Form 10-Q Garrison Capital Inc. For: Sep 30

FREE Breaking News Alerts from StreetInsider.com!

StreetInsider.com Top Tickers, 8/17/2026

1. AMAT
2. GLOB
3. SPY
4. RDDT
5. SNDK

6. GNK
7. HTFL
8. ADYEN:NA
9. DVLT
10. ADYYF

Top News Most Read Special Reports

November 9, 2016 5:03 PM EST

E-mail

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2016

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 814-00878

Garrison Capital Inc.

(Exact name of registrant as specified in its charter)

Delaware

90-0900145

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1290 Avenue of the Americas, Suite 914

New York, New York 10104

(Address of principal executive offices)

(212) 372-9590

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☒
Non-accelerated filer ☐ (Do not check if a smaller reporting company)		Smaller reporting company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 4, 2016 the Registrant had 16,049,352 shares of common stock, $0.001 par value, outstanding.

Table of Contents

	Page
Part I. Financial Information

Item 1. Financial Statements	1

Consolidated Statements of Financial Condition as of September 30, 2016 (unaudited) and December 31, 2015	1

Consolidated Schedules of Investments as of September 30, 2016 (unaudited) and December 31, 2015	2

Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2016 and September 30, 2015	14

Consolidated Statements of Changes in Net Assets (unaudited) for the nine months ended September 30, 2016 and September 30, 2015	15

Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2016 and September 30, 2015	16

Notes to Consolidated Financial Statements (unaudited)	17

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	47

Item 3. Quantitative and Qualitative Disclosures About Market Risk	62

Item 4. Controls and Procedures	62

Part II. Other Information

Item 1. Legal Proceedings	63

Item 1A. Risk Factors	63

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	67

Item 3. Defaults Upon Senior Securities	67

Item 4. Mine Safety Disclosures	67

Item 5. Other Information	67

Item 6. Exhibits	67

Garrison Capital Inc. and Subsidiaries

Consolidated Statements of Financial Condition

($ in thousands, except share and per share amounts)

Part I. Financial Information

Item 1. Financial Statements

	September 30, 2016			December 31, 2015
	(unaudited)
Assets
Cash	$	6,706		$	24,985
Restricted cash		22,628			11,833
Due from counterparties		52			1,564
Investments, at fair value
Non-control/non-affiliate investments (amortized cost of $411,218 and $437,053, respectively)		396,989			415,001
Non-control/affiliate investments (amortized cost of $3,897 and $0, respectively)		3,897			-
Accrued interest receivable		4,246			5,919
Deferred offering costs		503			503
Other assets		778			496
Total assets	$	435,799		$	460,301

Liabilities
Due to counterparties	$	969		$	368
Management fee payable		1,805			1,828
Administrator fee payable		213			-
GLC Trust 2013-2 Class A note (Note 7)		7,074			15,664
Senior secured revolving note (Note 7)		25,000			35,000
Senior secured term notes (Note 7)		164,261			156,439
SBIC borrowings (Note 7)		33,894			18,546
Interest payable		122			807
Accrued expenses and other payables		1,413			939
Total liabilities	$	234,751		$	229,591

Commitments and contingencies (Note 12)

Net assets
Common stock, par value $0.001 per share, 100,000,000 shares authorized,
16,758,779 shares issued and 16,049,352 shares outstanding as of September 30, 2016
and 100,000,000 shares authorized,16,758,779 shares issued and 16,507,594 shares
outstanding as of December 31, 2015)	$	17		$	17
Paid-in-capital in excess of par		249,198			254,239
Underdistributed net investment income		5,977			8,782
Accumulated net realized (loss) from investments		(39,867	)		(10,275	)
Net unrealized (loss) from investments		(14,277	)		(22,053	)
Total net assets		201,048			230,710
Total liabilities and net assets	$	435,799		$	460,301

Shares of common stock outstanding		16,049,352			16,507,594
Net asset value per share	$	12.53		$	13.98

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2016 (unaudited)

(in thousands, except share amounts)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments
Investments - United States
Common Equity
Apparel Products
Everyware Global, Inc., Common*		242,035	$	2,714	$	1,816		0.90	%
Total Apparel Products				2,714		1,816		0.90

Health Services
Juniper TGX Investment Partners, LLC, Common		3,146		671		1,024		0.51
Total Health Services				671		1,024		0.51

Miscellaneous Manufacturing
Valterra Products Holdings, LLC, Class A		185,847		186		456		0.22
Valterra Products Holdings, LLC, Class B		20,650		21		51		0.03
Total Miscellaneous Manufacturing				207		507		0.25

Miscellaneous Retail
Faraday Holdings, LLC, Common		2,752		128		150		0.07
Provo Craft Holdings, LLC, Common		2,436,157		-		311		0.15
Total Miscellaneous Retail				128		461		0.22

Transportation Services
EZE Trucking, LLC, Common		2,898		268		-		-
Total Transportation Services				268		-		-

Total Common Equity			$	3,988	$	3,808		1.88	%

Preferred Equity
Consumer Finance Services
Prosper Marketplace Series B Preferred Stock⁽¹⁾⁽²⁾		912,865	$	551	$	2,317		1.15	%
Total Consumer Finance Services				551		2,317		1.15

Miscellaneous Services
SC Academy Holdings, Inc., Preferred Equity		25,000		1,250		-		-
Total Miscellaneous Services				1,250		-		-

Total Preferred Equity			$	1,801	$	2,317		1.15	%

Debt Investments
Apparel Products
League Collegiate Holdings, LLC, Term Loan*
LIBOR (“L”)+ 8.00%, 0.53% L, 6/28/2021		7,652	$	7,543	$	7,543		3.76	%
League Collegiate Holdings, LLC Revolver*
L+ 8.00%, 0.53% L, 6/28/2021		770		739		759		0.38
Aptos, Inc., Term Loan B*
L+ 6.75%, 1.00% L Floor, 9/1/2022		9,000		8,822		8,822		4.39
Total Apparel Products				17,104		17,124		8.53

Automotive
Penda Corporation, Term Loan⁽³⁾
14.00% Cash, 2.75% PIK, 1/26/2019		7,667		7,606		7,667		3.81
Total Automotive				7,606		7,667		3.81

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2016 (unaudited)

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Broadcasting & Entertainment
CF Entertainment Inc. (Entertainment Studios), Term Loan*
L+ 11.00%, 1.00% L Floor, 6/26/2020		10,061	$	10,001	$	9,998		4.97	%
Sesac Holdco II, LLC, Term Loan (First Lien)*
L+ 4.25%, 1.26% L Floor, 2/8/2019		1,079		1,077		1,074		0.53
Total Broadcasting & Entertainment				11,078		11,072		5.50

Building & Real Estate
ShelterLogic Corp., Term Loan*
L+ 9.50%, 1.00% L Floor, 7/30/2019		9,917		9,805		9,717		4.83
Total Building & Real Estate				9,805		9,717		4.83

Chemicals
Aristech Surfaces LLC, Term Loan B*
L+ 8.00%, 1.00% L Floor, 10/17/2019		9,658		9,555		9,554		4.75
Total Chemicals				9,555		9,554		4.75

Communications
Sirva Worldwide, Term Loan*
L+ 6.25%, 1.25% L Floor, 3/27/2019		7,982		7,967		7,903		3.93
TableTop Media, LLC, Lease**
10.00%, 10/15/2019		4,710		4,700		4,703		2.34
U.S. Telepacific Corp., Term Loan*
L+ 5.00%, 1.00% L Floor, 11/25/2020		1,976		1,965		1,934		0.96
Total Communications				14,632		14,540		7.23

Computer Programming, Data Processing, & Other Computer Related Services
Emtec Global Services Holdings, LLC, Term Loan**⁽³⁾
L+ 8.25% Cash, 2.00% PIK, 0.52% L, 11/30/2020		2,813		2,781		2,785		1.39
Emtec Global Services Holdings, LLC, Revolver⁽³⁾
L+ 8.25% Cash, 2.00% PIK, 0.52% L, 11/30/2020		331		326		328		0.16
Total Computer Programming, Data Processing, & Other Computer Related Services				3,107		3,113		1.55

Consumer Finance Services
Affiliated Wealth Partners Holdings LLC, Term Loan*⁽¹⁾
L+ 8.00%, 1.00% L Floor, 9/15/2020		2,975		2,940		2,941		1.46
PlanMember Financial Corporation, Term Loan*⁽¹⁾
L+ 6.50%, 1.50% L Floor, 12/31/2020		1,173		1,156		1,173		0.58
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*⁽¹⁾
L+ 7.00%, 1.00% L Floor, 9/23/2019		7,805		7,648		7,668		3.81
Total Consumer Finance Services				11,744		11,782		5.85

Cosmetics/Toiletries
ActivStyle, Inc., Term Loan**
L+ 9.00%, 0.69% L, 7/9/2020		9,785		9,656		9,656		4.80
Total Cosmetics/Toiletries				9,656		9,656		4.80

Electrical Equipment
AbelConn, LLC (Atrenne Computing), Term Loan*
L+ 8.75%, 1.00% L Floor, 7/17/2019		9,791		9,673		9,685		4.81
Otter Products, LLC (OtterBox Holdings, Inc.), Term B Loan*
L+ 4.75%, 1.00% L Floor, 6/3/2020		1,888		1,854		1,671		0.83
Total Electrical Equipment				11,527		11,356		5.64

Equipment Rental & Leasing
University Furnishings, L.P., Term Loan B**
L+ 6.75%, 0.53% L, 12/17/2020		7,102		6,999		6,982		3.47
Total Equipment Rental & Leasing				6,999		6,982		3.47

Food Stores & Distributors - Retail
Diamond Crystal Brands, Inc., Term Loan**
L+ 7.50%, 0.53% L, 7/29/2021		3,900		3,862		3,862		1.92
Specialty Bakers LLC, Term Loan*
L+ 7.50%, 1.00% L Floor, 8/7/2019		9,818		9,697		9,716		4.83
Total Food Stores & Distributors - Retail				13,559		13,578		6.75

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2016 (unaudited)

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Health Services
Aurora Diagnostics, LLC, Delayed Draw Term Loan*
L+ 7.13%, 1.25% L Floor, 7/31/2019		850	$	846	$	846		0.42	%
Aurora Diagnostics, LLC, Delayed Draw Term Loan B*
L+ 7.13%, 1.25% L Floor, 7/31/2019		598		594		594		0.30
Aurora Diagnostics, LLC, Term Loan*
L+ 7.13%, 1.25% L Floor, 7/31/2019		5,523		5,490		5,490		2.73
Forest Park Medical Center at San Antonio, LLC, Lease⁽⁴⁾
13.00%, 2/11/2020		8,982		8,832		2,391		1.19
Forest Park Medical Center at San Antonio, LLC, Term Loan⁽⁴⁾
14.00%, on Demand		1,951		1,914		520		0.26
RCS Management Corporation (SMS), Term Loan B**
L+ 10.50%, 1.00% L Floor, 7/29/2018		9,500		9,327		9,326		4.64
SCG Capital Corporation (Radiation Therapy), Term Note
12.00%, 5/1/2017		1,563		1,563		1,563		0.78
Theragenics Corporation, Term Loan**
L+ 12.00%, 1.00% L Floor, 12/23/2020		7,073		6,955		6,932		3.45
Walnut Hill Physicians' Hospital, LLC, Lease
12.50%, 4/30/2019		6,765		6,765		6,765		3.36
Total Health Services				42,286		34,427		17.13

Insurance Agents
Worley Claims Services, LLC, Term Loan*
L+ 8.00%, 1.00% L Floor, 10/31/2020		10,317		10,260		10,246		5.10
Total Insurance Agents				10,260		10,246		5.10

Metal Mining
Metal Services LLC (Phoenix), New Term Loans*
L+ 7.50%, 1.00% L Floor, 6/30/2019		6,096		6,018		5,990		2.98
Total Metal Mining				6,018		5,990		2.98

Miscellaneous Manufacturing
AP Gaming I, LLC, Term B Loan*
L+ 8.25%, 1.00% L Floor, 12/21/2020		10,144		10,017		9,655		4.79
A.S.V., Inc., Term Loan*
L+ 11.00%, 0.56% L, 12/19/2019		7,833		7,732		7,732		3.85
CR Brands, Inc., Term Loan*
L+ 9.25%, 1.00% L Floor, 8/23/2017		9,891		9,824		9,818		4.88
Gardner Denver, Inc., Initial Dollar Term Loan*
L+ 3.25%, 1.00% L Floor, 7/30/2020		1,980		1,884		1,915		0.95
Inteva Products, LLC, Term Loan*
L+ 8.50%, 1.25% L Floor, 9/8/2021		5,016		4,967		4,967		2.47
Kranos Acquisition Corp., Term Loan*
L+ 10.00%, 1.00% L Floor, 6/15/2017		8,556		8,530		8,537		4.25
Lexmark Carpet Mills, Inc., Term Loan*
L+ 10.00%, 1.00% L Floor, 12/19/2019		9,676		9,526		9,519		4.74
PCCR USA, Inc., Term Loan A*
L+ 8.00%, 1 .00% L Floor, 12/1/2019		6,694		6,609		6,694		3.33
PCCR USA, Inc., Term Loan B*
L+ 8.00%, 1.00% L Floor, 12/1/2019		1,731		1,704		1,731		0.86
Pelican Products, Inc., Term Loan*
L+ 4.25%, 1.00% L Floor, 4/10/2020		1,950		1,935		1,911		0.95
Profusion Industries, LLC, Term Loan*
L+ 9.00%, 0.56% L, 6/19/2020		9,914		9,766		9,418		4.68
Texas Hydraulics Holding, Inc., Term Loan**
L+ 6.50%, 0.53% L, 2/17/2021		8,200		8,056		8,056		4.01
Total Miscellaneous Manufacturing				80,550		79,953		39.76

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2016 (unaudited)

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Miscellaneous Retail
360 Holdings III Corp., Term Loan*
L + 9.00%, 1.00% L Floor, 10/1/2021		7,326	$	7,072	$	7,072		3.52	%
Confluence Outdoor, LLC, Term Loan*
L+ 7.00%, 1.00% L Floor, 4/18/2019		6,657		6,598		6,324		3.15
Confluence Outdoor, LLC, Delayed Draw Term Loan
L+ 7.00%, 1.00% L Floor, 4/18/2019		999		990		949		0.47
HRI Holding Corp. (Houlihans Restaurants), Term Loan*
L+ 6.25%, 1.00% L Floor, 12/17/2020		6,800		6,680		6,684		3.32
Interior Specialists, Inc., Term Loan*
L+ 8.00%, 1.00% L Floor, 6/30/2020		10,092		9,941		9,941		4.94
PD Products, LLC, Term Loan*
L+ 10.50%, 1.50% L Floor, 10/4/2018		9,246		9,172		9,245		4.60
PD Products, LLC, Revolver
L+ 10.50%, 1.50% L Floor, 10/4/2018		16		3		16		0.01
Sears Holdings Corporation, Term Loan*
L+ 7.50%, 1.00% L Floor, 7/20/2020		1,600		1,558		1,602		0.80
Western Convenience Stores, Inc., Term Loan*
L+ 11.00%, 0.53% L, 9/1/2019		9,000		8,737		8,737		4.35
Total Miscellaneous Retail				50,751		50,570		25.16

Miscellaneous Services
Simmons Research LLC, Term Loan*
L+ 10.50%, 0.81% L, 12/11/2020		3,810		3,746		3,746		1.86
Sprint Industrial Holdings, LLC, Term Loan (First Lien)*
L+ 5.75%, 1.25% L Floor, 5/14/2019		4,787		4,770		3,422		1.70
YourMembership Holding Company, Term Loan A**
L+ 7.00%, 1.00% L Floor, 9/12/2019		9,397		9,352		9,340		4.65
Total Miscellaneous Services				17,868		16,508		8.21

Oil & Gas
Badlands Production Company (fka Gasco), Term Loan*
L+ 17.50%, 1.00% L Floor, 5/14/2018		10,500		10,385		9,450		4.71
Iracore International Holdings, Inc., Term Loan*
L+ 9.00%, 1.00% L Floor, 7/10/2020		8,878		8,777		8,211		4.08
Rooster Energy Ltd., Term Loan*⁽³⁾
L+ 11.50%, Cash, 8.00% PIK, 1.50% L Floor, 6/25/2018		5,534		5,453		4,427		2.20
Total Oil & Gas				24,615		22,088		10.99

Printing & Publishing
Dodge Data & Analytics LLC, Term Loan*
L+ 8.75%, 1.00% L Floor, 10/31/2019		9,090		8,976		8,976		4.46
Total Printing & Publishing				8,976		8,976		4.46

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2016 (unaudited)

(in thousands)

									% of Net
Security Description	Par / Shares		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Specialty Services
Del Mar Recovery Solutions, Inc., Term Loan**
L+ 8.50%, 0.53% L, 6/27/2021		8,526	$	8,385		$	8,385			4.17	%
Del Mar Recovery Solutions, Inc., Revolver
L+ 8.50%, 0.53% L, 6/27/2021		330		308			325			0.16
Total Specialty Services				8,693			8,710			4.33

Transportation Services
Fleetgistics Holdings, Inc., Term Loan*
L+ 6.13%, 2.00% L Floor, 12/31/2018		938		938			845			0.42
Gruden Acquisition, Inc., Term Loan (First Lien)*
L+ 4.75%, 1.00% L Floor, 8/18/2022		1,985		1,951			1,773			0.87
MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*⁽³⁾
L+ 5.00% Cash, 8.00% PIK, 1.00% L Floor, 5/31/2018		15,222		15,135			14,461			7.20
Raymond Express International, LLC, Term Loan*
L+ 7.75%, 1.75% L Floor, 2/28/2018		1,587		1,583			1,270			0.63
Total Transportation Services				19,607			18,349			9.12

Total Debt Investments			$	395,996		$	381,958			189.95	%

Financial Assets
Consumer Finance Services
GLC Trust 2013-2 Consumer Loan Pool⁽¹⁾⁽⁵⁾		9,441	$	9,441		$	8,995			4.47	%
Total Consumer Finance Services				9,441			8,995			4.47

Total Financial Assets			$	9,441		$	8,995			4.47	%

Unfunded Commitments
Computer Programming, Data Processing, & Other Computer Related Services
Emtec Global Services Holdings, LLC, Revolver⁽⁶⁾
0.00%, 11/30/2020		126	$	-		$	(1	)		-	%
Total Computer Programming, Data Processing, & Other Computer Related Services				-			(1	)		-

Health Services
Aurora Diagnostics, LLC, Revolver⁽⁶⁾
0.38%, 7/31/2019		1,020		(6	)		(6	)		-
Total Health Services				(6	)		(6	)		-

Miscellaneous Retail
League Collegiate Holdings, LLC, Revolver⁽⁶⁾
0.75%, 6/28/2021		1,430		-			(20	)		(0.01	)
PD Products, LLC, Revolver
0.50%, 10/4/2018		1,624		-			-			-
Total Miscellaneous Retail				-			(20	)		(0.01	)

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2016 (unaudited)

(in thousands)

									% of Net
Security Description	Par / Shares		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Unfunded Commitments (continued)
Miscellaneous Services
Del Mar Recovery Solutions, Inc.Revolver⁽⁶⁾
0.75%, 6/27/2021		990	$	-		$	(16	)		(0.01	)%
YourMembership Holding Company, Revolver⁽⁶⁾
0.00%, 9/12/2019		441		(2	)		(3	)		-
Total Miscellaneous Services				(2	)		(19	)		(0.01	)

Transportation Services
Raymond Express International, LLCRevolver⁽⁶⁾
0.50%, 2/28/2018		215		-			(43	)		(0.02	)
Total Transportation Services				-			(43	)		(0.02	)

Total Unfunded Commitments			$	(8	)	$	(89	)		(0.04	)%

Total Non-Control/Non-Affiliate Investments			$	411,218		$	396,989			197.41	%

Control/Affiliate Investments
Investments - United States
Common Equity
Miscellaneous Services
Speed Commerce Investment Partners LLC, Class A Unit*		1,780	$	1,693		$	1,693			0.84	%
Total Miscellaneous Services				1,693			1,693			0.84

Total Common Equity			$	1,693		$	1,693			0.84	%

Debt Investments
Miscellaneous Services
Speed Commerce Operating Company LLC, Closing Date Term Loan B⁽³⁾
L+ 11.00% Cash, 2.00% PIK, 1.00% L Floor, 12/8/2017		1,802	$	1,802		$	1,802			0.90	%
Speed Commerce Operating Company LLC, Delayed Draw Term Loan B⁽³⁾
L+ 11.00% Cash, 2.00% PIK, 1.00% L Floor, 12/8/2017		402		402			402			0.20
Total Miscellaneous Services				2,204			2,204			1.10

Total Debt Investments			$	2,204		$	2,204			1.10	%

Unfunded Commitments
Miscellaneous Services
Speed Commerce Operating Company LLC, Delayed Draw Term Loan B
0.00%, 12/8/2017		816		-			-			-
Total Miscellaneous Services				-			-			-

Total Unfunded Commitments			$	-		$	-			-	%

Total Control/Affiliate Investments			$	3,897		$	3,897			1.94	%

Total Investments – United States			$	415,115		$	400,886			199.35	%

_____________

Denotes that all or a portion of the investment is held as collateral by either the 2013-2 CLO or the 2016-2 CLO (see Notes 1 and 7).

Denotes that all or a portion of the loan is held by Garrison SBIC.

L = London Interbank Offered Rate.

P = Prime Rate

(1)

Not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.

(2)

Net of incentive fee payable to a third party equal to 20% of any distribution after the Company has received its full net capital investment plus a 12% preferred return in GLC Trust 2013-2 and Prosper Marketplace Series B Preferred Stock.

(3)

Coupon is payable in cash, and/or payment-in-kind (“PIK”), or a combination thereof.

(4)

Investment is currently not income producing and placed on non-accrual status.

(5)

GLC Trust 2013-2 includes 1,801 small balance consumer loans with an average par of $5,242, a weighted average rate of 15.8% and a weighted average maturity of September 19, 2018. See Note 4 for additional information. See Exhibit 99.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 for detail on underlying loans.

(6)

The negative fair value is the result of the unfunded commitments being valued below par. These amounts may or may not be funded to the borrowing party currently or in the future.

As required by the 1940 Act, investments are classified by level of control. “Control Investments” are investments in those companies that the Company is deemed to control as defined in the 1940 Act. “Affiliate Investments” are investments in those companies that are affiliated companies, as defined in the 1940 Act, other than Control Investments. “Non-Control/Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments.

Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if it owns more than 25% of the voting securities of such company. The Company is deemed to be an affiliate of a company in which it has invested if it owns 5% or more of the voting securities of such company.

All debt investments were income producing as of September 30, 2016, unless otherwise noted. Common and preferred equity investments are non income-producing unless otherwise noted.

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands, except share amounts)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments
Investments - United States
Common Equity
Apparel Products
Everyware Global, Inc., Common		242,035	$	2,714	$	1,815		0.78	%
Total Apparel Products				2,714		1,815		0.78

Health Services
Juniper TGX Investment Partners, LLC, Common		3,146		671		1,023		0.44
Total Health Services				671		1,023		0.44

Miscellaneous Manufacturing
Valterra Products Holdings, LLC, Class A		185,847		186		456		0.21
Valterra Products Holdings, LLC, Class B		20,650		21		51		0.02
Total Miscellaneous Manufacturing				207		507		0.23

Miscellaneous Retail
Faraday Holdings, LLC, Common		2,265		110		123		0.05
Provo Craft Holdings, LLC, Common		2,436,157		-		-		-
Total Miscellaneous Retail				110		123		0.05

Transportation Services
EZE Trucking, LLC, Common		2,898		268		-		-
Total Transportation Services				268		-		-

Total Common Equity			$	3,970	$	3,468		1.50	%

Preferred Equity
Consumer Finance Services
Prosper Marketplace Series B Preferred Stock⁽¹⁾⁽²⁾		182,573	$	551	$	4,236		1.84	%
Total Consumer Finance Services				551		4,236		1.84

Miscellaneous Services
SC Academy Holdings, Inc., Preferred Equity		25,000		1,250		1,250		0.54
Total Miscellaneous Services				1,250		1,250		0.54

Total Preferred Equity			$	1,801	$	5,486		2.38	%

Debt Investments
Agricultural Services
BFN Operations LLC, Term Loan*⁽⁴⁾
LIBOR ("L") + 10.00%,1.00% Floor, 12/29/2017		10,500		10,339		5,040		2.18	%
Total Agricultural Services				10,339		5,040		2.18

Automotive
Penda Corporation, Term Loan⁽³⁾
14.00% Cash, 2.00% PIK, 1/26/2019		7,512		7,431		7,512		3.26
Total Automotive				7,431		7,512		3.26

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Broadcasting & Entertainment
CF Entertainment Inc. (Entertainment Studios), Term Loan*
L + 11.00%,1.00% L Floor, 6/26/2020		10,135	$	10,063	$	10,063		4.36	%
Sesac Holdco II, LLC, Term Loan (First Lien)*
L+ 4.25%,1.00% L Floor, 2/8/2019		1,100		1,098		1,082		0.47
Total Broadcasting & Entertainment				11,161		11,145		4.83

Building & Real Estate
ShelterLogic Corp., Term Loan*
L+ 9.50%,1.00% L Floor, 7/30/2019		10,106		9,962		9,961		4.32
Total Building & Real Estate				9,962		9,961		4.32

Business Services
Connexity, Inc., Term Loan*
L+ 10.00%,1.00% L Floor, 2/13/2020		10,171		9,989		9,988		4.33
Total Business Services				9,989		9,988		4.33

Chemicals
Aristech Surfaces LLC, Term Loan B*
L+ 8.00%,1.00% L Floor, 10/17/2019		10,238		10,102		10,101		4.38
Total Chemicals				10,102		10,101		4.38

Communications
HC Cable OpCo, LLC, Term Loan*
L+ 8.50%,1.00% L Floor, 7/17/2018		10,760		10,665		10,760		4.66
Sirva Worldwide, Loan*
L+ 6.25%,1.25% L Floor, 3/27/2019		8,090		8,069		7,807		3.38
TableTop Media, LLC, Lease**
10.00%, 10/15/2019		5,729		5,716		5,718		2.48
U.S. Telepacific Corp., Term Loan*
L+ 5.00%,1.00% L Floor, 11/25/2020		1,995		1,983		1,898		0.83
Total Communications				26,433		26,183		11.35

Consumer Finance Services
Affiliated Wealth Partners Holdings LLC, Term Loan*
L+ 8.00%,1.00% L Floor, 9/15/2020		4,236		4,177		4,177		1.81
PlanMember Financial Corporation, Term Loan*⁽¹⁾
6.50%,1.50% L Floor, 12/31/2020		1,245		1,231		1,245		0.54
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*⁽¹⁾
L+ 7.00%,1.00% L Floor, 9/23/2019		9,627		9,437		9,146		3.97
Total Consumer Finance Services				14,845		14,568		6.32

Computer Programming, Data Processing, & Other Computer Related Services
Emtec Global Services Holdings, LLC, Term Loan**
L+ 8.25%, 0.25% L Floor 11/30/2020		2,834		2,797		2,797		1.21
Emtec Global Services Holdings, LLC, Revolver
L+ 8.25%, 0.25% L Floor 11/30/2020		131		131		129		0.06
Total Computer Programming, Data Processing, & Other Computer Related Services				2,928		2,926		1.27

Cosmetics/Toiletries
ActivStyle, Inc., Term Loan**
L+ 9.00%, 0.50% L Floor, 7/9/2020		10,171		10,010		10,010		4.34
Total Cosmetics/Toiletries				10,010		10,010		4.34

Electrical Equipment
AbelConn, LLC (Atrenne Computing), Term Loan*
L+ 8.50%,1.00% L Floor, 7/17/2019		10,375		10,228		10,228		4.43
Otter Products, LLC (OtterBox Holdings, Inc.), Term B Loan*
L+ 4.75%,1.00% L Floor, 6/3/2020		2,000		1,957		1,908		0.83
Total Electrical Equipment				12,185		12,136		5.26

Equipment Rental & Leasing
University Furnishings, L.P., Term Loan B**
L+ 6.75%, 0.50% L Floor, 12/17/2020		7,102		6,985		6,961		3.02
Total Equipment Rental & Leasing				6,985		6,961		3.02

Food Stores - Retail
Specialty Bakers LLC, Term Loan*
L+ 7.25%,1.00% L Floor, 8/7/2019		9,435		9,290		9,290		4.03
Total Food Stores - Retail				9,290		9,290		4.03

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Health Services
Aurora Diagnostics, LLC, Delayed Draw Term Loan
L+ 7.13%,1.25% L Floor, 7/31/2019		850	$	846	$	846		0.37	%
Aurora Diagnostics, LLC, Term Loan*
L+ 7.13%,1.25% L Floor, 7/31/2019		5,574		5,532		5,532		2.40
eResearchTechnology, Inc., Term Loan*
L+ 4.50%,1.00% L Floor, 5/8/2022		1,995		1,980		1,952		0.85
Forest Park Medical Center at Fort Worth, LLC, Lease⁽⁴⁾
13.00%, 2/11/2020		9,246		9,114		7,397		3.21
Forest Park Medical Center at Fort Worth, LLC, Term Loan⁽⁴⁾
14.00%, on Demand		344		337		276		0.12
Forest Park Medical Center at San Antonio, LLC, Lease⁽⁴⁾
13.00%, 2/11/2020		8,982		8,832		5,636		2.44
Forest Park Medical Center at San Antonio, LLC, Term Loan⁽⁴⁾
14.00%, on Demand		1,951		1,914		1,224		0.53
SCG Capital Corporation (Radiation Therapy), Term Note
12.00%, 5/1/2017		3,656		3,656		3,656		1.58
Theragenics Corporation, Term Loan**
L+ 12.00%,1.00% L Floor, 12/23/2020		6,324		6,216		6,233		2.70
Walnut Hill Physicians' Hospital, LLC, Lease
12.50%, 4/30/2019		7,725		7,725		7,725		3.35
Total Health Services				46,152		40,477		17.55

Insurance Agents
Worley Claims Services, LLC, Term Loan*
L+ 8.00%,1.00% L Floor, 10/31/2020		10,395		10,325		10,311		4.47
Total Insurance Agents				10,325		10,311		4.47

Metal Mining
Metal Services LLC (Phoenix), New Term Loans*
L+ 5.00%,1.00% L Floor, 6/30/2017		1,995		1,946		1,761		0.76
Total Metal Mining				1,946		1,761		0.76

Miscellaneous Manufacturing
AP Gaming I, LLC, Term B Loan*
L+ 8.25%,1.00% L Floor, 12/21/2020		10,222		10,071		9,826		4.26
A.S.V., Inc., Term Loan*
L+ 9.50%,1.00% L Floor, 12/19/2019		9,138		8,993		8,993		3.90
CR Brands, Inc., Term Loan*
L+ 9.25%,1.00% L Floor, 8/23/2017		10,500		10,398		10,386		4.50
Gardner Denver, Inc., Initial Dollar Term Loan*
L+ 3.25%,1.00% L Floor, 7/30/2020		1,995		1,879		1,797		0.78
Kranos Acquisition Corp., Term Loan*⁽³⁾
L+ 10.00% Cash,1.00% L Floor, 6/15/2017		9,338		9,282		9,295		4.03
Lexmark Carpet Mills, Inc., Term Loan*
L+ 10.00%,1.00% L Floor, 12/19/2019		10,500		10,292		10,292		4.46
Pelican Products, Inc., Term Loan*
L+ 4.25%,1.00% L Floor, 4/10/2020		1,995		1,976		1,955		0.85
PCCR USA, Inc., Term Loan A*
L+ 8.00%,1.00% L Floor, 12/1/2019		6,825		6,718		6,718		2.91
PCCR USA, Inc., Term Loan B*
L+ 8.00%,1.00% L Floor, 12/1/2019		3,413		3,346		3,346		1.45
Profusion Industries, LLC, Term Loan*
L+ 9.00%,0.50% L Floor, 6/19/2020		10,300		10,116		10,116		4.38
Total Miscellaneous Manufacturing				73,071		72,724		31.52

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Miscellaneous Retail
360 Holdings III Corp., Term Loan*
Prime Rate ("P") + 8.00%, 3.50% P, 10/1/2021		7,382	$	7,088	$	7,087		3.07	%
Confluence Outdoor, LLC, Term Loan*
L+ 7.00%,1.00% L Floor, 4/18/2019		6,657		6,580		6,580		2.85
Confluence Outdoor, LLC, Delayed Draw Term Loan
L+ 7.00%,1.00% L Floor, 4/18/2019		999		987		987		0.43
Interior Specialists, Inc., Term Loan*
L+ 8.00%,1.00% L Floor, 6/30/2020		10,248		10,064		10,064		4.37
PD Products, LLC, Term Loan*⁽³⁾
L+ 10.50%,1.50% L Floor, 10/4/2018		9,644		9,540		9,644		4.18
PD Products, LLC, Revolver
L+ 10.50%,1.50% L Floor, 10/4/2018		673		673		673		0.29
Total Miscellaneous Retail				34,932		35,035		15.19

Miscellaneous Services
Simmons Research LLC, Term Loan*
L+ 10.50%, 0.56% L, 12/11/2020		3,959		3,880		3,880		1.68
Speed Commerce, Inc., Term Loan*⁽⁴⁾
P+ 13.00%,3.50% P, 11/21/2019		13,226		13,063		3,254		1.41
Sprint Industrial Holdings, LLC, Term Loan (First Lien)*
L+ 5.75%,1.25% L Floor, 5/14/2019		4,824		4,802		4,028		1.75
YourMembership Holding Company, Term Loan A**
L+ 7.00%,1.00% L Floor, 9/12/2019		10,056		9,992		9,978		4.32
Total Miscellaneous Services				31,737		21,140		9.16

Nonferrous Metal/Minerals
NN, Inc., Initial Term Loan*
L+ 4.75%,1.00% L Floor, 10/19/2022		1,995		1,976		1,968		0.85
Total Nonferrous Metal/Minerals				1,976		1,968		0.85

Oil & Gas
Badlands Production Company (fka Gasco) , Term Loan*
L+ 12.50%,1.00% L Floor, 5/14/2018		10,500		10,332		9,975		4.32
Rooster Energy Ltd., Term Loan*
L+ 11.50%,1.50% L Floor, 6/25/2018		5,938		5,863		5,641		2.44
Iracore International Holdings, Inc., Term Loan*
L+ 9.00%,1.00% L Floor, 7/10/2020		8,878		8,757		8,433		3.66
Total Oil & Gas				24,952		24,049		10.42

Printing & Publishing
Dodge Data & Analytics LLC, Term Loan*
L+ 8.75%,1.00% L Floor, 10/31/2019		9,286		9,143		9,143		3.96
Total Printing & Publishing				9,143		9,143		3.96

Retail-Building Materials, Hardware, Garden Supply & Mobile Home Dealers
Builders FirstSource, Inc., Initial Term Loan*
L+ 5.00%,1.00% L Floor, 7/31/2022		1,995		1,986		1,967		0.85
Total Retail-Building Materials, Hardware, Garden Supply & Mobile Home Dealers				1,986		1,967		0.85

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

									% of Net
Security Description	Par / Shares		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Specialty Services
Vencore, Inc. (fka The SI Organization, Inc.), Initial Term Loan (First Lien)*
L+ 4.75%,1.00% L Floor, 11/23/2019		1,995	$	1,995		$	1,982			0.86	%
Vistronix, LLC, Term Loan*
L+ 8.50%, 0.50% L Floor, 12/4/2018		9,510		9,453			9,453			4.09
Vistronix, LLC, Revolver
L+ 8.50%, 0.50% L Floor, 12/4/2018		560		560			557			0.24
USAGM Holdco, LLC, Initial Term Loan (First Lien)*
L+ 3.75%,1.00% L Floor, 7/28/2022		2,000		1,951			1,908			0.83
Total Specialty Services				13,959			13,900			6.02

Stone, Clay, Glass, & Concrete Products
Stardust Finance Holdings, Inc., Term Loan*
L+ 5.50%,1.00% L Floor, 3/13/2022		1,995		1,973			1,928			0.84
Total Stone, Clay, Glass, & Concrete Products				1,973			1,928			0.84

Transportation Services
Gruden Acquisition, Inc., Term Loan (First Lien)*
L+ 4.75%,1.00% L Floor, 8/18/2022		2,000		1,961			1,908			0.83
Fleetgistics Holdings, Inc., Term Loan*
L+ 6.13%,2.00% L Floor, 12/31/2018		1,002		1,002			902			0.39
MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*⁽³⁾
L+ 3.00% Cash, 10.00% PIK, 1.00% L Floor, 5/31/2018		14,322		14,205			13,606			5.89
Raymond Express International, LLC, Term Loan*
L+ 7.75%,1.75% L Floor, 2/28/2018		1,695		1,687			1,695			0.73
Total Transportation Services				18,855			18,111			7.84

Total Debt Investments			$	412,667		$	388,335			168.32	%

Financial Assets
Consumer Finance Services
GLC Trust 2013-2 Consumer Loan Pool⁽¹⁾⁽⁵⁾		18,688	$	18,688		$	17,754			7.70	%
Total Consumer Finance Services				18,688			17,754			7.70

Total Financial Assets			$	18,688		$	17,754			7.70	%

Unfunded Obligations
Communications
HC Cable OpCo, LLC, Revolver⁽⁶⁾
0.50%, 7/17/2018		955	$	(8	)	$	-			-	%
Total Communications				(8	)		-			-

Computer Programming, Data Processing, & Other Computer Related Services
Emtec Global Services Holdings, LLC, Revolver⁽⁶⁾
0.00%, 11/30/2020		327		(6	)		(5	)		-
Emtec Global Services Holdings, LLC, Delayed Draw Term Loan⁽⁶⁾
0.00%, 11/30/2020		271		(4	)		(4	)		-
Total Computer Programming, Data Processing, & Other Computer Related Services				(10	)		(9	)		-

Health Services
Aurora Diagnostics, LLC, Delayed Draw Term Loan B⁽⁶⁾
2.25%, 7/31/2019		2,393		(20	)		(20	)		(0.01	)
Aurora Diagnostics, LLC, Revolver⁽⁶⁾
0.38%, 7/31/2019		1,020		(8	)		(8	)		-
Total Health Services				(28	)		(28	)		(0.01	)

Miscellaneous Retail
PD Products, LLC, Revolver⁽⁶⁾
0.50%, 10/4/2018		968		(18	)		-			(0.01	)
Total Miscellaneous Retail				(18	)		-			(0.01	)

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

									% of Net
Security Description	Par / Shares		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Unfunded Obligations (continued)
Miscellaneous Services
YourMembership Holding Company, Revolver⁽⁶⁾
L + 0.00%, 9/12/2019		441	$	(3	)	$	(3	)		-	%
Total Miscellaneous Services				(3	)		(3	)		-

Specialty Services
Vistronix, LLC, Revolver⁽⁶⁾
0.50%, 12/4/2018		315		(5	)		(2	)		-
Total Specialty Services				(5	)		(2	)		-

Transportation Services
Raymond Express International, LLC, Revolver
0.50%, 2/28/2018		215		(1	)		-			-
Total Transportation Services				(1	)		-			-

Total Unfunded Obligations			$	(73	)	$	(42	)		(0.02	)%

Total Non-Control/Non-Affiliate Investments			$	437,053		$	415,001			179.88	%

_____________

Denotes that all or a portion of the investment is held as collateral by the 2013-2 CLO (see Note 7).

Denotes that all or a portion of the loan is held by Garrison SBIC.

L = London Interbank Offered Rate.

P = Prime Rate

(1)

Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.

(2)

(3)

Coupon is payable in cash, and/or payment-in-kind (“PIK”), or a combination thereof.

(4)

Investment is currently not income producing and placed on non-accrual status.

(5)

GLC Trust 2013-2 includes 2,637 small balance consumer loans with an average par of $7,087, a weighted average rate of 15.6% and a weighted average maturity of May 8, 2018. See Note 4 for additional information. See Exhibit 99.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for detail on underlying loans.

(6)

The negative fair value is the result of the unfunded commitments being valued below par. These amounts may or may not be funded to the borrowing party currently or in the future.

All debt investments were income producing as of December 31, 2015, unless otherwise noted. Common and preferred equity investments are non-income producing unless otherwise noted.

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

($ in thousands, except share and per share amounts)

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	September 30, 2016			September 30, 2015			September 30, 2016			September 30, 2015
Investment income
Interest income
Non-control/non-affiliate investments	$	10,688		$	12,285		$	32,537		$	37,519
Non-control/affiliate investments		76			-			76			-
Other income		341			921			685			2,317
Total investment income		11,105			13,206			33,298			39,836

Expenses
Interest expense		3,665			1,874			7,751			5,541
Loss on refinancing of secured notes (see Note 7)		1,828			-			1,828			-
Management fee		1,805			1,955			5,479			5,927
Incentive fee		-			(83	)		-			1,629
Professional fees		357			400			1,079			1,015
Directors' fees		91			97			304			305
Administrator expenses		311			241			1,025			755
Other expenses		576			484			1,645			1,564
Total expenses		8,633			4,968			19,111			16,736
Net investment income before excise taxes		2,472			8,238			14,187			23,100
Excise tax expense		65			6			(35	)		3
Net investment income		2,537			8,244			14,152			23,103

Realized and unrealized (loss) on investments
Net realized (loss) from investments
Non-control/non-affiliate investments		(11,182	)		(2,301	)		(29,592	)		(11,312	)
Net change in unrealized gain/(loss) from investments
Non-control/non-affiliate investments		7,557			(6,184	)		7,776			(5,183	)
Net realized and unrealized (loss) on investments		(3,625	)		(8,485	)		(21,816	)		(16,495	)

Net (decrease)/increase in net assets resulting from operations	$	(1,088	)	$	(241	)	$	(7,664	)	$	6,608

Net investment income per common share	$	0.16		$	0.49		$	0.87		$	1.38
Net (decrease)/increase in net assets resulting from operations per common share	$	(0.07	)	$	(0.01	)	$	(0.47	)	$	0.39
Basic weighted average common shares outstanding⁽¹⁾		16,059,665			16,758,779			16,183,615			16,758,779

Dividends and distributions declared per common share	$	0.35		$	0.35		$	1.05		$	1.05

____________

(1)

Calculated using basic weighted average common shares outstanding.

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

($ in thousands, except share and per share amounts)

	Nine Months Ended			Nine Months Ended
	September 30, 2016			September 30, 2015

(Decrease)/increase in net assets from operations:
Net investment income	$	14,152		$	23,103
Net realized (loss) from investments		(29,592	)		(11,312	)
Net change in unrealized gain/(loss) on investments		7,776			(5,183	)
Net (decrease)/increase in net assets from operations		(7,664	)		6,608

Dividends and distributions to stockholders:
From net investment income		(16,957	)		(17,598	)
Total dividends and distributions to stockholders⁽¹⁾		(16,957	)		(17,598	)

Common share transactions
Repurchase of common stock (see Note 13)		(5,041	)		-
Net (decrease) in net assets from common share transaction		(5,041	)		-

Total (decrease) in net assets		(29,662	)		(10,990	)
Net assets at beginning of period		230,710			261,103
Net assets at end of period	$	201,048		$	250,113
Net asset value per common share	$	12.53		$	14.92
Common shares outstanding at end of period		16,049,352			16,758,779

Underdistributed net investment income included in net assets	$	5,977		$	5,505

____________

(1)

Dividends from net investment income are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP.

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

($ in thousands, except share and per share amounts)

	Nine Months Ended			Nine Months Ended
	September 30, 2016			September 30, 2015
Cash flows from operating activities
Net (decrease)/increase in net assets resulting from operations	$	(7,664	)	$	6,608
Adjustments to reconcile net (decrease)/increase in net assets resulting from operations to net cash (used in)/provided by operating activities:
Net accretion of discounts on investments		(1,078	)		(1,234	)
Net realized loss from investments		29,592			11,312
Amortization of discount on senior secured notes payable		149			229
Loss on refinancing of secured notes		1,828			-
Amortization of deferred debt issuance costs		2,151			599
Net change in unrealized (gain)/loss on investments		(7,776	)		5,183
Payment-in-kind interest		(1,457	)		(1,953	)
Purchases of investments		(99,874	)		(128,579	)
Paydowns of investments		67,792			169,174
Sales of investments		26,983			6,111
Changes in operating assets and liabilities:
(Increase)/decrease in cash, restricted		(10,795	)		7,505
Decrease in due from counterparties		1,511			74
Decrease/(increase) in accrued interest receivable		1,673			(1,942	)
(Increase) in deferred offering costs		-			(189	)
Decrease in prepaid administrator fee		-			74
Increase in other assets		(281	)		(264	)
Increase/(decrease) in due to counterparties		601			(109	)
Increase/(decrease) in payables to affiliates		190			(92	)
(Decrease) in interest payable		(684	)		(74	)
Increase in accrued expenses and other payables		475			132
Net cash provided by operating activities		3,336			72,565

Cash flows from financing activities
Repurchase of common stock		(5,041	)		-
Distributions paid to stockholders		(16,957	)		(17,598	)
Payments for financing costs		(2,432	)		(690	)
Repayment of senior secured revolving notes		(10,000	)		(40,500	)
Repayment of GLC Trust 2013-2 Class A notes		(8,828	)		(11,626	)
Proceeds from Garrison SBIC borrowings		15,660			14,800
Proceeds from borrowing on term note		5,983			-
Net cash (used in) financing activities		(21,615	)		(55,614	)

Net (decrease)/increase in cash		(18,279	)		16,951
Cash at beginning of period		24,985			13,651
Cash at end of period	$	6,706		$	30,602

Supplemental disclosure of cash flow information
Cash paid for interest expense	$	6,135		$	4,739

Supplemental disclosure of non-cash activities
Restructuring of portfolio investment	$	840		$	3,986

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

1. Organization

Garrison Capital Inc. (“GARS” and, collectively with its subsidiaries, the “Company”, “we” or “our”) is a Delaware corporation and is an externally managed, closed-end, non-diversified management investment company that has filed an election to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, GARS has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), for the period beginning October 9, 2012 and intends to qualify annually thereafter.

GARS priced its initial public offering (“IPO”) on March 26, 2013, which closed on April 2, 2013, selling 6,133,334 shares, including 800,000 shares issued pursuant to the underwriters’ exercise of the over-allotment option, at a public offering price of $15.00 per share. Concurrent with the closing of the IPO, the Company’s directors, officers, employees and an affiliate of Garrison Capital Advisers LLC, a Delaware limited liability company (the “Investment Adviser”), purchased an additional 126,901 shares through a private placement transaction (the “Concurrent Private Placement”) exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), at a price of $15.00 per share. GARS’ shares trade on the NASDAQ Global Select Market, or NASDAQ, under the symbol “GARS”.

Our investment objective is to generate current income and capital appreciation by making investments generally in the range of $5.0 million to $25.0 million primarily in debt securities and loans of U.S. based middle-market companies, which we define as those having annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of between $5.0 million and $30.0 million. Our goal is to generate attractive risk-adjusted returns by assembling a broad portfolio of investments.

We invest or provide direct lending primarily in (1) first lien senior secured loans, (2) second lien senior secured loans, (3) “one-stop” senior secured or “unitranche” loans, (4) subordinated or mezzanine loans, (5) unsecured consumer loans and (6) to a lesser extent, selected equity co-investments in middle-market companies. We use the term “one-stop” or “unitranche” to refer to a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans. We use the term “mezzanine” to refer to a loan that ranks senior only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness.

The Company’s business and affairs are managed and controlled by the Company’s board of directors (the “Board”), of which a majority of the members are independent of the Company and the Investment Adviser and its affiliates.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

1. Organization – (continued)

On May 17, 2013, GARS formed GLC Trust 2013-2, a Delaware statutory trust (“GLC Trust 2013-2”). This entity is a wholly owned subsidiary of GARS created for the purpose of investing in a portfolio of small balance consumer loans. GLC Trust 2013-2 is 100% owned by GARS. On July 18, 2014, GARS completed a $39.2 million term debt securitization (the “GLC Trust 2013-2 Securitization” and the notes offered thereby, the “GLC Trust 2013-2 Notes”) collateralized by the GLC Trust 2013-2 consumer loan portfolio.

On September 25, 2013, Garrison Funding 2013-2 Ltd. (“GF 2013-2”) completed a $350.0 million collateralized loan obligation (the “2013-2 CLO”) through a private placement, the proceeds of which were utilized, along with cash on hand, to refinance an existing credit facility (see Note 7). Immediately following the completion of the 2013-2 CLO, Garrison Funding 2013-2 Manager LLC (“GF 2013-2 Manager”) owned 100% of the 2013-2 CLO Subordinated Notes (as defined below). GF 2013-2 Manager served as collateral manager to GF 2013-2 and has entered into a sub-collateral management agreement with the Investment Adviser.

On August 15, 2013, Walnut Hill II LLC was formed for the purpose of holding a first lien equipment loan. Walnut Hill II LLC is 100% owned by GARS.

On May 29, 2014, Garrison Capital SBIC LP (“Garrison SBIC”), which has an investment objective substantially similar to GARS, was formed in accordance with small business investment company (“SBIC”) regulations to acquire up to $150.0 million in financing. Garrison SBIC received a license from the U.S Small Business Administration (the “SBA”) on May 26, 2015. Garrison SBIC is 100% owned by GARS.

On July 7, 2014, Forest Park II LLC was formed for the purpose of holding first lien equipment loans. Forest Park II LLC is 100% owned by GARS.

On August 18, 2016 and September 18, 2016, GARS formed Garrison Funding 2016-2 Ltd. and Garrison Funding 2016-2 LLC, respectively. Garrison Funding 2016-2 LLC is a wholly-owned and consolidated subsidiary of Garrison Funding 2016-2 Ltd (collectively referred to as “GF 2016-2”). GF 2016-2 is a wholly-owned and consolidated subsidiary of GARS. GF 2016-2 completed a $300.0 million collateralized loan obligation (the “2016-2 CLO”) through a private placement, the proceeds of which were utilized, along with cash on hand, to refinance the 2013-2 CLO (see Note 7). GARS owns 100% of the 2016-2 CLO Subordinated Notes (as defined below). GARS serves as collateral manager to GF 2016-2 and has entered into a sub-collateral management agreement with the Investment Adviser. The 2013-2 CLO and 2016-2 CLO are collectively referred to as “the CLOs”.

GARS will periodically form limited liability companies for the purpose of holding minority equity investments (the “GARS Equity Holdings Entities”). GARS intends to form a new GARS Equity Holdings Entity for each minority equity investment in order to provide specific tax treatment for individual investments. The GARS Equity Holdings Entities are 100% owned by GARS.

American Stock Transfer & Trust Company, LLC (“AST”) serves as the transfer and dividend paying agent and registrar to GARS.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

1. Organization – (continued)

GARS entered into a custody agreement, which was effective as of October 9, 2012 (the “Custody Agreement”), with Deutsche Bank Trust Company Americas (the “Custodian”) to act as custodian for GARS. The Custodian is also the trustee of the CLOs and the custodian for Garrison SBIC.

GARS entered into an administration agreement, which was effective as of October 9, 2012 (the “Administration Agreement”), with Garrison Capital Administrator LLC, a Delaware limited liability company (the “GARS Administrator”).

GARS entered into an investment advisory agreement with the Investment Adviser, which was effective as of October 9, 2012 and most recently amended and restated on August 5, 2016 (the “Investment Advisory Agreement”).

The Investment Adviser is responsible for sourcing potential investments, conducting research and diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring our investments and monitoring our investments and portfolio companies on an ongoing basis subject to the supervision of the Board. The Investment Adviser was organized in November 2010 and is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Investment Adviser is an affiliate of Garrison Investment Group LP (the “Investment Manager”), which is also the investment manager of various stockholders of the Company.

GLC Trust 2013-2 has entered into agreements with Prosper Funding LLC, GARS Administrator, U.S. Bank National Association, Wilmington Trust, National Association and Manufacturers and Traders Trust Company to act as servicer, securities administrator, indenture trustee and custodian, respectively, for GLC Trust 2013-2.

2. Significant Accounting Policies and Recent Updates

Basis of Presentation

The Company is an investment company as defined in the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation including the retrospective reclassification of deferred debt issuance costs to be presented as a liability, netted against the carrying amount of the corresponding debt liability. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and the related management’s discussion and analysis of financial condition and results of operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission (the “SEC”).

Basis for Consolidation

The consolidated financial statements include the accounts of GARS and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The accounts of the subsidiaries are prepared for the same reporting period as GARS using consistent accounting policies. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC Topic 946, the Company is precluded from consolidating any entity other than another investment company.

The Company generally consolidates any investment company when it owns 100% of its partners’ or members’ capital or equity units. ASC Topic 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries.

GF 2013-2 Manager owns a 100% interest in GF 2013-2, which was an investment company for accounting purposes, and also provides collateral management services solely to GF 2013-2. As such, GARS has consolidated the accounts of these entities into these consolidated financial statements. As a result of this consolidation, the amounts outstanding under the 2013-2 CLO are treated as the Company’s indebtedness.

GARS owns a 100% interest in GF 2016-2, which is an investment company for accounting purposes, and also provides collateral management services solely to GF 2016-2. As such, GARS has consolidated the accounts of these entities into these consolidated financial statements. As a result of this consolidation, the amounts outstanding under the 2016-2 CLO are treated as the Company’s indebtedness.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

2. Significant Accounting Policies and Recent Updates – (continued)

The GARS Equity Holdings Entities, Walnut Hill II LLC, Forest Park II LLC, Garrison SBIC and GLC Trust 2013-2 are 100% owned investment companies for accounting purposes. As such, GARS has consolidated the accounts of these entities into these consolidated financial statements. As a result of this consolidation, indebtedness of Garrison SBIC and the amounts outstanding under the GLC Trust 2013-2 Notes are treated as the Company’s indebtedness.

Investment Classification

As of September 30, 2016, $397.0 million of the Company’s investments were Non-Control/Non-Affiliate Investments and $3.9 million were Non-Control/Affiliate Investments. As of December 31, 2015, all of the Company’s investments were Non-Control/Non-Affiliate Investments.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures in the consolidated financial statements, including the estimated fair values of investments and the amount of income and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

As of September 30, 2016 and December 31, 2015, cash held in designated bank accounts with the Custodian was $5.3 million and $23.4 million, respectively. As of September 30, 2016 and December 31, 2015, cash held in designated bank accounts with other major financial institutions was $1.4 million and $1.6 million, respectively. At times, these balances may exceed federally insured limits and this potentially subjects the Company to a concentration of credit risk. The Company believes it is not exposed to any significant credit risk associated with its cash custodian.

The Company defines cash equivalents as highly liquid financial instruments with original maturities of three months or less, including those held in overnight sweep bank deposit accounts. As of September 30, 2016 and December 31, 2015, the Company held no cash equivalents.

Cash and Cash Equivalents, Restricted

Restricted cash as of September 30, 2016 included cash of $21.7 million held by the 2016-2 CLO in designated bank accounts with the Custodian. Restricted cash as of December 31, 2015 included cash of $10.4 million held by the 2013-2 CLO in designated bank accounts with the Custodian. The CLOs are required to use a portion of these amounts to pay interest expense, reduce borrowings at the end of the investment period and to pay other amounts in accordance with the terms of the indenture of the CLOs. Funds held by the CLOs are not available for general use by the Company.

As of September 30, 2016 and December 31, 2015, restricted cash included cash held by GLC Trust 2013-2 in designated restricted bank accounts of $0.9 million and $1.4 million, respectively. GLC Trust 2013-2 is required to use a portion of these amounts to make principal payments and pay interest expense in accordance with the terms of the indenture governing the GLC Trust 2013-2 Notes.

As of both September 30, 2016 and December 31, 2015, the Company held no restricted cash equivalents.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

2. Significant Accounting Policies and Recent Updates – (continued)

Investment Transactions and Related Investment Income and Expense

The Company records its investment transactions on a trade date basis, which is the date when management has determined that all material legal terms have been contractually defined for the transactions. These transactions could possibly settle on a subsequent date depending on the transaction type. All related revenue and expenses attributable to these transactions are reflected on the consolidated statements of operations commencing on the trade date unless otherwise specified by the transaction documents. Realized gains and losses on investment transactions are recorded using the specific identification method.

The Company accrues interest income if it expects that ultimately it will be able to collect such income. Generally, when a payment default occurs on a loan in the portfolio, or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments, the Investment Adviser will place the loan on non-accrual status and will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest.

The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. For consumer loans, any loan which is 120 days past due is considered defaulted and 100% of the principal is charged off with no expected recovery or sale of defaulted receivables. For the three and nine months ended September 30, 2016, the Company recognized $0.3 million and $1.0 million in charge offs in realized losses from investments for consumer loans held by GLC Trust 2013-2, respectively. The Company had one investment that was on non-accrual status as of September 30, 2016 and four investments that were on non-accrual status as of December 31, 2015.

Any original issue discounts, as well as any other purchase discounts or premiums on debt investments, are accreted or amortized and included in interest income over the maturity periods of the investments. If a loan is placed on non-accrual status, the Company will cease recognizing amortization of original issue discount and purchase discount until all principal and interest is current through payment or until a restructuring occurs, such that the income is deemed to be collectible.

Dividend income on preferred equity securities is recorded as investment income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.

Interest Expense

Interest expense is recorded on an accrual basis and is adjusted for amortization of deferred debt issuance costs and any original issue discount.

Expenses

Expenses related to, but not limited to, ratings fees, due diligence, valuation expenses and independent collateral appraisals may arise when the Company makes certain investments. These expenses are recognized as incurred in the consolidated statements of operations within other expenses.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

2. Significant Accounting Policies and Recent Updates – (continued)

Loan Origination, Facility, Commitment and Amendment Fees

The Company may receive loan origination, prepayment, facility, commitment, forbearance and amendment fees in addition to interest income during the life of the investment. The Company may receive origination fees upon the origination of an investment.

Origination fees received by the Company are initially deferred and reduced from the cost basis of the investment and subsequently accreted into interest income over the remaining stated term of the loan.

Upon the prepayment of a loan or debt security, any unamortized loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts. Facility fees, sometimes referred to as asset management fees, are accrued as a percentage periodic fee on the base amount (either the funded facility amount or the committed principal amount). Commitment fees are based upon the undrawn portion committed by the Company and are accrued over the life of the loan.

Amendment and forbearance fees are paid in connection with loan amendments and waivers and are recognized upon completion of the amendments or waivers, generally when such fees are receivable. Any such fees are recorded and classified as other income and included in investment income on the consolidated statements of operations. As these fees are paid and recognized in connection with specific loan amendments or forbearance, they are typically non-recurring in nature.

Valuation of Investments

The Company values its investments in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures (formerly FASB Statement No. 157, “ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about assets and liabilities measured at fair value.

ASC 820’s definition of fair value focuses on exit price in the principal, or most advantageous, market and prioritizes the use of market-based inputs over entity-specific inputs within a measurement of fair value.

The Company’s portfolio consists of primarily debt investments and unsecured consumer loans. The fair value of the Company’s investments is initially determined by investment professionals of the Investment Adviser and ultimately determined by the Board on a quarterly basis. In valuing the Company’s debt investments, the Investment Adviser generally uses various approaches, including proprietary models that consider the analyses of independent valuation agents as well as credit risk, liquidity, market credit spreads, other applicable factors for similar transactions, bid quotations obtained from other financial institutions that trade in similar investments or based on bid prices provided by independent third party pricing services.

The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the Company’s debt investments generally include, as appropriate, comparison to publicly traded securities, including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors.

In valuing the Company’s unsecured consumer loans, the Investment Adviser generally uses a discounted cash flow methodology based upon a set of assumptions. The primary assumptions used to value the unsecured consumer loans include prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rate.

The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the Company’s consumer loan investments generally include, as appropriate, prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rates.

The Board has retained several independent valuation firms to review the valuation of each portfolio investment that does not have a readily available market quotation at least once during each 12-month period. To the extent a security is reviewed in a particular quarter, it is reviewed and valued by only one service provider.

However, the Board does not intend to have de minimis investments of less than 0.5% of the Company’s total assets (up to an aggregate of 10.0% of the Company’s total assets) independently reviewed.

The Board is responsible for determining the fair value of the Company’s assets in good faith using a documented valuation policy and consistently applied valuation process.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

2. Significant Accounting Policies and Recent Updates – (continued)

Due to the nature of the Company’s strategy, the Company’s portfolio is primarily comprised of relatively illiquid investments that are privately held. Inputs into the determination of fair value of the Company’s portfolio investments require significant management judgment or estimation. This means that the Company’s portfolio valuations are based on unobservable inputs and the Investment Adviser’s own assumptions about how market participants would price the asset or liability in question. Valuations of privately held investments are inherently uncertain and they may fluctuate over short periods of time and may be based on estimates. The determination of fair value by the Board may differ materially from the values that would have been used if a ready market for these investments existed.

The valuation process is conducted at the end of each fiscal quarter, with a portion of the Company’s valuations of portfolio companies without market quotations subject to review by the independent valuation firms each quarter. When an external event with respect to one of the Company’s portfolio companies, such as a purchase transaction, public offering or subsequent equity sale occurs, we expect to use the pricing indicated by the external event to corroborate our valuation.

With respect to investments for which market quotations are not readily available, our Board will undertake a multi-step valuation process each quarter, as described below:

•

The Company’s valuation process begins with each portfolio company or investment being initially valued by investment professionals of the Investment Adviser responsible for credit monitoring.

•

Preliminary valuation conclusions are then documented and discussed with our senior management and the Investment Adviser.

•

The valuation committee of the Board reviews these preliminary valuations.

•

At least once annually, the valuation for each portfolio investment that does not have a readily available quotation is reviewed by an independent valuation firm, subject to the de minimis exception described above.

•

The Board discusses valuations and determines the fair value of each investment in the Company’s portfolio in good faith.

Net assets could be materially affected if the determinations regarding the fair value of the investments were materially higher or lower than the values that are ultimately realized upon the disposal of such investments.

Deferred Financing Costs

Financing costs incurred in connection with the execution of the CLOs, SBIC borrowings and GLC Trust Securitization are included as a reduction in the net book value of the related liability on our consolidated statement of financial condition. These costs are amortized as interest expense over the life of the related obligations.

Offering Costs

Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity or debt offerings and are charged against proceeds from the offerings when received. As of both September 30, 2016 and December 31, 2015, $0.5 million of expenses associated with the shelf registration statement initially filed with the SEC on April 3, 2014 were deferred and included in deferred offering costs. These amounts will be charged against proceeds from future offerings of securities when received.

Share Repurchase

Share repurchase transactions are recorded on a trade date basis, which is the date when management has determined that all material legal terms have been contractually defined for the transactions. The aggregate cost of common stock repurchased, including any direct transaction costs, is recorded as a reduction of the par and paid-in-capital in excess of par value accounts, respectively.

Dividends and Distributions

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

2. Significant Accounting Policies and Recent Updates – (continued)

The Company adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash as provided below. As a result, if the Board declares a cash dividend or other distribution, then our stockholders who have not ‘opted out’ of our dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock, which may be newly issued shares or shares acquired by AST through open-market purchases, rather than receiving the cash distribution. As of September 30, 2016, no new shares have been issued under the dividend reinvestment plan.

No action is required on the part of a registered stockholder to have its cash dividend or other distribution reinvested in shares of our common stock. A registered stockholder may elect to receive an entire distribution in cash by notifying AST in writing so that such notice is received by AST no later than the record date for distributions to stockholders.

Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends and other distributions in cash by notifying their broker or other financial intermediary of their election.

Income Taxes

As discussed in Note 1, for tax purposes, GARS has elected to be treated as a RIC under Subchapter M of the Code and intends to qualify each taxable year for such treatment. In addition, GF 2016-2, GF 2016-2 Ltd., GF 2013-2, GF 2013-2 Manager, the GARS Equity Holdings Entities, Walnut Hill II LLC and Forest Park II LLC are disregarded entities for tax purposes. GLC Trust 2013-2 is a grantor trust for U.S. taxable income purposes, whereby the income reverts to GARS, accordingly, no provision for federal income tax was made in the consolidated financial statements for the three and nine months ended September 30, 2016 or the year ended December 31, 2015.

Each taxable year, GARS intends to comply with all RIC qualification provisions contained in the Code including certain source-of-income and asset diversification requirements, as well as distribution requirements to our stockholders equal to at least 90% of “investment company taxable income”. “Investment company taxable income” is generally defined as net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses. As a RIC, GARS generally does not have to pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that it distributes to its stockholders in a timely manner.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

2. Significant Accounting Policies and Recent Updates – (continued)

However, GARS is subject to U.S. federal income taxes at regular corporate tax rates on any net ordinary income or net capital gain not distributed to its stockholders assuming at least 90% of its investment company taxable income is distributed timely.

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions, and distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned.

For the three months ended September 30, 2016, we reversed $(65,000) of previously recorded U.S. federal excise tax expense. For the nine months ended September 30, 2016, we recorded $35,000 of U.S. federal excise tax expense. For the three and nine months ended September 30, 2015, we reversed $(6,000) and $(3,000) of previously recorded U.S. federal excise tax expense, respectively. In addition, GARS has certain wholly owned taxable subsidiaries (the “Taxable Subsidiaries”), each of which holds a portion of one or more of our portfolio investments that are listed on the consolidated schedule of investments. The Taxable Subsidiaries are consolidated for financial reporting purposes in accordance with U.S. GAAP, so that our consolidated financial statements reflect our investments in the portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is, among other things, to permit GARS to hold certain interests in portfolio companies that are organized as limited liability companies (“LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross income for federal income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiaries, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of investment income, it could jeopardize GARS ability to qualify as a RIC and therefore cause GARS to incur significant amounts of corporate-level U.S. federal income taxes. Where interests in LLCs (or other pass-through entities) are owned by the Taxable Subsidiaries, however, the income from such interests is taxed to the Taxable Subsidiaries and does not flow through to the RIC, thereby helping GARS preserve its RIC status and resultant tax advantages. The Taxable Subsidiaries are not consolidated for U.S. federal income tax purposes and may generate income tax expense as a result of their ownership of the portfolio companies.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts determined in accordance with U.S. GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent differences have no impact on net assets. The below were reclassifications made due to permanent differences for the tax year ended December 31, 2015:

($ in thousands)	December 31, 2015
Accumulated net investment income	$	2,259
Accumulated net realized (loss) on investments		(2,069	)
Paid - in capital		(190	)

The permanent book-to-tax differences arose primarily due to the tax classification of dividend distributions, tax basis differences on realized investments, tax characterization of certain realized losses and the accrual of nondeductible U.S. federal excise tax.

Taxable income differs from the net increase (decrease) in net assets resulting from operations primarily due to the exclusion of unrealized gain (loss) on investments from taxable income until they are realized, book-to-tax temporary differences related to the deductibility of accrued Incentive Fees payable to the Investment Adviser attributable to unrealized gain (loss) on investments, book-to-tax temporary differences on taxable income inclusions of investment income earned on certain securities that was accrued for tax but not for U.S. GAAP, and book-to-tax temporary differences related to net capital loss carryforwards and utilization of net capital gain loss carryforwards from prior years.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

2. Significant Accounting Policies and Recent Updates – (continued)

The following table reconciles net increase in net assets resulting from operations to taxable income for tax year ended December 31, 2015:

($ in thousands)	December 31, 2015
Net (decrease) in net assets resulting from operations	$	(3,660	)
Net change in unrealized loss from investments		21,919
Net capital loss carryforward		10,275
Permanent book-to-tax differences		190
Temporary book-to-tax differences		(2,169	)
Taxable income before deductions for distribution	$	26,555

As of December 31, 2015, the accumulated earnings/(deficit) on a tax basis was:

($ in thousands)	December 31, 2015
Undistributed ordinary income	$	8,782
Accumulated capital gain and other gains/(losses)		(10,275	)
Unrealized (losses) on investments		(22,053	)
Total accumulated (deficit)	$	(23,546	)

The tax character of all distributions paid for the year ended December 31, 2015 was classified as ordinary income.

As of December 31, 2015 the components of the $(22.1) million of accumulated losses were the same on a tax basis and under U.S. GAAP.

As of December 31, 2015, the federal income tax basis of investments was $437.1 million resulting in net unrealized loss of $(22.1) million

Under U.S. GAAP the Company is required to determine whether a tax position of the Company is more likely-than-not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized could result in the Company recording a tax liability that could negatively impact the Company’s net assets.

The Company has concluded that it was not necessary to record a liability for any such tax positions as of September 30, 2016 and December 31, 2015. However, the Company’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including ongoing analyses of, and changes to, tax laws, regulations and interpretations thereof.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

2. Significant Accounting Policies and Recent Updates – (continued)

The Company’s activities from commencement of operations remain subject to examination by U.S. federal, state, and local tax authorities. No interest expense or penalties have been assessed as of September 30, 2016 and December 31, 2015.

If the Company were required to recognize interest and penalties, if any, related to unrecognized tax benefits this would be recognized as income tax expense in the consolidated statement of operations.

As of December 31, 2015, the Company had net long term capital loss carryforwards of $10.3 million.

Recent Accounting Pronouncements

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 amends the classification of certain cash receipts and cash payments presented and classified in the statement of cash flows. This new guidance is effective for annual and interim periods beginning on or after December 15, 2017 and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact ASU 2016-15 will have on the Company’s consolidated financial position and disclosures.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 changes how entities account for and measure the fair value of certain equity investments and updates the presentation and disclosure of certain financial assets and liabilities. This new guidance is effective for annual and interim periods beginning on or after December 15, 2017 and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact ASU 2016-01 will have on the Company’s consolidated financial position and disclosures.

3. Investments

The Company’s investments include debt investments (both funded and unfunded, “Debt Investments”), preferred and minority equity investments (“Equity”) of diversified companies and a portfolio of unsecured small balance consumer loans (“Financial Assets”). These financial instruments may be purchased indirectly through an interest in a limited partnership or an LLC.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

3. Investments – (continued)

Certain of the risks of investing in the financial instruments of a borrower or a company experiencing various forms of financial, operational, legal, and/or other distress or impairment, including companies involved in bankruptcy or other reorganization or liquidation proceedings, and those which might become involved in such proceedings, are discussed herein. Through investing in these assets, the Company is exposed to credit risk relating to whether the borrower will meet its obligation to pay when it comes due until the investments are sold or mature. Any investment in a distressed company may involve special risks.

The Company’s transactions in Debt Investments are normally secured financings that are collateralized by physical assets and/or the enterprise value of the borrower. This collateral, and the Company’s rights to this collateral, are different depending on the specific transaction and are defined by the legal documents agreed to in the transaction.

The terms of the Debt Investments may provide for the Company to extend to a borrower additional credit or provide funding for any unfunded portion of such Debt Investments at the request of the borrower. This exposes the Company to potential liabilities that are not reflected on the consolidated statements of financial condition. As of September 30, 2016 and December 31, 2015, the Company had $6.7 million and $6.9 million of unfunded commitments with a fair value of $(0.1) million and $(0.1) million, respectively. The negative fair value is the result of the unfunded commitments being valued below par. These amounts may or may not be funded to the borrowing party now or in the future.

There is no central clearinghouse for the Company’s Debt Investments, Equity or Financial Assets, nor is there a central depository for custody of any such interests. The processes by which these interests are cleared, settled and held in custody are individually negotiated between the parties to the transaction. This subjects the Company to operational risk to the extent that there are delays and failures in these processes. The Custodian maintains records of the investments owned by the Company.

4. Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities which qualify as financial instruments approximate the carrying amounts presented in the consolidated statements of financial condition.

U.S. GAAP requires enhanced disclosures about investments that are measured and reported on a fair value basis. Under U.S. GAAP, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Further, the guidance distinguishes between inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs). Various inputs are used in determining the values of the Company’s investments and these inputs are categorized as of each valuation date.

The inputs are summarized in three broad levels listed below:

•

Level 1 — quoted unadjusted prices in active markets for identical investments as of the reporting date.

•

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.).

•

Level 3 — significant unobservable inputs (including the reporting entity’s own assumptions about the assumptions market participants would use in determining the fair values of investments or indicative bid prices from unaffiliated market makers or independent third party pricing services).

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

4. Fair Value of Financial Instruments – (continued)

Fair value of publicly traded instruments is generally based on quoted market prices. Fair value of non-publicly traded instruments, and of publicly traded instruments for which quoted market prices are not readily available, may be determined based on other relevant factors, including bid quotations from unaffiliated market makers or independent third-party pricing services, the price activity of comparable instruments and valuation pricing models.

For those investments valued using quotations, the bid price is generally used, unless the Company determines that it is not representative of an exit price. To the extent observable market data is available, such information may be the result of consensus pricing information or broker quotes. Due to the fact that the significant inputs used by the contributors of the consensus pricing source or the broker are unobservable and evidence with respect to trading levels is not available, any investments valued using indicative bid prices from unaffiliated market makers and independent third-party pricing services have been classified within Level 3.

Investments classified as Level 3 may be fair valued using the income and market approaches, using a market yield valuation methodology or enterprise value methodology.

Factors that could affect fair value measurements of debt investments using the above referenced approaches include assumed growth rates, capitalization rates, discount rates, loan-to-value ratios, liquidation value, relative capital structure priority, market comparables, compliance with applicable loan, covenant and interest coverage performance, book value, market derived multiples, reserve valuation, assessment of credit ratings of an underlying borrower, review of ongoing performance, review of financial projections as compared to actual performance, review of interest rate and yield risk.

Factors that could affect fair value measurements of consumer loans using the above referenced approaches include prepayment rates, default rates, review of financial projections as compared to actual performance and discount rates.

Such factors may be given different weighting depending on management’s assessment of the underlying investment, and management may analyze apparently comparable investments in different ways. The Company has used, and intends to continue to use, independent valuation firms to provide additional corroboration for estimating the fair values of investments. Valuations performed by the independent valuation firms may utilize proprietary models and inputs. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

All of the Company’s investments (other than cash and cash equivalents) are classified as Level 3 under ASC 820.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

4. Fair Value of Financial Instruments – (continued)

The following tables summarize the valuation of the Company’s investments measured at fair value based on the fair value hierarchy detailed above as of September 30, 2016 and December 31, 2015:

	As of September 30, 2016
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior Secured ⁽¹⁾⁽²⁾	$	-	$	-	$	376,409	$	376,409
Mezzanine		-		-		7,667		7,667
Preferred Equity Investments		-		-		2,317		2,317
Common Equity Investments		-		-		5,499		5,499
Financial Assets		-		-		8,994		8,994
	$	-	$	-	$	400,886	$	400,886

______________

	(1)	Includes unfunded commitments with a fair value of $(0.1) million.
	(2)	Included in senior secured loans are loans structured as first lien, last out loans. These loans may in certain cases be subordinated in payment priority to other senior secured lenders.

	As of December 31, 2015
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior Secured ⁽¹⁾⁽²⁾	$	-	$	-	$	380,780	$	380,780
Mezzanine		-		-		7,512		7,512
Preferred Equity Investments		-		-		5,487		5,487
Common Equity Investments		-		-		3,468		3,468
Financial Assets		-		-		17,754		17,754
	$	-	$	-	$	415,001	$	415,001

______________

	(1)	Includes unfunded commitments with a fair value of $(0.1) million.
	(2)	Included in senior secured loans are loans structured as first lien, last out loans. These loans may in certain cases be subordinated in payment priority to other senior secured lenders.

The net change in unrealized gain attributable to the Company’s Level 3 assets for the nine months ended September 30, 2016 included in the net change in unrealized gain from investments in the Company’s consolidated statement of operations was $7.6 million. The net change in unrealized gain attributable to the Company’s Level 3 assets for the nine months ended September 30, 2015 included in the net change in unrealized gain from investments in the Company’s consolidated statement of operations was $5.2 million.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

4. Fair Value of Financial Instruments – (continued)

The following table is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the nine months ended September 30, 2016:

	Nine Months Ended September 30, 2016
	Senior Secured			Second Lien		Mezzanine			Subordinated		Preferred Equity			Common Equity			Financial
	Investments			Investments		Investments			Investments		Investments			Investments			Assets			Total
($ in thousands)
Fair value, beginning of period	$	380,781		$	-	$	7,512		$	-	$	5,486		$	3,468		$	17,754		$	415,001
Total net realized and unrealized (loss)/gain on investments		(18,913	)		-		(20	)		-		(3,169	)		617			(463	)		(21,948	)
Total net accretion of discounts on investments		1,056			-		20			-		-			-			-			1,076
Purchases/issuances⁽¹⁾		99,465			-		155			-		-			1,711			-			101,331
Sales		(26,983	)		-		-			-		-			-			-			(26,983	)
Paydowns⁽¹⁾		(58,997	)		-		-			-		-			(297	)		(8,297	)		(67,591	)
Fair value, end of period	$	376,409		$	-	$	7,667		$	-	$	2,317		$	5,499		$	8,994		$	400,886
Net change in unrealized gain/(loss) from investments in our Consolidated Statement of Operations attributable to our Level 3 assets ⁽²⁾	$	(6,692	)	$	-	$	(20	)	$	-	$	(3,170	)	$	319		$	488		$	(9,075	)

______________

(1)

Includes non-cash restructuring of portfolio investments of $0.8 million. There were no transfers of investments between levels for the nine months ended September 30, 2016.

(2)

Includes unrealized (loss)/gain from investments held on our balance sheet as of September 30, 2016.

The following table is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the nine months ended September 30, 2015:

	Nine Months Ended September 30, 2015
	Senior Secured			Second Lien			Mezzanine			Subordinated			Preferred Equity			Common Equity			Financial
	Investments			Investments			Investments			Investments			Investments			Investments			Assets			Total
($ in thousands)
Fair value, beginning of period	$	399,188		$	13,652		$	7,361		$	4,067		$	5,791		$	1,380		$	36,330		$	467,769
Total net realized and unrealized (loss)/gain on investments		(12,029	)		285			(19	)		(2,817	)		1,050			(779	)		(2,103	)		(16,412	)
Total net accretion of discounts on investments		1,184			31			19			-			-			-			-			1,234
Purchases/issuances⁽¹⁾		140,687			-			113			-			1,250			2,825			-			144,875
Sales		127			(3,498	)		-			-			(2,740	)		-			-			(6,111	)
Paydowns⁽¹⁾		(159,782	)		(10,470	)		-			(1,250	)		-			-			(12,096	)		(183,598	)
Fair value, end of period	$	369,375		$	-		$	7,474		$	-		$	5,351		$	3,426		$	22,131		$	407,757
Net change in unrealized (loss) from investments in our Consolidated Statement of Operations attributable to our Level 3 assets⁽²⁾	$	(7,252	)	$	-		$	(19	)	$	-		$	(1,451	)	$	(778	)	$	(9	)	$	(9,509	)

______________

(1)

Includes non-cash restructuring of portfolio investments of $4.0 million. There were no transfers of investments between levels for the nine months ended September 30, 2015.

(2)

Includes unrealized (loss)/gain from investments held on our balance sheet as of September 30, 2015.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

4. Fair Value of Financial Instruments – (continued)

The following table is a quantitative disclosure about significant unobservable inputs (Level 3) that were used in determining fair value at September 30, 2016:

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation	Unobservable	Range						Weighted
	September 30, 2016		Technique	Input	Low			High			Average

($ in thousands)
Senior Secured Investments ⁽¹⁾	$	376,409	Comparable yield approach	Market rate ⁽²⁾		5.2	%		26.9	%		10.8	%
			Market comparable companies	EBITDA multiple ⁽⁵⁾		2.5	x		11.3	x		5.4	x

Mezzanine Investments		7,667	Comparable yield approach	Market rate ⁽²⁾		16.7	%		16.7	%		16.7	%
			Market comparable companies	EBITDA multiple ⁽⁵⁾		7.1	x		7.1	x		7.1	x

Equity Investments ⁽³⁾		7,816	Market comparable companies	EBITDA multiple ⁽⁵⁾		4.0	x		8.0	x		4.8	x
			Market comparable companies	Origination fees multiple		4.7	x		4.7	x		4.7	x

Financial Assets ⁽⁴⁾		8,994	Discounted cash flows	Interest rate		6.3	%		31.3	%		15.8	%
				Conditional prepayment rate ("CPR")		10.4	%		24.5	%		15.7	%
				Cumulative Default Rate		0.0	%		20.5	%		11.2	%
				Discount rate		9.0	%		9.0	%		9.0	%
Total	$	400,886

____________

(1)		Includes total unfunded commitments of $(0.1) million.

(2)		Market rate is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future scheduled principal amortizations.

(3)		Includes preferred and common equity.

(4)		Financial Assets are valued by the level of risk associated with the underlying loan measured by the estimated loss rate. The estimated loss rate is based on the historical performance of loans with similar characteristics, the borrowers credit score obtained from an official credit reporting agency at origination, debt-to-income ratios at origination, information from the borrower’s credit report at origination, as well as the borrower’s self-reported income range, occupation and employment status at origination. Financial Asset risk ratings are assigned on a scale from A through F, with A having the lowest level of risk and F having the highest level of risk. As of September 30, 2016, 19.6%, 34.3%, 35.4%, 7.9%, 2.7%, and 0.1%, of the total fair value of Financial Assets was comprised of A, B, C, D, E and F risk rated loans, respectively. See Exhibit 99.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 for detail on the underlying loans.

(5)		Excludes non-operating portfolio companies, which we define as those loans collateralized by proved developed producing, or PDP, value or other hard assets. PDPs are proven revenues that can be produced with existing wells. As of September 30, 2016, $39.7 million of par value and $37.2 million of fair value was excluded.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

The following table is a quantitative disclosure about significant unobservable inputs (Level 3) that were used in determining fair value at December 31, 2015:

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation	Unobservable	Range						Weighted
	December 31, 2015		Technique	Input	Low			High			Average

($ in thousands)
Senior Secured Investments ⁽¹⁾	$	380,780	Comparable yield approach	Market rate ⁽²⁾		5.6	%		21.2	%		9.7	%
			Market comparable companies	EBITDA multiple ⁽⁵⁾		1.9	x		11.3	x		5.5	x

Mezzanine Investments		7,512	Comparable yield approach	Market rate ⁽²⁾		16.0	%		16.0	%		16.0	%
			Market comparable companies	EBITDA multiple ⁽⁵⁾		5.0	x		5.0	x		5.0	x

Equity Investments ⁽³⁾		8,955	Market comparable companies	EBITDA multiple ⁽⁵⁾		4.3	x		8.0	x		6.0	x
			Market comparable companies	Origination fees multiple		8.8	x		8.8	x		8.8	x

Financial Assets ⁽⁴⁾		17,754	Discounted cash flows	Interest rate		6.3	%		31.3	%		15.6	%
				CPR		18.5	%		83.6	%		36.9	%
				Constant Default Rate		8.4	%		40.8	%		18.1	%
				Default rate multiplier		1.3	x		1.3	x		1.3	x
				Discount rate		7.3	%		7.3	%		7.3	%
Total	$	415,001

__________

(1)		Includes total unfunded commitments of $(0.1) million.

(2)		Market rate is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future scheduled principal amortizations.

(3)		Includes preferred and common equity.

(4)		Financial Assets are valued by the level of risk associated with the underlying loan measured by the estimated loss rate. The estimated loss rate is based on the historical performance of loans with similar characteristics, the borrowers credit score obtained from an official credit reporting agency at origination, debt-to-income ratios at origination, information from the borrower’s credit report at origination, as well as the borrower’s self-reported income range, occupation and employment status at origination. Financial Asset risk ratings are assigned on a scale from A through F, with A having the lowest level of risk and F having the highest level of risk. As of December 31, 2015, 24.2%, 33.1%, 31.9%, 7.5%, 3.1%, and 0.2%, of the total fair value of Financial Assets was comprised of A, B, C, D, E and F risk rated loans, respectively. See Exhibit 99.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for detail on the underlying loans.

(5)		Excludes non-operating portfolio companies, which we define as those loans collateralized by proved developed producing, or PDP, value or other hard assets. PDPs are proven revenues that can be produced with existing wells. As of December 31, 2015, $33.5 million of par value and $32.7 million of fair value was excluded.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

4. Fair Value of Financial Instruments – (continued)

Significant unobservable inputs used in the fair value measurement of the Company’s Debt Investments include indicative bid quotations obtained from independent third party pricing services (“consensus pricing”), multiples of market comparable companies, and relative comparable yields.

Significant decreases (increases) in consensus pricing or market comparables could result in significantly lower (higher) fair value measurements. Significant increases (decreases) in comparable yields could result in significantly lower (higher) fair value measurements. Generally, a change in the assumption used for relative comparable yields is accompanied by a directionally opposite change in the assumptions used for pricing.

Significant unobservable inputs used in the fair value measurement of the Company’s Equity Investments include market comparables. Significant decreases (increases) in market comparables could result in significantly lower (higher) fair value measurements.

Significant unobservable inputs used in the fair value measurement of the Company Financial Assets include interest rate, prepayment rate, unit loss rate, default rate multiplier and discount rate.

Significant decreases (increases) in interest rates or prepayment rates could result in significantly lower (higher) fair value measurements. Significant increases (decreases) in unit loss rates, default rate multiplier or discount rates could result in significantly lower (higher) fair value measurements.

The composition of the Company’s portfolio by industry at cost and fair value as of September 30, 2016 was as follows:

Industry	Cost of Investments				Fair Value of Investments
($ in thousands)
Miscellaneous Manufacturing	$	80,754	19.5	%	$	80,460	20.2	%
Miscellaneous Retail		50,881	12.3			51,011	12.7
Health Services		42,951	10.3			35,445	8.8
Oil & Gas		24,614	5.9			22,088	5.5
Miscellaneous Services		23,013	5.5			20,386	5.1
Consumer Finance Services		21,736	5.2			23,094	5.7
Transportation Services		19,875	4.8			18,306	4.6
Apparel Products		19,818	4.8			18,940	4.7
Communications		14,632	3.5			14,540	3.6
Food Stores & Distributors - Retail		13,558	3.3			13,578	3.4
Electrical Equipment		11,528	2.8			11,356	2.8
Broadcasting & Entertainment		11,079	2.7			11,072	2.8
Insurance Agents		10,260	2.5			10,246	2.6
Building & Real Estate		9,805	2.4			9,717	2.4
Cosmetics/Toiletries		9,656	2.3			9,656	2.4
Chemicals		9,555	2.3			9,554	2.4
Printing & Publishing		8,976	2.2			8,976	2.2
Specialty Services		8,693	2.1			8,710	2.2
Automotive		7,606	1.8			7,667	1.9
Equipment Rental & Leasing		6,999	1.7			6,982	1.7
Metal Mining		6,018	1.4			5,990	1.5
Computer Programming, Data Processing, & Other Computer Related Services		3,108	0.7			3,112	0.8
	$	415,115	100.0	%	$	400,886	100.0	%

Refer to the consolidated schedule of investments for detailed disaggregation of the Company’s investments.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

4. Fair Value of Financial Instruments – (continued)

The composition of the Company’s portfolio by industry at cost and fair value as of December 31, 2015 was as follows:

Industry	Cost of Investments				Fair Value of Investments
($ in thousands)
Miscellaneous Manufacturing	$	73,278	16.6	%	$	73,229	17.7	%
Health Services		46,794	10.7			41,472	10.0
Miscellaneous Retail		35,024	8.0			35,158	8.5
Consumer Finance Services		34,083	7.8			36,558	8.8
Miscellaneous Services		32,985	7.5			22,386	5.4
Communications		26,424	6.0			26,182	6.3
Oil & Gas		24,952	5.7			24,049	5.8
Transportation Services		19,125	4.4			18,111	4.4
Specialty Services		13,954	3.2			13,898	3.3
Electrical Equipment		12,185	2.8			12,136	2.9
Broadcasting & Entertainment		11,160	2.6			11,146	2.7
Agricultural Services		10,339	2.4			5,040	1.2
Insurance Agents		10,325	2.4			10,311	2.5
Chemicals		10,102	2.3			10,102	2.4
Cosmetics/Toiletries		10,010	2.3			10,010	2.4
Business Services		9,989	2.3			9,988	2.4
Building & Real Estate		9,962	2.3			9,962	2.4
Food Stores - Retail		9,290	2.1			9,290	2.2
Printing & Publishing		9,143	2.1			9,143	2.2
Automotive		7,431	1.7			7,512	1.8
Equipment Rental & Leasing		6,985	1.6			6,961	1.7
Computer Programming, Data Processing, & Other Computer Related Services		2,918	0.7			2,918	0.7
Apparel Products		2,714	0.6			1,815	0.4
Retail-Building Materials, Hardware, Garden Supply & Mobile Home Dealers		1,986	0.5			1,967	0.5
Nonferrous Metal/Minerals		1,976	0.5			1,968	0.5
Stone, Clay, Glass, & Concrete Products		1,973	0.5			1,928	0.5
Metal Mining		1,946	0.4			1,761	0.4
	$	437,053	100.0	%	$	415,001	100.0	%

Refer to the consolidated schedule of investments for detailed disaggregation of the Company’s investments.

5. Indemnifications

In the normal course of business, the Company enters into certain contracts that provide a variety of indemnifications. The Company’s maximum exposure under these indemnifications is unknown. However, no liabilities have arisen under these indemnifications in the past and, while there can be no assurances in this regard, there is no expectation that any will occur in the future. Therefore, the Company does not consider it necessary to record a liability for any indemnifications under U.S. GAAP.

6. Due To and Due From Counterparties

The Company executes investment transactions with agents, brokers, investment companies, agent banks and other financial institutions. Due to and due from counterparties include amounts related to unsettled purchase and sale transactions of investments, unsettled purchases of common stock and principal paydowns receivable from the borrowers.

Amounts due to counterparties were $1.0 million and $0.4 million as of September 30, 2016 and December 31, 2015, respectively. Amounts due from counterparties were $0.1 million and $1.6 million as of September 30, 2016 and December 31, 2015, respectively.

7. Financing

As of September 30, 2016, the total carrying value of the Company’s aggregate debt outstanding was $230.2 million with a weighted average effective interest rate of 3.75%. The Company’s debt outstanding as of September 30, 2016 was comprised of notes issued by GF 2016-2 and GLC Trust 2013-2 as well as Garrison SBIC borrowings.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

7. Financing – (continued)

The table below provides details of our outstanding debt as of September 30, 2016:

	Amortized		Outstanding
September 30, 2016	Carrying Value		Principal at Par		Interest Rate			Rating⁽²⁾	Stated Maturity
($ in thousands)
GF 2016-2 Secured Notes:
Class A-1R Notes	$	25,000	$	25,000		LIBOR + 2.20	%⁽¹⁾	AAA(sf)	9/29/2027
Class A-1F Notes		24,693		25,000		3.41	%	AAA(sf)	9/29/2027
Class A-1T Notes		86,927		88,150		LIBOR + 2.20	%	AAA(sf)	9/29/2027
Class A-2 Notes		20,336		20,700		LIBOR + 3.15	%	AA(sf)	9/29/2027
Class B Notes		20,904		21,450		LIBOR + 4.00	%	A (sf)	9/29/2027
Class C Notes		11,399		11,700		LIBOR + 6.00	%	BBB(sf)	9/29/2027
		189,261		192,000
Garrison SBIC Borrowings:
SBIC 2016-10 B		3,208		3,320		2.79	%⁽³⁾	N/A	9/1/2026
SBIC 2016-10 A		12,297		12,700		3.25	%⁽³⁾	N/A	3/1/2026
SBIC 2015-10 B		13,579		14,000		3.57	%⁽³⁾	N/A	9/1/2025
SBIC Interim Financing		4,810		4,980		LIBOR + 1.04	%⁽⁴⁾	N/A	3/29/2017
		33,894		35,000
GLC Trust 2013-2 Notes:
Class A Notes		7,074		7,150		3.00	%	N/A	7/15/2021
		7,074		7,150

	$	230,229	$	234,150

______________

(1)

May bear interest at either the CP Rate (as defined in the indenture governing the 2016-2 CLO) or the London Interbank Offered Rate (“LIBOR”).

(2)

Represents an S&P rating as of the closing of the 2016-2 CLO.

(3)		Represents the stated interest rate and annual charge of our SBA-guaranteed debentures.
(4)		These interim financings bear an interest rate of three month LIBOR + 1.04%, which is comprised of an annual charge of 0.74% and a margin of 0.30%. These interim financings have a maturity date of March 29, 2017, upon which we expect them to be pooled into the ten year SBA-guaranteed debentures.

The table below provides details of our outstanding debt as of December 31, 2015:

	Amortized		Outstanding
December 31, 2015	Carrying Value		Principal at Par		Interest Rate			Rating⁽²⁾	Stated Maturity
($ in thousands)
GF 2013-2 Secured Notes:
Class A-1R Notes	$	35,000	$	35,000		LIBOR + 1.90	%⁽¹⁾	AAA(sf)	9/25/2023
Class A-1T Notes		108,248		111,175		LIBOR + 1.80	%	AAA(sf)	9/25/2023
Class A-2 Notes		23,667		24,150		LIBOR + 3.40	%	AA(sf)	9/25/2023
Class B Notes		24,524		25,025		LIBOR + 4.65	%	A (sf)	9/25/2023
		191,439		195,350
Garrison SBIC Borrowings:
SBIC 2015-10 B		13,389		14,000		3.57	%⁽³⁾	N/A	9/1/2025
SBIC Interim Financing		5,157		5,340		LIBOR + 1.04	%⁽⁴⁾	N/A	3/23/2016
		18,546		19,340
GLC Trust 2013-2 Notes:
Class A Notes		15,664		15,978		3.00	%	N/A	7/15/2021
	$	225,649	$	230,668

______________

(1)

May bear interest at either the CP Rate (as defined in the indenture governing the 2013-2 CLO) or LIBOR.

(2)

Represents an S&P rating as of the closing of the 2013-2 CLO.

(3)

Represents the stated interest rate and annual charge of our SBA-guaranteed debentures.

(4)

These interim financings bear an interest rate of three month LIBOR + 1.04%, which is comprised of an annual charge of 0.74% and a margin of 0.30%. These interim financings had a maturity date of March 23, 2016, upon which we they were pooled into ten year SBA-guaranteed debentures.

In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing (other than the SBA debentures of Garrison SBIC, as permitted by exemptive relief the Company has been granted by the SEC). As of September 30, 2016 and December 31, 2015, the Company’s asset coverage for borrowed amounts was 200.6% and 208.8%, respectively.

In accordance with the FASB issued ASU 2015-03, Interest – Imputation of Interest (Topic 835), deferred debt issuance costs were retrospectively adjusted for December 31, 2015 to be reflected as a liability, net of the carrying amount of the debt liabilities. As of December 31, 2015, these deferred debt issuance costs were reflected as an asset. As a result, total assets and total liabilities as of December 31, 2015 have both decreased by $4.3 million.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

7. Financing – (continued)

The table below shows the weighted average interest rates and weighted average effective interest rates, inclusive of deferred debt issuance costs, of our debt as of September 30, 2016 and December 31, 2015:

	September 30, 2016			December 31, 2015

Secured Revolving Notes⁽¹⁾:
Weighted average interest rate		3.05	%		2.40	%
Weighted average effective interest rate⁽²⁾		3.17			2.48
Secured Term Notes⁽¹⁾:
Weighted average interest rate		3.72			2.86
Weighted average effective interest rate⁽²⁾		3.91			3.26
GLC Trust 2013-2 Class A Notes:
Weighted average interest rate		3.00			3.00
Weighted average effective interest rate⁽²⁾		3.37			3.09
SBIC Borrowings:
Weighted average interest rate		3.10			3.02
Weighted average effective interest rate⁽²⁾		3.49			3.97
Total
Total weighted average interest rate		3.54			2.81
Total weighted average effective interest rate⁽²⁾		3.75			3.20

__________

⁽¹⁾		Refers to notes of GF 2016-2 and GF 2013-2 as of September 30, 2016 and December 31, 2015, respectively
⁽²⁾		Includes the effects of deferred debt issuance costs.

Refinancing of the 2013-2 Collateralized Loan Obligation

On September 25, 2013, GF 2013-2 completed a 2013-2 CLO. The notes offered in the 2013-2 CLO (the “2013-2 Notes”) were issued by GF 2013-2 and were comprised of $50.0 million of senior secured revolving notes, $160.3 million of senior secured term notes and an aggregate $139.7 million of notes that were retained by GARS. As of June 30, 2016, $31.10 million of senior secured revolving notes with a weighted average interest rate of 2.52% and $160.3 million of senior secured term notes with a weighted average interest rate of 3.10% were outstanding.

On September 29, 2016, the Company completed the 2016-2 CLO. The notes offered in 2016-2 CLO (collectively referred to as the “2016-2 Notes”) were issued by GF 2016-2 through a private placement of: (i) $25.00 million of AAA(sf) Class A-1R Senior Secured Revolving Floating Rate 2016 Notes (“Class A-1R Notes”); (ii) $88.15 million of AAA(sf) Class A-1T Senior Secured Floating Rate 2016 Notes (“Class A-1T Notes”); (iii) $25.00 million of AAA(sf) Class A-1F Senior Secured Fixed Rate 2016 Notes (“Class A-1F Notes”); (iv) $20.70 million of AA(sf) Class A-2 Senior Secured Floating Rate 2016 Notes (“Class A-2 Notes” and collectively with the Class A-1R 2016 Notes, the Class A-1T 2016 Notes and the Class A-2F 2016 Notes, the “Class A Notes”); (v) $21.45 million of A(sf) Class B Secured Deferrable Floating Rate 2016 Notes (“Class B Notes”); (vi) $11.70 million of BBB(sf) Class C Secured Deferrable Floating Rate 2016 Notes (“Class C Notes” and collectively, the Class A 2016 Notes, Class B 2016 Notes and Class C 2016 Notes are referred to as the “Secured Notes”); and (vii) $108.00 million of subordinated notes (“Subordinated Notes”), which do not have a stated interest rate, are not rated and were retained by GARS. The 2016-2 Notes are scheduled to mature on September 29, 2027.

In connection with the closing of the sale of the 2016-2 Notes, substantially all of the net cash proceeds, along with existing cash, were used to purchase a portion of the portfolio of loans held by GF 2013-2. GF 2013-2 used the proceeds received in connection with such sale of loans to redeem in full all of the 2013-2 Notes, with the exception of the 2013-2 Subordinated Notes, of which GARS continued to retain a portion. The refinance of the 2013-2 CLO resulted in a $1.8 million loss for the three and nine months ended September 30, 2016 due to the third party expenses incurred to effect the refinancing which is included in loss on refinancing of secured notes on the consolidated statements of operations.

Fees paid as part of the execution of the 2016-2 CLO, the refinance of the 2013-2 CLO in the amount of $2.4 million consisted of facility fees of $1.6 million and other costs of $0.8 million, which primarily included rating agency and legal fees. Pursuant to FASB ASC 470, Debt, we accelerated the amortization of $1.5 million of these fees and included them in interest expense for the three and nine months ending September 30, 2016. As of September 30, 2016, $0.9 million of these costs are included in deferred debt issuance costs and presented net within the liability on the consolidated statements of financial condition and will be amortized over the stated maturity of the respective loans.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

7. Financing – (continued)

At September 30, 2016, the 2016-2 CLO Class A-1R Notes were fully drawn. As of December 31, 2015, $15.0 million of the 2013-2 CLO Class A-1R Notes undrawn. The fair value of the CLOs Notes approximated its carrying value on the consolidated statements of financial condition as of September 30, 2016 and December 31, 2015, respectively.

The indenture governing the notes issued as part of the 2016-2 CLO provides that, to the extent cash is available from cash collections, the holders of the GF 2016-2 Notes are to receive quarterly interest payments on the 20th day or, if not a business day, the next succeeding business day of February, May, August and November of each year until the stated maturity.

Under the documents governing the 2016-2 CLO, there are two coverage tests applicable to the Secured Notes. The first test compares the amount of interest received on the collateral loans held by GF 2016-2 to the amount of interest payable on the Secured Notes under the 2016-2 CLO in respect of the amounts drawn and certain expenses. To meet this first test, at any time, the aggregate amount of interest received on the collateral loans must equal, after the payment of certain fees and expenses, at least 135.0% of the aggregate amount of interest payable on the Class A Notes, 125.0% of the interest payable on the Class A Notes and Class B Notes, taken together, and 115% of the interest payable on the Class A Notes, Class B Notes and Class C Notes, taken together.

The second test compares the aggregate principal amount of the collateral loans, as calculated in accordance with the indenture, to the aggregate outstanding principal amount of the Secured Notes in respect of the amounts drawn. To meet this second test at any time, the aggregate principal amount of the collateral loans must equal at least 173.4% of the aggregate outstanding principal amount of the Class A Notes, 156.1% of the aggregate principal amount of the Class A Notes and Class B Notes, taken together, and 148.1% of the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes, taken together.

If the coverage tests are not satisfied with respect to a quarterly payment date, GF 2016-2 will be required to apply available amounts to the repayment of interest on and principal of the GF 2016-2 Notes to the extent necessary to satisfy the applicable coverage tests and, as a result, there may be reduced funds available for GF 2016-2 to make additional investments or to make distributions on the Company’s equity interests in GF 2016-2. Additionally, compliance is measured on each day collateral loans are purchased, originated or sold and in connection with monthly reporting to the note holders.

Furthermore, if under the second coverage test the aggregate principal amount of the collateral loans equals 125.0% or less of the aggregate outstanding principal amount on the Class A-1T Notes and Class A-1R Notes, taken together, and remains so for ten business days, an event of default will be deemed to have occurred. As of September 30, 2016 and December 31, 2015, the trustee for the 2013-2 CLO has asserted that all of the coverage tests were met.

Garrison SBIC Borrowings

As discussed in Note 1, Garrison SBIC received a license to operate as an SBIC from the SBA on May 26, 2015. The SBIC license allows Garrison SBIC to obtain SBA-guaranteed debentures in an amount equal to twice its equity capitalization up to $150.0 million of leverage, subject to the issuance of a capital commitment by the SBA and other customary procedures. On September 16, 2015, the SBA issued Garrison SBIC a commitment to provide $35.0 million of leverage.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

7. Financing – (continued)

The SBA issues SBA-guaranteed debentures bi-annually on pooling dates in March and September of each year. These debentures are non-recourse, interest only debentures with a 10 year stated maturity, but may be prepaid at any time without penalty. The interest rate of the debentures is fixed at the time of issuance and is based on a coupon rate over the ten year treasury rate at the time of issuance. Interest on the debentures is payable on a semi-annual basis. The SBA issues interim financings to SBICs on non-pooling dates that carry a lower interest rate than the debentures and mature on the next pooling date.

The SBA, as a creditor, will have a superior claim to Garrison SBIC’s assets over the Company’s stockholders if Garrison SBIC were to be liquidated, or if the SBA exercises its remedies under the SBA-guaranteed debentures issued by Garrison SBIC upon an event of default.

As of September 30, 2016, Garrison SBIC had regulatory capital of $36.1 million and total SBIC borrowings outstanding of $35.0 million. The SBIC borrowings were comprised of $14.0 million, $12.7 million, and $3.3 million of SBA guaranteed debentures that mature on September 1, 2025, March 1, 2026, and September 1, 2026, respectively, and SBIC interim financings of $5.0 million that mature on March 29, 2017. The fair value of the SBIC borrowings approximated its carrying value on the consolidated statements of financial condition as of September 30, 2016 and December 31, 2015. As of September 30, 2016, the Company did not have any available SBIC leverage capacity.

GLC Trust 2013-2 Notes

On July 18, 2014, GARS completed the GLC Trust 2013-2 Securitization. The notes offered in the GLC Trust 2013-2 Securitization were issued by GLC Trust 2013-2 and consisted of $36.9 million of Class A Notes (“GLC Trust 2013-2 Class A Notes”) and $2.3 million of Class B Notes (“GLC Trust 2013-2 Class B Notes”, and collectively with the GLC Trust 2013-2 Class A Notes, the “GLC Trust 2013-2 Notes”). As of September 30, 2016, GARS has retained all of the GLC Trust 2013-2 Class B Notes, which are eliminated in consolidation.

The GLC Trust 2013-2 Class A Notes bear interest at 3.00% per annum and are scheduled to mature on July 15, 2021. The proceeds of the GLC Trust 2013-2 Notes were used to refinance the GLC Trust 2013-2 Revolver, which was fully paid down and terminated concurrent with the issuance of the GLC Trust 2013-2 Notes.

The fair value of the GLC Trust 2013-2 Notes approximated the carrying value on the consolidated statements of financial condition as of September 30, 2016 and December 31, 2015, respectively.

The indenture governing the GLC Trust 2013-2 Notes provides that, to the extent cash is available from cash collections, the holders of the GLC Trust 2013-2 Notes are to receive monthly interest and principal payments on the 15th day or, if not a business day, the next succeeding business day, commencing in August 2014, until the stated maturity.

Under the indenture governing the GLC Trust 2013-2 Notes, there are two applicable monthly tests. The first test compares the principal balance of the underlying loans to the principal balance of the GLC Trust 2013-2 Notes. To meet this first test, the aggregate principal balance of the underlying loans less the aggregate principal balance of the GLC Trust 2013-2 Notes must equal, at least, the greater of (1) 13.00% of the aggregate principal balance of the underlying loans as of the end of the prior month and (2) 5.25% of the loan pool balance as of July 11, 2014.

The second test compares the ratio of the dollar amount of cumulative defaults to the original principal balance of the underlying loans as of July 11, 2014 (“Cumulative Default Ratio”) to the Cumulative Default Ratio trigger level, as stated in the indenture. To meet this second test, the Cumulative Default Ratio must not exceed the Cumulative Default Ratio trigger level.

If these tests are not satisfied with respect to a monthly payment date and are not cured within 45 days, an event of default will be deemed to have occurred and the GLC Trust 2013-2 Notes will become immediately due and payable, in accordance with the terms of the indenture. As of September 30, 2016, all of the coverage tests were met.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

7. Financing – (continued)

Deferred Debt Issuance Costs and other Fees

In general, these costs are included in the corresponding liability on the consolidated statements of financial condition and will be amortized over the stated maturity of the respective loans, with $3.5 million and $4.4 million remaining as of September 30, 2016 and December 31, 2015, respectively. Pursuant to FASB ASC 470, Debt, we accelerated the amortization of $1.5 million of these fees and included them in interest expense for the three and nine months ending September 30, 2016. As of September 30, 2016, $0.9 million of these costs are included in deferred debt issuance costs and presented net within the liability on the consolidated statements of financial condition and will be amortized over the stated maturity of the respective loans.

Fees paid as part of the execution of a $150.0 million credit facility in 2012 (the “Credit Facility”), the refinance of the Credit Facility and the execution of the 2013-2 CLO in the amount of $6.2 million consisted of facility fees of $4.3 million and other costs of $1.9 million, which included rating agency fees and legal fees. In conjunction with the refinancing of the 2013-2 CLO, we wrote off $1.6 million of deferred debt issuance costs associated with the 2013-2 CLO. Fees paid as part of the execution of the GLC Trust 2013-2 Securitization in the amount of $0.4 million consisted of legal and other fees. For the year ended December 31, 2015, we paid total fees of $0.8 million on our SBIC borrowings. Fees paid as part of the execution of our SBIC borrowings include a 1.00% commitment fee on our $35.0 million commitment, 2.00% leverage fees and 0.43% of other fees on amounts drawn. Pursuant to FASB ASC 470, Debt, we accelerated the amortization of $1.5 million of these fees and included them in interest expense for the three and nine months ending September 30, 2016. As of September 30, 2016, $0.9 million of these costs are included in deferred debt issuance costs and presented net within the liability on the consolidated statements of financial condition and will be amortized over the stated maturity of the respective loans.

8. Related Party Transactions

Investment Advisory Agreement

GARS entered into the Investment Advisory Agreement with the Investment Adviser, which was effective as of October 9, 2012 and most recently amended and restated on August 5, 2016. Under the Investment Advisory Agreement, the Investment Adviser is entitled to a base management fee for its services calculated at an annual rate of 1.75% of gross assets, excluding cash and cash equivalents, and cash and cash equivalents, restricted, but including assets purchased with borrowed funds. For purposes of the Investment Advisory Agreement, cash equivalents means U.S. government securities and commercial paper maturing within 270 days of purchase.

Management Fees

The following table details our management fee expenses for the three and nine months ended September 30, 2016 and September 30, 2015:

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2016		2015		2016		2015
Management fees
Management fees	$	1,805	$	1,955	$	5,479	$	5,927
Total management fees	$	1,805	$	1,955	$	5,479	$	5,927

Management fees of $1.8 million were payable as of both September 30, 2016 and December 31, 2015, and are included in management fee payable on the consolidated statements of financial condition.

Incentive Fee Overview

Under the Investment Advisory Agreement, the Investment Adviser is entitled to an incentive fee consisting of two components and a cap and deferral mechanism. The two components are independent of each other, and may result in one component being payable even if the other is not.

The first component, which is income-based and payable quarterly in arrears, equals 20% of the amount, if any, that the Company’s pre-incentive fee net investment income exceeds a 2.00% quarterly (8.00% annualized) hurdle rate (the “Hurdle Rate”), subject to a “catch-up” provision measured at the end of each calendar quarter.

The operation of the first component of the incentive fee for each quarter is as follows:

•

no incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the Hurdle Rate;

•

100% of the Company’s pre-incentive fee net investment income with respect to that portion of the Company’s pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 2.50% in any calendar quarter (10.00% annualized). We refer to this portion of the Company’s pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 2.50%) as the “catch-up”. The effect of the “catch-up” provision is that, if the Company’s pre-incentive fee net investment income exceeds 2.50% in any calendar quarter, the Investment Adviser will receive 20% of such pre-incentive fee net investment income as if the Hurdle Rate did not apply; and

•

20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 2.50% in any calendar quarter (10.00% annualized) (once the Hurdle Rate is reached and the catch-up is achieved).

The portion of such incentive fee that is attributable to deferred interest (such as PIK interest or original issue discount) will be paid to the Investment Adviser, together with any other interest accrued on the loan from the date of deferral to the date of payment, only if and to the extent the Company actually receives such interest in cash, and any accrual thereof will be reversed if and to the extent such interest is reversed in connection with any write-off or similar treatment of the investment giving rise to any deferred interest accrual. Any reversal of such amounts would reduce net income for the quarter by the net amount of the reversal (after taking into account the reversal of incentive fees payable) and would result in a reduction and possible elimination of the incentive fees for such quarter. For the avoidance of doubt, no incentive fee will be paid to the Investment Adviser on amounts accrued and not paid in respect of deferred interest.

The second component, which is capital gains-based, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date) and equals 20% of the Company’s cumulative aggregate realized capital gains through the end of such year, computed net of the Company’s aggregate cumulative realized capital losses and aggregate cumulative unrealized capital loss through the end of such year, less the aggregate amount of any previously paid capital gains incentive fees and subject to the Incentive Fee Cap and Deferral Mechanism described below. The capital-gains component of the incentive fee excludes any portion of realized gains (losses) that are associated with the reversal of any portion of unrealized gain/(loss) attributable to periods prior to April 1, 2013. The capital gains component of the incentive fee is not subject to any minimum return to stockholders.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

8. Related Party Transactions – (continued)

Under U.S. GAAP, we are required to accrue a capital gains incentive fee based upon the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital gain and loss on investments held at the end of each period. If such amount is positive at the end of a period, then the Company will record a capital gains incentive fee equal to 20% of such amount, less the aggregate amount of actual capital gains related incentive fees paid in all prior years. If such amount is negative, then there is no accrual for such period.

The Investment Advisory Agreement does not permit unrealized capital gains for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital gains, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement (as described above).

Incentive Fee Cap and Deferral Mechanism

We have structured the calculation of these incentive fees to include a fee limitation such that no incentive fee will be paid to our Investment Adviser for any fiscal quarter if, after such payment, the cumulative incentive fees paid to our Investment Adviser for the period that includes such fiscal quarter and the 11 full preceding fiscal quarters (the “Incentive Fee Look-back Period”) would exceed 20.0% of our Cumulative Pre-incentive Fee Net Return during the applicable Incentive Fee Look-back Period. Prior to April 1, 2016, the Incentive Fee Look-back Period consisted of fewer than 12 full fiscal quarters. The Incentive Fee Look-back Period as of September 30, 2016 commenced on October 1, 2013.

Cumulative Pre-Incentive Fee Net Return refers to the sum of (a) Pre-Incentive Fee Net Investment Income for each period during the Incentive Fee Look-back Period and (b) the sum of cumulative realized capital gains, cumulative realized capital losses, cumulative unrealized capital depreciation and cumulative unrealized capital appreciation during the applicable Incentive Fee Look-back Period.

The following table provides a breakdown of our incentive fees for the three and nine months ended September 30, 2016 and September 30, 2015:

	Three Months Ended September 30,					Nine Months Ended September 30,
($ in thousands)	2016		2015			2016			2015
Incentive fees
Income-based incentive fees	$	-	$	1,632		$	2,323		$	4,946
Capital gains-based incentive fees⁽¹⁾		-		(844	)		-			(2,445	)
Incentive fees subject to cap & deferral mechanism⁽²⁾		-		(871	)		(2,323	)		(871	)
Total incentive fees	$	-	$	(83	)	$	-		$	1,630

__________

(1)

Capital Gains-Based Incentive Fee included the reversal of $(0.8) million and $(1.6) million of incentive fees on unrealized capital gains/(losses) as calculated under U.S. GAAP for the three and nine months September 30, 2015, respectively.

(2)

As of September 30, 2016, the Investment Adviser had calculated an aggregate of $16.4 million, of income-based incentive fees, since October 1, 2013, of which $10.6 million had been paid as of September 30, 2016. The $16.4 million of aggregate fees represents an increase of $0.5 million based on the $2.5 million of net investment income earned during the three months ended September 30, 2016. However, our cumulative Pre-Incentive Fee Net Return has been decreased by the aggregate cumulative net realized and unrealized capital losses, as calculated under U.S. GAAP, experienced through the Incentive Fee Look-back Period. As a result, as of September 30, 2016, aggregate incentive fees payable to the Investment Adviser during the Incentive Fee Look-back Period were capped by the Incentive Fee Cap and Deferral Mechanism at $7.8 million (i.e., 20% of our Cumulative Pre-Incentive Fee Net Return, net of waived fees, during the Incentive Fee Look-back Period).

Due to the fact that there is no clawback of amounts previously paid to the Investment Adviser in accordance with the Investment Advisory Agreement, the Company has not recorded a receivable for the $2.8 million difference between amounts paid under the Investment Advisory Agreement in prior quarters and the Incentive Fee Cap based on the Company’s Cumulative Pre-Incentive Fee Net Return as of September 30, 2016.

The $2.8 million difference may be used to reduce future amounts earned by the Investment Adviser. However, as noted above, no incentive fee will be paid to the Investment Adviser for any fiscal quarter if, after such payment, the cumulative incentive fees paid to our Investment Adviser for the Incentive Fee Look-back Period would exceed 20% of our Cumulative Pre-Incentive Fee Net Return during the applicable Incentive Fee Look-back Period. To the extent unrealized capital losses incurred as of September 30, 2016 are reversed within the applicable Incentive Fee Look-back Period, the corresponding increase in our Cumulative Pre-Incentive Fee Net Return may result in the Investment Adviser earning and being paid up to $5.8 million of income based incentive fees which are currently subject to the Incentive Fee Cap.

As of September 30, 2016, the Incentive Fee Look-back Period is in effect through September 30, 2019 and realized and unrealized capital gains and losses and pre-incentive net investment income earned through September 30, 2016 will cease to impact the Incentive Fee Cap and Deferral after this date.

The Investment Adviser did not earn any aggregate incentive fees for the three and nine months ended September 30, 2016. For the three months ended September 30, 2015, incentive fees earned by our Investment Adviser were capped, based on our actual cumulative pre-incentive fee net return as of September 30, 2015, which resulted in the reversal of $(0.8) million of aggregate incentive fees. For the nine months ended September 30 2015, the Investment Adviser earned aggregate incentive fees of $1.6 million. No incentive fees were payable on the consolidated statements of financial condition as of September 30, 2016 and December 31, 2015, respectively.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

8. Related Party Transactions – (continued)

Administration Agreement

As discussed in Note 1, GARS entered into the Administration Agreement with GARS Administrator. Under the Administration Agreement, the GARS Administrator provides the Company with office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the GARS Administrator, subject to review by the Board, from time to time determines to be necessary or useful to perform its obligations under the Administration Agreement. The GARS Administrator is responsible for the financial and other records that the Company is required to maintain and prepares reports to stockholders, and reports and other materials filed with the SEC. The GARS Administrator provides on the Company’s behalf significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance. No managerial assistance was provided to any portfolio companies for the nine months ended September 30, 2016 and September 30, 2015.

In addition, the GARS Administrator assists the Company in determining and publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns, and the printing and dissemination of reports to stockholders of the Company, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company reimburses the GARS Administrator for the costs and expenses incurred by the GARS Administrator in performing its obligations and providing personnel and facilities as described.

GLC Trust 2013-2 entered into the GLC Trust 2013-2 Administration Agreement with GARS Administrator. Fees incurred under this agreement are included in total administrator expenses presented on the consolidated statement of operations.

Administrator charges for the three and nine months ended September 30, 2016 were $0.3 million and $0.9 million, respectively. Administrator charges for the three and nine months ended September 30, 2015 were $0.3 million and $0.5 million, respectively. No charges were waived by the GARS Administrator for the three and nine months ended September 30, 2016 and September 30, 2015. Administration fees of $0.2 million were payable to the GARS Administrator as of September 30, 2016. No administration fees were payable to the GARS Administrator as of December 31, 2015.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

8. Related Party Transactions – (continued)

Directors’ Fees

The Company’s independent directors each receive an annual fee of $75,000. They also receive $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each in-person Board meeting and receive $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting.

In addition, the chairman of the audit committee receives an annual fee of $10,000, the chairman of the valuation committee receives an annual fee of $10,000 and each chairman of any other committee receives an annual fee of $5,000 for their additional services in these capacities (all such fees and reimbursements collectively, “Directors’ Fees”). No compensation is paid to directors who are not independent of the Company and the Investment Adviser.

For the three and nine months ended September 30, 2016, independent directors earned Directors’ Fees of $0.1 million and $0.3 million, respectively. For the three and nine months ended September 30, 2015, independent directors earned Directors’ Fees of $0.1 million and $0.2 million, respectively. No Directors’ Fees were payable as of September 30, 2016 and December 31, 2015.

Affiliated Stockholders

As of September 30, 2016 and December 31, 2015, Garrison Capital Fairchild I Ltd., Garrison Capital Fairchild II Ltd. and Garrison Capital Adviser Holdings MM LLC owned an aggregate of 789,910, or 4.9%, and 789,910, or 4.8%, of the total outstanding shares of GARS common stock, respectively. As of September 30, 2016 and December 31, 2015, the officers and directors of the Company owned an aggregate of 178,166, or 1.1%, and 119,921, or 0.7%, of the total outstanding shares of GARS common stock, respectively.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

8. Related Party Transactions – (continued)

Other

Garrison Loan Agency Services LLC acts as the administrative and collateral agent for certain loans held by the Company. No fees were paid by the Company to Garrison Loan Agency Services LLC during the three and nine months ended September 30, 2016 and September 30, 2015.

The Company may invest alongside other clients of the Investment Manager and their affiliates in certain circumstances where doing so is consistent with applicable law, SEC staff interpretations and the terms of our exemptive relief.

For certain other expenses, the GARS Administrator facilitates payments by GARS to third parties through the Investment Adviser or other affiliate. Other than the amount of expenses paid to third parties no additional charges or fees are assessed by the GARS Administrator, Investment Advisor or other affiliate.

9. Financial Highlights

The following table represents financial highlights for the Company for the nine months ended September 30, 2016 and September 30, 2015:

Per share data	September 30, 2016			September 30, 2015
($ in thousands, except share and per share amounts)
Net asset value per common share at beginning of period	$	13.98		$	15.58
Increase in net assets from operations:
Net investment income		0.87			1.38
Net realized (loss)/gain on investments		(1.83	)		(0.67	)
Net unrealized gain on investments		0.49			(0.32	)
Net (decrease)/increase in net assets from operations		(0.47	)		0.39
Stockholder transactions
Repurchase of common stock		0.07			-
Distributions from net investment income		(1.05	)		(1.05	)
Total stockholder transactions		(0.98	)		(1.05	)
Net asset value per common share at end of period	$	12.53		$	14.92

Per share market value at beginning of period	$	12.17		$	14.44
Per share market value at end of period		10.25			13.69
Total book return ⁽¹⁾		(2.86	)%		2.50	%
Total market return ⁽²⁾		(6.82	)%		1.70	%
Common shares outstanding at beginning of period		16,507,594			16,758,779
Common shares outstanding at end of period		16,049,352			16,758,779
Weighted average common shares outstanding		16,183,615			16,758,779
Net assets at beginning of period	$	230,710		$	261,103
Net assets at end of period	$	201,048		$	250,113
Average net assets ⁽³⁾	$	218,838		$	260,279
Ratio of net investment income to average net assets ⁽⁴⁾		9.14	%		11.41	%
Ratio of net expenses to average net assets ⁽⁴⁾		11.15	%		9.00	%
Ratio of portfolio turnover to average investments at fair value ⁽⁵⁾		22.99	%		29.02	%
Asset coverage ratio ⁽⁶⁾		200.60	%		231.83	%
Average outstanding debt ⁽⁷⁾	$	225,743			230,084
Average debt per common share	$	14.07		$	13.73

_________

(1)

Total book return equals the net increase of ending net asset value from operations plus the effect of repurchases of common stock over the net asset value per common share at the beginning of the period.

(2)

Based upon the change in market price per share during the period and takes into account distributions, if any, reinvested in accordance with our dividend reinvestment plan.

(3)

Calculated utilizing monthly net assets.

(4)

During the nine months ended September 30, 2016, $2.3 million of income-based incentive fees were capped as a result of the Incentive Fee Cap and Deferral Mechanism. Had these incentive fees been earned, the ratio of net investment income, to average net assets and the ratio of net expenses to average net assets would have been 7.42% and 12.87%, respectively.

(5)

Calculated based on monthly average investments at fair value.

(6)

In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. Based on the exemptive relief received from the SEC, our SBIC Borrowings are excluded from the Company’s asset coverage test calculation.

(7)

Calculated based on monthly debt outstanding.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

10. Earnings per Share

The following table sets forth the computation of the net increase in net assets per share resulting from operations, pursuant to FASB ASC 260, Earnings per Share, for the nine months ended September 30, 2016 and September 30, 2015:

	Nine Months Ended			Nine Months Ended
($ in thousands, except per share data)	September 30, 2016			September 30, 2015
Net (decrease)/increase in net asset resulting from operations	$	(7,664	)	$	6,608
Basic weighted average shares outstanding		16,183,615			16,758,779
Basic (loss)/earnings per share/unit	$	(0.47	)	$	0.39

11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table reflects the cash distributions, including dividends and returns of capital per share, declared on common stock for the nine months ended September 30, 2016 and September 30, 2015:

Record Dates	Board Approval Date	Payment Date	Distribution Declared		Distribution Declared per Share
Nine Months Ended September 30, 2016			($ in thousands)
September 9, 2016	August 2, 2016	September 23, 2016	$	5,617	$	0.35
June 10, 2016	May 2, 2016	June 24, 2016		5,655		0.35
March 8, 2016	February 24, 2016	March 28, 2016		5,685		0.35
			$	16,957	$	1.05

__________

(1)

Does not include any return of capital for tax purposes.

Record Dates	Board Approval Date	Payment Date	Distribution Declared		Distribution Declared per Share
Nine Months Ended September 30, 2015			($ in thousands)
September 10, 2015	July 30, 2015	September 25, 2015	$	5,866	$	0.35
June 12, 2015	April 30, 2015	June 26, 2015		5,866		0.35
March 20, 2015	March 3, 2015	March 27, 2015		5,866		0.35
			$	17,598	$	1.05

__________

(1)

Does not include any return of capital for tax purposes.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2016

12. Commitments and Contingencies

The Company had outstanding commitments to fund investments totaling $6.7 million and $6.9 million under various undrawn revolvers and other credit facilities as of September 30, 2016 and December 31, 2015, respectively.

In the ordinary course of business, the Company may be named as a defendant or a plaintiff in various lawsuits and other legal proceedings. Such proceedings include actions brought against the Company and others with respect to transactions to which the Company may have been a party. The outcomes of such lawsuits are uncertain and, based on these lawsuits, the values of the investments to which they relate could decrease. Management does not believe that as a result of litigation there would be any material impact on the consolidated financial condition of the Company. The Company has had no outstanding litigation proceedings brought against it since the commencement of operations on December 17, 2010.

13. Stock Repurchase Program

On October 5, 2015, GARS adopted a share repurchase plan that provides for repurchase of up to $10.0 million of its common stock at prices below GARS' net asset value per share as reported in its most recent financial statements. Under the repurchase program, GARS may, but is not obligated to, repurchase shares of its outstanding common stock in the open market or in privately negotiated transactions from time to time. Any repurchases by GARS will comply with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and any applicable requirements of the 1940 Act. The repurchase program terminated in accordance with its terms on October 5, 2016. GARS' net asset value per share was increased by approximately $0.10 as a result of the aggregate share repurchases.

	Nine Months Ended			Year Ended
($ in thousands, except per share data)	September 30, 2016			December 31, 2015
Dollar amount repurchased	$	5,041		$	3,314
Shares repurchased		458,242			251,185
Average price per share	$	11.00		$	13.19
Net asset per share per share increase	$	0.07		$	0.03
Weighted average discount to net asset value		(20.14	)%		(11.67	)%

14. Transactions with Non-control/Affiliate Investments

	Nine Months Ended September 30, 2016
	Fair value at		Purchases		Redemptions		Sales		Transfer in (out)		Discount		Net unrealized		Fair value at		Net realized		Interest and		Dividend
Portfolio Company	December 31, 2015		(cost)		(cost)		(cost)		(cost)		accretion		gains / (losses)		September 30, 2016		gains / (losses)		fee income		income
Non-control affiliate investments
Speed Commerce Operating Company LLC⁽¹⁾	$	-	$	2,203	$	-	$	-	$	-	$	-	$	-	$	2,203	$	-	$	76	$	-
Speed Commerce Investment Partners LLC		-		1,693		-		-		-		-		-		1,693		-		-		-

Total non-control affiliate investments	$	-	$	3,896	$	-	$	-	$	-	$	-	$	-	$	3,896	$	-	$	76	$	-

__________

(1)

Comprised of two investments, including the Closing Date Term Loan and Delayed Draw Term Loan with both a cost and fair value of $1.8 million and $0.4 million, respectively.

15. Subsequent Events

Effective as of October 1, 2016, the Investment Adviser, in consultation with our board of directors, or the Board, agreed to irrevocably waive any fees payable to the Investment Adviser under the Investment Advisory Agreement with respect to a calendar quarter in excess of the sum of (i) 0.375% per quarter (1.50% annualized) of the gross assets of the Company, excluding cash and cash equivalents but including assets purchased with borrowed funds, calculated based on the average carrying value of the gross assets of the Company at the end of the two most recently completed calendar quarters, (ii) 20% of Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, in excess of a “hurdle rate” of 1.75% per quarter (7.00% annualized) and (iii) in the case of the final calendar quarter of each year, the capital gains incentive fee. This waiver will be in effect until the earlier of (i) June 30, 2017 and (ii) approval by the stockholders of the Company of an amendment to the Investment Advisory Agreement to decrease the base management fee to an annual rate of 1.50% and to decrease the “hurdle rate” for the income-based portion of the Incentive Fee to 1.75% per quarter (7.00% annualized). The Company currently intends to present such an amendment for the consideration of its stockholders at the 2017 Annual Meeting of Stockholders.

On October 5, 2016, the share repurchase plan expired by its terms. In total GARS purchased 709,427 shares, or $8.4 million, at a 17.14% weighted average discount to net asset value.

On November 1, 2016, the Board approved a distribution in the amount of $4.5 million, or $0.28 a share, which will be paid on December 23, 2016 to stockholders of record as of December 9, 2016.

These consolidated financial statements were approved by the Board and were available for issuance on November 9, 2016. Subsequent events have been evaluated through this date. No material subsequent events other than as disclosed above have occurred through this date.

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. References to "we," "us," "our" and "Garrison Capital" refer to Garrison Capital Inc. and its consolidated subsidiaries.

Forward-Looking Statements

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:

•

our future operating results;

•

changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, which could result in changes to the value of our assets;

•

our business prospects and the prospects of our current and prospective portfolio companies;

•

the impact of investments that we expect to make;

•

the impact of increased competition;

•

our contractual arrangements and relationships with third parties;

•

the dependence of our future success on the general economy, including general economic trends, and its impact on the industries in which we invest;

•

the ability of our prospective portfolio companies to achieve their objectives;

•

the relative and absolute performance of Garrison Capital Advisers LLC, or the Investment Adviser, including in identifying suitable investments for us;

•

our expected financings and investments;

•

the adequacy of our cash resources and working capital;

•		our ability to make distributions to our stockholders;

•		the effects of applicable legislation and regulations and changes thereto;

•

the timing of cash flows, if any, from the operations of our prospective portfolio companies; and

•

the impact of future acquisitions and divestitures.

We use words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “will,” “should,” “could,” “can,” “would,” “believe,” “estimate,” “anticipate,” “predict,” “potential” and similar words to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.

We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission, or the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should understand that, under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to statements made in connection with this Quarterly Report on Form 10-Q or any periodic reports we file under the Exchange Act.

Overview

We are an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code, and intend to qualify annually for such treatment. Our shares are currently listed on The NASDAQ Global Select Market under the symbol “GARS”.

Our investment objective is to generate current income and capital appreciation by making investments generally in the range of $5.0 million to $25.0 million primarily in debt securities and loans of U.S. based middle-market companies, which we define as those having annual earnings before interest, taxes, depreciation and amortization, or EBITDA, of between $5.0 million and $30.0 million. Our goal is to generate attractive risk-adjusted returns by assembling a broad portfolio of investments.

We invest primarily in (1) first lien senior secured loans, (2) second lien senior secured loans, (3) “one-stop” senior secured or “unitranche” loans, (4) subordinated or mezzanine loans, (5) unsecured consumer loans and (6) to a lesser extent, selected equity co-investments in middle-market companies. We use the term “one-stop” or “unitranche” to refer to a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans. We use the term “mezzanine” to refer to a loan that ranks senior only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness.

We believe that the middle market offers attractive risk-adjusted returns for debt investors. Historically, we believe there has been a persistent scarcity of available capital relative to demand, which, from a lender’s perspective, has generally resulted in more favorable transaction structures, including enhanced covenant protection and increased pricing relative to larger companies. We further believe that the turmoil in the markets has exacerbated this scarcity of capital, as many traditional lenders to middle-market companies have exited the business or focused their attention on larger borrowers. In addition, we believe that middle-market companies traditionally have exhibited lower default rates and improved recoveries compared to larger borrowers and typically offer greater access to key senior managers, which we believe further enhances the attractiveness of lending to this market segment and facilitates due diligence investigations and regular monitoring.

Our investment activities are managed by our Investment Adviser. Our six member investment committee is comprised of Joseph Tansey, Brian Chase, Mitch Drucker, Susan George, Robert Chimenti and Joshua Brandt. Our Investment Adviser is responsible for sourcing potential investments, conducting research and diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring our investments and monitoring our investments and portfolio companies on an ongoing basis. Under an investment advisory agreement, or the Investment Advisory Agreement, with the Investment Adviser, we pay the Investment Adviser a base management fee and an incentive fee for its services. Garrison Capital Administrator LLC, or the Administrator, provides certain administrative services and facilities necessary for us to operate, including office facilities and equipment and clerical, bookkeeping and record-keeping services, pursuant to an administration agreement, or the Administration Agreement. The Administrator oversees our financial reporting and prepares our reports to stockholders and reports required to be filed with the SEC.

The Administrator also manages the determination and publication of our net asset value and the preparation and filing of our tax returns and generally monitors the payment of our expenses and the performance of administrative and professional services rendered to us by others. The Administrator may retain third parties to assist in providing administrative services to us. To the extent that the Administrator outsources any of its functions, we pay the fees associated with such functions on a direct basis without any profit to the Administrator.

As of September 30, 2016, we held investments in 61 portfolio companies with a fair value of $400.9 million, including investments in 46 portfolio companies held through the 2016-2 CLO, the 2013-2 CLO and collectively the CLOs. Refer to Notes 1 and 7 of our consolidated financial statements for additional details. The investments held by the CLOs as of September 30, 2016 consisted of senior secured loans fair valued at $281.0 million and related indebtedness of $192.0 million. The loans held by the 2016-2 CLO (held at fair value), together with cash and other assets held by the CLO, equaled approximately $309.0 million as of September 30, 2016. As of September 30, 2016, our portfolio had an average investment size of approximately $5.9 million, a weighted average yield on debt investments of 11.2% and a weighted average contractual maturity of 32 months. Weighted average yield is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future scheduled principal amortizations.

As of December 31, 2015, we held investments in 67 portfolio companies with a fair value of $415.0 million, including investments in 50 portfolio companies held through our 2013-2 CLO. The investments held by the 2013-2 CLO as of December 31, 2015 consisted of senior secured loans fair valued at $306.6 million and related indebtedness of $194.8 million. As of that date, the loans held by the 2013-2 CLO (held at fair value), together with cash and other assets held by the 2013-2 CLO, equaled approximately $323.5 million. As of December 31, 2015, our portfolio had an average investment size of approximately $6.2 million, a weighted average yield on debt investments of 10.8% and a weighted average contractual maturity of 44 months.

Revenues

We generate revenue in the form of interest earned on the debt investments that we hold and capital gains and distributions, if any, on the warrants or other equity interests that we may acquire in portfolio companies. Our debt investments, whether in the form of senior secured, unitranche or mezzanine loans, typically have a term of one to six years and bear interest at a fixed or floating rate. Interest is generally payable quarterly or semiannually, with the amortization of principal generally being deferred for several years from the date of the initial investment. In some cases, loans may have a payment-in-kind feature. The principal amount of the debt securities and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance and possibly consulting fees. Loan origination fees, original issue discount and market discount are recorded as a reduction of par value, and we then accrete such amounts into interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts.

Expenses

Our primary operating expenses include the payment of (1) the base management fee and incentive fee to the Investment Adviser under the Investment Advisory Agreement; (2) the allocable portion of overhead to the Administrator under the Administration Agreement; (3) the interest expense on our outstanding debt, if any; and (4) our other operating costs, as detailed below. We bear all other costs and expenses of our operations and transactions, including:

•

our organization;

•

calculating our net asset value and net asset value per share (including the cost and expenses of any independent valuation firms);

•

fees and expenses, including travel expenses, incurred by the Investment Adviser or payable to third parties in performing due diligence on prospective portfolio companies, monitoring our investments and, if necessary, enforcing our rights;

•

offerings of our common stock and other securities;

•

distributions on our shares;

•

transfer agent and custody fees and expenses;

•

amounts payable to third parties relating to, or associated with, evaluating, making and disposing of investments;

•

brokerage fees and commissions;

•

registration fees;

•

listing fees;

•

taxes;

•

independent director fees and expenses;

•

costs associated with our reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws;

•

the costs of any reports, proxy statements or other notices to our stockholders, including printing costs;

•

costs of holding stockholder meetings;

•

our fidelity bond;

•

directors and officers/errors and omissions liability insurance and any other insurance premiums;

•

litigation, indemnification and other non-recurring or extraordinary expenses;

•

direct costs and expenses of administration and operation, including audit and legal costs;

•

fees and expenses associated with marketing efforts;

•

dues, fees and charges of any trade association of which we are a member; and

•

all other expenses reasonably incurred by us or the Administrator in connection with administering our business, including rent and our allocable portion of the costs and expenses of our chief compliance officer, chief financial officer and their respective staffs.

During periods of asset growth, we expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets and increase during periods of asset declines.

Recent Developments

On October 5, 2016, the share repurchase plan expired by its terms. In total GARS purchased 709,427 shares, or $8.4 million, at a 17.14% weighted average discount to net asset value.

On October 24, 2016, the Small Business Administration issued Garrison SBIC a commitment to provide an additional $35.0 million of leverage. This second tier of leverage brings the total commitment to $70.0 million, representing two times our equity capital of $35.0 million.

On November 1, 2016, our board of directors, or the Board, approved a distribution in the amount of $4.5 million, or $0.28 a share, which will be paid on December 23, 2016 to stockholders of record as of December 9, 2016.

Consolidated Results of Operations

The results of operations described below may not be indicative of the results we report in future periods. Net income can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized gains and losses. As a result, quarterly comparisons of net income may not be meaningful.

Consolidated operating results for the three and nine months ended September 30, 2016 and September 30, 2015 are as follows:

	Three Months Ended			Three Months Ended			Three Months			Nine Months Ended			Nine Months Ended			Nine Months
($ in thousands, except per share data)	September 30, 2016			September 30, 2015			Variance			September 30, 2016			September 30, 2015			Variance
		(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Total investment income	$	11,105		$	13,206		$	(2,101	)	$	33,298		$	39,836		$	(6,538	)
Total expenses, including excise tax		8,568			4,962			3,606			19,146			16,733			2,413
Net investment income		2,537			8,244			(5,707	)		14,152			23,103			(8,951	)
Net realized (loss) on investments		(11,182	)		(2,301	)		(8,881	)		(29,592	)		(11,312	)		(18,280	)
Net change in unrealized gain/(loss) on investments		7,557			(6,184	)		13,741			7,776			(5,183	)		12,959
Net (decrease)/increase in net assets resulting from operations		(1,088	)		(241	)		(847	)		(7,664	)		6,608			(14,272	)

Net investment income per share		0.16			0.49			(0.33	)		0.87			1.38			(0.51	)
Net realized/unrealized (loss) from investments per share		(0.23	)		(0.50	)		0.27			(1.34	)		(0.99	)		(0.35	)
Net (loss)/earnings per share		(0.07	)		(0.01	)		(0.06	)		(0.47	)		0.39			(0.86	)
Net asset value per share		12.53			14.92			(2.39	)		12.53			14.92			(2.39	)

Net Investment Income

Net investment income for the three and nine months ended September 30, 2016 was $2.5 million and $14.2 million, respectively. Net investment income for the three and nine months ended September 30, 2015 was $8.2 million and $23.1 million, respectively.

Net investment income decreased by $(5.7) million for the three months ended September 30, 2016 from the three months ended September 30, 2015 and decreased by $(9.0) million for the nine months ended September 30, 2016 from the nine months ended September 30, 2015, as described below under “Investment Income” and “Expenses.”

Investment Income

Investment income for the three and nine months ended September 30, 2016 was $11.1 million and $33.3 million, respectively. Investment income for the three and nine months ended September 30, 2015 was $13.2 million and $39.8 million, respectively.

Investment income decreased by ($2.1) million for the three months ended September 30, 2016 from the three months ended September 30, 2015 due to a decrease in interest income in the amount of $(1.5) million and a decrease in other income of $(0.6) million. The decrease in interest income was largely driven by our non-performing assets and lower investment balances during the three months ended September 30, 2016 as compared to the three months ended September 30, 2015. The decrease in other income was primarily driven by lower loan amendment and prepayment fees recognized during the three months ended September 30, 2016.

Investment income decreased by $(6.5) million for the nine months ended September 30, 2016 from the nine months ended September 30, 2015 due to a decrease in interest income in the amount of $(5.0) million and a decrease in other income of $(1.5) million. The decrease in interest income was largely driven by our non-performing assets and lower investment balances during the nine months ended September 30, 2016 as compared to nine months ended September 30, 2015. The decrease in other income was primarily driven by lower loan amendment and prepayment fees received during the nine months ended September 30, 2016.

Expenses

Total expenses for the three and nine months ended September 30, 2016 were $8.6 million and $19.1 million, respectively. Total expenses for the three and nine months ended September 30, 2015 were $5.0 million and $16.7 million, respectively.

The following table summarizes our expenses, excluding the loss on refinancing of the secured notes for the three and nine months ended September 30, 2016 and September 30, 2015:

	Three Months Ended		Three Months Ended			Three Months			Nine Months Ended		Nine Months Ended		Nine Months
($ in thousands)	September 30, 2016		September 30, 2015			Variance			September 30, 2016		September 30, 2015		Variance
Interest	$	3,665	$	1,874		$	1,791		$	7,751	$	5,541	$	2,210
Management fees		1,805		1,955			(150	)		5,479		5,927		(448	)
Incentive fees		-		(83	)		83			-		1,629		(1,629	)
Professional fees		357		400			(43	)		1,079		1,015		64
Directors fees		91		97			(6	)		304		305		(1	)
Administrator expenses		311		241			70			1,025		755		270
Other expenses		511		478			33			1,680		1,561		119
Total expenses	$	6,740	$	4,962		$	1,778		$	17,318	$	16,733	$	585

Interest expense increased $1.8 million and $2.2 million for the three and nine months ended September 30, 2016, respectively, from the three and nine months ended September 30, 2015, primarily due to the acceleration of deferred financing costs, as required by FASB ASC 470-Debt, in association with the refinancing of the 2013-2 CLO.

Management fees decreased by $(0.2) and $(0.4) million for the three and nine months ended September 30, 2016, respectively, from the three and nine months ended September 30, 2015, primarily due to lower average gross asset balances.

Incentive fees increased by $0.1 million for the three months ended September 30, 2016 from the three months ended September 30, 2015. The increase was a result of the reversal of previously accrued incentive fees during the three months ending September 30, 2015. No such reversal existed during the three months ending September 30, 2016. Incentive fees decreased by $(1.6) million for the nine months ended September 30, 2016, respectively, from the nine months ended September 30, 2015. The decrease in incentive fees during the nine months ended September 30, 2016 was a result of the reversal of Income-based incentive fees that were subject to the Incentive Fee Cap and Deferral Mechanism. These reversals were driven by realized and unrealized losses on investments. Refer to Note 8 of our consolidated financial statements for additional discussion of our incentive fee.

Administrator expenses increased by $0.1 million and $0.3 million for the three and nine months ended September 30, 2016, from the three and nine months ended September 30, 2015 primarily driven by higher overhead staffing costs.

Other expenses increased by $0.1 million for the nine months ended September 30, 2016, from the nine months ended September 30, 2015 primarily due to the $35,000 excise tax expense.

Net Realized (Loss)/Gain and Unrealized (Loss)/Gain on Investments

For the three and nine months ended September 30, 2016 we realized a net loss on investments of $(11.2) million and $(29.6) million, respectively.

Net realized losses for the three months ended September 30, 2016 were primarily driven by a $(11.1) million loss on BFN Operations LLC and $(0.3) million of realized losses in the GLC Trust 2013-2’s consumer loan portfolio. This was partially offset by $0.2 million of gains from full repayments of Connexity Inc., HC Cable OpCo, LLC and Vistronix, LLC.

Net realized losses for the nine months ended September 30, 2016 were primarily driven by a $(12.6) million loss on Speed Commerce Inc., a $(11.1) million loss on BFN Operations LLC, a $(5.8) million loss on Forest Park Medical Center at Fort Worth and $(1.0) million of realized losses in the GLC Trust 2013-2’s consumer loan portfolio. This was partially offset by a $0.3 million gain on Ellman International, Inc. and $0.6 million of gains from the partial and full repayment and sales of other portfolio investments.

For the three and nine months ended September 30, 2015 we realized a net loss on investments of $(2.3) million and $(11.3) million, respectively.

Net realized losses for the three months ended September 30, 2015 were primarily driven by a $(4.3) million realized loss resulting from the significant restructuring of SC Academy Holdings, Inc. and $(0.8) million of realized losses in GLC Trust 2013-2’s consumer loan portfolio. These were offset by a $2.5 million realized gain recognized as a result of the partial sale of Prosper Marketplace and $0.3 million of realized gains on the early full repayments of six portfolio investments and other partial repayments.

Net realized losses for the nine months ended September 30, 2015 were primarily driven by $(8.4) million of realized losses incurred from the significant restructurings of SC Academy Holdings, Inc. and Everyware Global, Inc., a realized loss of $(4.4) million from the early full repayment of Midwest Technical Institute, Inc. and $(2.1) million of realized losses in GLC Trust 2013-2’s consumer loan portfolio. This was offset by a $2.5 million realized gain incurred from the partial sale of Prosper Marketplace and net realized gains of $1.1 million incurred from the early full repayment of 16 portfolio investments, the sale of one portfolio investment and other partial repayments.

For the three and nine months ended September 30, 2016, the net change in unrealized gain on investments was $7.6 million and $7.8 million, respectively.

The net change in unrealized gain for the three months ended September 30, 2016 was primarily driven by the reversal of prior period unrealized losses on BFN Operations LLC of $11.1 million. In addition, we recognized positive fair value adjustments of $0.9 million on our syndicated credits and $0.3 million on Provo Craft Holdings, LLC. This was offset by $(4.5) million of aggregate negative credit-related adjustments driven primarily by Badlands Production Company, Forest Park Medical Center at San Antonio, Rooster Energy Inc. and SC Academy Holdings, Inc. and $(0.2) million of negative market-related markdown on our preferred equity investment in Prosper Marketplace.

The net change in unrealized gain for the nine months ended September 30, 2016 was primarily driven by the reversal of prior period unrealized losses on the Speed Commerce, Inc., BFN Operations LLC and Forest Park Medical Center at Fort Worth investments in the amounts of $9.8 million, $5.3 million and $1.8 million, respectively. This was offset by a $(6.5) million of aggregate negative credit-related adjustments on our investments in Badlands Production Company, Forest Park Medical Center at San Antonio, SC Academy Holdings, Inc., and Rooster Energy Inc., aggregate adjustments of $(0.3) million on our investments in Badlands Production Company and Rooster Energy Inc. and a net $(2.3) million of negative market-related adjustments. These market-related adjustments were primarily driven by our preferred equity investment in Prosper Marketplace and our syndicated loan credits.

For the three and nine months ended September 30, 2015 the net change in unrealized loss on investments was $(6.2) million and $(5.2) million, respectively.

The net change in unrealized loss for the three months ended September 30, 2015 was driven primarily by $(4.2) million of negative credit related adjustments on our investments in BFN Operations LLC, Forest Park Medical Center at San Antonio and Speed Commerce Inc., a $(2.2) million reversal of prior period unrealized gains due to the partial sale of Prosper Marketplace, a $(0.9) million negative market-related adjustment on Everyware Global, Inc., $(0.3) million of reversals of prior period unrealized gains due to the early full repayment of six portfolio investments and $(0.1) million decrease in the market value of the remaining portfolio. This was offset by the reversal of a prior period unrealized loss in the amount of $1.5 million driven by the significant restructuring of SC Academy Holdings, Inc.

The net change in unrealized loss for the nine months ended September 30, 2015 was primarily driven by $(7.4) million of negative credit related adjustments on our investments in BFN Operations LLC, Forest Park Medical Center at San Antonio, Speed Commerce Inc. and Sprint Industrial Holdings, LLC, a $(1.5) million reversal of prior period unrealized gains resulting from the partial sale of Prosper Marketplace, and a $(0.9) million negative market-related adjustment on Everyware Global, Inc. This was offset by $4.3 million from the reversal of prior period unrealized losses resulting from the significant restructuring of SC Academy Holdings, Inc. and Everyware Global, Inc., and an increase of $0.3 million in the value of MXD Group, Inc.

Net Increase/(Decrease) in Net Assets from Operations

We had a net asset value per common share outstanding on September 30, 2016 of $12.53. We had a net asset value per common share outstanding on December 31, 2015 of $13.98.

Based on 16,183,615 basic weighted average shares outstanding, the net decrease in net assets from operations per share for the nine months ended September 30, 2016 was $(0.47).

Based on 16,758,779 basic weighted average shares outstanding, the net increase in net assets from operations per share for the nine months ended September 30, 2015 was $0.39.

Liquidity and Capital Resources

As a business development company, we distribute substantially all of our net income to our stockholders and will have an ongoing need to raise additional capital for investment purposes. We generate cash primarily from offerings of our securities, the 2016-2 CLO, Garrison SBIC, other borrowings we may incur, and cash flows from operations, including interest earned from the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less.

As of September 30, 2016 and December 31, 2015, we had cash of $6.7 million and $25.0 million, respectively. Also, as of September 30, 2016 and December 31, 2015, we had restricted cash of $22.6 million and $11.8 million, respectively.

In addition to proceeds from public and private offerings of securities, the 2016-2 CLO and our GLC Trust 2013-2 Notes, as of September 30, 2016 we have identified eight portfolio companies with a total par value of $24.9 million and a fair value of $24.2 million which we have defined as transitory and consist of investments below the low end of our portfolio yield target of 9.0%. We view these investments as an additional source of liquidity to meet our investment objectives.

Our primary use of funds from operations includes investments in portfolio companies, cash distributions to holders of our common stock, payments of interest on our debt, and payments of fees and other operating expenses we incur. We believe that our existing cash and cash equivalents, available borrowings and our transitory portfolio as of September 30, 2016 will be sufficient to fund our anticipated funding requirements through at least September 30, 2017.

On February 24, 2016 the Board approved a distribution in the amount of $5.8 million, or $0.35 a share, which was paid on March 28, 2016 to stockholders of record as of March 8, 2016. On May 2, 2016 the Board approved a distribution in the amount of $5.7 million, or $0.35 a share, which was paid on September 24, 2016 to stockholders of record as of September 10, 2016. On August 2, 2016, the Board approved a distribution in the amount of $5.6 million, or $0.35 a share, which was paid on September 23, 2016 to stockholders of record as of September 9, 2016.

During the nine months ended September 30, 2016, cash decreased by $(7.5) million as a result of net cash used by financing in the amount of $(21.6) million, offset by net cash provided by operating activities of $3.3 million.

During the nine months ended September 30, 2016, cash provided by operating activities resulted mainly from net investment income in the amount of $14.2 million, repayments and sales of investments in the amount of $67.8 million and $27.0 million, respectively, an increase in due from counterparties of $1.5 million, and a decrease in accrued interest receivable of $1.7 million, offset by purchases of investments of $(99.9) million, realized losses from investments in the amount of $(29.6) million, a decrease in restricted cash of $(10.8) million, and a change in unrealized gain ($7.8) million. Net cash used in financing activities resulted from cash distributions in the amount of $(17.0) million, repurchases of common stock in the amount of $(5.0) million, repayment of the 2013 CLO senior secured revolving notes in the amount of $(10.0) million, repayment of the GLC Trust 2013-2 Class A notes in the amount of $(8.8) million and debt issuance costs of $(2.4) million, offset by proceeds from the Garrison SBIC borrowings in the amount of $15.7 million, and borrowings on the 2016-2 CLO term note of $6.0 million.

During the nine months ended September 30, 2015, cash increased by $17.0 million as a result of net cash provided by operating activities of $72.6 million offset by net cash used in financing activities in the amount of $(55.6) million.

During the nine months ended September 30, 2015, cash provided by operating activities resulted mainly from $23.1 million of net investment income, $46.7 million of net repayments and sales of investments, a $7.5 million change in restricted cash, offset by $(11.3) million of realized losses from investments, and $(5.2) million of unrealized losses. Net cash used in financing activities resulted from $(17.6) million in cash distributions, $(11.6) million in repayments of the GLC Trust 2013-2 Class A notes and $(40.5) million in repayments of the 2013-2 CLO revolving notes, offset by proceeds from Garrison SBIC borrowings in the amount of $14.8 million.

As of September 30, 2016 and December 31, 2015, we had $6.7 million and $6.9 million, respectively, of unfunded commitments with a fair value of $(0.1) million and $(0.1) million, respectively. These amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of September 30, 2016 and December 31, 2015, respectively, subject to the terms of each loan’s respective credit agreement.

As of September 30, 2016, the facilities under the 2016-2 CLO and Garrison SBIC were fully drawn. As of December 31, 2015, we had approximately $15.0 million available for additional borrowings under the 2013-2 CLO and $15.7 million of available SBIC leverage.

Portfolio Composition and Select Portfolio Information

As of September 30, 2016, we held investments in 61 portfolio companies with a fair value of $400.9 million. As of September 30, 2016, our portfolio had an average investment size of approximately $5.9 million, a weighted average yield on debt investments of 11.2% and a weighted average contractual maturity of 32 months.

The following table shows select information of our portfolio for the periods from September 30, 2015 to September 30, 2016.

	September 30,			June 30,			March 31,			December 31,			September 30,
	2016			2016			2016			2015			2015
Total Market Value	$	400,886			404,594		$	405,554		$	415,001		$	407,757
Number of portfolio companies		61			59			63			65			52
Average investment size ⁽¹⁾	$	5,923			5,977		$	6,188		$	6,240		$	7,794
Weighted average yield ⁽²⁾		11.2	%		11.2	%		11.2	%		10.8	%		10.9	%
Weighted average price ⁽¹⁾		95.3			96.1			90.9			92.9			97.3
First lien		93.9	%		93.2	%		92.4	%		91.8	%		90.6	%
Second lien & mezzanine/subordinated		1.9	%		1.9	%		1.9	%		1.8	%		1.8	%
Consumer loans		2.2	%		2.9	%		3.5	%		4.3	%		5.4	%
Equity & other		2.0	%		2.0	%		2.2	%		2.2	%		2.2	%
Core		93.9	%		94.1	%		94.6	%		91.2	%		96.9	%
Transitory		6.1	%		5.9	%		5.4	%		8.8	%		3.1	%
Originated ⁽³⁾		57.0	%		57.8	%		57.5	%		56.4	%		61.1	%
Club ⁽⁴⁾		25.8	%		26.3	%		27.3	%		26.1	%		27.6	%
Purchased		17.2	%		15.9	%		15.2	%		17.5	%		11.3	%
Fixed ⁽¹⁾		5.1	%		5.3	%		5.9	%		6.8	%		8.0	%
Floating ⁽¹⁾		94.9	%		94.7	%		94.1	%		93.2	%		92.0	%
Performing ⁽¹⁾		99.3	%		98.8	%		95.9	%		94.1	%		95.6	%
Non-accrual ⁽¹⁾		0.7	%		1.2	%		4.1	%		5.9	%		4.4	%
Weighted average debt/EBITDA ^{(1) (2) (5)}		3.7	x		3.7	x		3.7	x		3.6	x		3.7	x
Weighted average risk rating ⁽¹⁾		2.56			2.52			2.66			2.66			2.66

__________

* Table excludes positions with a market value of zero.

(1)

Excludes consumer loans and equity investments.

(2)

Excludes investments with a risk rating of four, unfunded revolvers and equity investments.

(3)

The period ended March 31, 2016 includes the transfer of one portfolio company, total par of $4.8 million, to core from transitory, based on the current yield.

(4)

Originated positions include investments where we have sourced and led the execution of the deal.

(5)

Club positions include investments where we provided direct lending to a borrower with one or two other lenders but did not lead the deal.

(6)

Excludes non-operating portfolio companies, which we define as those investments collateralized by real estate, proved developed producing value, or PDP, or other hard assets. PDPs are proven revenues that can be produced with existing wells. As of September 30, 2016, $39.7 million of par value and $37.2 million of market value was excluded.

Ongoing Monitoring

We view active portfolio monitoring as a vital part of the investment process. Our Investment Adviser monitors the financial trends of each portfolio company to determine if it is meeting its respective business plan and to assess the appropriate course of action for each company.

Our Investment Adviser uses several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•

assessment of success in adhering to portfolio company’s business plan and compliance with covenants;

•

periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•

comparisons to other portfolio companies in the industry, if any;

•

attendance at and participation in board meetings; and

•

review of monthly and quarterly financial statements and financial projections for portfolio companies.

Our Investment Adviser assigns an internal rating for each of our portfolio companies. The rating scale is a numeric scale of 1 to 4 based on the credit attributes and prospects of the portfolio company’s business. In general, we use the ratings as follows:

•

a rating of 1 denotes a high quality investment with no loss of principal expected;

•

a rating of 2 denotes a moderate to high quality investment with no loss of principal expected;

•

a rating of 3 denotes a moderate quality investment with market rates of expected loss of principal and potential non-compliance with financial covenants; and

•

a rating of 4 denotes a low quality investment with an expected loss of principal. In the case of risk grade 4 loans, our Investment Adviser will assign a recovery value to the loan.

The following table shows the distribution of our investments on the 1 to 4 investment risk scale at fair value, excluding our interest in GLC Trust 2013-2 and equity investments as of September 30, 2016 and December 31, 2015:

	As of September 30, 2016					As of December 31, 2015
($ in thousands)	Investments at Fair Value		Percentage of Total Investments			Investments at Fair Value		Percentage of Total Investments
Risk Rating 1	$	26,091		6.8	%	$	20,455		5.3	%
Risk Rating 2		137,282		35.7			139,048		35.8
Risk Rating 3		214,369		55.9			205,995		53.0
Risk Rating 4		6,333		1.6			22,826		5.9
	$	384,075		100.0	%	$	388,324		100.0	%

The weighted average risk rating of the portfolio was 2.56 and 2.66 as of September 30, 2016 and December 31, 2015, respectively.

Inflation

Inflation has not had a significant effect on our results of operations in any of the reporting periods presented in our financial statements. However, from time to time, inflation may impact the operating results of our portfolio companies.

Off-Balance Sheet Arrangements

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of September 30, 2016 and December 31, 2015, we had $6.7 million and $6.9 million of outstanding commitments to fund such investments, respectively.

Contractual Obligations

A summary of our significant contractual payment obligations as of September 30, 2016 is as follows:

	Payments Due by Period
	Less Than		1 - 3		3 - 5		More Than
($ in thousands)	1 Year		Years		Years		5 Years		Total
Garrison Funding 2016-2 CLO	$	-	$	-	$	-	$	192,000	$	192,000
GLC Trust 2013-2 Class A Note		-		-		-		7,150		7,150
SBIC Borrowings		-		-		-		35,000		35,000
Total contractual obligations	$	-	$	-	$	-	$	234,150	$	234,150

We have certain contracts under which we have material future commitments. Under the Investment Advisory Agreement, the Investment Adviser provides us with investment advisory and management services. We have agreed to pay for these services (1) a base management fee equal to a percentage of the average adjusted value of our gross assets and (2) an incentive fee based on our performance.

We entered into the Administration Agreement on October 9, 2012 with the Administrator. Under the Administration Agreement, the Administrator furnishes us with office facilities and equipment, provides us clerical, bookkeeping and record keeping services and provides us with other administrative services necessary to conduct our day-to-day operations.

If any of the contractual obligations discussed above are terminated, our costs under any new agreements that we enter into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Advisory Agreement and our Administration Agreement. Any new investment advisory agreement would also be subject to approval by our stockholders.

Both the Investment Advisory Agreement and the Administration Agreement may be terminated by either party without penalty upon no fewer than 60 days’ written notice to the other.

Critical Accounting Policies

The preparation of our financial statements in accordance with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. We have identified the following as critical accounting policies.

Basis for Consolidation

Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in Topic 946, Financial Services-Investment Companies, or ASC Topic 946, we are precluded from consolidating any entity other than another investment company. We generally consolidate any investment company when we own 100% of its partners’ or members’ capital or equity units. ASC Topic 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. Garrison Funding 2013-2 Manager owns a 100% equity interest in the 2013-2 CLO, which is an investment company for accounting purposes, and also provides collateral management services solely to the 2013 CLO. As such, we have consolidated the accounts of these entities into our financial statements. Garrison Funding 2016-2 Ltd. owns a 100% equity interest in the 2016-2 CLO, which is an investment company for accounting purposes. GARS serves as collateral manager to GF 2016-2. As such, we have consolidated the accounts of these entities into our financial statements. Our blocker subsidiaries, Walnut Hill II LLC, Forest Park II LLC, GLC Trust 2013-2 and Garrison SBIC are 100% owned investment companies. As such, we have consolidated the accounts of these entities into our financial statements. As a result of this consolidation, the amount outstanding under the 2013-2 CLO, 2016-CLO and the GLC Trust 2013-2 Notes are treated as our indebtedness.

Valuation of Portfolio Investments

We value our investments in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification Topic 820 Fair Value Measurements and Disclosures (formerly FASB Statement No. 157), or ASC Topic 820. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about assets and liabilities measured at fair value. ASC Topic 820’s definition of fair value focuses on exit price in the principal, or most advantageous, market and prioritizes the use of market-based inputs over entity-specific inputs within a measurement of fair value. ASC Topic 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1 —

quoted unadjusted prices in active markets for identical investments as of the reporting date.

Level 2 —

other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.).

Level 3 —

significant unobservable inputs (including the Investment Adviser’s own assumptions about the assumptions market participants would use in determining the fair values of investments).

Our portfolio consists of primarily debt investments and unsecured consumer loans. The fair value of our investments is initially determined by investment professionals of our Investment Adviser and ultimately determined by the Board on a quarterly basis.

In valuing our debt investments, the Investment Adviser generally uses various approaches, including proprietary models that consider the analyses of independent valuation agents as well as credit risk, liquidity, market credit spreads, other applicable factors for similar transactions, bid quotations obtained from other financial institutions that trade in similar investments or based on bid prices provided by independent third party pricing services.

The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the our debt investments generally include, as appropriate, comparison to publicly traded securities, including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors.

In valuing our unsecured consumer loans, the Investment Adviser generally uses a discounted cash flow methodology based upon a set of assumptions. The primary assumptions used to value the unsecured consumer loans include prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rate.

The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the our consumer loan investments generally include, as appropriate, prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rates.

Our Board has retained several independent valuation firms to review the valuation of each portfolio investment that does not have a readily available market quotation at least once during each 12-month period. To the extent a security is reviewed in a particular quarter, it is reviewed and valued by only one service provider. However, our Board does not intend to have de minimis investments of less than 0.5% of our total assets (up to an aggregate of 10% of our total assets) independently reviewed. Our Board is ultimately and solely responsible for determining the fair value of our assets using a documented valuation policy and consistently applied valuation process.

Due to the nature of our strategy, our portfolio includes relatively illiquid investments that are privately held. Inputs into the determination of fair value of our portfolio investments require significant management judgment or estimation. This means that our portfolio valuations are based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. Valuations of privately held investments are inherently uncertain and they may fluctuate over short periods of time and may be based on estimates. The determination of fair value by our Board may differ materially from the values that would have been used if a ready market for these investments existed. Our net asset value could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realized upon the disposal of such investments.

The valuation process is conducted at the end of each fiscal quarter, with a portion of our valuations of portfolio companies without market quotations subject to review by the independent valuation firms each quarter. When an external event with respect to one of our portfolio companies, such as a purchase transaction, public offering or subsequent equity sale, occurs, we expect to use the pricing indicated by the external event to corroborate our valuation.

With respect to investments for which market quotations are not readily available, our Board will undertake a multi-step valuation process each quarter, as described below:

•

Our quarterly valuation process begins with each portfolio company or investment being initially valued by investment professionals of our Investment Adviser responsible for credit monitoring.

•

Preliminary valuation conclusions are then documented and discussed with our senior management and our Investment Adviser.

•

The valuation committee of the Board reviews these preliminary valuations.

•

The Board discusses valuations and determines the fair value of each investment in our portfolio in good faith.

Investment Transactions and Related Investment Income and Expense

We record our investment transactions on a trade date basis, which is the date when we have determined that all material terms have been defined for the transactions. These transactions could possibly settle on a subsequent date depending on the transaction type. All related revenue and expenses attributable to these transactions are reflected on the consolidated statements of operations commencing on the trade date unless otherwise specified by the transaction documents. Realized gains and losses on investment transactions are recorded using the specific identification method.

We accrue interest income if we expect that ultimately we will be able to collect it. Generally, when an interest default occurs on a loan in our portfolio, or if our management otherwise believes that the issuer of the loan will not be able to service the loan and other obligations, we will place the loan on non-accrual status and will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, we remain contractually entitled to this interest. We may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. For consumer loans, any loan which is 120 days past due is considered defaulted and 100% of the principal is charged off with no expected recovery or sale of defaulted receivables. We had one investment on non-accrual status as of September 30, 2016 and four investments on non-accrual status as of December 31, 2015.

Interest Expense

Interest expense is recorded on an accrual basis and is adjusted for amortization of deferred debt issuance costs.

Other Expenses

Certain expenses related to, but not limited to, rating fees, due diligence, valuation expenses and independent collateral appraisals may arise when we make certain investments. These expenses are recognized in the consolidated statement of operations within ratings fees and other expenses as they are incurred.

Loan Origination, Facility, Commitment and Amendment Fees

We may receive loan origination, prepayment, facility, commitment, forbearance and amendment fees in addition to interest income during the life of the investment. We may receive origination fees upon the origination of an investment.

Origination fees received by us are initially deferred and reduced from the cost basis of the investment and subsequently accreted into interest income over the remaining stated term of the loan.

Share Repurchase

Distributions

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by our Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although we may decide to retain such capital gains for investment.

We have adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash as provided below. As a result, if our Board declares a cash dividend or other distribution, then our stockholders who have not ‘opted out’ of our dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution.

No action is required on the part of a registered stockholder to have their cash dividend or other distribution reinvested in shares of our common stock. A registered stockholder may elect to receive an entire distribution in cash by notifying American Stock Transfer & Trust Company, LLC, the plan administrator and our transfer agent and registrar, in writing so that such notice is received by the plan administrator no later than the record date for distributions to stockholders. The plan administrator will set up an account for shares acquired through the plan for each stockholder who has not elected to receive dividends or other distributions in cash and hold such shares in non-certificated form. Upon request by a stockholder participating in the plan, received in writing not less than 10 days prior to the record date, the plan administrator will, instead of crediting shares to the participant’s account, issue a certificate registered in the participant’s name for the number of whole shares of our common stock and a check for any fractional share. The plan administrator is authorized to deduct a $15.00 transaction fee plus a $0.10 per share brokerage commission from the proceeds of the sale of any fractional share of common stock.

Income Tax

As a business development company, we elected to be treated as a RIC under Subchapter M of the Code, and intend to qualify annually for such treatment.

We intend to comply with all RIC qualification provisions contained in the Code including certain source-of-income and asset diversification requirements as well as the annual distribution requirements, which require us to distribute to our stockholders an amount generally equal to at least 90% of “investment company taxable income.” “Investment company taxable income” is generally defined to include net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses. As a RIC, we do not have to pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that we distribute to our stockholders in a timely manner. However, we are subject to U.S. federal income taxes at regular corporate tax rates on any net ordinary income or net capital gain not distributed to our stockholders assuming we meet the annual distribution requirement.

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions, and would distribute such taxable income in the next tax year. We would then pay a 4% excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended September 30, 2016, we reversed $(65,000) of previously recorded U.S. federal excise tax expense. For the nine months ended September 30, 2016, we recorded $35,000 of U.S. federal excise tax expense. For the three and nine months ended September 30, 2015, we reversed $(6,000) and $(3,000) of previously recorded U.S. federal excise tax expense, respectively.

Item 3: Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. During the period covered by our financial statements, the majority of the loans in our portfolio had floating interest rates, and we expect that our loans in the future will also have floating interest rates. These loans usually have floating interest rates based on the London Interbank Offer Rate, or LIBOR, and typically have interest rate re-set provisions that adjust applicable LIBOR under such loans to current market rates on a regular basis. In addition, the 2016-2 CLO has a floating interest rate provision based on a cost of funds that approximates LIBOR and we expect that any other credit facilities into which we enter in the future may have floating interest rate provisions.

Assuming that the interim and unaudited consolidated statement of financial condition as of September 30, 2016 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

	(Decrease)/increase
	in			(Decrease)/increase			Net increase in
Change in interest rates	interest income			in interest expense			investment income
($ in thousands)
Down 25 basis points	$	(134	)	$	(430	)	$	296
Up 50 basis points		1,542			860			682
Up 100 basis points		3,365			1,720			1,645
Up 200 basis points		7,079			3,440			3,639
Up 300 basis points		10,794			5,159			5,635

Although management believes that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit markets, the size, credit quality or composition of the assets in our portfolio and other business developments, including indebtedness under the 2016-2 CLO or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we cannot assure you that actual results would not differ materially from the statement above.

We may in the future hedge against currency and interest rate fluctuations by using standard hedging instruments such as futures, forward contracts, currency options and interest rate swaps, caps, collars and floors, and the collateral manager may engage in similar hedging activities with respect to the obligations of the 2016-2 CLO, to the extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in currency exchange and interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates. We and the Investment Adviser have not hedged any of the obligations of the 2016-2 CLO.

Item 4: Controls and Procedures

As of the end of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

Part II — Other Information

Item 1: Legal Proceedings

We, the Investment Adviser, the Administrator and our wholly-owned subsidiaries are not currently subject to any material legal proceedings.

Item 1A: Risk Factors

In addition to the risk factors set forth below and the other information set forth in this report, you should carefully consider the “Risk Factors” discussed in our Annual Report on Form 10-K filed with the SEC on March 2, 2016, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.

We are subject to risks associated with the 2016 CLO.

On September 25, 2016, GF 2016-2 Ltd. completed the a $300.00 million debt securitization, or the 2016 CLO, through a private placement of: (i) $25.00 million of AAA(sf) Class A-1R Senior Secured Revolving Floating Rate Notes, or the 2016 Class A-1R Notes which bear interest at the CP Rate, as defined in the indenture governing the Notes, plus 2.20% or the London Interbank Offered Rate plus 2.20%; (ii) $88.15 million of AAA(sf) Class A-1T Senior Secured Floating Rate Notes, or 2016 Class A-1T Notes, which bear interest at LIBOR plus 2.20%; (iii) $25.00 million of AAA(sf) Class A-1F Senior Secured Fixed Rate Notes, or 2016 Class A-1F Notes, which bear interest at 3.41%; (iv) $20.70 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes, or 2016 Class A-2 Notes, which bear interest at LIBOR plus 3.15% (collectively, the 2016 Class A-1R Notes, 2016 Class A-1T Notes, 2016 Class A-1F Notes and 2016 Class A-2 Notes are referred to as the 2016 Class A Notes); (v) $21.45 million of A(sf) Class B Secured Deferrable Floating Rate Notes, or 2016 Class B Notes, which bear interest at LIBOR plus 4.00%; (vi) $11.70 million of BBB(sf) Class C Secured Deferrable Floating Rate Notes, or 2016 Class C Notes, which bear interest at LIBOR plus 6.00%; and (vii) $108.00 million of Subordinated Notes, or the 2016 Subordinated Notes, which do not have a stated interest rate (collectively, the 2016 Class A Notes, 2016 Class B Notes, 2016 Class C Notes and the 2016 Subordinated Notes are referred to as the GF 2016-2 Notes). We refer to the 2016 Class A Notes, 2016 Class B Notes, 2016 Class C Notes as the 2016 Secured Notes.

As a result of the 2016 CLO, we are subject to a variety of risks, including those set forth below.

The 2016 Subordinated Notes are subordinated obligations of the 2016 CLO.

We directly own all of the 2016 Subordinated Notes. We consolidate the financial statements of the 2016 CLO in our consolidated financial statements and treat the 2016 Secured Notes as leverage.

The 2016 Subordinated Notes are the most junior class of securities issued under the indenture governing the 2016 CLO. They are subordinated in priority of payment to certain administrative expenses of the 2016 CLO and every other class of notes issued by the 2016 CLO and are subject to certain payment restrictions set forth in the indenture governing the GF 2016-2 Notes. In addition, the 2016 Subordinated Notes generally have only limited voting rights and generally do not benefit from any creditors’ rights or ability to exercise remedies under the indenture governing GF 2016-2 Notes. In addition, the 2016 Subordinated Notes have expressly disclaimed voting rights in certain votes related to certain matters relating to the collateral management agreement. The 2016 Subordinated Notes are not guaranteed by another party.

The 2016 Subordinated Notes do not bear a stated rate of interest. We receive cash distributions on the 2016 Subordinated Notes only if CLO has made all required cash interest payments on all of the Class A Notes, Class B Notes and Class C Notes it has issued and each of the applicable coverage tests is satisfied and certain other conditions are met. The 2016 Subordinated Notes represent an equity investment in the 2016 CLO, and we cannot assure you that distributions on the assets held by the 2016 CLO will be sufficient to make any distributions to us or that the yield on the 2016 Subordinated Notes will meet our expectations.

The 2016 Subordinated Notes are unsecured and rank behind all of the secured creditors, known or unknown, of the 2016 CLO, including the holders of the 2016 Secured Notes. Consequently, to the extent that the value of the 2016 CLO’s portfolio of loan investments has been reduced as a result of conditions in the credit markets, defaulted loans, losses on the underlying assets, prepayment or changes in interest rates, the value of the 2016 Subordinated Notes realized at their redemption could be reduced. Accordingly, the 2016 Subordinated Notes may not be paid in full and may be subject to up to 100% loss.

The 2016 Subordinated Notes are a highly leveraged investment.

As of September 30, 2016, the 2016 CLO owed approximately $192.0 million under the 2016 Secured Notes, and the fair value of the investments held by the 2016 CLO was $270.1 million. The leveraged nature of the 2016 Subordinated Notes may magnify the adverse impact on the 2016 Subordinated Notes of changes in the market value of the investments held by the 2016 CLO, changes in the distributions on those investments, defaults and recoveries on those investments, capital gains and losses on those investments, prepayments on those investments and availability, prices and interest rates of those investments. We are prepared to hold the 2016 Subordinated Notes until their stated maturity.

The interests of investors in certain of the 2016 Secured Notes may not be aligned with our interests, and we may have no control over remedies.

Generally, institutional investors hold the 2016 Secured Notes. Because these securities rank senior in right of payment to the 2016 Subordinated Notes. There are circumstances in which the interests of investors in a class of notes may not be aligned with the interests of holders of the other classes of notes issued by the 2016 CLO. For example, under the terms of the indenture, investors in the 2016 Class A Notes, have the right to receive payments of principal and interest prior to investors in all other classes of notes.

As the holder of the 2016 Subordinated Notes, we are generally not entitled to exercise remedies under the indenture governing the notes issued by the 2016 CLO. For example, for as long as the Class A-1R Notes remain outstanding, investors in the Class A-1R Notes comprise the most senior class of notes of the 2016 CLO then outstanding, or the Controlling Class, under the 2016 CLO. Upon repayment of the Class A-1R Notes, investors in the Class A-1T Notes will become the Controlling Class and so on. In addition, the 2016 Subordinated Notes have expressly disclaimed voting rights in certain votes related to certain matters relating to the collateral management agreement.

The Controlling Class has the right to act in certain circumstances with respect to the portfolio loans in ways that may benefit their interests but not in the interests of other investors in more junior classes of notes, including by exercising remedies, waiving events of default or rescinding declaration of acceleration of the notes under the indenture governing the notes issued by the 2016 CLO. The Controlling Class has no obligation to consider any possible adverse effect on any other class of notes. For example, upon the occurrence and during the continuance of an event of default with respect to the notes issued by the 2016 CLO, the trustee, Deutsche Bank Trust Company Americas, or holders of a majority of the Controlling Class may declare the principal of all the 2016 Secured Notes and all other amounts payable by the 2016 CLO to be immediately due and payable. This would have the effect of accelerating the principal on such notes and triggering a repayment obligation on the part of the 2016 CLO. The 2016 CLO may not have sufficient proceeds available to enable the trustee under the indenture to repay the obligations to us. The Controlling Class may be less likely to waive an event of default or rescind declaration of acceleration of outstanding amounts than lenders under traditional senior secured credit facilities.

We cannot assure you that any remedies pursued by the Controlling Class will be in our best interests or that we will receive any payments or distributions upon an acceleration of the notes. Any failure of the 2016 CLO to make distributions on the 2016 Subordinated Notes, whether as a result of an event of default or otherwise, could have a material adverse effect on our business, financial condition, results of operations and cash flows and may result our inability to make distributions sufficient to allow our qualification as a regulated investment company, or RIC, under the Internal Revenue Code of 1986, as amended.

The 2016 CLO may fail to meet certain asset coverage tests, which would have an adverse effect on the time of payments to us.

Under the documents governing the 2016 CLO, there are coverage tests applicable to each class of the 2016 Secured Notes. The first test compares the amount of interest received on the collateral loans held by the 2016 CLO (net of certain fees and expenses) to the amount of interest payable in respect of the 2016 Secured Notes. To meet this first test, the aggregate amount of interest received on the portfolio loans must equal, after the payment of certain fees and expenses, at least 135% of the interest payable in respect of the Class A Notes, 125% of the interest payable on the 2016 Class A Notes and the 2016 Class B Notes, taken together, and 115% of the interest payable on the 2016 Secured Notes, taken together. The second test compares the aggregate principal amount of the collateral loans (which in certain cases may be less than the actual par amount of such collateral loan), as calculated in accordance with the indenture, to the aggregate outstanding principal amount of the 2016 Secured Notes. To meet this second test at any time, the aggregate principal amount of the collateral loans (subject to potential adjustments as indicated above) must equal at least 173.4% of the aggregate outstanding principal amount of the 2016 Class A Notes, 156.1% of the aggregate outstanding principal amount of the 2016 Class A Notes and the 2016 Class B Notes, taken together, and 148.1% of the aggregate outstanding principal amount of the 2016 Secured Notes, taken together. If any coverage test is not satisfied with respect to a quarterly payment date, the 2016 CLO is required to apply available amounts to the repayment of interest on and principal of the 2016 Class A Notes, then the 2016 Class B Notes and then the 2016 Class C Notes to the extent necessary to satisfy the applicable coverage tests. In addition, if the aggregate principal amount of the collateral loans (subject to potential adjustments as indicated above) to the aggregate outstanding principal amount of the 2016 Class A Notes is less than or equal to 125% as of any measurement date, a majority of the Controlling Class may direct the sale and liquidation of assets held by the 2016 CLO, which could have a material adverse effect on our business, financial condition and results of operations.

Restructurings of investments held by the 2016 CLO may decrease their value and reduce amounts payable on the 2016 Subordinated Notes.

Under a collateral management agreement, we serve as collateral manager of the 2016 CLO. In addition, we have entered into a sub-collateral management agreement with Garrison Capital Advisers LLC, or our Investment Adviser, whereby we delegated certain of our obligations and duties under the collateral management agreement to our Investment Adviser.

As a result of these arrangements, our Investment Adviser indirectly has broad authority to direct and supervise the investment and reinvestment of the investments held by the 2016 CLO, which may include exercising or enforcing, or refraining from exercising or enforcing, any or all of the 2016 CLO’s rights in connection with the execution of amendments, waivers, modifications and other changes to the investment documentation in accordance with the collateral management agreement, and subject to the right of the Controlling Class to consent to certain amendments and certain other restrictions contained in the indenture. During periods of economic uncertainty and recession, the incidence of amendments, waivers, modifications and restructurings of investments may increase. Such amendments, waivers, modifications and other restructurings will change the terms of the investments and in some cases may result in the 2016 CLO holding assets not meeting its criteria for investments. This could adversely impact the coverage tests under the indenture governing the notes issued by the 2016 CLO. Any amendment, waiver, modification or other restructuring that reduces the 2016 CLO’s compliance with certain financial tests will make it more likely that the 2016 CLO will need to utilize cash to pay down the unpaid principal amount of the 2016 Secured Notes to cure any breach in such test instead of making payments on the 2016 Subordinated Notes. Any such use of cash would reduce distributions available and delay the timing of payments to us.

We may not receive cash from the 2016 CLO.

We receive cash from the 2016 CLO only to the extent that we receive payments on the 2016 Subordinated Notes. The 2016 CLO may make payments on such notes only to the extent permitted by certain payment priority provisions, which generally provide that principal payments on the 2016 Subordinated Notes may not be made on any payment date unless all other amounts owing are paid in full. In addition, if the 2016 CLO does not meet the asset coverage tests or the interest coverage test set forth in the documents governing the 2016 CLO, cash would be diverted from the ordinary priority of payments to first make payments on the 2016 Secured Notes in amounts sufficient to cause such tests to be satisfied. In the event that we fail to receive cash from the 2016 CLO, we could be unable to make distributions to our stockholders in amounts sufficient to maintain our status as a RIC, or at all. We also could be forced to sell investments in portfolio companies or the notes that we own at less than their fair value in order to continue making such distributions.

Our ability to transfer the 2016 Subordinated Notes is limited.

The notes issued by the 2016 CLO are illiquid investments and subject to extensive transfer restrictions, and no party is under any obligation to make a market for the notes. In addition, we have agreed to not transfer the 2016 Subordinated Notes except in limited circumstances. There is no market for the notes, and we may not be able to sell or otherwise transfer the 2016 Subordinated Notes at their fair value, or at all, in the event that we determine to sell them. During economic downturns, notes issued in securitization transactions may experience high volatility and significant fluctuations in market value. Additionally, some potential buyers of such notes may view securitization products as an inappropriate investment, thereby reducing the number of potential buyers and/or potentially affecting liquidity in the secondary market.

The holders of the Class A-1R Notes may fail to advance funds to us as required.

If a holder of a Class A-1R Note should fail to advance funds to us in a timely manner as required, we may be forced to obtain alternative sources of liquidity. If we are unable to find such sources of liquidity, we may be unable to fund obligations to our portfolio companies or be forced to break trades that have been entered into but not yet settled, either of which could adversely affect our reputation, cause portfolio companies to seek recourse against us, including litigation, and otherwise have a material adverse effect on our business, financial condition and results of operations.

The 2016 CLO may be required to redeem the 2016 Secured Notes upon the occurrence of certain tax events.

In certain circumstances, we or a majority of the holders of any class of the 2016 Secured that has not received 100% of the principal and interest that would otherwise be due and payable to such class on any quarterly payment date can require the 2016 CLO to redeem such notes in whole in the event that any U.S. or foreign tax statute or treaty requires withholding of more than 5% of the scheduled payments by the 2016 CLO on any date or any jurisdiction imposes a net income, profits or similar tax on the 2016 CLO in an aggregate amount in excess of $0.1 million in any quarter. This could cause the 2016 CLO to sell all or a portion of its investments in order to fund the necessary redemption, including on unfavorable terms, which could have a material adverse effect on our business, financial condition and results of operations.

Failure of a court to enforce certain non-petition obligations may adversely affect us.

Each holder of 2016 Secured Notes has agreed, and each beneficial owner of such notes will be deemed to agree, that it will not cause the filing of a petition in bankruptcy against, or present a winding up action petition in respect of, the 2016 CLO for at least 366 days after payment in full of such notes. If such provision is determined to be unenforceable under applicable bankruptcy laws or is violated by one or more holders of 2016 Secured Notes, then the applicable court could liquidate the 2016 CLO’s assets without regard to the voting instructions of the Controlling Class. Any such liquidation of the 2016 CLO’s assets could have a material adverse effect on our business, financial condition and results of operations.

The 2016 CLO is subject to various conflicts of interest involving Deutsche Bank Trust Company Americas.

Deutsche Bank Trust Company Americas is the trustee and custodian with respect to the indenture governing the notes issued by the 2016 CLO. Various potential and actual conflicts of interest may arise as a result of the investment banking, commercial banking, asset management, financing and financial advisory services and products provided by affiliates of Deutsche Bank Trust Company Americas, or, collectively, the Deutsche Bank Companies, to us and the 2016 CLO. When acting in service capacities with respect to investments held by the 2016 CLO, the Deutsche Bank Companies are entitled to fees and expenses senior in priority to payments to the distributions on our equity interests in the 2016 CLO. In addition, the Deutsche Bank Companies may act as trustee for other classes of securities issued by one of our portfolio companies or make or administer loans to such portfolio companies and would owe fiduciary duties to the holders of such other classes of securities, which classes of securities may have differing interests from us, and may take actions that are adverse to us, including restructuring a loan, exercising remedies under a loan, foreclosing on collateral, requiring additional collateral, charging significant fees or placing the obligor in bankruptcy. The Deutsche Bank Companies might act as a counterparty under swaps or any other derivative agreements for transactions involving issuers of investments held by the 2016 CLO and could take actions adverse to the interests of the 2016 CLO, including demanding collateralization of its exposure under such agreements (if provided for thereunder) or terminating such swaps or agreements in accordance with the terms thereof. As a result of all such transactions or arrangements between the Deutsche Bank Companies and issuers of investments held by the 2016 CLO or their respective affiliates, the Deutsche Bank Companies may have interests that are contrary to the interests of the 2016 CLO.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information regarding our purchases of our common stock for each month in the three month period ended September 30, 2016:

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs⁽¹⁾		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
($ in thousands, except share and per share amounts)
As of June 30, 2016							$	2,082
July 1, 2016 through July 31, 2016		20,200	$	10.48		20,200		1,871
August 1, 2016 through August 31, 2016		21,840		10.31		42,040		1,645
September 1, 2016 through September 30, 2016		-		-		42,040		1,645
		42,040	$	10.39		42,040	$	1,645

__________

(1)

On October 5, 2015, we announced a share repurchase plan which allows us to repurchase up to $10.0 million of our outstanding common stock. The repurchase program expired on October 5, 2016.

Item 3: Defaults Upon Senior Securities

None.

Item 4: Mine Safety Disclosures

Not applicable.

Item 5: Other Information

None.

Item 6: Exhibits

EXHIBIT INDEX

Number		Description
10.1		Third Amended and Restated Investment Advisory Agreement dated as of August 5, 2016, by and between the Registrant and Garrison Capital Advisers LLC (Incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q (File No. 814-00878), filed on August 9, 2016).
10.2		Indenture dated as of September 29, 2016, among Garrison Funding 2016-2 Ltd., Garrison Funding 2016-2 LLC and Deutsche Bank Trust Company Americas (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00878), filed on October 3, 2016).
10.3		Class A-1R Note Purchase Agreement dated as of September 29, 2016, among Garrison Funding 2016-2 Ltd., Garrison Funding 2016-2 LLC, each of the Class A-1R Noteholders party thereto and Natixis, New York Branch (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 814-00878), filed on October 3, 2016).
10.4		Collateral Management Agreement dated as of September 29, 2016, by and between Garrison Funding 2016-2 Ltd. and the Company (Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 814-00878), filed on October 3, 2016).
10.5		Sub-Collateral Management Agreement dated as of September 29, 2016, by and between the Company and Garrison Capital Advisers LLC (Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K (File No. 814-00878), filed on October 3, 2016).
31.1*		Certifications by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certifications by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1*		GLC Trust 2013-2 Consumer Loan Pool Schedule of Investments.

Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Garrison Capital Inc.

Dated: November 9, 2016		By /s/ Joseph Tansey Joseph Tansey Chief Executive Officer (Principal Executive Officer)

Dated: November 9, 2016		By /s/ Brian Chase Brian Chase Chief Financial Officer (Principal Financial and Accounting Officer)

EXHIBIT 31.1

CERTIFICATION PURSUANT TO SECTION 302

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Joseph Tansey, Chief Executive Officer of Garrison Capital Inc., certify that:

I have reviewed this Quarterly Report on Form 10-Q of Garrison Capital Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financing reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 9, 2016

By:

/s/ Joseph Tansey

Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION PURSUANT TO SECTION 302

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Brian Chase, Chief Financial Officer of Garrison Capital Inc., certify that:

I have reviewed this Quarterly Report on Form 10-Q of Garrison Capital Inc.;

Designed such internal control over financial reporting, or caused such internal control over financial

reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 9, 2016

By:

/s/ Brian Chase

Chief Financial Officer

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

In connection with this Report on Form 10-Q for the quarterly period ended September 30, 2016 (the "Report") of Garrison Capital Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Joseph Tansey, Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Joseph Tansey

Joseph Tansey

Chief Executive Officer

November 9, 2016

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER
Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

In connection with this Report on Form 10-Q for the quarterly period ended September 30, 2016 (the "Report") of Garrison Capital Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Brian Chase, Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Brian Chase

Brian Chase

Chief Financial Officer

November 9, 2016

Exhibit 99.1

Garrison Capital Inc. and Subsidiaries

GLC Trust 2013-2-Schedule of Investments

September 30, 2016

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1	5/22/2018	14.74%	275	275	289
Loan ID 2	5/24/2018	9.49%	9,679	9,678	9,454
Loan ID 3	5/24/2018	13.34%	4,099	4,098	4,003
Loan ID 4	5/24/2018	25.79%	6,017	6,016	5,425
Loan ID 5	5/22/2018	10.49%	9,832	9,831	9,604
Loan ID 6	5/29/2018	19.84%	6,749	6,748	6,373
Loan ID 7	5/29/2018	29.16%	2,008	2,007	1,831
Loan ID 8	5/29/2018	20.99%	4,546	4,545	4,293
Loan ID 9	5/29/2018	9.99%	8,062	8,061	7,875
Loan ID 10	5/22/2018	12.19%	10,080	10,079	9,846
Loan ID 11	5/29/2018	23.59%	4,698	4,697	4,236
Loan ID 12	5/29/2018	12.19%	4,031	4,030	3,937
Loan ID 13	5/30/2018	13.34%	1,639	1,638	1,600
Loan ID 14	5/30/2018	29.16%	2,008	2,007	1,831
Loan ID 15	5/24/2018	15.79%	10,605	10,604	10,378
Loan ID 16	5/24/2018	30.96%	2,050	2,049	1,870
Loan ID 17	5/24/2018	16.49%	6,424	6,423	6,286
Loan ID 18	5/24/2018	18.19%	6,574	6,573	6,433
Loan ID 19	5/24/2018	15.19%	5,048	5,047	4,939
Loan ID 20	5/24/2018	25.06%	4,783	4,782	4,312
Loan ID 21	5/24/2018	15.79%	14,847	14,846	14,529
Loan ID 22	6/3/2018	21.39%	3,801	3,801	3,590
Loan ID 23	5/24/2018	22.09%	6,916	6,916	6,532
Loan ID 24	6/3/2018	16.49%	4,909	4,909	4,804
Loan ID 25	5/28/2018	30.96%	1,949	1,949	1,778
Loan ID 26	6/3/2018	15.19%	5,045	5,045	4,937
Loan ID 27	5/28/2018	16.99%	3,497	3,497	3,422
Loan ID 28	5/28/2018	9.99%	6,832	6,832	6,674
Loan ID 29	5/28/2018	19.84%	387	387	366
Loan ID 30	5/28/2018	18.19%	6,574	6,574	6,434
Loan ID 31	5/28/2018	21.79%	8,727	8,727	8,242
Loan ID 32	5/28/2018	19.14%	4,660	4,660	4,401
Loan ID 33	6/4/2018	21.79%	3,361	3,361	3,174
Loan ID 34	5/28/2018	23.59%	4,228	4,228	3,813
Loan ID 35	5/28/2018	19.84%	8,958	8,958	8,460
Loan ID 36	5/29/2018	12.19%	6,087	6,087	5,946
Loan ID 37	5/29/2018	15.19%	1,052	1,052	1,030
Loan ID 38	5/29/2018	16.49%	2,784	2,784	2,725
Loan ID 39	5/29/2018	21.39%	4,253	4,253	4,017
Loan ID 40	6/5/2018	20.59%	4,704	4,704	4,443
Loan ID 41	5/29/2018	19.14%	2,885	2,885	2,725
Loan ID 42	5/30/2018	16.99%	1,724	1,724	1,687
Loan ID 43	5/30/2018	16.49%	6,423	6,423	6,286
Loan ID 44	5/30/2018	13.34%	4,098	4,098	4,003
Loan ID 45	5/31/2018	13.34%	8,190	8,190	8,001
Loan ID 46	6/3/2018	15.19%	4,386	4,386	4,292
Loan ID 47	5/31/2018	21.79%	2,292	2,292	2,165
Loan ID 48	6/3/2018	10.49%	5,342	5,342	5,219
Loan ID 49	5/31/2018	11.69%	9,999	9,999	9,768
Loan ID 50	5/31/2018	10.99%	9,897	9,897	9,668

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 51	6/7/2018	18.19%	11,408	11,408	11,165
Loan ID 52	6/7/2018	19.14%	1,634	1,634	1,543
Loan ID 53	6/3/2018	14.19%	6,924	6,924	6,776
Loan ID 54	6/3/2018	16.49%	6,694	6,694	6,551
Loan ID 55	6/3/2018	29.16%	2,081	2,081	1,899
Loan ID 56	6/3/2018	18.19%	4,563	4,563	4,466
Loan ID 57	6/3/2018	18.19%	9,126	9,126	8,931
Loan ID 58	6/3/2018	21.39%	11,878	11,878	11,218
Loan ID 59	6/3/2018	15.79%	4,422	4,422	4,328
Loan ID 60	6/3/2018	29.69%	2,093	2,093	1,910
Loan ID 61	6/3/2018	12.19%	10,546	10,546	10,302
Loan ID 62	6/3/2018	23.59%	4,474	4,474	4,035
Loan ID 63	6/3/2018	18.19%	4,563	4,563	4,466
Loan ID 64	6/4/2018	19.14%	4,659	4,659	4,400
Loan ID 65	6/4/2018	14.74%	2,834	2,834	2,774
Loan ID 66	6/10/2018	16.99%	4,493	4,493	4,397
Loan ID 67	6/5/2018	13.34%	6,416	6,416	6,268
Loan ID 68	6/11/2018	15.19%	1,096	1,096	1,073
Loan ID 69	6/11/2018	15.79%	6,633	6,633	6,492
Loan ID 70	6/13/2018	19.84%	3,302	3,302	3,119
Loan ID 71	6/13/2018	9.49%	8,102	8,102	7,915
Loan ID 72	6/13/2018	12.19%	6,314	6,314	6,168
Loan ID 73	6/14/2018	21.79%	3,358	3,358	3,171
Loan ID 74	6/7/2018	24.32%	1,630	1,630	1,470
Loan ID 75	6/7/2018	15.79%	6,858	6,858	6,712
Loan ID 76	6/10/2018	14.19%	4,977	4,977	4,871
Loan ID 77	6/11/2018	25.79%	2,003	2,003	1,806
Loan ID 78	6/11/2018	27.36%	5,098	5,098	4,597
Loan ID 79	6/18/2018	12.69%	11,022	11,022	10,767
Loan ID 80	6/11/2018	27.36%	7,648	7,648	6,897
Loan ID 81	6/19/2018	18.19%	4,563	4,563	4,466
Loan ID 82	6/19/2018	9.49%	6,077	6,077	5,937
Loan ID 83	6/14/2018	14.74%	15,260	15,260	14,935
Loan ID 84	6/21/2018	12.19%	1,684	1,684	1,645
Loan ID 85	6/18/2018	20.59%	4,705	4,705	4,444
Loan ID 86	6/18/2018	19.84%	9,155	9,155	8,646
Loan ID 87	6/19/2018	20.99%	2,364	2,364	2,233
Loan ID 88	6/19/2018	30.32%	2,254	2,254	2,057
Loan ID 89	6/19/2018	17.69%	7,835	7,835	7,668
Loan ID 90	6/21/2018	18.74%	3,217	3,217	3,038
Loan ID 91	6/20/2018	18.19%	6,845	6,845	6,699
Loan ID 92	6/26/2018	14.74%	7,248	7,248	7,093
Loan ID 93	6/27/2018	16.99%	6,739	6,739	6,595
Loan ID 94	6/21/2018	13.34%	6,956	6,956	6,795
Loan ID 95	6/28/2018	10.99%	4,139	4,139	4,043
Loan ID 96	6/26/2018	15.19%	4,386	4,386	4,292
Loan ID 97	6/27/2018	20.24%	4,683	4,683	4,423
Loan ID 98	6/26/2018	16.49%	6,694	6,694	6,551
Loan ID 99	6/27/2018	24.32%	1,726	1,726	1,557
Loan ID 100	6/27/2018	16.99%	11,231	11,231	10,991

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 101	6/27/2016	28.59%	880	880	772
Loan ID 102	7/5/2018	22.84%	3,016	3,016	2,848
Loan ID 103	6/27/2018	12.19%	6,314	6,314	6,168
Loan ID 104	6/28/2018	10.49%	7,192	7,192	7,026
Loan ID 105	7/9/2018	16.49%	3,254	3,254	3,185
Loan ID 106	7/10/2018	26.72%	1,916	1,916	1,728
Loan ID 107	7/10/2018	20.24%	7,309	7,309	6,903
Loan ID 108	7/10/2018	23.19%	3,877	3,877	3,662
Loan ID 109	7/10/2018	14.74%	11,359	11,359	11,117
Loan ID 110	7/10/2018	14.74%	6,816	6,816	6,671
Loan ID 111	7/10/2018	19.14%	4,807	4,807	4,540
Loan ID 112	7/10/2018	12.19%	87	87	85
Loan ID 113	7/16/2018	12.19%	6,586	6,586	6,434
Loan ID 114	7/10/2018	23.59%	3,550	3,550	3,201
Loan ID 115	7/10/2018	23.59%	5,072	5,072	4,574
Loan ID 116	7/11/2018	15.79%	6,910	6,910	6,763
Loan ID 117	7/16/2018	18.19%	9,500	9,500	9,297
Loan ID 118	7/11/2018	16.99%	4,444	4,444	4,349
Loan ID 119	7/11/2018	24.32%	5,115	5,115	4,613
Loan ID 120	7/18/2018	20.24%	7,309	7,309	6,903
Loan ID 121	7/16/2018	25.79%	2,913	2,913	2,627
Loan ID 122	7/16/2018	14.74%	14,539	14,539	14,229
Loan ID 123	7/16/2018	22.09%	2,491	2,491	2,353
Loan ID 124	7/12/2018	14.74%	9,087	9,087	8,893
Loan ID 125	7/15/2018	15.19%	11,427	11,427	11,183
Loan ID 126	7/19/2018	28.62%	2,149	2,149	1,961
Loan ID 127	7/18/2018	14.19%	5,264	5,264	5,152
Loan ID 128	7/22/2018	10.49%	6,433	6,433	6,284
Loan ID 129	7/18/2018	15.19%	6,856	6,856	6,710
Loan ID 130	7/22/2018	17.69%	487	487	477
Loan ID 131	7/19/2018	28.62%	1,610	1,610	1,469
Loan ID 132	7/19/2018	18.19%	4,750	4,750	4,649
Loan ID 133	7/22/2018	15.19%	3,656	3,656	3,578
Loan ID 134	7/24/2018	19.84%	4,182	4,182	3,950
Loan ID 135	7/23/2018	18.74%	5,262	5,262	4,970
Loan ID 136	8/1/2018	14.74%	11,797	11,797	11,545
Loan ID 137	8/2/2018	15.19%	9,491	9,491	9,289
Loan ID 138	8/1/2018	9.99%	6,205	6,205	6,062
Loan ID 139	8/1/2018	12.19%	6,163	6,163	6,021
Loan ID 140	8/2/2018	11.69%	4,535	4,535	4,430
Loan ID 141	8/1/2018	22.84%	7,803	7,803	7,370
Loan ID 142	8/2/2018	16.49%	7,249	7,249	7,094
Loan ID 143	8/5/2018	14.19%	16,399	16,399	16,049
Loan ID 144	8/5/2018	13.34%	6,952	6,952	6,791
Loan ID 145	8/5/2018	10.49%	4,462	4,462	4,359
Loan ID 146	8/6/2018	10.99%	1,805	1,805	1,763
Loan ID 147	8/7/2018	10.99%	4,493	4,493	4,389
Loan ID 148	8/6/2018	21.39%	3,581	3,581	3,382
Loan ID 149	8/7/2018	19.84%	7,536	7,536	7,117
Loan ID 150	8/19/2018	12.69%	11,488	11,488	11,222

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 151	8/19/2018	15.79%	7,221	7,221	7,067
Loan ID 152	8/20/2018	12.69%	5,974	5,974	5,836
Loan ID 153	8/20/2018	15.79%	7,173	7,173	7,020
Loan ID 154	8/16/2018	23.59%	5,247	5,247	4,732
Loan ID 155	8/21/2018	21.39%	6,907	6,907	6,523
Loan ID 156	8/19/2018	25.06%	4,668	4,668	4,210
Loan ID 157	8/19/2018	13.34%	4,634	4,634	4,527
Loan ID 158	8/16/2018	14.19%	7,028	7,028	6,878
Loan ID 159	8/19/2018	24.32%	1,719	1,719	1,550
Loan ID 160	8/23/2018	9.99%	6,649	6,649	6,495
Loan ID 161	8/26/2018	29.16%	2,291	2,291	2,090
Loan ID 162	8/29/2018	15.19%	5,704	5,704	5,582
Loan ID 163	8/30/2018	17.69%	4,895	4,895	4,791
Loan ID 164	8/28/2018	16.99%	4,854	4,854	4,750
Loan ID 165	9/3/2018	23.59%	2,167	2,167	1,954
Loan ID 166	9/4/2018	22.84%	7,654	7,654	7,229
Loan ID 167	9/4/2018	12.69%	8,105	8,105	7,918
Loan ID 168	8/30/2018	19.84%	7,535	7,535	7,116
Loan ID 169	8/28/2018	22.59%	12,988	12,988	12,267
Loan ID 170	9/3/2018	25.06%	1,101	1,101	993
Loan ID 171	8/30/2018	13.34%	11,584	11,584	11,316
Loan ID 172	8/30/2018	10.49%	6,693	6,693	6,538
Loan ID 173	9/6/2018	22.09%	7,024	7,024	6,634
Loan ID 174	9/13/2018	16.95%	5,026	5,026	4,747
Loan ID 175	9/5/2018	13.34%	7,211	7,211	7,044
Loan ID 176	9/17/2018	23.79%	1,086	1,086	979
Loan ID 177	9/13/2018	29.69%	2,308	2,308	2,106
Loan ID 178	9/16/2018	17.30%	7,577	7,577	7,156
Loan ID 179	9/17/2018	19.80%	10,409	10,409	9,831
Loan ID 180	9/20/2018	16.95%	10,049	10,049	9,491
Loan ID 181	9/16/2018	13.99%	4,604	4,604	4,506
Loan ID 182	9/16/2018	19.50%	5,177	5,177	4,889
Loan ID 183	9/18/2018	25.49%	5,529	5,529	5,045
Loan ID 184	9/19/2018	20.45%	4,710	4,710	4,448
Loan ID 185	9/24/2018	15.85%	3,966	3,966	3,881
Loan ID 186	9/20/2016	26.29%	27	27	24
Loan ID 187	9/23/2018	20.85%	5,246	5,246	4,731
Loan ID 188	9/20/2018	22.25%	5,055	5,055	4,559
Loan ID 189	9/20/2018	27.69%	2,262	2,262	2,064
Loan ID 190	9/20/2018	17.30%	1,066	1,066	1,007
Loan ID 191	9/23/2018	16.20%	2,983	2,983	2,919
Loan ID 192	9/26/2018	20.45%	3,297	3,297	3,114
Loan ID 193	9/27/2018	25.49%	5,528	5,528	5,044
Loan ID 194	9/27/2018	19.80%	8,812	8,812	8,323
Loan ID 195	9/27/2016	31.34%	345	345	290
Loan ID 196	9/27/2018	28.49%	2,416	2,416	2,204
Loan ID 197	9/27/2018	15.50%	9,875	9,875	9,664
Loan ID 198	9/24/2018	16.60%	7,216	7,216	6,815
Loan ID 199	9/27/2018	17.30%	2,523	2,523	2,383
Loan ID 200	9/27/2018	24.69%	5,482	5,482	4,944

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 201	9/26/2018	20.45%	4,186	4,186	3,953
Loan ID 202	9/25/2018	23.10%	4,579	4,579	4,129
Loan ID 203	9/26/2018	24.69%	623	623	562
Loan ID 204	9/30/2018	16.95%	2,010	2,010	1,898
Loan ID 205	10/1/2016	22.25%	283	283	253
Loan ID 206	10/1/2018	11.59%	7,315	7,315	7,146
Loan ID 207	10/1/2018	16.60%	5,181	5,181	4,893
Loan ID 208	9/27/2016	27.69%	1,647	1,647	1,444
Loan ID 209	10/2/2018	12.99%	4,962	4,962	4,847
Loan ID 210	9/30/2016	26.99%	18	18	16
Loan ID 211	9/30/2018	18.40%	12,775	12,775	12,065
Loan ID 212	10/2/2018	24.69%	5,663	5,663	5,107
Loan ID 213	10/1/2016	22.25%	378	378	338
Loan ID 214	9/27/2018	20.45%	5,193	5,193	4,905
Loan ID 215	9/27/2018	16.60%	10,305	10,305	9,733
Loan ID 216	10/3/2018	19.50%	8,033	8,033	7,587
Loan ID 217	9/30/2018	12.99%	3,589	3,589	3,506
Loan ID 218	10/1/2018	18.40%	2,116	2,116	1,998
Loan ID 219	10/2/2018	17.30%	6,791	6,791	6,414
Loan ID 220	10/3/2016	17.30%	248	248	226
Loan ID 221	10/8/2016	16.60%	526	526	478
Loan ID 222	10/8/2018	12.99%	2,729	2,729	2,666
Loan ID 223	10/8/2016	27.69%	405	405	355
Loan ID 224	10/9/2018	29.25%	2,963	2,963	2,703
Loan ID 225	10/10/2018	23.10%	2,228	2,228	2,009
Loan ID 226	10/10/2018	18.00%	7,864	7,864	7,427
Loan ID 227	10/10/2016	12.49%	232	232	225
Loan ID 228	10/4/2016	17.60%	201	201	183
Loan ID 229	10/8/2018	17.60%	1,975	1,975	1,865
Loan ID 230	10/10/2016	15.20%	344	344	320
Loan ID 231	10/10/2016	23.10%	213	213	191
Loan ID 232	10/8/2016	15.85%	347	347	323
Loan ID 233	10/8/2018	15.20%	5,436	5,436	5,320
Loan ID 234	10/10/2018	27.69%	5,837	5,837	5,326
Loan ID 235	10/7/2016	20.15%	552	552	502
Loan ID 236	10/8/2016	26.99%	160	160	140
Loan ID 237	10/9/2018	22.25%	5,519	5,519	4,977
Loan ID 238	10/8/2016	29.99%	83	83	70
Loan ID 239	10/8/2016	23.10%	99	99	89
Loan ID 240	10/8/2018	20.15%	8,107	8,107	7,657
Loan ID 241	10/10/2016	22.25%	151	151	135
Loan ID 242	10/8/2016	19.80%	811	811	738
Loan ID 243	10/16/2018	12.99%	8,932	8,932	8,726
Loan ID 244	10/16/2018	20.15%	5,356	5,356	5,058
Loan ID 245	10/15/2016	16.20%	349	349	325
Loan ID 246	10/15/2016	31.34%	201	201	169
Loan ID 247	10/16/2018	18.70%	7,961	7,961	7,519
Loan ID 248	10/15/2018	23.10%	1,392	1,392	1,255
Loan ID 249	10/17/2016	14.40%	511	511	475
Loan ID 250	10/17/2018	23.10%	1,671	1,671	1,507

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 251	10/17/2018	11.59%	7,315	7,315	7,146
Loan ID 252	10/17/2016	12.99%	167	167	162
Loan ID 253	10/17/2018	16.20%	5,931	5,931	5,805
Loan ID 254	10/17/2018	18.40%	7,935	7,935	7,494
Loan ID 255	10/16/2016	9.49%	254	254	246
Loan ID 256	10/17/2016	9.90%	272	272	264
Loan ID 257	10/18/2018	17.60%	10,483	10,483	9,901
Loan ID 258	10/18/2016	19.15%	544	544	495
Loan ID 259	10/18/2016	21.55%	375	375	336
Loan ID 260	10/18/2018	19.50%	3,530	3,530	3,334
Loan ID 261	10/16/2018	24.69%	2,267	2,267	2,044
Loan ID 262	10/16/2018	11.59%	9,753	9,753	9,528
Loan ID 263	10/16/2018	19.15%	2,174	2,174	2,053
Loan ID 264	10/22/2018	16.20%	5,157	5,157	5,047
Loan ID 265	10/18/2016	18.00%	536	536	487
Loan ID 266	10/18/2018	20.45%	4,330	4,330	4,089
Loan ID 267	10/17/2016	13.49%	168	168	156
Loan ID 268	10/23/2018	11.99%	9,802	9,802	9,575
Loan ID 269	10/17/2018	18.40%	7,935	7,935	7,494
Loan ID 270	10/17/2018	20.45%	13,531	13,531	12,779
Loan ID 271	10/17/2018	12.99%	5,954	5,954	5,816
Loan ID 272	10/22/2016	20.85%	371	371	332
Loan ID 273	10/22/2016	18.40%	898	898	817
Loan ID 274	10/18/2018	17.30%	7,851	7,851	7,415
Loan ID 275	10/18/2018	20.15%	4,986	4,986	4,709
Loan ID 276	10/24/2018	20.85%	5,552	5,552	5,007
Loan ID 277	10/28/2018	23.79%	3,927	3,927	3,541
Loan ID 278	10/29/2018	23.79%	2,244	2,244	2,024
Loan ID 279	10/22/2016	20.45%	111	111	101
Loan ID 280	10/22/2018	18.40%	7,935	7,935	7,494
Loan ID 281	10/29/2016	10.50%	290	290	281
Loan ID 282	10/29/2018	20.15%	5,664	5,664	5,349
Loan ID 283	10/28/2018	16.20%	12,894	12,894	12,619
Loan ID 284	10/28/2016	13.99%	508	508	473
Loan ID 285	10/28/2016	20.45%	162	162	147
Loan ID 286	10/28/2016	9.49%	318	318	308
Loan ID 287	10/28/2016	19.50%	474	474	431
Loan ID 288	10/29/2016	13.99%	457	457	425
Loan ID 289	11/1/2016	24.69%	831	831	744
Loan ID 290	10/29/2016	19.15%	143	143	130
Loan ID 291	11/1/2016	26.29%	311	311	273
Loan ID 292	11/4/2016	26.99%	313	313	275
Loan ID 293	10/31/2016	20.45%	145	145	132
Loan ID 294	10/28/2016	13.99%	136	136	127
Loan ID 295	10/29/2016	12.99%	668	668	648
Loan ID 296	11/4/2018	16.60%	14,296	14,296	13,502
Loan ID 297	11/4/2018	14.85%	7,866	7,866	7,698
Loan ID 298	10/30/2018	19.15%	5,334	5,334	5,038
Loan ID 299	11/5/2018	18.70%	8,213	8,213	7,757
Loan ID 300	10/31/2018	26.99%	5,786	5,786	5,279

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 301	10/31/2016	19.15%	624	624	567
Loan ID 302	11/8/2016	29.25%	803	803	704
Loan ID 303	11/8/2016	19.50%	1,075	1,075	978
Loan ID 304	11/4/2018	23.79%	4,043	4,043	3,646
Loan ID 305	11/12/2016	11.59%	4,784	4,784	4,638
Loan ID 306	11/4/2016	16.60%	1,383	1,383	1,258
Loan ID 307	11/12/2016	19.15%	686	686	624
Loan ID 308	11/12/2016	29.25%	321	321	282
Loan ID 309	11/13/2018	16.60%	5,349	5,349	5,052
Loan ID 310	11/6/2016	12.49%	1,543	1,543	1,496
Loan ID 311	11/6/2016	20.15%	77	77	70
Loan ID 312	11/13/2018	17.30%	7,548	7,548	7,129
Loan ID 313	11/14/2018	16.20%	13,327	13,327	13,043
Loan ID 314	11/7/2016	18.70%	695	695	632
Loan ID 315	11/7/2016	29.25%	321	321	282
Loan ID 316	11/7/2016	16.95%	1,042	1,042	948
Loan ID 317	11/13/2016	18.00%	698	698	635
Loan ID 318	11/8/2018	20.45%	3,347	3,347	3,161
Loan ID 319	11/15/2016	9.90%	953	953	924
Loan ID 320	11/15/2016	24.69%	381	381	341
Loan ID 321	11/14/2018	17.60%	5,410	5,410	5,109
Loan ID 322	11/18/2016	14.85%	314	314	292
Loan ID 323	11/12/2016	29.25%	1,949	1,949	1,709
Loan ID 324	11/12/2016	13.99%	536	536	499
Loan ID 325	11/12/2018	15.50%	7,925	7,925	7,756
Loan ID 326	11/12/2016	16.20%	488	488	454
Loan ID 327	11/18/2016	9.90%	953	953	924
Loan ID 328	11/12/2018	14.85%	5,244	5,244	5,132
Loan ID 329	11/13/2016	17.60%	282	282	256
Loan ID 330	11/13/2016	29.25%	161	161	141
Loan ID 331	11/13/2016	16.20%	860	860	800
Loan ID 332	11/13/2018	12.49%	9,178	9,178	8,966
Loan ID 333	11/13/2018	13.99%	7,572	7,572	7,411
Loan ID 334	11/13/2018	13.99%	16,488	16,488	16,136
Loan ID 335	11/13/2016	14.40%	942	942	876
Loan ID 336	11/15/2016	10.99%	966	966	937
Loan ID 337	11/19/2018	14.85%	5,244	5,244	5,132
Loan ID 338	11/20/2018	18.70%	8,213	8,213	7,757
Loan ID 339	11/14/2018	20.85%	5,603	5,603	5,053
Loan ID 340	11/22/2016	17.60%	700	700	637
Loan ID 341	11/20/2018	12.49%	4,081	4,081	3,987
Loan ID 342	11/20/2018	23.79%	8,611	8,611	7,765
Loan ID 343	11/15/2016	16.20%	688	688	640
Loan ID 344	11/26/2016	13.99%	669	669	622
Loan ID 345	11/25/2018	17.60%	8,114	8,114	7,663
Loan ID 346	11/25/2018	10.99%	2,884	2,884	2,817
Loan ID 347	11/25/2018	15.50%	6,868	6,868	6,722
Loan ID 348	11/26/2016	10.50%	480	480	465
Loan ID 349	11/26/2016	9.49%	2,211	2,211	2,144
Loan ID 350	11/26/2016	17.25%	1,046	1,046	951

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 351	11/26/2018	16.60%	3,501	3,501	3,307
Loan ID 352	11/27/2016	10.50%	960	960	931
Loan ID 353	11/27/2016	12.49%	460	460	446
Loan ID 354	11/29/2018	16.85%	8,046	8,046	7,599
Loan ID 355	11/29/2016	13.14%	926	926	861
Loan ID 356	11/29/2018	14.65%	10,463	10,463	10,240
Loan ID 357	11/26/2018	18.40%	8,186	8,186	7,731
Loan ID 358	11/26/2018	13.14%	6,682	6,682	6,539
Loan ID 359	12/2/2016	15.35%	408	408	380
Loan ID 360	11/26/2016	14.00%	803	803	747
Loan ID 361	11/26/2018	18.40%	8,186	8,186	7,731
Loan ID 362	12/3/2018	20.10%	8,598	8,598	7,754
Loan ID 363	12/4/2018	19.40%	8,535	8,535	8,061
Loan ID 364	11/27/2016	11.89%	1,629	1,629	1,579
Loan ID 365	11/26/2018	16.20%	7,988	7,988	7,544
Loan ID 366	11/26/2016	13.49%	1,330	1,330	1,237
Loan ID 367	11/29/2018	19.70%	7,213	7,213	6,812
Loan ID 368	12/4/2016	14.65%	1,515	1,515	1,409
Loan ID 369	11/27/2016	15.00%	1,017	1,017	946
Loan ID 370	12/4/2018	15.35%	10,349	10,349	10,128
Loan ID 371	11/27/2018	16.20%	8,265	8,265	7,806
Loan ID 372	11/27/2016	11.99%	652	652	632
Loan ID 373	11/29/2016	10.99%	644	644	624
Loan ID 374	11/27/2016	10.99%	966	966	937
Loan ID 375	11/27/2016	11.89%	977	977	947
Loan ID 376	11/29/2016	16.20%	481	481	437
Loan ID 377	12/5/2016	18.40%	654	654	595
Loan ID 378	12/5/2016	22.35%	499	499	447
Loan ID 379	11/27/2016	10.50%	256	256	248
Loan ID 380	12/5/2018	14.35%	18,852	18,852	18,450
Loan ID 381	11/27/2016	17.95%	703	703	639
Loan ID 382	12/2/2018	13.55%	5,337	5,337	5,223
Loan ID 383	12/5/2016	13.55%	846	846	787
Loan ID 384	11/29/2016	11.89%	977	977	947
Loan ID 385	12/3/2018	19.40%	14,230	14,230	13,440
Loan ID 386	12/3/2016	19.70%	430	430	391
Loan ID 387	12/4/2018	17.25%	8,343	8,343	7,880
Loan ID 388	12/6/2018	16.20%	3,849	3,849	3,635
Loan ID 389	12/4/2018	16.20%	5,499	5,499	5,194
Loan ID 390	12/4/2016	10.99%	2,411	2,411	2,337
Loan ID 391	12/4/2018	15.35%	19,064	19,064	18,657
Loan ID 392	12/2/2018	14.35%	5,655	5,655	5,534
Loan ID 393	12/4/2016	16.85%	432	432	393
Loan ID 394	12/6/2018	19.70%	8,592	8,592	8,115
Loan ID 395	12/9/2018	22.35%	1,173	1,173	1,058
Loan ID 396	12/5/2018	11.39%	8,849	8,849	8,644
Loan ID 397	12/5/2016	14.35%	1,510	1,510	1,405
Loan ID 398	12/9/2018	13.14%	10,625	10,625	10,398
Loan ID 399	12/4/2018	16.55%	8,386	8,386	7,920
Loan ID 400	12/5/2016	12.74%	3,452	3,452	3,211

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 401	12/4/2018	16.55%	8,279	8,279	7,819
Loan ID 402	12/5/2016	13.14%	1,028	1,028	956
Loan ID 403	12/10/2018	14.65%	8,107	8,107	7,934
Loan ID 404	12/10/2016	10.39%	191	191	185
Loan ID 405	12/4/2016	19.05%	1,600	1,600	1,455
Loan ID 406	12/6/2016	11.39%	969	969	939
Loan ID 407	12/6/2016	19.40%	2,142	2,142	1,948
Loan ID 408	12/5/2018	22.35%	2,346	2,346	2,116
Loan ID 409	12/5/2018	15.35%	13,617	13,617	13,327
Loan ID 410	12/11/2016	26.24%	467	467	410
Loan ID 411	12/11/2016	13.14%	1,487	1,487	1,383
Loan ID 412	12/9/2018	16.20%	8,247	8,247	7,789
Loan ID 413	12/11/2016	10.39%	1,101	1,101	1,067
Loan ID 414	12/12/2018	19.40%	5,690	5,690	5,374
Loan ID 415	12/6/2018	15.35%	13,617	13,617	13,327
Loan ID 416	12/6/2016	10.39%	1,340	1,340	1,299
Loan ID 417	12/6/2016	15.85%	513	513	467
Loan ID 418	12/6/2016	22.35%	1,110	1,110	994
Loan ID 419	12/10/2018	18.40%	4,113	4,113	3,885
Loan ID 420	12/10/2016	10.99%	868	868	842
Loan ID 421	12/9/2018	11.89%	10,472	10,472	10,230
Loan ID 422	12/10/2018	21.50%	5,815	5,815	5,244
Loan ID 423	12/11/2018	15.85%	6,299	6,299	5,949
Loan ID 424	12/13/2018	22.35%	5,865	5,865	5,289
Loan ID 425	12/16/2016	11.89%	1,903	1,903	1,845
Loan ID 426	12/10/2018	13.14%	13,504	13,504	13,216
Loan ID 427	12/10/2018	13.55%	13,344	13,344	13,059
Loan ID 428	12/17/2016	11.89%	1,951	1,951	1,891
Loan ID 429	12/17/2018	12.74%	5,786	5,786	5,663
Loan ID 430	12/10/2016	16.85%	1,557	1,557	1,416
Loan ID 431	12/11/2016	28.50%	715	715	627
Loan ID 432	12/17/2018	19.70%	8,562	8,562	8,086
Loan ID 433	12/13/2016	14.65%	353	353	328
Loan ID 434	12/12/2018	9.90%	8,182	8,182	7,993
Loan ID 435	12/13/2016	12.74%	345	345	321
Loan ID 436	12/13/2018	18.40%	8,470	8,470	8,000
Loan ID 437	12/16/2018	12.39%	2,633	2,633	2,572
Loan ID 438	12/16/2018	18.00%	7,849	7,849	7,413
Loan ID 439	12/16/2016	11.39%	1,696	1,696	1,644
Loan ID 440	12/19/2018	16.85%	5,538	5,538	5,230
Loan ID 441	12/19/2018	19.05%	8,505	8,505	8,033
Loan ID 442	12/19/2018	12.39%	2,633	2,633	2,572
Loan ID 443	12/16/2016	24.74%	456	456	400
Loan ID 444	12/16/2016	20.80%	599	599	536
Loan ID 445	12/16/2016	19.70%	301	301	274
Loan ID 446	12/16/2018	23.04%	8,858	8,858	7,988
Loan ID 447	12/18/2018	12.39%	10,006	10,006	9,775
Loan ID 448	12/18/2016	12.39%	1,473	1,473	1,428
Loan ID 449	12/18/2018	17.95%	8,890	8,890	8,396
Loan ID 450	12/23/2016	16.85%	1,038	1,038	944

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 451	12/17/2016	19.70%	1,075	1,075	978
Loan ID 452	12/19/2018	16.55%	8,279	8,279	7,819
Loan ID 453	12/19/2016	18.75%	1,594	1,594	1,450
Loan ID 454	12/17/2016	9.30%	309	309	300
Loan ID 455	12/19/2016	28.50%	921	921	808
Loan ID 456	12/24/2016	10.99%	1,736	1,736	1,683
Loan ID 457	12/18/2018	23.94%	5,958	5,958	5,373
Loan ID 458	12/20/2018	15.00%	13,564	13,564	13,275
Loan ID 459	12/20/2016	14.65%	687	687	639
Loan ID 460	12/20/2016	18.40%	423	423	385
Loan ID 461	12/20/2018	17.65%	9,705	9,705	9,166
Loan ID 462	12/26/2018	17.95%	8,406	8,406	7,939
Loan ID 463	12/19/2018	15.35%	8,171	8,171	7,997
Loan ID 464	12/20/2018	18.40%	8,446	8,446	7,977
Loan ID 465	12/19/2016	26.94%	514	514	451
Loan ID 466	12/19/2018	12.74%	7,948	7,948	7,779
Loan ID 467	12/27/2016	14.65%	505	505	470
Loan ID 468	12/23/2018	19.70%	5,708	5,708	5,391
Loan ID 469	12/24/2018	15.85%	13,693	13,693	12,932
Loan ID 470	12/20/2018	19.40%	14,269	14,269	13,476
Loan ID 471	12/30/2016	25.54%	751	751	659
Loan ID 472	12/30/2018	21.50%	4,350	4,350	3,923
Loan ID 473	12/23/2018	16.55%	8,279	8,279	7,819
Loan ID 474	12/31/2018	10.99%	5,178	5,178	5,058
Loan ID 475	12/23/2016	12.39%	491	491	476
Loan ID 476	12/31/2016	14.65%	1,510	1,510	1,405
Loan ID 477	12/23/2016	6.29%	907	907	891
Loan ID 478	12/31/2018	17.95%	11,196	11,196	10,574
Loan ID 479	12/31/2016	9.30%	471	471	457
Loan ID 480	12/24/2016	9.90%	1,427	1,427	1,383
Loan ID 481	12/24/2018	19.70%	5,708	5,708	5,391
Loan ID 482	12/31/2018	15.35%	8,163	8,163	7,989
Loan ID 483	12/27/2016	23.04%	448	448	401
Loan ID 484	12/31/2016	12.39%	508	508	492
Loan ID 485	12/31/2018	13.55%	5,333	5,333	5,219
Loan ID 486	1/2/2017	26.94%	614	614	539
Loan ID 487	12/30/2018	16.55%	5,503	5,503	5,197
Loan ID 488	12/30/2016	8.79%	1,406	1,406	1,363
Loan ID 489	12/24/2016	9.30%	2,831	2,831	2,745
Loan ID 490	1/2/2019	14.00%	11,118	11,118	10,881
Loan ID 491	12/26/2018	16.20%	14,251	14,251	13,459
Loan ID 492	1/2/2019	12.39%	2,737	2,737	2,674
Loan ID 493	12/26/2018	19.05%	8,579	8,579	8,102
Loan ID 494	1/2/2019	19.70%	5,870	5,870	5,544
Loan ID 495	12/30/2016	8.79%	656	656	636
Loan ID 496	1/3/2017	13.55%	1,318	1,318	1,226
Loan ID 497	12/31/2016	10.99%	385	385	373
Loan ID 498	12/31/2016	15.85%	1,532	1,532	1,393
Loan ID 499	1/3/2017	10.99%	1,622	1,622	1,572
Loan ID 500	12/31/2018	14.00%	13,701	13,701	13,409

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 501	1/3/2019	18.75%	14,550	14,550	13,742
Loan ID 502	12/31/2016	13.55%	395	395	367
Loan ID 503	1/6/2017	11.39%	2,568	2,568	2,490
Loan ID 504	12/31/2016	11.39%	561	561	544
Loan ID 505	12/31/2016	8.79%	1,169	1,169	1,133
Loan ID 506	12/31/2016	14.00%	1,498	1,498	1,393
Loan ID 507	12/31/2016	10.99%	2,646	2,646	2,565
Loan ID 508	1/6/2019	19.40%	7,210	7,210	6,810
Loan ID 509	1/2/2019	16.85%	8,669	8,669	8,187
Loan ID 510	1/6/2017	6.59%	1,029	1,029	1,011
Loan ID 511	1/6/2017	12.74%	2,741	2,741	2,550
Loan ID 512	1/2/2019	16.55%	5,115	5,115	4,831
Loan ID 513	1/2/2019	12.39%	15,465	15,465	15,108
Loan ID 514	1/7/2017	16.20%	1,313	1,313	1,194
Loan ID 515	1/2/2017	9.90%	1,261	1,261	1,223
Loan ID 516	1/2/2017	9.30%	1,877	1,877	1,820
Loan ID 517	1/2/2017	14.65%	2,003	2,003	1,863
Loan ID 518	1/2/2019	15.35%	8,438	8,438	8,258
Loan ID 519	1/2/2017	19.05%	1,055	1,055	959
Loan ID 520	1/7/2017	15.85%	1,806	1,806	1,642
Loan ID 521	12/31/2018	15.85%	5,472	5,472	5,168
Loan ID 522	12/31/2016	26.24%	807	807	708
Loan ID 523	1/3/2017	15.85%	2,524	2,524	2,295
Loan ID 524	12/31/2018	13.55%	12,000	12,000	11,744
Loan ID 525	1/2/2019	18.75%	5,814	5,814	5,491
Loan ID 526	1/3/2019	20.80%	8,971	8,971	8,090
Loan ID 527	1/3/2019	24.74%	6,161	6,161	5,621
Loan ID 528	1/6/2017	14.00%	464	464	432
Loan ID 529	1/2/2017	11.39%	450	450	436
Loan ID 530	1/6/2017	15.85%	677	677	616
Loan ID 531	1/2/2019	18.75%	5,814	5,814	5,491
Loan ID 532	1/9/2019	18.40%	8,690	8,690	8,207
Loan ID 533	1/6/2019	12.74%	13,634	13,634	13,343
Loan ID 534	1/3/2019	16.20%	11,324	11,324	10,695
Loan ID 535	1/7/2019	12.74%	7,090	7,090	6,939
Loan ID 536	1/7/2017	27.74%	2,283	2,283	2,002
Loan ID 537	1/3/2017	26.94%	665	665	583
Loan ID 538	1/7/2019	23.94%	9,431	9,431	8,505
Loan ID 539	1/6/2019	14.65%	13,922	13,922	13,625
Loan ID 540	1/6/2017	30.59%	639	639	537
Loan ID 541	1/8/2019	16.55%	4,263	4,263	4,026
Loan ID 542	1/6/2017	10.39%	1,148	1,148	1,113
Loan ID 543	1/7/2017	16.85%	1,779	1,779	1,618
Loan ID 544	1/7/2017	9.30%	626	626	607
Loan ID 545	1/7/2017	12.39%	1,687	1,687	1,636
Loan ID 546	1/7/2017	22.35%	2,210	2,210	1,979
Loan ID 547	1/8/2017	17.95%	555	555	505
Loan ID 548	1/7/2017	16.20%	3,504	3,504	3,187
Loan ID 549	1/13/2017	15.00%	3,353	3,353	3,119
Loan ID 550	1/8/2017	28.50%	624	624	547

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 551	1/14/2017	11.89%	3,230	3,230	3,131
Loan ID 552	1/8/2019	15.85%	4,795	4,795	4,529
Loan ID 553	1/14/2019	15.35%	4,489	4,489	4,393
Loan ID 554	1/9/2019	16.85%	5,683	5,683	5,367
Loan ID 555	1/14/2017	15.85%	254	254	231
Loan ID 556	1/15/2019	14.00%	6,180	6,180	6,048
Loan ID 557	1/16/2019	16.85%	2,851	2,851	2,693
Loan ID 558	1/14/2019	16.20%	14,160	14,160	13,373
Loan ID 559	1/15/2017	22.35%	1,508	1,508	1,350
Loan ID 560	1/16/2017	11.39%	1,082	1,082	1,049
Loan ID 561	1/15/2019	17.65%	8,067	8,067	7,619
Loan ID 562	1/14/2019	14.00%	1,935	1,935	1,894
Loan ID 563	1/15/2017	12.39%	520	520	504
Loan ID 564	1/14/2019	18.75%	8,721	8,721	8,237
Loan ID 565	1/15/2017	11.39%	835	835	810
Loan ID 566	1/15/2019	19.05%	8,747	8,747	8,261
Loan ID 567	1/14/2017	16.85%	822	822	748
Loan ID 568	1/14/2019	11.39%	6,982	6,982	6,821
Loan ID 569	1/16/2017	8.79%	373	373	362
Loan ID 570	1/16/2017	13.55%	281	281	261
Loan ID 571	1/15/2019	13.14%	4,647	4,647	4,548
Loan ID 572	1/17/2019	17.25%	8,586	8,586	8,109
Loan ID 573	1/22/2019	16.85%	2,280	2,280	2,153
Loan ID 574	1/22/2017	16.20%	2,040	2,040	1,855
Loan ID 575	1/22/2017	8.79%	1,181	1,181	1,145
Loan ID 576	1/22/2019	22.35%	6,488	6,488	5,851
Loan ID 577	1/22/2017	8.79%	933	933	905
Loan ID 578	1/16/2017	9.30%	1,502	1,502	1,456
Loan ID 579	1/21/2017	18.40%	1,675	1,675	1,523
Loan ID 580	1/21/2019	19.70%	6,507	6,507	6,146
Loan ID 581	1/22/2017	14.00%	2,001	2,001	1,861
Loan ID 582	1/22/2017	11.89%	2,617	2,617	2,537
Loan ID 583	1/23/2019	15.35%	5,611	5,611	5,491
Loan ID 584	1/17/2017	15.00%	3,353	3,353	3,119
Loan ID 585	1/21/2017	16.20%	1,360	1,360	1,237
Loan ID 586	1/23/2017	18.75%	2,102	2,102	1,912
Loan ID 587	1/24/2019	14.35%	8,326	8,326	8,148
Loan ID 588	1/22/2017	20.80%	2,196	2,196	1,966
Loan ID 589	1/22/2017	8.79%	497	497	482
Loan ID 590	1/22/2017	8.79%	1,865	1,865	1,808
Loan ID 591	1/23/2017	10.99%	1,917	1,917	1,858
Loan ID 592	1/22/2019	23.04%	1,946	1,946	1,755
Loan ID 593	1/27/2017	14.35%	918	918	854
Loan ID 594	1/24/2017	10.39%	634	634	615
Loan ID 595	1/24/2019	9.90%	7,920	7,920	7,737
Loan ID 596	1/28/2017	12.39%	1,170	1,170	1,134
Loan ID 597	1/28/2017	15.85%	987	987	898
Loan ID 598	1/28/2017	9.30%	2,466	2,466	2,391
Loan ID 599	1/24/2017	29.24%	629	629	529
Loan ID 600	1/28/2017	18.40%	1,116	1,116	1,015

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 601	1/24/2017	11.39%	4,494	4,494	4,357
Loan ID 602	1/28/2019	12.74%	8,184	8,184	8,009
Loan ID 603	1/29/2017	16.55%	1,657	1,657	1,507
Loan ID 604	1/29/2017	15.85%	542	542	493
Loan ID 605	1/28/2017	28.50%	1,405	1,405	1,232
Loan ID 606	1/27/2019	14.35%	7,771	7,771	7,605
Loan ID 607	1/29/2019	11.39%	10,742	10,742	10,494
Loan ID 608	1/29/2017	10.99%	929	929	901
Loan ID 609	1/29/2019	15.00%	9,357	9,357	9,157
Loan ID 610	1/30/2017	21.50%	1,444	1,444	1,293
Loan ID 611	1/28/2019	17.65%	8,998	8,998	8,498
Loan ID 612	1/28/2017	12.74%	1,175	1,175	1,093
Loan ID 613	1/28/2017	12.74%	112	112	104
Loan ID 614	1/28/2017	11.39%	796	796	772
Loan ID 615	1/29/2019	26.94%	2,441	2,441	2,227
Loan ID 616	1/31/2019	19.40%	7,015	7,015	6,625
Loan ID 617	1/30/2017	15.85%	387	387	352
Loan ID 618	2/7/2017	11.39%	3,387	3,387	3,284
Loan ID 619	2/3/2017	12.74%	2,431	2,431	2,261
Loan ID 620	2/10/2019	16.85%	5,862	5,862	5,536
Loan ID 621	2/10/2017	9.90%	57	57	55
Loan ID 622	2/7/2017	11.39%	798	798	774
Loan ID 623	2/11/2017	12.39%	579	579	561
Loan ID 624	2/13/2017	15.35%	2,505	2,505	2,330
Loan ID 625	2/7/2019	17.65%	9,344	9,344	8,825
Loan ID 626	2/11/2019	15.85%	8,704	8,704	8,221
Loan ID 627	2/7/2019	15.00%	5,753	5,753	5,630
Loan ID 628	2/11/2017	19.05%	284	284	258
Loan ID 629	2/7/2019	16.85%	11,724	11,724	11,073
Loan ID 630	2/12/2017	28.50%	9	9	8
Loan ID 631	2/10/2019	11.89%	8,139	8,139	7,951
Loan ID 632	2/12/2017	18.75%	2,601	2,601	2,365
Loan ID 633	2/18/2017	14.65%	1,201	1,201	1,117
Loan ID 634	2/18/2017	20.10%	2,640	2,640	2,364
Loan ID 635	2/13/2017	9.30%	3,896	3,896	3,777
Loan ID 636	2/11/2017	9.90%	627	627	608
Loan ID 637	2/19/2017	9.90%	2,039	2,039	1,977
Loan ID 638	2/19/2017	11.89%	2,408	2,408	2,334
Loan ID 639	2/19/2019	12.74%	5,617	5,617	5,497
Loan ID 640	2/12/2019	23.94%	9,406	9,406	8,482
Loan ID 641	2/18/2017	13.55%	1,144	1,144	1,064
Loan ID 642	2/18/2017	12.39%	4,843	4,843	4,695
Loan ID 643	2/18/2019	24.74%	4,928	4,928	4,496
Loan ID 644	2/20/2017	15.85%	672	672	611
Loan ID 645	2/18/2017	19.05%	609	609	554
Loan ID 646	2/18/2019	16.55%	4,091	4,091	3,864
Loan ID 647	2/20/2017	14.35%	2,476	2,476	2,303
Loan ID 648	2/14/2017	28.50%	1,991	1,991	1,746
Loan ID 649	2/19/2017	15.85%	4,199	4,199	3,819
Loan ID 650	2/19/2017	8.79%	1,548	1,548	1,501

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 651	2/21/2017	17.95%	1,459	1,459	1,327
Loan ID 652	2/18/2017	8.79%	2,321	2,321	2,250
Loan ID 653	2/18/2017	10.39%	2,681	2,681	2,599
Loan ID 654	2/19/2017	14.00%	2,467	2,467	2,295
Loan ID 655	2/18/2017	16.20%	783	783	712
Loan ID 656	2/19/2017	16.55%	2,539	2,539	2,309
Loan ID 657	2/25/2019	20.30%	2,322	2,322	2,094
Loan ID 658	2/25/2017	10.89%	952	952	923
Loan ID 659	2/25/2017	11.39%	5,585	5,585	5,415
Loan ID 660	2/20/2017	12.39%	4,036	4,036	3,913
Loan ID 661	2/25/2017	18.55%	1,731	1,731	1,574
Loan ID 662	2/25/2017	10.39%	1,577	1,577	1,529
Loan ID 663	2/19/2019	19.05%	8,987	8,987	8,488
Loan ID 664	2/21/2019	23.94%	5,118	5,118	4,615
Loan ID 665	2/21/2019	14.65%	5,732	5,732	5,610
Loan ID 666	2/21/2017	19.05%	696	696	633
Loan ID 667	2/26/2017	12.64%	2,429	2,429	2,259
Loan ID 668	2/20/2017	13.14%	683	683	635
Loan ID 669	2/24/2017	10.39%	2,366	2,366	2,294
Loan ID 670	2/25/2017	9.90%	5,488	5,488	5,320
Loan ID 671	2/20/2017	13.14%	2,443	2,443	2,272
Loan ID 672	2/20/2017	8.79%	3,869	3,869	3,751
Loan ID 673	2/27/2017	13.05%	1,627	1,627	1,513
Loan ID 674	2/21/2017	8.79%	2,321	2,321	2,250
Loan ID 675	2/26/2019	19.70%	9,043	9,043	8,541
Loan ID 676	2/26/2017	19.05%	719	719	654
Loan ID 677	2/24/2019	14.35%	8,571	8,571	8,388
Loan ID 678	2/28/2019	10.29%	7,109	7,109	6,945
Loan ID 679	2/28/2019	13.85%	7,405	7,405	7,247
Loan ID 680	2/25/2017	11.89%	2,087	2,087	2,023
Loan ID 681	2/27/2017	26.24%	1,878	1,878	1,647
Loan ID 682	2/27/2017	14.65%	2,485	2,485	2,311
Loan ID 683	2/25/2019	15.85%	8,704	8,704	8,221
Loan ID 684	2/25/2019	13.14%	7,164	7,164	7,011
Loan ID 685	2/25/2019	16.05%	4,303	4,303	4,064
Loan ID 686	2/25/2019	14.65%	8,597	8,597	8,414
Loan ID 687	2/28/2019	13.85%	2,387	2,387	2,336
Loan ID 688	2/25/2017	29.24%	774	774	651
Loan ID 689	3/3/2017	17.15%	878	878	798
Loan ID 690	2/28/2017	10.29%	1,512	1,512	1,466
Loan ID 691	2/26/2019	10.89%	8,258	8,258	8,067
Loan ID 692	2/26/2019	12.24%	8,393	8,393	8,214
Loan ID 693	3/4/2019	17.15%	9,563	9,563	9,032
Loan ID 694	2/28/2019	16.05%	8,722	8,722	8,238
Loan ID 695	2/26/2019	14.65%	10,030	10,030	9,816
Loan ID 696	3/5/2017	10.29%	568	568	551
Loan ID 697	3/5/2017	10.29%	962	962	933
Loan ID 698	3/6/2019	13.50%	7,393	7,393	7,235
Loan ID 699	2/28/2017	17.25%	682	682	620
Loan ID 700	3/5/2019	16.75%	15,091	15,091	14,253

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 701	3/5/2019	13.50%	11,680	11,680	11,431
Loan ID 702	3/5/2019	20.30%	8,121	8,121	7,324
Loan ID 703	3/5/2017	9.80%	3,755	3,755	3,640
Loan ID 704	3/3/2017	13.55%	4,916	4,916	4,573
Loan ID 705	3/5/2017	11.19%	2,869	2,869	2,781
Loan ID 706	3/6/2019	24.24%	3,562	3,562	3,250
Loan ID 707	3/4/2019	26.44%	6,600	6,600	6,022
Loan ID 708	3/10/2017	18.55%	1,458	1,458	1,326
Loan ID 709	3/10/2017	12.64%	1,556	1,556	1,447
Loan ID 710	3/5/2017	12.64%	2,918	2,918	2,714
Loan ID 711	3/5/2017	13.50%	1,982	1,982	1,844
Loan ID 712	3/7/2019	17.45%	15,196	15,196	14,352
Loan ID 713	3/5/2019	15.35%	8,928	8,928	8,432
Loan ID 714	3/10/2017	21.00%	2,747	2,747	2,460
Loan ID 715	3/5/2017	12.24%	774	774	720
Loan ID 716	3/10/2019	15.70%	8,960	8,960	8,462
Loan ID 717	3/10/2017	20.30%	851	851	762
Loan ID 718	3/10/2017	8.74%	4,086	4,086	3,961
Loan ID 719	3/5/2019	18.90%	9,247	9,247	8,733
Loan ID 720	3/10/2017	13.50%	911	911	847
Loan ID 721	3/11/2017	25.74%	2,288	2,288	2,007
Loan ID 722	3/11/2019	20.30%	6,247	6,247	5,634
Loan ID 723	3/11/2017	11.19%	3,825	3,825	3,708
Loan ID 724	3/11/2019	19.20%	6,858	6,858	6,477
Loan ID 725	3/11/2019	14.15%	11,759	11,759	11,508
Loan ID 726	3/11/2017	11.59%	2,883	2,883	2,795
Loan ID 727	3/11/2019	17.15%	7,351	7,351	6,943
Loan ID 728	3/6/2019	17.45%	15,196	15,196	14,352
Loan ID 729	3/6/2017	28.00%	2,310	2,310	2,026
Loan ID 730	3/7/2017	28.00%	462	462	405
Loan ID 731	3/11/2019	16.05%	14,943	14,943	14,113
Loan ID 732	3/12/2017	10.29%	1,892	1,892	1,834
Loan ID 733	3/12/2017	12.64%	1,945	1,945	1,809
Loan ID 734	3/12/2019	13.85%	20,514	20,514	20,077
Loan ID 735	3/7/2017	13.85%	789	789	734
Loan ID 736	3/7/2017	13.05%	1,662	1,662	1,546
Loan ID 737	3/7/2019	18.90%	9,247	9,247	8,733
Loan ID 738	3/12/2019	22.54%	10,025	10,025	9,041
Loan ID 739	3/13/2017	10.29%	4,730	4,730	4,586
Loan ID 740	3/10/2017	15.35%	1,352	1,352	1,230
Loan ID 741	3/13/2019	19.60%	2,745	2,745	2,475
Loan ID 742	3/13/2017	11.99%	1,737	1,737	1,684
Loan ID 743	3/10/2019	12.39%	2,325	2,325	2,271
Loan ID 744	3/10/2017	9.80%	4,703	4,703	4,559
Loan ID 745	3/11/2019	16.05%	8,992	8,992	8,493
Loan ID 746	3/13/2017	8.74%	3,529	3,529	3,421
Loan ID 747	3/14/2017	14.15%	1,485	1,485	1,381
Loan ID 748	3/11/2019	12.64%	8,681	8,681	8,496
Loan ID 749	3/11/2019	17.90%	9,940	9,940	9,388
Loan ID 750	3/11/2017	11.19%	6,693	6,693	6,489

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 751	3/14/2019	11.59%	11,446	11,446	11,181
Loan ID 752	3/14/2019	15.35%	3,589	3,589	3,390
Loan ID 753	3/14/2019	16.75%	9,054	9,054	8,551
Loan ID 754	3/12/2019	12.24%	8,645	8,645	8,461
Loan ID 755	3/12/2019	13.85%	7,620	7,620	7,457
Loan ID 756	3/14/2017	26.44%	909	909	797
Loan ID 757	3/18/2019	11.59%	10,923	10,923	10,671
Loan ID 758	3/13/2017	12.24%	2,904	2,904	2,701
Loan ID 759	3/18/2017	12.24%	4,834	4,834	4,496
Loan ID 760	3/17/2017	22.54%	2,178	2,178	1,950
Loan ID 761	3/18/2017	10.29%	3,568	3,568	3,459
Loan ID 762	3/18/2017	15.35%	2,008	2,008	1,826
Loan ID 763	3/18/2017	9.80%	2,822	2,822	2,736
Loan ID 764	3/14/2019	14.50%	2,950	2,950	2,887
Loan ID 765	3/19/2017	12.24%	1,162	1,162	1,081
Loan ID 766	3/19/2019	13.85%	7,034	7,034	6,884
Loan ID 767	3/19/2019	13.05%	11,642	11,642	11,394
Loan ID 768	3/19/2017	16.35%	2,152	2,152	1,957
Loan ID 769	3/17/2019	25.74%	5,905	5,905	5,388
Loan ID 770	3/17/2017	28.00%	1,376	1,376	1,207
Loan ID 771	3/19/2017	9.80%	2,822	2,822	2,736
Loan ID 772	3/19/2019	17.90%	9,158	9,158	8,649
Loan ID 773	3/19/2017	11.99%	1,883	1,883	1,826
Loan ID 774	3/17/2019	16.35%	7,215	7,215	6,814
Loan ID 775	3/20/2017	8.74%	2,786	2,786	2,701
Loan ID 776	3/19/2019	11.59%	8,585	8,585	8,387
Loan ID 777	3/19/2017	9.20%	6,537	6,537	6,337
Loan ID 778	3/19/2019	17.15%	8,788	8,788	8,300
Loan ID 779	3/18/2017	12.64%	892	892	830
Loan ID 780	3/20/2017	14.15%	2,970	2,970	2,763
Loan ID 781	3/20/2017	14.15%	4,974	4,974	4,627
Loan ID 782	3/18/2019	15.70%	6,855	6,855	6,474
Loan ID 783	3/21/2017	11.99%	981	981	951
Loan ID 784	3/21/2017	11.99%	2,935	2,935	2,845
Loan ID 785	3/20/2019	15.35%	8,928	8,928	8,432
Loan ID 786	3/19/2019	11.59%	4,579	4,579	4,473
Loan ID 787	3/20/2017	11.59%	1,345	1,345	1,304
Loan ID 788	3/19/2017	15.35%	3,012	3,012	2,739
Loan ID 789	3/19/2017	13.50%	1,965	1,965	1,828
Loan ID 790	3/19/2017	8.74%	2,786	2,786	2,701
Loan ID 791	3/19/2017	14.50%	2,386	2,386	2,219
Loan ID 792	3/25/2019	18.90%	9,247	9,247	8,733
Loan ID 793	3/20/2019	14.50%	8,851	8,851	8,662
Loan ID 794	3/25/2017	19.20%	902	902	820
Loan ID 795	3/25/2017	11.99%	3,494	3,494	3,387
Loan ID 796	3/25/2017	9.20%	726	726	704
Loan ID 797	3/24/2017	18.25%	3,113	3,113	2,831
Loan ID 798	3/25/2017	25.74%	1,578	1,578	1,384
Loan ID 799	3/25/2017	12.64%	4,925	4,925	4,581
Loan ID 800	3/25/2017	22.54%	871	871	780

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 801	3/25/2017	17.90%	1,884	1,884	1,713
Loan ID 802	3/26/2019	13.85%	14,653	14,653	14,341
Loan ID 803	3/26/2019	13.85%	8,792	8,792	8,605
Loan ID 804	3/24/2019	13.50%	8,760	8,760	8,573
Loan ID 805	3/26/2019	15.35%	14,880	14,880	14,053
Loan ID 806	3/26/2019	12.24%	20,884	20,884	20,439
Loan ID 807	3/24/2019	21.85%	6,338	6,338	5,716
Loan ID 808	3/26/2017	8.74%	3,714	3,714	3,601
Loan ID 809	3/27/2017	16.75%	70	70	64
Loan ID 810	3/26/2017	14.50%	2,983	2,983	2,775
Loan ID 811	3/25/2017	15.35%	1,502	1,502	1,366
Loan ID 812	3/27/2019	13.50%	11,680	11,680	11,431
Loan ID 813	3/27/2019	11.99%	11,495	11,495	11,229
Loan ID 814	3/26/2017	16.35%	914	914	831
Loan ID 815	3/25/2017	19.20%	2,098	2,098	1,908
Loan ID 816	3/27/2019	21.85%	6,338	6,338	5,716
Loan ID 817	3/25/2019	13.05%	2,924	2,924	2,862
Loan ID 818	3/27/2017	19.20%	2,681	2,681	2,438
Loan ID 819	3/28/2019	14.50%	14,619	14,619	14,307
Loan ID 820	3/27/2017	18.55%	5,207	5,207	4,735
Loan ID 821	3/27/2017	14.15%	1,188	1,188	1,105
Loan ID 822	3/27/2017	13.50%	2,555	2,555	2,377
Loan ID 823	3/28/2019	16.75%	9,054	9,054	8,551
Loan ID 824	3/28/2017	15.35%	1,707	1,707	1,552
Loan ID 825	3/27/2019	16.35%	3,908	3,908	3,691
Loan ID 826	3/28/2019	14.85%	8,883	8,883	8,694
Loan ID 827	3/28/2019	15.35%	5,952	5,952	5,621
Loan ID 828	3/26/2017	22.54%	871	871	780
Loan ID 829	3/31/2017	16.05%	2,424	2,424	2,204
Loan ID 830	3/31/2019	10.89%	12,647	12,647	12,355
Loan ID 831	3/27/2017	11.19%	2,869	2,869	2,781
Loan ID 832	3/27/2017	18.25%	1,284	1,284	1,168
Loan ID 833	3/27/2017	23.44%	3,577	3,577	3,203
Loan ID 834	3/31/2019	17.45%	6,377	6,377	6,023
Loan ID 835	4/1/2017	16.35%	956	956	869
Loan ID 836	4/1/2019	14.85%	9,121	9,121	8,926
Loan ID 837	4/1/2019	18.90%	8,531	8,531	8,057
Loan ID 838	4/1/2019	14.50%	12,182	12,182	11,922
Loan ID 839	3/31/2017	11.19%	2,865	2,865	2,778
Loan ID 840	4/1/2019	14.15%	12,078	12,078	11,820
Loan ID 841	4/1/2017	13.85%	2,742	2,742	2,550
Loan ID 842	4/1/2017	17.15%	3,554	3,554	3,232
Loan ID 843	4/1/2019	19.60%	2,250	2,250	2,029
Loan ID 844	4/1/2017	25.74%	1,578	1,578	1,384
Loan ID 845	4/1/2019	19.20%	9,506	9,506	8,978
Loan ID 846	4/2/2017	14.50%	4,842	4,842	4,504
Loan ID 847	4/1/2017	9.20%	5,421	5,421	5,256
Loan ID 848	3/28/2019	12.64%	17,943	17,943	17,560
Loan ID 849	4/2/2017	12.24%	673	673	626
Loan ID 850	4/2/2019	13.85%	5,305	5,305	5,192

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 851	4/2/2017	15.70%	462	462	420
Loan ID 852	4/2/2019	19.20%	12,674	12,674	11,970
Loan ID 853	4/2/2017	8.74%	2,157	2,157	2,091
Loan ID 854	4/2/2017	10.89%	3,316	3,316	3,215
Loan ID 855	4/2/2017	11.59%	5,570	5,570	5,400
Loan ID 856	4/1/2017	12.64%	2,705	2,705	2,516
Loan ID 857	4/1/2017	18.55%	2,406	2,406	2,188
Loan ID 858	4/2/2017	8.74%	1,947	1,947	1,888
Loan ID 859	4/1/2019	13.05%	20,905	20,905	20,459
Loan ID 860	4/1/2019	18.25%	6,744	6,744	6,369
Loan ID 861	4/2/2017	8.74%	2,157	2,157	2,091
Loan ID 862	4/1/2019	15.70%	12,263	12,263	11,582
Loan ID 863	4/1/2017	16.35%	2,819	2,819	2,564
Loan ID 864	4/3/2019	28.00%	2,790	2,790	2,546
Loan ID 865	4/3/2019	16.75%	15,483	15,483	14,623
Loan ID 866	4/3/2017	12.24%	2,245	2,245	2,088
Loan ID 867	4/2/2019	18.90%	15,798	15,798	14,920
Loan ID 868	4/3/2019	22.54%	6,529	6,529	5,888
Loan ID 869	4/2/2019	18.90%	2,528	2,528	2,388
Loan ID 870	4/3/2017	16.35%	178	178	162
Loan ID 871	4/3/2019	13.05%	5,973	5,973	5,846
Loan ID 872	4/3/2017	15.35%	5,227	5,227	4,753
Loan ID 873	4/3/2017	9.80%	3,275	3,275	3,175
Loan ID 874	4/2/2019	15.70%	15,328	15,328	14,477
Loan ID 875	3/31/2019	14.85%	8,877	8,877	8,688
Loan ID 876	4/3/2017	15.35%	1,017	1,017	925
Loan ID 877	4/2/2017	14.15%	5,729	5,729	5,329
Loan ID 878	4/2/2017	12.24%	1,490	1,490	1,386
Loan ID 879	4/3/2017	8.74%	863	863	837
Loan ID 880	4/3/2017	8.74%	4,313	4,313	4,181
Loan ID 881	4/2/2019	11.59%	5,296	5,296	5,174
Loan ID 882	3/31/2017	9.80%	3,382	3,382	3,279
Loan ID 883	4/3/2019	21.85%	6,509	6,509	5,870
Loan ID 884	4/2/2019	12.24%	1,185	1,185	1,160
Loan ID 885	4/3/2017	14.85%	924	924	859
Loan ID 886	4/2/2017	14.50%	2,321	2,321	2,159
Loan ID 887	4/3/2017	23.44%	887	887	794
Loan ID 888	4/3/2017	11.19%	2,218	2,218	2,150
Loan ID 889	4/3/2019	19.20%	4,436	4,436	4,190
Loan ID 890	4/3/2017	8.74%	3,235	3,235	3,136
Loan ID 891	4/2/2019	17.45%	10,599	10,599	10,010
Loan ID 892	4/3/2017	28.00%	1,062	1,062	931
Loan ID 893	4/2/2017	8.74%	1,079	1,079	1,046
Loan ID 894	4/3/2017	13.85%	3,428	3,428	3,189
Loan ID 895	4/4/2017	11.99%	2,238	2,238	2,170
Loan ID 896	4/3/2017	13.85%	5,713	5,713	5,314
Loan ID 897	3/31/2019	25.74%	6,552	6,552	5,978
Loan ID 898	4/3/2019	21.85%	6,742	6,742	6,080
Loan ID 899	4/4/2017	15.35%	2,323	2,323	2,113
Loan ID 900	4/4/2019	17.15%	9,357	9,357	8,837

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 901	4/3/2017	13.50%	2,551	2,551	2,373
Loan ID 902	4/4/2019	18.25%	9,422	9,422	8,899
Loan ID 903	4/4/2017	19.60%	1,825	1,825	1,634
Loan ID 904	4/4/2017	11.99%	3,387	3,387	3,284
Loan ID 905	4/3/2017	28.00%	531	531	466
Loan ID 906	4/4/2017	16.75%	4,011	4,011	3,648
Loan ID 907	4/3/2017	8.74%	2,157	2,157	2,091
Loan ID 908	4/1/2017	23.44%	1,064	1,064	953
Loan ID 909	4/1/2019	19.20%	15,842	15,842	14,962
Loan ID 910	4/3/2017	13.05%	3,397	3,397	3,160
Loan ID 911	4/3/2019	17.90%	9,391	9,391	8,869
Loan ID 912	4/4/2019	18.25%	4,083	4,083	3,856
Loan ID 913	4/1/2017	14.15%	802	802	746
Loan ID 914	4/1/2019	18.90%	15,799	15,799	14,921
Loan ID 915	4/3/2017	11.59%	5,570	5,570	5,400
Loan ID 916	4/3/2019	12.24%	10,070	10,070	9,855
Loan ID 917	4/4/2017	8.74%	3,451	3,451	3,346
Loan ID 918	4/4/2017	15.35%	2,091	2,091	1,902
Loan ID 919	4/1/2019	10.29%	11,611	11,611	11,343
Loan ID 920	4/4/2019	15.35%	15,276	15,276	14,427
Loan ID 921	4/3/2017	12.64%	3,382	3,382	3,146
Loan ID 922	4/7/2017	10.89%	3,316	3,316	3,215
Loan ID 923	4/1/2019	23.44%	6,580	6,580	5,934
Loan ID 924	4/7/2019	11.59%	116	116	113
Loan ID 925	4/3/2019	27.24%	6,816	6,816	6,219
Loan ID 926	4/3/2017	24.24%	1,788	1,788	1,568
Loan ID 927	4/1/2019	11.19%	11,720	11,720	11,449
Loan ID 928	4/7/2017	21.00%	2,469	2,469	2,211
Loan ID 929	4/3/2019	12.24%	20,733	20,733	20,291
Loan ID 930	4/2/2017	10.29%	1,427	1,427	1,383
Loan ID 931	4/3/2019	13.50%	9,299	9,299	9,101
Loan ID 932	4/3/2019	14.15%	6,039	6,039	5,910
Loan ID 933	4/7/2019	19.20%	4,119	4,119	3,890
Loan ID 934	4/7/2019	11.59%	9,415	9,415	9,197
Loan ID 935	4/4/2017	28.74%	1,077	1,077	905
Loan ID 936	4/2/2019	17.15%	9,346	9,346	8,827
Loan ID 937	4/7/2017	12.24%	1,315	1,315	1,223
Loan ID 938	4/7/2017	18.25%	1,918	1,918	1,744
Loan ID 939	4/4/2019	15.70%	15,328	15,328	14,477
Loan ID 940	4/2/2017	19.60%	3,649	3,649	3,267
Loan ID 941	4/7/2019	24.24%	3,765	3,765	3,435
Loan ID 942	4/2/2019	13.50%	20,984	20,984	20,536
Loan ID 943	4/4/2017	9.20%	2,168	2,168	2,102
Loan ID 944	4/7/2019	22.54%	9,793	9,793	8,831
Loan ID 945	4/7/2019	12.64%	4,461	4,461	4,366
Loan ID 946	4/7/2019	26.44%	6,746	6,746	6,155
Loan ID 947	4/4/2019	14.85%	15,202	15,202	14,878
Loan ID 948	4/4/2017	11.59%	1,782	1,782	1,728
Loan ID 949	4/4/2017	12.24%	2,457	2,457	2,285
Loan ID 950	4/4/2019	16.05%	9,285	9,285	8,769

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 951	4/7/2017	15.70%	746	746	678
Loan ID 952	4/2/2019	24.24%	6,625	6,625	6,045
Loan ID 953	4/4/2017	14.50%	3,453	3,453	3,212
Loan ID 954	4/2/2019	18.25%	2,513	2,513	2,373
Loan ID 955	4/4/2019	15.70%	8,082	8,082	7,633
Loan ID 956	4/2/2019	10.29%	96	96	94
Loan ID 957	4/7/2019	14.85%	1,414	1,414	1,384
Loan ID 958	4/7/2019	18.25%	15,704	15,704	14,832
Loan ID 959	4/8/2017	20.30%	2,467	2,467	2,209
Loan ID 960	4/8/2017	13.05%	940	940	874
Loan ID 961	4/8/2017	19.60%	3,649	3,649	3,267
Loan ID 962	4/4/2019	11.99%	6,795	6,795	6,638
Loan ID 963	4/8/2017	8.74%	2,804	2,804	2,718
Loan ID 964	4/4/2019	17.15%	3,264	3,264	3,083
Loan ID 965	4/2/2019	16.35%	9,255	9,255	8,741
Loan ID 966	4/8/2017	15.70%	466	466	424
Loan ID 967	4/8/2017	13.05%	1,000	1,000	930
Loan ID 968	4/2/2017	25.74%	1,038	1,038	910
Loan ID 969	4/4/2017	14.15%	3,439	3,439	3,199
Loan ID 970	4/8/2017	13.05%	2,265	2,265	2,107
Loan ID 971	4/8/2019	21.00%	6,441	6,441	5,809
Loan ID 972	4/8/2017	16.35%	940	940	855
Loan ID 973	4/7/2019	19.20%	3,802	3,802	3,591
Loan ID 974	4/8/2017	12.24%	3,360	3,360	3,125
Loan ID 975	4/8/2019	17.15%	15,543	15,543	14,680
Loan ID 976	4/3/2019	18.90%	9,479	9,479	8,952
Loan ID 977	4/7/2019	18.90%	4,042	4,042	3,817
Loan ID 978	4/8/2017	18.55%	1,161	1,161	1,056
Loan ID 979	4/3/2019	18.90%	9,479	9,479	8,952
Loan ID 980	4/8/2019	11.99%	14,772	14,772	14,431
Loan ID 981	4/8/2017	17.45%	951	951	865
Loan ID 982	4/8/2017	14.15%	3,458	3,458	3,216
Loan ID 983	4/7/2017	11.19%	3,327	3,327	3,225
Loan ID 984	4/8/2019	21.00%	2,576	2,576	2,323
Loan ID 985	4/7/2019	17.15%	5,906	5,906	5,578
Loan ID 986	4/8/2019	13.05%	17,918	17,918	17,536
Loan ID 987	4/7/2017	9.20%	7,589	7,589	7,357
Loan ID 988	4/8/2019	14.50%	9,090	9,090	8,896
Loan ID 989	4/3/2017	17.15%	3,638	3,638	3,308
Loan ID 990	4/8/2017	11.59%	1,114	1,114	1,080
Loan ID 991	4/3/2019	21.85%	3,894	3,894	3,512
Loan ID 992	4/7/2017	8.74%	3,235	3,235	3,136
Loan ID 993	4/3/2017	9.20%	867	867	841
Loan ID 994	4/7/2019	13.85%	7,501	7,501	7,341
Loan ID 995	4/8/2019	18.55%	15,773	15,773	14,897
Loan ID 996	4/7/2017	9.20%	1,827	1,827	1,771
Loan ID 997	4/7/2019	20.30%	6,195	6,195	5,587
Loan ID 998	4/8/2017	21.00%	1,728	1,728	1,547
Loan ID 999	4/3/2017	23.44%	887	887	794
Loan ID 1000	4/3/2019	11.19%	11,741	11,741	11,470

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1001	4/7/2019	16.35%	1,542	1,542	1,456
Loan ID 1002	4/3/2017	8.74%	1,941	1,941	1,882
Loan ID 1003	4/7/2017	28.00%	1,881	1,881	1,650
Loan ID 1004	4/9/2017	11.99%	6,753	6,753	6,547
Loan ID 1005	4/9/2017	9.20%	650	650	630
Loan ID 1006	4/7/2019	14.15%	9,058	9,058	8,865
Loan ID 1007	4/9/2017	8.74%	3,235	3,235	3,136
Loan ID 1008	4/8/2017	10.29%	3,293	3,293	3,192
Loan ID 1009	4/8/2017	13.05%	725	725	674
Loan ID 1010	4/8/2019	13.85%	4,215	4,215	4,125
Loan ID 1011	4/8/2017	17.90%	955	955	868
Loan ID 1012	4/3/2017	17.90%	1,433	1,433	1,303
Loan ID 1013	4/8/2017	12.64%	3,382	3,382	3,146
Loan ID 1014	4/9/2017	14.15%	1,834	1,834	1,706
Loan ID 1015	4/3/2019	17.15%	2,487	2,487	2,349
Loan ID 1016	4/8/2019	13.85%	7,827	7,827	7,660
Loan ID 1017	4/4/2019	14.15%	7,247	7,247	7,092
Loan ID 1018	4/4/2017	21.00%	2,469	2,469	2,211
Loan ID 1019	4/8/2017	22.54%	1,428	1,428	1,279
Loan ID 1020	4/4/2017	15.35%	1,626	1,626	1,479
Loan ID 1021	4/8/2019	12.24%	20,733	20,733	20,291
Loan ID 1022	4/4/2017	11.99%	3,357	3,357	3,255
Loan ID 1023	4/8/2019	21.00%	6,436	6,436	5,804
Loan ID 1024	4/8/2017	12.24%	786	786	731
Loan ID 1025	4/8/2017	16.75%	853	853	776
Loan ID 1026	4/9/2017	13.05%	5,662	5,662	5,267
Loan ID 1027	4/9/2019	15.70%	5,820	5,820	5,497
Loan ID 1028	4/8/2019	15.35%	15,276	15,276	14,427
Loan ID 1029	4/9/2017	12.24%	2,244	2,244	2,087
Loan ID 1030	4/4/2019	17.90%	9,330	9,330	8,812
Loan ID 1031	4/8/2017	18.25%	3,597	3,597	3,271
Loan ID 1032	4/9/2019	13.85%	15,052	15,052	14,731
Loan ID 1033	4/4/2017	14.50%	1,611	1,611	1,498
Loan ID 1034	4/8/2017	17.90%	2,389	2,389	2,173
Loan ID 1035	4/8/2019	16.35%	9,255	9,255	8,741
Loan ID 1036	4/9/2019	16.05%	9,228	9,228	8,715
Loan ID 1037	4/9/2019	20.30%	6,401	6,401	5,772
Loan ID 1038	4/8/2019	17.45%	6,235	6,235	5,889
Loan ID 1039	4/8/2017	13.05%	1,585	1,585	1,474
Loan ID 1040	4/8/2017	26.44%	2,075	2,075	1,820
Loan ID 1041	4/4/2017	13.50%	683	683	635
Loan ID 1042	4/8/2019	17.45%	15,960	15,960	15,073
Loan ID 1043	4/10/2017	9.20%	1,487	1,487	1,442
Loan ID 1044	4/8/2019	18.90%	9,509	9,509	8,981
Loan ID 1045	4/10/2017	9.80%	2,630	2,630	2,550
Loan ID 1046	4/4/2019	13.05%	6,869	6,869	6,723
Loan ID 1047	4/4/2017	11.99%	560	560	543
Loan ID 1048	4/4/2017	13.50%	2,617	2,617	2,434
Loan ID 1049	4/8/2019	13.05%	1,490	1,490	1,458
Loan ID 1050	4/10/2019	13.50%	21,005	21,005	20,557

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1051	4/9/2017	15.70%	1,166	1,166	1,060
Loan ID 1052	4/4/2019	11.19%	8,790	8,790	8,587
Loan ID 1053	4/10/2017	10.89%	3,025	3,025	2,933
Loan ID 1054	4/10/2017	15.70%	1,166	1,166	1,060
Loan ID 1055	4/10/2019	13.05%	8,959	8,959	8,768
Loan ID 1056	4/10/2019	16.75%	6,204	6,204	5,859
Loan ID 1057	4/7/2019	19.20%	9,505	9,505	8,977
Loan ID 1058	4/7/2019	19.60%	9,559	9,559	8,620
Loan ID 1059	4/9/2019	18.90%	8,215	8,215	7,759
Loan ID 1060	4/10/2017	9.20%	3,252	3,252	3,153
Loan ID 1061	4/7/2017	17.90%	2,030	2,030	1,846
Loan ID 1062	4/7/2019	12.24%	21,295	21,295	20,841
Loan ID 1063	4/7/2017	11.99%	4,476	4,476	4,339
Loan ID 1064	4/9/2017	25.74%	3,010	3,010	2,640
Loan ID 1065	4/9/2017	20.30%	3,606	3,606	3,229
Loan ID 1066	4/7/2017	30.09%	1,084	1,084	911
Loan ID 1067	4/10/2019	19.20%	6,344	6,344	5,992
Loan ID 1068	4/7/2019	10.89%	11,479	11,479	11,214
Loan ID 1069	4/7/2019	11.19%	3,809	3,809	3,721
Loan ID 1070	4/9/2017	11.19%	3,784	3,784	3,668
Loan ID 1071	4/7/2017	8.74%	863	863	837
Loan ID 1072	4/10/2019	16.05%	6,073	6,073	5,736
Loan ID 1073	4/7/2017	10.29%	4,375	4,375	4,241
Loan ID 1074	4/9/2019	14.15%	15,097	15,097	14,775
Loan ID 1075	4/9/2017	14.15%	2,407	2,407	2,239
Loan ID 1076	4/10/2019	14.50%	6,210	6,210	6,078
Loan ID 1077	4/7/2017	30.09%	1,084	1,084	911
Loan ID 1078	4/9/2017	20.30%	2,085	2,085	1,867
Loan ID 1079	4/9/2019	13.50%	7,200	7,200	7,046
Loan ID 1080	4/8/2017	22.54%	2,510	2,510	2,247
Loan ID 1081	4/8/2017	14.85%	4,858	4,858	4,519
Loan ID 1082	4/9/2017	17.45%	713	713	648
Loan ID 1083	4/11/2017	13.05%	906	906	843
Loan ID 1084	4/9/2019	18.25%	9,422	9,422	8,899
Loan ID 1085	4/9/2017	14.15%	2,293	2,293	2,133
Loan ID 1086	4/11/2017	17.90%	2,389	2,389	2,173
Loan ID 1087	4/10/2017	16.35%	2,111	2,111	1,920
Loan ID 1088	4/8/2019	21.85%	5,841	5,841	5,267
Loan ID 1089	4/11/2017	16.35%	940	940	855
Loan ID 1090	4/10/2019	15.35%	9,872	9,872	9,324
Loan ID 1091	4/10/2019	17.15%	3,108	3,108	2,935
Loan ID 1092	4/11/2017	13.05%	1,019	1,019	948
Loan ID 1093	4/10/2017	8.74%	5,392	5,392	5,227
Loan ID 1094	4/11/2017	11.19%	1,109	1,109	1,075
Loan ID 1095	4/10/2019	16.35%	5,553	5,553	5,245
Loan ID 1096	4/10/2019	17.90%	10,128	10,128	9,565
Loan ID 1097	4/10/2019	15.70%	3,679	3,679	3,475
Loan ID 1098	4/11/2017	17.90%	3,583	3,583	3,258
Loan ID 1099	4/11/2019	15.35%	6,110	6,110	5,771
Loan ID 1100	4/8/2019	10.29%	10,450	10,450	10,208

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1101	4/10/2017	13.05%	2,265	2,265	2,107
Loan ID 1102	4/10/2019	24.24%	7,069	7,069	6,450
Loan ID 1103	4/11/2019	17.15%	2,487	2,487	2,349
Loan ID 1104	4/10/2017	10.89%	3,316	3,316	3,215
Loan ID 1105	4/10/2019	14.50%	13,937	13,937	13,640
Loan ID 1106	4/11/2017	11.59%	3,342	3,342	3,240
Loan ID 1107	4/10/2019	14.15%	15,097	15,097	14,775
Loan ID 1108	4/8/2017	16.35%	2,349	2,349	2,136
Loan ID 1109	4/10/2019	13.85%	12,059	12,059	11,802
Loan ID 1110	4/11/2017	23.44%	1,070	1,070	958
Loan ID 1111	4/8/2019	18.55%	13,961	13,961	13,186
Loan ID 1112	4/8/2017	19.20%	3,634	3,634	3,305
Loan ID 1113	4/10/2019	17.15%	3,419	3,419	3,229
Loan ID 1114	4/8/2017	16.35%	2,231	2,231	2,029
Loan ID 1115	4/11/2019	18.90%	9,479	9,479	8,952
Loan ID 1116	4/8/2019	15.70%	15,556	15,556	14,692
Loan ID 1117	4/8/2017	11.59%	3,342	3,342	3,240
Loan ID 1118	4/11/2017	11.19%	1,863	1,863	1,806
Loan ID 1119	4/10/2017	9.20%	3,252	3,252	3,153
Loan ID 1120	4/10/2019	10.89%	5,842	5,842	5,707
Loan ID 1121	4/8/2017	11.19%	1,663	1,663	1,612
Loan ID 1122	4/11/2019	15.35%	9,166	9,166	8,657
Loan ID 1123	4/8/2017	9.20%	564	564	547
Loan ID 1124	4/11/2017	26.44%	1,403	1,403	1,230
Loan ID 1125	4/11/2017	17.90%	3,583	3,583	3,258
Loan ID 1126	4/10/2019	12.64%	8,923	8,923	8,733
Loan ID 1127	4/8/2019	16.75%	9,349	9,349	8,830
Loan ID 1128	4/10/2017	12.24%	1,683	1,683	1,565
Loan ID 1129	4/10/2019	26.44%	5,060	5,060	4,617
Loan ID 1130	4/8/2019	24.24%	7,069	7,069	6,450
Loan ID 1131	4/10/2017	28.00%	1,062	1,062	931
Loan ID 1132	4/14/2017	15.35%	3,485	3,485	3,169
Loan ID 1133	4/14/2017	11.19%	2,704	2,704	2,621
Loan ID 1134	4/8/2017	12.24%	2,244	2,244	2,087
Loan ID 1135	4/14/2019	14.50%	9,091	9,091	8,897
Loan ID 1136	4/9/2017	16.75%	708	708	644
Loan ID 1137	4/10/2017	15.35%	3,485	3,485	3,169
Loan ID 1138	4/9/2017	26.44%	1,571	1,571	1,378
Loan ID 1139	4/9/2017	10.29%	3,293	3,293	3,192
Loan ID 1140	4/10/2019	10.89%	8,763	8,763	8,560
Loan ID 1141	4/14/2017	17.45%	5,943	5,943	5,405
Loan ID 1142	4/9/2017	11.59%	1,043	1,043	1,011
Loan ID 1143	4/10/2019	21.85%	6,489	6,489	5,852
Loan ID 1144	4/9/2019	18.25%	9,422	9,422	8,899
Loan ID 1145	4/11/2017	9.80%	3,275	3,275	3,175
Loan ID 1146	4/11/2019	17.90%	13,483	13,483	12,734
Loan ID 1147	4/14/2019	15.35%	9,187	9,187	8,677
Loan ID 1148	4/11/2019	17.45%	9,975	9,975	9,421
Loan ID 1149	4/14/2019	21.00%	6,441	6,441	5,809
Loan ID 1150	4/14/2017	23.44%	1,632	1,632	1,461

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1151	4/9/2017	12.24%	1,683	1,683	1,565
Loan ID 1152	4/11/2017	12.24%	2,211	2,211	2,057
Loan ID 1153	4/11/2019	18.55%	15,748	15,748	14,873
Loan ID 1154	4/11/2017	18.90%	2,415	2,415	2,196
Loan ID 1155	4/14/2017	16.35%	815	815	741
Loan ID 1156	4/9/2017	12.24%	3,366	3,366	3,131
Loan ID 1157	4/11/2017	21.00%	988	988	885
Loan ID 1158	4/9/2019	15.35%	6,864	6,864	6,483
Loan ID 1159	4/9/2017	10.29%	2,174	2,174	2,108
Loan ID 1160	4/11/2019	14.15%	15,155	15,155	14,832
Loan ID 1161	4/9/2017	16.05%	936	936	851
Loan ID 1162	4/9/2017	10.89%	7,161	7,161	6,942
Loan ID 1163	4/15/2017	24.24%	3,004	3,004	2,635
Loan ID 1164	4/15/2017	17.45%	838	838	762
Loan ID 1165	4/9/2017	20.30%	3,448	3,448	3,087
Loan ID 1166	4/11/2017	9.20%	1,735	1,735	1,682
Loan ID 1167	4/9/2019	15.35%	14,054	14,054	13,273
Loan ID 1168	4/15/2017	19.60%	3,649	3,649	3,267
Loan ID 1169	4/9/2019	19.60%	6,360	6,360	5,735
Loan ID 1170	4/9/2017	9.20%	1,735	1,735	1,682
Loan ID 1171	4/11/2017	13.85%	937	937	872
Loan ID 1172	4/11/2019	24.24%	6,625	6,625	6,045
Loan ID 1173	4/15/2019	15.70%	9,197	9,197	8,686
Loan ID 1174	4/11/2019	17.90%	12,522	12,522	11,826
Loan ID 1175	4/11/2019	12.64%	8,327	8,327	8,149
Loan ID 1176	4/11/2019	19.20%	5,703	5,703	5,386
Loan ID 1177	4/15/2019	13.05%	14,932	14,932	14,614
Loan ID 1178	4/10/2019	16.05%	4,306	4,306	4,067
Loan ID 1179	4/11/2019	12.24%	14,809	14,809	14,493
Loan ID 1180	4/15/2017	9.20%	3,252	3,252	3,153
Loan ID 1181	4/15/2017	13.05%	2,676	2,676	2,489
Loan ID 1182	4/15/2019	14.85%	15,202	15,202	14,878
Loan ID 1183	4/15/2019	24.24%	6,625	6,625	6,045
Loan ID 1184	4/10/2017	15.70%	2,350	2,350	2,137
Loan ID 1185	4/10/2017	24.24%	766	766	672
Loan ID 1186	4/14/2019	19.20%	9,505	9,505	8,977
Loan ID 1187	4/14/2017	18.55%	1,767	1,767	1,607
Loan ID 1188	4/15/2019	13.85%	4,516	4,516	4,420
Loan ID 1189	4/10/2019	17.45%	9,352	9,352	8,833
Loan ID 1190	4/14/2019	16.05%	9,236	9,236	8,723
Loan ID 1191	4/15/2017	15.35%	1,394	1,394	1,268
Loan ID 1192	4/10/2019	14.85%	15,202	15,202	14,878
Loan ID 1193	4/14/2017	10.29%	1,996	1,996	1,935
Loan ID 1194	4/15/2019	13.05%	8,959	8,959	8,768
Loan ID 1195	4/15/2017	8.74%	3,235	3,235	3,136
Loan ID 1196	4/15/2019	18.90%	9,479	9,479	8,952
Loan ID 1197	4/10/2019	14.85%	15,202	15,202	14,878
Loan ID 1198	4/14/2017	9.80%	3,275	3,275	3,175
Loan ID 1199	4/14/2017	13.05%	2,378	2,378	2,212
Loan ID 1200	4/14/2019	20.30%	9,601	9,601	8,658

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1201	4/14/2017	9.80%	2,838	2,838	2,751
Loan ID 1202	4/10/2019	16.05%	9,228	9,228	8,715
Loan ID 1203	4/15/2017	14.85%	4,621	4,621	4,298
Loan ID 1204	4/14/2017	11.19%	7,763	7,763	7,526
Loan ID 1205	4/15/2019	13.50%	6,000	6,000	5,872
Loan ID 1206	4/14/2019	18.90%	8,847	8,847	8,356
Loan ID 1207	4/15/2019	13.05%	14,932	14,932	14,614
Loan ID 1208	4/14/2017	8.74%	3,235	3,235	3,136
Loan ID 1209	4/10/2019	11.59%	10,592	10,592	10,347
Loan ID 1210	4/14/2017	10.29%	4,391	4,391	4,257
Loan ID 1211	4/10/2017	12.24%	3,366	3,366	3,131
Loan ID 1212	4/14/2017	25.74%	2,594	2,594	2,275
Loan ID 1213	4/15/2017	16.75%	1,769	1,769	1,609
Loan ID 1214	4/15/2017	16.05%	3,512	3,512	3,194
Loan ID 1215	4/14/2019	12.64%	8,922	8,922	8,732
Loan ID 1216	4/14/2019	14.15%	15,097	15,097	14,775
Loan ID 1217	4/15/2019	13.85%	9,034	9,034	8,841
Loan ID 1218	4/15/2017	10.89%	2,652	2,652	2,571
Loan ID 1219	4/15/2017	9.20%	1,344	1,344	1,303
Loan ID 1220	4/14/2017	21.85%	2,990	2,990	2,677
Loan ID 1221	4/16/2019	14.50%	15,149	15,149	14,826
Loan ID 1222	4/10/2017	13.05%	3,415	3,415	3,176
Loan ID 1223	4/14/2017	14.50%	3,453	3,453	3,212
Loan ID 1224	4/10/2017	17.90%	1,147	1,147	1,043
Loan ID 1225	4/14/2019	14.85%	6,081	6,081	5,951
Loan ID 1226	4/16/2017	11.99%	2,126	2,126	2,061
Loan ID 1227	4/10/2017	11.99%	3,357	3,357	3,255
Loan ID 1228	4/14/2019	13.85%	12,074	12,074	11,817
Loan ID 1229	4/16/2017	16.35%	3,523	3,523	3,204
Loan ID 1230	4/16/2017	9.80%	437	437	424
Loan ID 1231	4/16/2017	15.35%	1,849	1,849	1,681
Loan ID 1232	4/10/2017	11.59%	2,228	2,228	2,160
Loan ID 1233	4/14/2017	21.00%	988	988	885
Loan ID 1234	4/16/2019	12.24%	20,733	20,733	20,291
Loan ID 1235	4/10/2017	25.74%	2,443	2,443	2,143
Loan ID 1236	4/15/2019	15.70%	3,961	3,961	3,741
Loan ID 1237	4/10/2017	11.19%	4,007	4,007	3,885
Loan ID 1238	4/16/2017	16.75%	2,173	2,173	1,976
Loan ID 1239	4/15/2017	17.15%	515	515	468
Loan ID 1240	4/15/2017	15.70%	1,311	1,311	1,192
Loan ID 1241	4/16/2017	28.00%	3,660	3,660	3,210
Loan ID 1242	4/15/2017	22.54%	878	878	786
Loan ID 1243	4/16/2019	15.35%	9,166	9,166	8,657
Loan ID 1244	4/15/2017	16.05%	1,053	1,053	958
Loan ID 1245	4/11/2019	14.15%	9,058	9,058	8,865
Loan ID 1246	4/15/2017	23.44%	760	760	680
Loan ID 1247	4/16/2019	16.05%	9,297	9,297	8,781
Loan ID 1248	4/11/2017	17.45%	2,258	2,258	2,053
Loan ID 1249	4/16/2017	11.19%	3,770	3,770	3,655
Loan ID 1250	4/15/2019	18.25%	6,281	6,281	5,932

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1251	4/11/2019	14.15%	12,078	12,078	11,820
Loan ID 1252	4/11/2019	18.55%	2,520	2,520	2,380
Loan ID 1253	4/11/2017	11.19%	5,545	5,545	5,376
Loan ID 1254	4/15/2017	11.99%	560	560	543
Loan ID 1255	4/16/2019	11.59%	11,769	11,769	11,497
Loan ID 1256	4/16/2017	13.50%	3,414	3,414	3,176
Loan ID 1257	4/16/2019	12.64%	20,818	20,818	20,374
Loan ID 1258	4/16/2019	14.85%	3,648	3,648	3,570
Loan ID 1259	4/11/2017	9.80%	4,366	4,366	4,233
Loan ID 1260	4/15/2019	14.85%	1,338	1,338	1,309
Loan ID 1261	4/11/2019	16.75%	9,290	9,290	8,774
Loan ID 1262	4/15/2019	18.90%	9,479	9,479	8,952
Loan ID 1263	4/15/2017	13.85%	5,713	5,713	5,314
Loan ID 1264	4/11/2017	18.90%	3,624	3,624	3,296
Loan ID 1265	4/15/2017	9.80%	3,275	3,275	3,175
Loan ID 1266	4/16/2019	16.75%	9,290	9,290	8,774
Loan ID 1267	4/16/2017	22.54%	2,510	2,510	2,247
Loan ID 1268	4/15/2019	21.85%	7,085	7,085	6,389
Loan ID 1269	4/16/2019	16.05%	6,105	6,105	5,766
Loan ID 1270	4/11/2019	18.25%	9,516	9,516	8,987
Loan ID 1271	4/16/2019	19.20%	6,337	6,337	5,985
Loan ID 1272	4/15/2019	13.50%	14,999	14,999	14,679
Loan ID 1273	4/16/2017	25.74%	1,038	1,038	910
Loan ID 1274	4/11/2019	14.50%	3,636	3,636	3,558
Loan ID 1275	4/15/2017	19.20%	969	969	881
Loan ID 1276	4/15/2019	16.35%	3,082	3,082	2,911
Loan ID 1277	4/11/2017	12.64%	3,382	3,382	3,146
Loan ID 1278	4/16/2019	19.60%	9,543	9,543	8,606
Loan ID 1279	4/16/2019	25.74%	1,921	1,921	1,753
Loan ID 1280	4/15/2019	15.35%	7,027	7,027	6,637
Loan ID 1281	4/16/2019	12.24%	8,886	8,886	8,696
Loan ID 1282	4/15/2019	15.35%	2,444	2,444	2,308
Loan ID 1283	4/11/2017	16.35%	5,080	5,080	4,620
Loan ID 1284	4/11/2019	18.25%	6,301	6,301	5,951
Loan ID 1285	4/15/2017	13.50%	4,994	4,994	4,645
Loan ID 1286	4/15/2017	14.50%	5,208	5,208	4,844
Loan ID 1287	4/11/2017	16.75%	1,887	1,887	1,716
Loan ID 1288	4/16/2019	17.45%	7,170	7,170	6,772
Loan ID 1289	4/15/2017	8.74%	3,235	3,235	3,136
Loan ID 1290	4/11/2019	18.55%	2,520	2,520	2,380
Loan ID 1291	4/16/2017	9.20%	4,336	4,336	4,204
Loan ID 1292	4/11/2017	10.89%	1,989	1,989	1,928
Loan ID 1293	4/11/2017	13.50%	1,821	1,821	1,694
Loan ID 1294	4/15/2017	23.44%	3,293	3,293	2,948
Loan ID 1295	4/15/2017	18.90%	4,041	4,041	3,675
Loan ID 1296	4/15/2019	14.15%	7,850	7,850	7,683
Loan ID 1297	4/15/2019	17.90%	12,522	12,522	11,826
Loan ID 1298	4/14/2017	16.35%	2,349	2,349	2,136
Loan ID 1299	4/17/2019	23.44%	6,579	6,579	5,933
Loan ID 1300	4/17/2017	11.59%	3,342	3,342	3,240

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1301	4/14/2019	18.90%	9,479	9,479	8,952
Loan ID 1302	4/14/2017	12.24%	3,401	3,401	3,163
Loan ID 1303	4/17/2017	11.19%	2,294	2,294	2,224
Loan ID 1304	4/14/2017	22.54%	878	878	786
Loan ID 1305	4/15/2017	28.74%	1,069	1,069	899
Loan ID 1306	4/17/2019	14.50%	15,149	15,149	14,826
Loan ID 1307	4/14/2019	17.90%	9,424	9,424	8,901
Loan ID 1308	4/14/2017	25.74%	1,038	1,038	910
Loan ID 1309	4/16/2019	17.90%	5,953	5,953	5,622
Loan ID 1310	4/17/2019	13.85%	4,817	4,817	4,714
Loan ID 1311	4/16/2019	12.24%	7,701	7,701	7,537
Loan ID 1312	4/16/2017	17.15%	3,554	3,554	3,232
Loan ID 1313	4/14/2019	16.75%	9,290	9,290	8,774
Loan ID 1314	4/14/2019	13.85%	21,073	21,073	20,624
Loan ID 1315	4/17/2017	10.89%	3,316	3,316	3,215
Loan ID 1316	4/16/2017	15.35%	2,415	2,415	2,196
Loan ID 1317	4/17/2019	18.25%	9,422	9,422	8,899
Loan ID 1318	4/14/2017	16.05%	3,512	3,512	3,194
Loan ID 1319	4/14/2017	12.24%	1	1	1
Loan ID 1320	4/17/2019	22.54%	9,784	9,784	8,823
Loan ID 1321	4/16/2019	16.05%	9,172	9,172	8,663
Loan ID 1322	4/16/2017	28.00%	1,858	1,858	1,630
Loan ID 1323	4/17/2017	15.70%	5,854	5,854	5,324
Loan ID 1324	4/17/2017	26.44%	1,045	1,045	917
Loan ID 1325	4/16/2017	15.35%	2,323	2,323	2,113
Loan ID 1326	4/17/2019	22.54%	6,529	6,529	5,888
Loan ID 1327	4/14/2017	25.74%	1,038	1,038	910
Loan ID 1328	4/16/2017	12.24%	103	103	96
Loan ID 1329	4/17/2019	17.15%	7,460	7,460	7,046
Loan ID 1330	4/14/2019	21.85%	6,489	6,489	5,852
Loan ID 1331	4/16/2019	13.50%	7,460	7,460	7,301
Loan ID 1332	4/17/2019	12.24%	20,733	20,733	20,291
Loan ID 1333	4/14/2017	8.74%	3,235	3,235	3,136
Loan ID 1334	4/14/2019	13.50%	9,000	9,000	8,808
Loan ID 1335	4/14/2019	11.99%	7,719	7,719	7,541
Loan ID 1336	4/17/2017	19.20%	3,634	3,634	3,305
Loan ID 1337	4/14/2017	19.20%	3,647	3,647	3,317
Loan ID 1338	4/17/2017	16.35%	493	493	448
Loan ID 1339	4/17/2019	17.45%	15,564	15,564	14,699
Loan ID 1340	4/14/2019	18.25%	9,422	9,422	8,899
Loan ID 1341	4/15/2019	20.30%	5,760	5,760	5,194
Loan ID 1342	4/15/2019	13.50%	6,000	6,000	5,872
Loan ID 1343	4/17/2019	19.20%	6,337	6,337	5,985
Loan ID 1344	4/15/2019	11.59%	8,827	8,827	8,623
Loan ID 1345	4/17/2019	13.05%	20,905	20,905	20,459
Loan ID 1346	4/17/2017	9.80%	3,275	3,275	3,175
Loan ID 1347	4/16/2017	9.80%	3,275	3,275	3,175
Loan ID 1348	4/17/2019	17.45%	12,469	12,469	11,776
Loan ID 1349	4/15/2017	23.44%	901	901	807
Loan ID 1350	4/17/2017	16.35%	932	932	848

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1351	4/15/2017	20.30%	2,017	2,017	1,806
Loan ID 1352	4/15/2019	16.05%	6,152	6,152	5,810
Loan ID 1353	4/15/2019	14.85%	9,123	9,123	8,928
Loan ID 1354	4/17/2019	14.15%	12,078	12,078	11,820
Loan ID 1355	4/17/2017	16.35%	3,523	3,523	3,204
Loan ID 1356	4/17/2019	16.05%	5,537	5,537	5,229
Loan ID 1357	4/18/2017	15.70%	2,865	2,865	2,605
Loan ID 1358	4/18/2017	28.00%	1,062	1,062	931
Loan ID 1359	4/15/2019	19.20%	7,290	7,290	6,885
Loan ID 1360	4/15/2017	18.25%	959	959	872
Loan ID 1361	4/15/2019	16.75%	11,148	11,148	10,529
Loan ID 1362	4/18/2017	9.20%	2,006	2,006	1,945
Loan ID 1363	4/17/2019	14.85%	14,897	14,897	14,579
Loan ID 1364	4/18/2017	11.59%	1,782	1,782	1,728
Loan ID 1365	4/17/2019	10.89%	11,374	11,374	11,111
Loan ID 1366	4/18/2017	13.50%	4,473	4,473	4,161
Loan ID 1367	4/17/2017	12.64%	5,636	5,636	5,242
Loan ID 1368	4/17/2019	26.44%	6,746	6,746	6,155
Loan ID 1369	4/18/2017	9.20%	3,035	3,035	2,942
Loan ID 1370	4/17/2019	15.35%	9,872	9,872	9,324
Loan ID 1371	4/18/2019	19.60%	9,353	9,353	8,435
Loan ID 1372	4/18/2019	22.54%	5,876	5,876	5,299
Loan ID 1373	4/15/2019	13.85%	15,052	15,052	14,731
Loan ID 1374	4/15/2017	11.59%	3,342	3,342	3,240
Loan ID 1375	4/17/2017	10.89%	5,526	5,526	5,357
Loan ID 1376	4/17/2017	17.15%	2,370	2,370	2,155
Loan ID 1377	4/15/2017	9.80%	982	982	952
Loan ID 1378	4/18/2019	16.75%	7,198	7,198	6,798
Loan ID 1379	4/18/2019	11.59%	11,769	11,769	11,497
Loan ID 1380	4/15/2017	14.15%	2,751	2,751	2,559
Loan ID 1381	4/17/2019	25.04%	2,001	2,001	1,826
Loan ID 1382	4/15/2017	14.85%	2,311	2,311	2,150
Loan ID 1383	4/17/2017	19.60%	3,026	3,026	2,709
Loan ID 1384	4/18/2019	11.19%	7,618	7,618	7,442
Loan ID 1385	4/17/2019	18.25%	8,712	8,712	8,228
Loan ID 1386	4/15/2019	16.05%	9,246	9,246	8,732
Loan ID 1387	4/18/2019	20.30%	3,200	3,200	2,886
Loan ID 1388	4/18/2019	15.35%	15,276	15,276	14,427
Loan ID 1389	4/18/2019	13.85%	3,613	3,613	3,536
Loan ID 1390	4/15/2019	23.44%	6,579	6,579	5,933
Loan ID 1391	4/18/2019	11.59%	5,202	5,202	5,082
Loan ID 1392	4/15/2019	21.85%	5,841	5,841	5,267
Loan ID 1393	4/17/2017	10.29%	1,866	1,866	1,809
Loan ID 1394	4/15/2017	16.75%	1,297	1,297	1,179
Loan ID 1395	4/17/2017	14.15%	4,585	4,585	4,265
Loan ID 1396	4/18/2017	16.05%	3,512	3,512	3,194
Loan ID 1397	4/17/2017	17.45%	5,385	5,385	4,897
Loan ID 1398	4/17/2017	17.90%	2,389	2,389	2,173
Loan ID 1399	4/18/2017	14.50%	2,302	2,302	2,141
Loan ID 1400	4/16/2019	21.85%	7,254	7,254	6,542

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1401	4/18/2019	13.85%	7,827	7,827	7,660
Loan ID 1402	4/16/2017	12.64%	7,891	7,891	7,340
Loan ID 1403	4/17/2019	20.30%	2,560	2,560	2,309
Loan ID 1404	4/18/2017	12.64%	789	789	734
Loan ID 1405	4/16/2019	17.15%	6,217	6,217	5,872
Loan ID 1406	4/16/2017	24.24%	3,539	3,539	3,104
Loan ID 1407	4/18/2019	20.30%	6,401	6,401	5,772
Loan ID 1408	4/18/2017	8.74%	1,294	1,294	1,255
Loan ID 1409	4/18/2019	15.35%	3,770	3,770	3,561
Loan ID 1410	4/17/2019	14.50%	1,818	1,818	1,779
Loan ID 1411	4/16/2017	25.74%	2,594	2,594	2,275
Loan ID 1412	4/18/2017	15.70%	933	933	848
Loan ID 1413	4/21/2019	11.99%	8,924	8,924	8,718
Loan ID 1414	4/21/2019	14.15%	6,740	6,740	6,596
Loan ID 1415	4/18/2019	13.50%	9,000	9,000	8,808
Loan ID 1416	4/21/2019	21.85%	5,841	5,841	5,267
Loan ID 1417	4/21/2019	13.50%	14,974	14,974	14,655
Loan ID 1418	4/21/2017	18.55%	2,406	2,406	2,188
Loan ID 1419	4/18/2017	22.54%	2,510	2,510	2,247
Loan ID 1420	4/16/2019	16.05%	15,380	15,380	14,526
Loan ID 1421	4/16/2017	13.85%	4,594	4,594	4,273
Loan ID 1422	4/18/2019	11.19%	9,625	9,625	9,403
Loan ID 1423	4/21/2017	27.24%	1,318	1,318	1,156
Loan ID 1424	4/21/2017	11.59%	3,342	3,342	3,240
Loan ID 1425	4/21/2017	23.44%	2,541	2,541	2,275
Loan ID 1426	4/18/2017	20.30%	490	490	439
Loan ID 1427	4/21/2017	14.15%	917	917	853
Loan ID 1428	4/16/2019	13.85%	9,031	9,031	8,838
Loan ID 1429	4/18/2017	17.45%	951	951	865
Loan ID 1430	4/18/2019	18.90%	6,004	6,004	5,670
Loan ID 1431	4/18/2017	11.59%	7,832	7,832	7,593
Loan ID 1432	4/16/2019	20.30%	5,760	5,760	5,194
Loan ID 1433	4/18/2019	15.35%	7,944	7,944	7,503
Loan ID 1434	4/21/2017	14.15%	2,407	2,407	2,239
Loan ID 1435	4/16/2019	17.15%	8,939	8,939	8,442
Loan ID 1436	4/18/2017	9.20%	6,505	6,505	6,306
Loan ID 1437	4/18/2019	17.90%	11,270	11,270	10,644
Loan ID 1438	4/16/2017	28.00%	1,609	1,609	1,411
Loan ID 1439	4/21/2019	17.15%	2,487	2,487	2,349
Loan ID 1440	4/18/2019	14.15%	15,097	15,097	14,775
Loan ID 1441	4/21/2019	17.15%	3,021	3,021	2,853
Loan ID 1442	4/21/2017	11.59%	2,244	2,244	2,176
Loan ID 1443	4/21/2017	17.45%	2,377	2,377	2,162
Loan ID 1444	4/16/2017	13.05%	3,397	3,397	3,160
Loan ID 1445	4/18/2017	18.55%	2,406	2,406	2,188
Loan ID 1446	4/21/2019	14.15%	9,058	9,058	8,865
Loan ID 1447	4/21/2019	9.80%	11,551	11,551	11,284
Loan ID 1448	4/21/2017	18.55%	5,172	5,172	4,703
Loan ID 1449	4/18/2019	10.89%	9,931	9,931	9,701
Loan ID 1450	4/21/2019	13.85%	18,517	18,517	18,122

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1451	4/21/2019	10.89%	2,919	2,919	2,852
Loan ID 1452	4/18/2017	18.55%	2,406	2,406	2,188
Loan ID 1453	4/17/2017	11.99%	2,238	2,238	2,170
Loan ID 1454	4/17/2017	13.05%	3,396	3,396	3,159
Loan ID 1455	4/18/2017	10.89%	5,526	5,526	5,357
Loan ID 1456	4/18/2019	22.54%	9,793	9,793	8,831
Loan ID 1457	4/21/2017	13.05%	2,491	2,491	2,317
Loan ID 1458	4/21/2019	12.64%	7,732	7,732	7,567
Loan ID 1459	4/17/2019	14.15%	9,058	9,058	8,865
Loan ID 1460	4/17/2017	16.35%	2,349	2,349	2,136
Loan ID 1461	4/17/2019	13.05%	19,411	19,411	18,997
Loan ID 1462	4/18/2019	12.24%	11,848	11,848	11,595
Loan ID 1463	4/18/2017	9.80%	2,184	2,184	2,117
Loan ID 1464	4/17/2017	22.54%	753	753	674
Loan ID 1465	4/17/2017	8.74%	1,510	1,510	1,464
Loan ID 1466	4/22/2017	13.85%	4,424	4,424	4,115
Loan ID 1467	4/21/2019	19.20%	6,337	6,337	5,985
Loan ID 1468	4/17/2019	21.00%	9,661	9,661	8,712
Loan ID 1469	4/22/2017	11.59%	2,228	2,228	2,160
Loan ID 1470	4/22/2019	13.05%	14,948	14,948	14,629
Loan ID 1471	4/17/2017	12.24%	2,244	2,244	2,087
Loan ID 1472	4/17/2017	10.29%	3,073	3,073	2,979
Loan ID 1473	4/21/2019	14.15%	15,097	15,097	14,775
Loan ID 1474	4/17/2017	14.15%	839	839	780
Loan ID 1475	4/22/2017	14.15%	2,488	2,488	2,314
Loan ID 1476	4/22/2019	18.90%	9,479	9,479	8,952
Loan ID 1477	4/21/2019	17.90%	9,391	9,391	8,869
Loan ID 1478	4/22/2017	8.74%	2,156	2,156	2,090
Loan ID 1479	4/21/2017	13.05%	1,132	1,132	1,053
Loan ID 1480	4/22/2017	26.44%	1,045	1,045	917
Loan ID 1481	4/21/2019	11.99%	5,909	5,909	5,772
Loan ID 1482	4/22/2019	18.25%	5,025	5,025	4,746
Loan ID 1483	4/21/2019	19.20%	8,238	8,238	7,780
Loan ID 1484	4/21/2019	17.15%	6,216	6,216	5,871
Loan ID 1485	4/17/2019	18.55%	9,449	9,449	8,924
Loan ID 1486	4/17/2019	21.00%	3,349	3,349	3,020
Loan ID 1487	4/22/2019	14.85%	15,202	15,202	14,878
Loan ID 1488	4/21/2017	19.60%	1,581	1,581	1,416
Loan ID 1489	4/21/2019	17.90%	3,757	3,757	3,548
Loan ID 1490	4/21/2019	11.19%	11,720	11,720	11,449
Loan ID 1491	4/18/2019	13.85%	4,215	4,215	4,125
Loan ID 1492	4/22/2017	11.19%	2,218	2,218	2,150
Loan ID 1493	4/21/2017	10.89%	2,210	2,210	2,143
Loan ID 1494	4/18/2019	10.89%	11,684	11,684	11,414
Loan ID 1495	4/22/2019	17.15%	9,325	9,325	8,807
Loan ID 1496	4/18/2017	14.85%	1,848	1,848	1,719
Loan ID 1497	4/22/2017	23.44%	1,900	1,900	1,701
Loan ID 1498	4/23/2017	10.89%	3,316	3,316	3,215
Loan ID 1499	4/23/2017	10.89%	4,459	4,459	4,323
Loan ID 1500	4/22/2019	16.05%	9,228	9,228	8,715

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1501	4/23/2017	13.05%	1,585	1,585	1,474
Loan ID 1502	4/18/2017	21.85%	2,492	2,492	2,231
Loan ID 1503	4/23/2017	19.60%	571	571	511
Loan ID 1504	4/23/2017	24.24%	1,022	1,022	896
Loan ID 1505	4/22/2017	17.45%	832	832	757
Loan ID 1506	4/22/2017	11.19%	2,510	2,510	2,433
Loan ID 1507	4/22/2019	18.90%	9,057	9,057	8,554
Loan ID 1508	4/23/2017	12.64%	2,931	2,931	2,726
Loan ID 1509	4/23/2017	12.24%	3,366	3,366	3,131
Loan ID 1510	4/23/2017	13.05%	905	905	842
Loan ID 1511	4/22/2017	18.90%	2,415	2,415	2,196
Loan ID 1512	4/18/2019	11.59%	11,769	11,769	11,497
Loan ID 1513	4/23/2019	14.85%	9,121	9,121	8,926
Loan ID 1514	4/22/2017	9.80%	1,763	1,763	1,709
Loan ID 1515	4/23/2019	14.15%	2,416	2,416	2,364
Loan ID 1516	4/22/2019	13.05%	7,167	7,167	7,014
Loan ID 1517	4/18/2017	8.74%	2,588	2,588	2,509
Loan ID 1518	4/23/2017	28.74%	472	472	397
Loan ID 1519	4/23/2019	18.90%	9,479	9,479	8,952
Loan ID 1520	4/18/2019	18.55%	1,333	1,333	1,259
Loan ID 1521	4/18/2019	14.85%	9,121	9,121	8,926
Loan ID 1522	4/18/2017	11.19%	4,436	4,436	4,301
Loan ID 1523	4/18/2017	11.59%	389	389	377
Loan ID 1524	4/18/2017	23.44%	1,013	1,013	907
Loan ID 1525	4/22/2017	19.20%	3,634	3,634	3,305
Loan ID 1526	4/23/2017	28.00%	1,062	1,062	931
Loan ID 1527	4/22/2017	10.29%	4,391	4,391	4,257
Loan ID 1528	4/18/2017	12.24%	2,469	2,469	2,297
Loan ID 1529	4/18/2019	14.85%	11,150	11,150	10,912
Loan ID 1530	4/22/2017	13.85%	2,285	2,285	2,125
Loan ID 1531	4/23/2017	9.20%	7,589	7,589	7,357
Loan ID 1532	4/22/2019	14.15%	4,529	4,529	4,432
Loan ID 1533	4/22/2019	14.15%	8,057	8,057	7,885
Loan ID 1534	4/18/2017	11.19%	4,466	4,466	4,330
Loan ID 1535	4/22/2017	28.00%	2,654	2,654	2,328
Loan ID 1536	4/23/2019	11.19%	9,271	9,271	9,057
Loan ID 1537	4/23/2019	22.54%	6,933	6,933	6,252
Loan ID 1538	4/22/2019	21.85%	6,489	6,489	5,852
Loan ID 1539	4/18/2017	10.89%	1,256	1,256	1,218
Loan ID 1540	4/18/2017	20.30%	2,735	2,735	2,449
Loan ID 1541	4/22/2017	30.09%	1,084	1,084	911
Loan ID 1542	4/23/2019	18.25%	9,422	9,422	8,899
Loan ID 1543	4/21/2017	22.54%	918	918	822
Loan ID 1544	4/23/2017	11.19%	2,551	2,551	2,473
Loan ID 1545	4/22/2017	11.99%	2,238	2,238	2,170
Loan ID 1546	4/21/2019	17.15%	8,632	8,632	8,153
Loan ID 1547	4/23/2017	10.89%	884	884	857
Loan ID 1548	4/23/2017	15.35%	2,091	2,091	1,902
Loan ID 1549	4/23/2019	14.15%	15,097	15,097	14,775
Loan ID 1550	4/21/2017	11.99%	1,343	1,343	1,302

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1551	4/22/2017	10.29%	878	878	851
Loan ID 1552	4/23/2017	10.29%	2,525	2,525	2,448
Loan ID 1553	4/21/2017	12.24%	2,244	2,244	2,087
Loan ID 1554	4/21/2017	11.99%	5,595	5,595	5,424
Loan ID 1555	4/23/2017	11.59%	3,342	3,342	3,240
Loan ID 1556	4/23/2017	9.80%	4,148	4,148	4,021
Loan ID 1557	4/23/2017	13.85%	2,742	2,742	2,550
Loan ID 1558	4/23/2017	13.05%	4,077	4,077	3,792
Loan ID 1559	4/23/2019	15.35%	15,276	15,276	14,427
Loan ID 1560	4/21/2019	12.64%	5,948	5,948	5,821
Loan ID 1561	4/23/2019	15.35%	9,281	9,281	8,765
Loan ID 1562	4/21/2017	21.00%	740	740	663
Loan ID 1563	4/23/2017	16.35%	3,523	3,523	3,204
Loan ID 1564	4/23/2017	9.20%	3,903	3,903	3,784
Loan ID 1565	4/23/2019	9.80%	11,551	11,551	11,284
Loan ID 1566	4/21/2019	21.00%	5,377	5,377	4,849
Loan ID 1567	4/24/2019	12.64%	8,922	8,922	8,732
Loan ID 1568	4/23/2017	30.09%	678	678	570
Loan ID 1569	4/24/2017	15.70%	1,050	1,050	955
Loan ID 1570	4/24/2019	14.50%	7,272	7,272	7,117
Loan ID 1571	4/23/2019	11.99%	14,772	14,772	14,431
Loan ID 1572	4/21/2017	18.25%	4,796	4,796	4,361
Loan ID 1573	4/21/2019	17.15%	15,543	15,543	14,680
Loan ID 1574	4/24/2019	15.70%	12,889	12,889	12,173
Loan ID 1575	4/23/2017	26.44%	901	901	790
Loan ID 1576	4/21/2017	11.99%	3,357	3,357	3,255
Loan ID 1577	4/23/2017	19.20%	968	968	880
Loan ID 1578	4/24/2017	11.99%	2,233	2,233	2,165
Loan ID 1579	4/23/2017	14.15%	3,439	3,439	3,199
Loan ID 1580	4/24/2017	14.15%	1,376	1,376	1,280
Loan ID 1581	4/21/2017	11.99%	6,155	6,155	5,967
Loan ID 1582	4/24/2017	18.90%	2,415	2,415	2,196
Loan ID 1583	4/21/2017	12.24%	2,244	2,244	2,087
Loan ID 1584	4/24/2019	12.64%	17,844	17,844	17,463
Loan ID 1585	4/24/2019	27.24%	2,626	2,626	2,396
Loan ID 1586	4/23/2017	29.50%	1,078	1,078	906
Loan ID 1587	4/22/2017	21.00%	2,469	2,469	2,211
Loan ID 1588	4/22/2017	23.44%	1,013	1,013	907
Loan ID 1589	4/24/2019	19.20%	5,069	5,069	4,787
Loan ID 1590	4/24/2019	23.44%	4,606	4,606	4,154
Loan ID 1591	4/24/2017	16.75%	3,539	3,539	3,218
Loan ID 1592	4/24/2017	13.85%	3,428	3,428	3,189
Loan ID 1593	4/23/2017	25.74%	2,594	2,594	2,275
Loan ID 1594	4/23/2017	9.20%	3,252	3,252	3,153
Loan ID 1595	4/22/2019	16.35%	9,255	9,255	8,741
Loan ID 1596	4/24/2019	20.30%	6,401	6,401	5,772
Loan ID 1597	4/23/2017	14.50%	3,454	3,454	3,213
Loan ID 1598	4/22/2019	17.15%	15,543	15,543	14,680
Loan ID 1599	4/23/2017	11.99%	2,544	2,544	2,466
Loan ID 1600	4/22/2019	18.25%	9,440	9,440	8,916

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1601	4/24/2017	10.89%	5,526	5,526	5,357
Loan ID 1602	4/22/2017	27.24%	2,634	2,634	2,310
Loan ID 1603	4/24/2017	9.80%	4,366	4,366	4,233
Loan ID 1604	4/22/2019	18.55%	6,299	6,299	5,949
Loan ID 1605	4/24/2017	15.35%	1,394	1,394	1,268
Loan ID 1606	4/22/2017	14.50%	1,151	1,151	1,071
Loan ID 1607	4/22/2019	25.74%	1,506	1,506	1,374
Loan ID 1608	4/23/2017	12.64%	1,701	1,701	1,582
Loan ID 1609	4/24/2017	9.80%	4,394	4,394	4,260
Loan ID 1610	4/24/2017	18.55%	1,203	1,203	1,094
Loan ID 1611	4/24/2017	10.29%	3,293	3,293	3,192
Loan ID 1612	4/24/2019	11.59%	8,709	8,709	8,508
Loan ID 1613	4/24/2017	13.85%	3,428	3,428	3,189
Loan ID 1614	4/24/2019	11.59%	5,884	5,884	5,748
Loan ID 1615	4/24/2017	9.20%	1,084	1,084	1,051
Loan ID 1616	4/22/2019	13.50%	19,199	19,199	18,790
Loan ID 1617	4/24/2017	11.19%	1,201	1,201	1,164
Loan ID 1618	4/25/2017	13.05%	3,963	3,963	3,686
Loan ID 1619	4/24/2017	14.85%	1,155	1,155	1,074
Loan ID 1620	4/22/2017	12.24%	7,855	7,855	7,306
Loan ID 1621	4/24/2017	13.50%	2,317	2,317	2,155
Loan ID 1622	4/25/2019	17.90%	10,018	10,018	9,462
Loan ID 1623	4/24/2019	11.59%	10,298	10,298	10,060
Loan ID 1624	4/22/2017	8.74%	4,313	4,313	4,181
Loan ID 1625	4/22/2019	23.44%	13,181	13,181	11,887
Loan ID 1626	4/25/2019	18.90%	15,798	15,798	14,920
Loan ID 1627	4/24/2017	12.24%	1,122	1,122	1,044
Loan ID 1628	4/22/2017	18.25%	2,398	2,398	2,181
Loan ID 1629	4/24/2019	16.35%	8,770	8,770	8,283
Loan ID 1630	4/22/2019	9.80%	9,250	9,250	9,036
Loan ID 1631	4/23/2017	11.59%	1,941	1,941	1,882
Loan ID 1632	4/25/2019	17.45%	13,153	13,153	12,422
Loan ID 1633	4/24/2019	17.45%	15,917	15,917	15,033
Loan ID 1634	4/25/2017	12.64%	1,026	1,026	954
Loan ID 1635	4/23/2017	10.29%	2,188	2,188	2,121
Loan ID 1636	4/24/2017	8.74%	2,589	2,589	2,510
Loan ID 1637	4/24/2017	14.85%	3,466	3,466	3,224
Loan ID 1638	4/23/2019	13.50%	20,999	20,999	20,551
Loan ID 1639	4/23/2017	10.29%	347	347	336
Loan ID 1640	4/23/2017	21.85%	997	997	893
Loan ID 1641	4/24/2017	14.85%	6,932	6,932	6,448
Loan ID 1642	4/23/2019	18.55%	4,969	4,969	4,693
Loan ID 1643	4/23/2017	13.05%	2,265	2,265	2,107
Loan ID 1644	4/23/2019	18.90%	8,009	8,009	7,564
Loan ID 1645	4/24/2019	14.15%	3,623	3,623	3,546
Loan ID 1646	4/24/2017	14.85%	578	578	538
Loan ID 1647	4/24/2017	9.80%	9,239	9,239	8,957
Loan ID 1648	4/24/2019	12.64%	8,255	8,255	8,079
Loan ID 1649	4/24/2019	21.00%	10,949	10,949	9,874
Loan ID 1650	4/24/2017	14.50%	968	968	900

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1651	4/24/2019	14.15%	21,136	21,136	20,685
Loan ID 1652	4/25/2017	9.20%	3,252	3,252	3,153
Loan ID 1653	4/23/2017	9.20%	2,636	2,636	2,556
Loan ID 1654	4/24/2017	19.20%	796	796	724
Loan ID 1655	4/24/2017	13.50%	1,593	1,593	1,482
Loan ID 1656	4/25/2017	8.74%	3,235	3,235	3,136
Loan ID 1657	4/24/2017	11.59%	3,565	3,565	3,456
Loan ID 1658	4/25/2019	13.50%	20,999	20,999	20,551
Loan ID 1659	4/23/2017	15.70%	1,163	1,163	1,058
Loan ID 1660	4/25/2019	19.20%	8,237	8,237	7,779
Loan ID 1661	4/25/2017	10.29%	3,512	3,512	3,405
Loan ID 1662	4/28/2017	28.00%	531	531	466
Loan ID 1663	4/28/2017	22.54%	1,021	1,021	914
Loan ID 1664	4/23/2017	10.89%	1,326	1,326	1,286
Loan ID 1665	4/23/2017	24.24%	1,733	1,733	1,520
Loan ID 1666	4/25/2019	18.55%	15,700	15,700	14,828
Loan ID 1667	4/28/2017	11.99%	2	2	2
Loan ID 1668	4/25/2017	11.99%	895	895	868
Loan ID 1669	4/28/2017	17.90%	3,583	3,583	3,258
Loan ID 1670	4/28/2019	16.05%	9,228	9,228	8,715
Loan ID 1671	4/23/2017	22.54%	1,004	1,004	899
Loan ID 1672	4/25/2019	14.85%	7,273	7,273	7,118
Loan ID 1673	4/28/2017	13.50%	569	569	529
Loan ID 1674	4/25/2017	21.00%	6,173	6,173	5,527
Loan ID 1675	4/23/2017	16.35%	2,114	2,114	1,922
Loan ID 1676	4/23/2017	19.60%	2,433	2,433	2,178
Loan ID 1677	4/25/2019	15.70%	15,328	15,328	14,477
Loan ID 1678	4/28/2019	13.85%	9,330	9,330	9,131
Loan ID 1679	4/23/2017	14.15%	5,732	5,732	5,332
Loan ID 1680	4/28/2017	14.15%	5,044	5,044	4,692
Loan ID 1681	4/28/2017	8.74%	2,157	2,157	2,091
Loan ID 1682	4/28/2017	8.74%	1,079	1,079	1,046
Loan ID 1683	4/23/2019	15.70%	15,328	15,328	14,477
Loan ID 1684	4/28/2017	12.64%	5,413	5,413	5,035
Loan ID 1685	4/23/2019	13.05%	8,959	8,959	8,768
Loan ID 1686	4/23/2019	14.15%	18,720	18,720	18,321
Loan ID 1687	4/23/2019	21.85%	16,086	16,086	14,506
Loan ID 1688	4/23/2019	15.70%	18,394	18,394	17,372
Loan ID 1689	4/28/2019	9.80%	9,137	9,137	8,926
Loan ID 1690	4/23/2017	27.24%	2,634	2,634	2,310
Loan ID 1691	4/23/2019	18.55%	9,449	9,449	8,924
Loan ID 1692	4/25/2017	27.24%	2,651	2,651	2,325
Loan ID 1693	4/23/2017	15.70%	2,332	2,332	2,121
Loan ID 1694	4/25/2019	17.45%	18,704	18,704	17,665
Loan ID 1695	4/25/2019	16.05%	6,152	6,152	5,810
Loan ID 1696	4/28/2017	10.89%	8,895	8,895	8,623
Loan ID 1697	4/28/2019	17.90%	5,009	5,009	4,731
Loan ID 1698	4/25/2017	10.89%	4,421	4,421	4,286
Loan ID 1699	4/25/2017	17.45%	2,377	2,377	2,162
Loan ID 1700	4/25/2019	18.90%	9,479	9,479	8,952

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1701	4/24/2019	16.75%	10,754	10,754	10,157
Loan ID 1702	4/24/2017	10.29%	3,952	3,952	3,831
Loan ID 1703	4/24/2019	13.05%	2,389	2,389	2,338
Loan ID 1704	4/28/2019	11.99%	17,726	17,726	17,316
Loan ID 1705	4/25/2017	19.60%	6,136	6,136	5,494
Loan ID 1706	4/25/2017	8.74%	3,605	3,605	3,495
Loan ID 1707	4/25/2019	13.85%	18,062	18,062	17,677
Loan ID 1708	4/25/2019	15.70%	12,262	12,262	11,581
Loan ID 1709	4/24/2019	15.70%	9,197	9,197	8,686
Loan ID 1710	4/28/2019	14.50%	9,090	9,090	8,896
Loan ID 1711	4/24/2017	19.20%	2,078	2,078	1,890
Loan ID 1712	4/24/2017	18.25%	1,918	1,918	1,744
Loan ID 1713	4/28/2017	12.24%	7,855	7,855	7,306
Loan ID 1714	4/28/2017	24.24%	1,022	1,022	896
Loan ID 1715	4/24/2019	22.54%	16,321	16,321	14,718
Loan ID 1716	4/28/2017	10.89%	6,631	6,631	6,429
Loan ID 1717	4/28/2019	21.00%	5,475	5,475	4,937
Loan ID 1718	4/24/2019	11.99%	17,726	17,726	17,316
Loan ID 1719	4/24/2017	10.29%	5,488	5,488	5,320
Loan ID 1720	4/24/2017	22.54%	3,005	3,005	2,691
Loan ID 1721	4/28/2017	17.15%	948	948	862
Loan ID 1722	4/24/2017	10.89%	1,770	1,770	1,716
Loan ID 1723	4/28/2019	12.24%	5,924	5,924	5,798
Loan ID 1724	4/28/2019	12.64%	14,870	14,870	14,553
Loan ID 1725	4/29/2017	9.20%	1,197	1,197	1,160
Loan ID 1726	4/28/2019	13.50%	19,199	19,199	18,790
Loan ID 1727	4/28/2017	10.89%	7,761	7,761	7,524
Loan ID 1728	4/28/2017	10.89%	4,421	4,421	4,286
Loan ID 1729	4/28/2017	13.05%	2,944	2,944	2,738
Loan ID 1730	4/29/2017	11.59%	3,310	3,310	3,209
Loan ID 1731	4/24/2019	9.80%	11,549	11,549	11,282
Loan ID 1732	4/24/2019	15.70%	11,036	11,036	10,423
Loan ID 1733	4/24/2019	19.60%	6,362	6,362	5,737
Loan ID 1734	4/24/2017	15.35%	1,858	1,858	1,690
Loan ID 1735	4/28/2017	19.20%	3,634	3,634	3,305
Loan ID 1736	4/25/2017	18.55%	2,406	2,406	2,188
Loan ID 1737	4/28/2019	14.15%	11,991	11,991	11,735
Loan ID 1738	4/25/2017	11.99%	4,476	4,476	4,339
Loan ID 1739	4/25/2019	14.85%	9,121	9,121	8,926
Loan ID 1740	4/29/2017	11.19%	3,992	3,992	3,870
Loan ID 1741	4/25/2019	14.15%	12,078	12,078	11,820
Loan ID 1742	4/25/2019	11.99%	11,817	11,817	11,544
Loan ID 1743	4/25/2019	14.15%	13,332	13,332	13,048
Loan ID 1744	4/25/2017	11.99%	3,357	3,357	3,255
Loan ID 1745	4/28/2019	13.85%	6,916	6,916	6,769
Loan ID 1746	4/29/2019	14.15%	11,156	11,156	10,918
Loan ID 1747	4/25/2019	23.44%	13,159	13,159	11,867
Loan ID 1748	4/25/2019	13.85%	8,128	8,128	7,955
Loan ID 1749	4/29/2017	14.50%	3,937	3,937	3,662
Loan ID 1750	4/29/2019	17.45%	14,028	14,028	13,249

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1751	4/25/2019	14.15%	19,324	19,324	18,912
Loan ID 1752	4/29/2017	11.59%	7,789	7,789	7,551
Loan ID 1753	4/30/2017	11.19%	2,218	2,218	2,150
Loan ID 1754	4/30/2017	8.74%	2,156	2,156	2,090
Loan ID 1755	4/30/2019	13.05%	14,931	14,931	14,613
Loan ID 1756	4/29/2017	8.74%	5,211	5,211	5,052
Loan ID 1757	4/30/2017	14.85%	2,726	2,726	2,536
Loan ID 1758	4/28/2019	14.15%	9,058	9,058	8,865
Loan ID 1759	4/30/2017	11.59%	5,569	5,569	5,399
Loan ID 1760	4/29/2019	27.24%	6,790	6,790	6,195
Loan ID 1761	4/30/2017	20.30%	1,123	1,123	1,005
Loan ID 1762	4/28/2019	13.85%	15,052	15,052	14,731
Loan ID 1763	4/30/2017	11.59%	891	891	864
Loan ID 1764	4/30/2017	10.29%	878	878	851
Loan ID 1765	4/28/2017	14.85%	3,466	3,466	3,224
Loan ID 1766	4/28/2019	11.19%	7,384	7,384	7,213
Loan ID 1767	4/28/2017	11.99%	4,476	4,476	4,339
Loan ID 1768	4/30/2019	17.45%	12,468	12,468	11,775
Loan ID 1769	4/30/2017	9.80%	1,965	1,965	1,905
Loan ID 1770	4/28/2017	10.89%	7,073	7,073	6,857
Loan ID 1771	5/1/2017	11.59%	2,536	2,536	2,459
Loan ID 1772	5/1/2019	15.35%	15,682	15,682	14,811
Loan ID 1773	4/29/2019	17.15%	15,542	15,542	14,679
Loan ID 1774	4/29/2019	11.59%	10,003	10,003	9,772
Loan ID 1775	4/29/2019	13.05%	14,931	14,931	14,613
Loan ID 1776	4/30/2019	13.85%	15,051	15,051	14,730
Loan ID 1777	4/29/2017	9.80%	5,125	5,125	4,969
Loan ID 1778	5/1/2017	11.99%	2,547	2,547	2,469
Loan ID 1779	4/29/2019	19.60%	9,999	9,999	9,017
Loan ID 1780	5/1/2019	19.60%	16,301	16,301	14,700
Loan ID 1781	4/29/2017	14.50%	5,722	5,722	5,322
Loan ID 1782	5/1/2019	15.70%	15,847	15,847	14,967
Loan ID 1783	4/29/2017	11.19%	7,762	7,762	7,525
Loan ID 1784	5/2/2019	18.90%	9,720	9,720	9,180
Loan ID 1785	4/29/2019	17.15%	18,650	18,650	17,614
Loan ID 1786	4/29/2019	13.05%	7,167	7,167	7,014
Loan ID 1787	5/2/2019	23.44%	4,562	4,562	4,114
Loan ID 1788	4/30/2017	11.59%	3,341	3,341	3,239
Loan ID 1789	4/30/2017	10.89%	1,053	1,053	1,021
Loan ID 1790	4/30/2019	18.25%	5,727	5,727	5,409
Loan ID 1791	4/30/2017	16.05%	3,511	3,511	3,193
Loan ID 1792	4/30/2019	16.35%	9,273	9,273	8,758
Loan ID 1793	4/30/2019	26.44%	6,746	6,746	6,155
Loan ID 1794	4/30/2019	13.85%	11,740	11,740	11,490
Loan ID 1795	5/1/2017	8.74%	4,932	4,932	4,781
Loan ID 1796	5/1/2019	19.20%	2,641	2,641	2,494
Loan ID 1797	5/6/2017	13.85%	3,898	3,898	3,626
Loan ID 1798	5/2/2017	12.24%	2,554	2,554	2,376
Loan ID 1799	5/2/2017	12.24%	1,788	1,788	1,663
Loan ID 1800	5/5/2017	8.74%	2,948	2,948	2,858
Loan ID 1801	5/7/2019	18.55%	16,149	16,149	15,252
			9,441,246	9,441,246	8,994,675

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

Create E-mail Alert Related Categories

SEC Filings

Sign up for StreetInsider Free!

Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!

Form 10-Q Garrison Capital Inc. For: Sep 30

You May Also Be Interested In

Create E-mail Alert Related Categories

Sign up for StreetInsider Free!

Free News Feed