<SEC-DOCUMENT>0000922423-21-000034.txt : 20210513
<SEC-HEADER>0000922423-21-000034.hdr.sgml : 20210513
<ACCEPTANCE-DATETIME>20210512214258
ACCESSION NUMBER:		0000922423-21-000034
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210512
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210513
DATE AS OF CHANGE:		20210512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PhenixFIN Corp
		CENTRAL INDEX KEY:			0001490349
		IRS NUMBER:				274576073
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00818
		FILM NUMBER:		21916948

	BUSINESS ADDRESS:	
		STREET 1:		445 PARK AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-759-0777

	MAIL ADDRESS:	
		STREET 1:		445 PARK AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Medley Capital Corp
		DATE OF NAME CHANGE:	20110118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Medley Capital BDC LLC
		DATE OF NAME CHANGE:	20100426
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>kl271498_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">WASHINGTON, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">FORM 8-K</div>
    <div>&#160;</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">&#160;Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</div>
    <div>&#160;</div>
    <div style="text-align: center;">Date of Report (Date of earliest event reported):&#160; May 12, 2021</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">PHENIXFIN CORPORATION</div>
    <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
    <div><br>
    </div>
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          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Delaware</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">814-00818</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">27-4576073</div>
          </td>
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          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;">(State or other jurisdiction of</div>
            <div style="text-align: center;">incorporation or organization)</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="text-align: center;">(Commission file number)</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">
            <div style="text-align: center;">(I.R.S. employer</div>
            <div style="text-align: center;">identification no.)</div>
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          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">445 Park Avenue, 9<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor,<br>
              New York, NY</div>
            <div style="text-align: center;">(Address of principal executive offices)</div>
          </td>
          <td style="width: 33.34%; vertical-align: top;">&#160;</td>
          <td style="width: 33.34%; vertical-align: middle;">
            <div style="text-align: center; font-weight: bold;">10022</div>
            <div style="text-align: center;">(Zip code)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;">Registrant&#8217;s telephone number, including area code:&#160; <font style="font-weight: bold;">(212) 859-0390</font></div>
    <div>&#160;</div>
    <div style="text-align: center; color: #000000; font-weight: bold;"><font style="background-color: #FFFFFF;">Not Applicable</font></div>
    <div style="text-align: center; color: #000000;"><font style="background-color: #FFFFFF;">(Former Name or Former Address, if Changed Since Last Report)</font></div>
    <div><br>
    </div>
    <div>
      <div style="margin-left: 36pt;">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:</div>
    </div>
    <div><br>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; width: 50%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div> <br>
    </div>
    <div>&#9744; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
    <div><br>
    </div>
    <div>&#9744; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
    <div><br>
    </div>
    <div>&#9744; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
    <div><br>
    </div>
    <div>&#9744; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
    <div><br>
    </div>
    <div>Securities registered pursuant to Section 12(b) of the Act:</div>
    <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z43b3a17540934fc087ac201f6fb69070">

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          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div><u>Title of each class</u></div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div><u>Trading Symbol(s)</u></div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div><u>Name of exchange on which registered</u></div>
          </td>
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          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>Common Stock, par value $0.001 per share</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>PFX</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>The NASDAQ Global Market</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>6.125% Notes due 2023</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>PFXNL</div>
          </td>
          <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>The NASDAQ Global Market</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div><br>
    </div>
    <div>Emerging growth company&#160; &#160; &#160; &#160; &#160; &#9744;</div>
    <div><br>
    </div>
    <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
      Act.&#160; &#160; &#160; &#160; &#160;&#160; &#9744;<font style="font-family: Symbol, serif;"></font></div>
    <div>&#160;</div>
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          <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 2.02</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Results of Operations and Financial Condition.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">On May 12, 2021, PhenixFIN Corporation issued a press release announcing its financial results for the quarter ended March 31, 2021.&#160; The press release is included as Exhibit 99.1 to this Form 8-K.</div>
    <div><br>
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    </div>
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          <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 9.01</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Financial Statements and Exhibits.</div>
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    <div>&#160;</div>
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          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Exhibits</div>
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    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
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              <div style="text-align: left;"><u>ExhibitNo.</u></div>
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              <div style="text-align: left;"><u>Description</u></div>
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    <div>&#160;</div>
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          <td style="width: 72pt; vertical-align: top; align: right;"><a href="kl271498_ex9901.htm">99.1</a></td>
          <td style="width: auto; vertical-align: top;">
            <div>Press Release dated May 12, 2021</div>
          </td>
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    <div>&#160;</div>
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    <div>&#160;</div>
    <div style="font-weight: bold;">SIGNATURE</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, PhenixFIN Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
    <div>&#160;</div>
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            <div style="color: #000000;">DATE:&#160; May 12, 2021</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">PHENIXFIN CORPORATION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
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          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/ David Lorber</div>
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          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 35%; vertical-align: top;">
            <div>David Lorber</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 35%; vertical-align: top;">
            <div>Chief Executive Officer</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>kl271498_ex9901.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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  <div style="text-align: right;">Exhibit 99.1<br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; font-weight: bold;"><font style="background-color: #FFFFFF;">PhenixFIN Corporation Announces Second Quarter 2021 Financial Results</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">&#160;</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">New York, NY, May 12, 2021 -- PhenixFIN Corporation (NASDAQ: PFX) (the &#8220;Company&#8221;), a publicly traded business development company, today announced its financial results for
          the fiscal second quarter of 2021.</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">&#160;</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;"><u>Second Quarter 2021 Highlights</u></font></div>
      <div><br>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z953106d4e16c458ea87f5c67960a2f1c">

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            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="background-color: #FFFFFF;">Total investment income of $6.5 million; net investment income of $3.7 million</font></div>
            </td>
          </tr>

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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za1762d41237042d7b258f364494bb24e">

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            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="background-color: #FFFFFF;">$59.1 million in cash on March 31, 2021</font></div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7c5c5bf0833d40fdb922dafe14ec2c5e">

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            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="background-color: #FFFFFF;">Net asset value of $151.2 million, or $55.91 per share as of March 31, 2021 vs. $55.30 per share as of September 30, 2020</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">The quarter ended March 31, 2021 represented the first quarter of operations under the Company&#8217;s new internalized management structure.</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">&#160;</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">David Lorber, Chief Executive Officer of the Company, stated: &#8220;We are pleased with the smooth transition to an internally-managed company and with our performance during the
          quarter.&#160; We are generally encouraged by </font><font style="background-color: #FFFFFF;">potential opportunities to enhance value within the legacy portfolio and deploy capital, </font><font style="background-color: #FFFFFF;">as we look to
          achieve our investment objective of generating current income and </font><font style="background-color: #FFFFFF;">capital appreciation.&#160; In addition, we continue to </font><font style="background-color: #FFFFFF;">realize efficiencies in
          operating under our internalized management structure.&#8221;</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">On January 11, 2021, the Company announced that the Board of Directors approved a share repurchase program authorizing up to $15 million in share repurchases.&#160; Under the share
          repurchase program, the Company is authorized to repurchase from time to time its common stock in open market or other transactions, subject to applicable regulatory requirements.&#160; Under this </font><font style="background-color: #FFFFFF;">program,


          19,773 shares were repurchased through </font><font style="background-color: #FFFFFF;">March 31, 2021.&#160; In aggregate through May 11, 2021 43,988 shares have been repurchased at an average price of $32.52/share.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;"><u>Second Quarter 2021 Financial Results</u></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">For the quarter ended March 31, 2021, investment income totaled $6.4 million, of which $6.1 million was attributable to portfolio interest and dividend income, $0.2 million was attributable to fee income, and $0.1
        million was attributable to other income.</div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">For the quarter ended March 31, 2020, investment income totaled $5.3 million, of which $5.2 million was attributable to portfolio interest and dividend income, and $0.1 million to fee income.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="background-color: #FFFFFF;">For the </font><font style="background-color: #FFFFFF;">quarter ended March 31, 2021, total net expenses were $2.8 million and for the </font><font style="background-color: #FFFFFF;">quarter ended March 31, 2020, total net expenses were $9.5 million.</font></div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">&#160;</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">For the </font><font style="background-color: #FFFFFF;">quarter ended March 31, 2021, the Company recorded a net realized gain of $</font><font style="background-color: #FFFFFF;">0.2 million and net unrealized </font><font style="background-color: #FFFFFF;">appreciation of $3.9 million.&#160; For the </font><font style="background-color: #FFFFFF;">quarter ended March </font><font style="background-color: #FFFFFF;">31,


          2020, the Company recorded a net realized loss of $(0.1) million and net unrealized </font><font style="background-color: #FFFFFF;">depreciation of $(73.6) million.</font></div>
      <div><br>
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      <div style="text-align: justify;"><font style="background-color: #FFFFFF;"><u>Portfolio and Investment Activities</u></font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">&#160;</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">As of March 31, 2021, the fair value of the Company&#8217;s investment portfolio totaled $168.2 million and consisted of 38 portfolio companies.</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">&#160;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">As of March 31, 2021, the Company had 10 portfolio company investments on non-accrual status with a fair market value of $16.7 million.</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">&#160;</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;"><u>Liquidity and Capital Resources</u></font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">&#160;</font></div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">At March 31, 2021, the Company had $59.1 million in cash and $77.3 million outstanding in aggregate principal amount of 6.125% unsecured notes due 2023.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">&#160;</font></div>
      <div style="text-align: justify; font-weight: bold;"><font style="background-color: #FFFFFF;">ABOUT PHENIXFIN CORPORATION</font></div>
      <div><br>
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      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">&#160;PhenixFIN Corporation is a non-diversified, internally managed closed-end management investment company incorporated in Delaware that has elected to be regulated as a
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          for U.S. federal income tax purposes, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Effective January 1, 2021, </font><font style="background-color: #FFFFFF;">the Company operates under an
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      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">&#160;SAFE HARBOR STATEMENT AND OTHER DISCLOSURES</div>
    <div><br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">This press release contains &#8220;forward-looking&#8221; statements.&#160; Such forward-looking statements reflect current views with respect to future events and financial performance, and
          the Company may make related oral forward-looking statements on or following the date hereof.&#160; These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions.&#160; Certain factors could cause
          actual results and conditions to differ materially from those projected in these forward-looking statements, including among other things, PhenixFIN&#8217;s ability to deliver value to shareholders</font><font style="background-color: #FFFFFF;">,
          implement its investment objective, capitalize on investment opportunities and continue to realize efficiencies, and other factors that are enumerated in the Company&#8217;s periodic filings with the Securities and Exchange Commission. PhenixFIN
          Corporation disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="background-color: #FFFFFF;">The press release contains unaudited financial results.&#160; For ease of review, we have excluded the word &#8220;approximately&#8221; when rounding the results.&#160; This press release is for
          informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of PhenixFIN Corporation&#8217;s common stock. There can be no assurance that PhenixFIN Corporation will achieve its investment objective.</font><font style="background-color: #FFFFFF; color: #404040;">&#160;</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;">For&#160;PhenixFIN&#160;investor relations, please call 212-859-0390. For media inquiries, please contact&#160;info@phenixfc.com.</div>
    <div>&#160;</div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">PHENIXFIN CORPORATION</div>
    <div style="text-align: justify; font-weight: bold;">Consolidated Statements of Assets and Liabilities</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zead8716b9e2f4bbab77150275cb80f2e">

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            <div>&#160;</div>
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          <td style="width: 0.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
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            <div style="text-align: center; font-weight: bold;">March 31,<br>
              2021<br>
              (Unaudited)</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
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          <td style="width: 0.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
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              2020</div>
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          <td style="width: 0.72%; vertical-align: bottom;">
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          <td style="width: 0.53%; vertical-align: bottom;">
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          <td style="width: 71.98%; vertical-align: bottom;">
            <div>Investments at fair value</div>
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          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
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          <td colspan="2" style="vertical-align: bottom;">
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          <td style="width: 0.72%; vertical-align: bottom;">
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            <div>&#160;</div>
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        <tr>
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          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
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          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
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          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
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          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
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          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
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        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
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          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
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          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">6,727,597</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">47,548,578</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #FFFFFF;">
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          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">168,244,543</div>
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          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">246,743,549</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #CCEEFF;">
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          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">59,092,731</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">56,522,148</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Receivables:</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Interest receivable</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">299,655</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">624,524</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">106,528</div>
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          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">119,028</div>
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          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Other receivable</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">398,551</div>
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          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">-</div>
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          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Prepaid share repurchases</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">164,258</div>
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          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Other assets</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,210,724</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">2,093,559</div>
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          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold; margin-left: 9pt;">Total Assets</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">229,516,990</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">306,102,808</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Liabilities:</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">77,295,658</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">150,960,662</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">801,805</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Due to affiliates</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">53,083</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Management and incentive fees payable <br>
            </div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,392,022</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Administrator expenses payable <br>
            </div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">94,958</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">156,965</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Accounts payable and accrued expenses</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">918,279</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,108,225</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Deferred revenue</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">30,970</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">10,529</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold; margin-left: 9pt;">Total Liabilities</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">78,339,865</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">155,483,291</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Commitments and Contingencies <br>
            </div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Net Assets:</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,703,936 and 2,723,709 common shares issued and outstanding, respectively</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">2,704</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,724</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Capital in excess of par value</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">671,589,690</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">672,381,617</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Total distributable earnings/(loss)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(520,415,269</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(521,764,824</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="font-weight: bold; margin-left: 9pt;">Total Net Assets</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">151,177,125</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">150,619,517</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="font-weight: bold; margin-left: 9pt;">Total Liabilities and Net Assets</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">229,516,990</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">306,102,808</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 71.98%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="font-weight: bold; margin-left: 9pt;">Net Asset Value Per Common Share</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">55.91</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">55.30</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">PHENIXFIN CORPORATION</div>
    <div style="font-weight: bold;">Consolidated Statements of Operations</div>
    <div style="font-weight: bold;">(Unaudited)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zaedbf33264464c99bc12e39cc8519c08">

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          <td style="width: 50%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">For the Three Months&#160;Ended<br>
              March 31</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">For the Six Months Ended<br>
              March 31</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2021</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2021</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div style="font-weight: bold;">Interest Income:</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Interest from investments</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Non-controlled, non-affiliated investments:</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">Cash</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">1,534,904</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,320,453</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,206,717</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,538,162</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">Payment in-kind</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">128,309</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">170,029</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">327,321</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Affiliated investments:</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">Cash</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">196,328</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">190,193</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">548,619</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">399,441</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">Payment in-kind</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">706,789</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,654,262</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Controlled investments:</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">Cash</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">(1,190</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,297</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">84,505</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">Payment in-kind</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">5,385</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">500,767</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Total interest income</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">1,730,042</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,352,426</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,925,365</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">8,504,458</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Dividend income</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">4,408,234</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,662,500</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">14,671,735</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,500,000</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Interest from cash and cash equivalents</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">506</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">154,290</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,446</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">372,428</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Fee income <br>
            </div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">237,416</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">131,992</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">578,880</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">415,532</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Other income</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">78,204</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">78,204</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold;">Total Investment Income</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">6,454,402</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,301,208</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">19,255,630</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12,792,418</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">Base management fees <br>
            </div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,641,271</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,146,403</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,649,505</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">Interest and financing expenses</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">1,260,054</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,432,118</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,277,695</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,576,047</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">General and administrative expenses</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">104,440</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,083,397</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">466,049</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,600,239</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">Salaries and Benefits</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">332,317</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">332,317</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">Administrator expenses <br>
            </div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">(44,618</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">576,362</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">439,794</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,127,884</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">Insurance expenses</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">474,468</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">356,580</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">959,480</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">654,578</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">Directors fees</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">220,500</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">296,500</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">696,217</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">612,500</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Professional fees, net <br>
            </div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">420,220</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">130,630</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(79,077</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(4,285,445</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Total expenses net of expense support reimbursement and management and incentive fee waivers</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">2,767,381</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">9,516,858</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">7,238,878</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">13,935,308</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold; margin-left: 9pt;">Net Investment Income</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">3,687,021</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(4,215,650</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12,016,752</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(1,142,890</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold; margin-left: 9pt;">Realized and unrealized gains (losses) on investments</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Net realized gains (losses):</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">Non-controlled, non-affiliated investments</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">160,926</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(100,115</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,054,648</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(157,914</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">Affiliated investments</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(10,452,928</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">Controlled investments</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(40,147,570</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(1,686,837</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold; margin-left: 9pt;">Total net realized gains (losses)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">160,926</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(100,115</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(46,545,850</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(1,844,751</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Net change in unrealized gains (losses):</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">Non-controlled, non-affiliated investments</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">5,077,737</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(19,549,944</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,020,673</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(15,802,570</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">Affiliated investments</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(1,467,862</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(15,019,332</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(3,586,184</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(5,578,733</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">Controlled investments</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">329,584</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(38,994,357</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">38,566,519</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(48,451,471</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-weight: bold; margin-left: 9pt;">Total net change in unrealized gains (losses)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">3,939,459</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(73,563,633</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">36,001,008</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(69,832,774</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Change in provision for deferred taxes on unrealized (appreciation)/ depreciation on investments</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(85,664</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(85,664</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Loss on extinguishment of debt <br>
            </div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(895,033</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(122,355</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(1,784,183</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold; margin-left: 9pt;">Total realized and unrealized gains (losses)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">4,100,385</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(74,644,445</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(10,667,197</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">(73,547,372</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold; margin-left: 9pt;">Net Increase (Decrease) in Net Assets Resulting from Operations</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">7,787,406</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">(78,860,095</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">1,349,555</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">(74,690,262</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Weighted Average Basic and diluted earnings per common share</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">2.87</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(28.95</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.50</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(27.42</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Weighted Average Basic and diluted net investment income (loss) per common share</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">1.36</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(1.55</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4.42</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(0.42</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Weighted Average Common Shares Outstanding - Basic and Diluted <br>
            </div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right;">2,716,627</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,723,711</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,720,226</div>
          </td>
          <td style="width: 0.72%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,723,711</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
        </tr>

    </table>
    <div>&#160;&#160;&#160; <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0ff25c9c13884a6f8d0eeb328e02635c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18.3pt; vertical-align: top; align: right;">(1)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Basic and diluted shares has been adjusted for 2020 to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
