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">2,948,819</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">443,451</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Prepaid assets</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">821,845</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">928,975</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Receivable
    for securities sold</FONT></TD><TD STYLE="padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt; padding-right: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">231,371</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Total
    assets</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">192,533,669</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">203,119,964</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Liabilities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Loan payable</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">25,000,000</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">58,000,000</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Payable for securities
    purchased</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">23,184,943</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt; padding-right: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Dividends payable</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">2,278,834</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt; padding-right: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Investment advisory fee
    payable <SUP>(2)</SUP></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">849,259</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">720,450</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Loan interest payable</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">34,032</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">47,669</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Directors fee payable</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">13,000</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">9,835</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Accrued
    expenses payable</FONT></TD><TD STYLE="padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">403,681</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">534,094</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Total
    liabilities</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">51,763,749</FONT></TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">59,312,048</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Net
    Assets</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double; font-size: 10pt"><FONT STYLE="font-size: 10pt">140,769,920</FONT></TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double; font-size: 10pt"><FONT STYLE="font-size: 10pt">143,807,916</FONT></TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Net
    Assets consist of:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Common stock at par ($0.001 per share)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">6,511</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">6,511</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Paid-in-capital</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">144,295,099</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">145,741,865</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Accumulated Net Investment
    Loss</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2,278,834</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4,196,505</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Accumulated net realized
    gains / (losses) on investments</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1,007,881</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">1,998,015</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Net
    unrealized appreciation / (depreciation) on investments</FONT></TD><TD STYLE="padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">(244,975</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">258,030</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Net
    Assets</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double; font-size: 10pt"><FONT STYLE="font-size: 10pt">140,769,920</FONT></TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double; font-size: 10pt"><FONT STYLE="font-size: 10pt">143,807,916</FONT></TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 30pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Net Asset Value Per Share:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Common
    Stock Shares Outstanding</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">6,510,953</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">6,510,953</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-weight: bold; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Net
    asset value per common share</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">21.62</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">22.09</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-weight: bold; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Market
    price per share</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">16.30</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">16.82</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-weight: bold; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Market
    price discount to net asset value per share</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">-24.61%</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">-23.86%</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 8pt"><I>(1)</I></FONT></TD>
    <TD STYLE="width: 97%; font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 8pt"><I>Includes $3,500,000 of restricted
    cash held in a segregated account at Texas Capital Bank to cover collateral requirements.</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 8pt"><I>(2)</I></FONT></TD>
    <TD STYLE="font: 8pt Times New Roman,serif"><FONT STYLE="font-size: 8pt"><I>Investment advisory fee payable shown net of
    waiver for December 31, 2015 and September 30, 2015 of $0 and $175,504.</I></FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<P STYLE="font: 16pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>STONECASTLE FINANCIAL CORP.</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>Statement of Operations</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">For the Three</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">For The Year
    Ended</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Months Ended</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 10pt">December
    31, 2015</FONT></TD><TD STYLE="padding-bottom: 1px; font: bold 10pt Times New Roman,serif; border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 10pt">December
    31, 2015</FONT></TD><TD STYLE="padding-bottom: 1px; font: bold 10pt Times New Roman,serif; border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 0pt"><FONT STYLE="font-size: 10pt">Investment
    Income</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="width: 60%; font: 10pt Times New Roman,serif; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Interest</FONT></TD><TD STYLE="width: 3%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 15%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">8,160,512</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 16%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,302,180</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Dividends</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">6,645,154</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,365,072</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Origination
    fee income</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">803,298</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">709,527</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Other
    Income</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">156,511</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">106,000</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Total
    Investment Income</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">15,765,475</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">4,482,779</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-indent: 0; padding-left: 0pt"><FONT STYLE="font-size: 10pt">Expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Investment
    advisory fees <SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">3,390,760</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">849,259</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Interest
    expense</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,367,125</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">345,840</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">ABA
    marketing and licensing fees</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">437,500</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">77,868</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Professional
    fees</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">343,760</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">75,393</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Transfer
    agent, custodian fees and administrator fees</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">273,242</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">70,558</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Bank
    fees</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">190,709</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">70,478</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Directors&rsquo;
    fees</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">180,000</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">44,915</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Due
    diligence expense</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">165,582</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">9,999</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Valuation
    fees</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">119,500</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">37,970</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Investor
    relations fees</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">118,800</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">30,430</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Insurance
    expense</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">90,000</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">22,530</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Miscellaneous
    fees (proxy, printing, rating agency, etc.)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">259,362</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">97,801</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Total
    expenses before waivers</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">6,936,340</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">1,733,041</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Less:
    Advisory fee waiver <SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">(520,789</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid; padding-right: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Net
    expenses after waivers</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">6,415,551</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">1,733,041</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Net
    Investment Income</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">9,349,924</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">2,749,738</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1px; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1px; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 0pt"><FONT STYLE="font-size: 10pt">Realized
    and Unrealized Gain / (Loss) on Investments</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Net
    realized loss on investments</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,007,881</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(3,005,896</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Net
    change in unrealized depreciation on investments</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">(55,305</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">(503,005</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Net
    realized and unrealized loss on investments</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">(1,063,186</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">(3,508,901</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; text-indent: 0; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Net
    Increase / (decrease) in Net Assets Resulting From Operations</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">8,286,738</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">(759,163</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="width: 3%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>(1)</I></FONT></TD>
    <TD STYLE="width: 97%; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>Investment advisory fee reflects
    gross contractual fee.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>(2)</I></FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>Investment advisory fee waiver reflects
    waiver of fees related to proceeds of issuance of common stock issued on November 7, 2014 and December 2, 2014.
    In previous quarters, this waiver was shown net against investment advisor fees.</I></FONT></TD></TR>
</TABLE>




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<P STYLE="font: 16pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>STONECASTLE FINANCIAL CORP.</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>Financial Highlights</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">For the Three Months</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Ended December 31,</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 2px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt"><U>Per Share Operating
    Performance</U></FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; font-weight: bold; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Net Asset
    Value, beginning of period</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 17%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">22.09</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Net investment income<SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.42</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Net
    realized and unrealized gain / (loss) on investments<SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">(0.54</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total
    from investment operations</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">(0.12</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Less
    distributions to shareholders</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">From
    net investment income</FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">(0.35</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total
    distributions</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">(0.35</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1px; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Net
    asset value, end of period</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 3px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 3px double"><FONT STYLE="font-size: 10pt">21.62</FONT></TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1px; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Per
    share market value, end of period</FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">16.30</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt"><B>Total
    investment return based on market value <SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">-0.98%</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt"><U>Ratios
    and Supplemental Data</U></FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Net
    assets, end of period (in millions)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">140.8</FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Ratios (as a percentage
    to average net assets):</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Expenses
    before waivers <SUP>(3)(7)</SUP></FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">4.83%</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Expenses
    after waivers <SUP>(3)(4)(8)</SUP></FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">4.83%</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Net
    investment income<SUP>(3)(9)</SUP></FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">7.67%</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Portfolio
    turnover rate <SUP>(5)</SUP></FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">47%</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt"><U>Revolving
    Credit Agreement</U></FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total
    revolving credit agreement outstanding (000&rsquo;s)</FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">25,000</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Asset
    coverage per $1,000 for revolving credit agreement<SUP>(6)</SUP></FONT></TD><TD STYLE="padding-bottom: 1px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">6,631</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-top: 2pt"><FONT STYLE="font-size: 8pt"><B><I><SUP>(1)</SUP></I></B></FONT></TD>
    <TD STYLE="width: 76%; font: 8pt Times New Roman, Times, Serif; border-top: Black 2px solid; padding-top: 2pt"><FONT STYLE="font-size: 8pt"><I>Based on the average shares
    outstanding during quarter.</I></FONT></TD>
    <TD STYLE="width: 22%; padding-top: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B><I><SUP>(2)</SUP></I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>Based on share market price and reinvestment of distributions at the price obtained under the Dividend Reinvestment Plan. Total return does not include sales load and offering expenses.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B><I><SUP>(3)</SUP></I></B></FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>Annualized</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B><I><SUP>(4)</SUP></I></B></FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>Excluding interest expense, the ratio
    would have been 3.87%.</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B><I><SUP>(5)</SUP></I><SUP> </SUP></B></FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>Not annualized</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B><I><SUP>(6)</SUP></I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>Calculated by subtracting the Company&rsquo;s total liabilities (excluding the loan) from the Company&rsquo;s total assets and dividing the amount by the loan outstanding in 000&rsquo;s.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B><I><SUP>(7)</SUP></I></B></FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>Ratio of expenses before waivers to average
    managed assets equals 3.48%.</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B><I><SUP>(8)</SUP></I><SUP> </SUP></B></FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>Ratio of expenses after waivers to average
    managed assets equals 3.48%.</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B><I><SUP>(9)</SUP></I></B></FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><I>Ratio of net investment income to average
    managed assets equals 5.51%.</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
