10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended September 30, 2015

OR

o 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 x No o

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 o No o

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  o	Accelerated filer  x
Non-accelerated filer  o (Do not check if a smaller reporting company)	Smaller reporting company  o

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

As of November 2, 2015 the Registrant had 16,758,779 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, 2015 (unaudited) and December 31, 2014	1
Consolidated Schedules of Investments as of September 30, 2015 (unaudited) and December 31, 2014	2
Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2015 and September 30, 2014	15
Consolidated Statements of Changes in Net Assets (unaudited) for the nine months ended September 30, 2015 and September 30, 2014	16
Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2015 and September 30, 2014	17
Notes to Consolidated Financial Statements (unaudited)	18
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	48
Item 3. Quantitative and Qualitative Information About Market Risk	63
Item 4. Controls and Procedures	63
Part II. Other Information
Item 1. Legal Proceedings	64
Item 1A. Risk Factors	64
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	64
Item 3. Defaults Upon Senior Securities	64
Item 4. Mine Safety Disclosures	64
Item 5. Other Information	64
Item 6. Exhibits	64

i

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, 2015			December 31, 2014
	(unaudited)
Assets
Cash	$	30,602		$	13,651
Restricted cash		6,755			14,260
Due from counterparties		1,541			1,615
Investments, at fair value
Non-control/Non-affiliate investments (amortized cost of $413,074 and $467,904, respectively)		407,757			467,769
Accrued interest receivable		5,449			3,506
Deferred debt issuance costs (net of accumulated amortization of $2,740 and $2,141, respectively)		4,509			4,418
Deferred offering costs		503			314
Prepaid administrator fee		-			74
Other assets		498			235
Total assets	$	457,614		$	505,842
Liabilities
Due to counterparties	$	-		$	109
Incentive fee payable		494			2,816
Management fee payable		1,955			268
Administrator fee payable		544			-
GLC Trust 2013-2 Class A note (Note 7)		19,065			30,513
Senior secured revolving note (Note 7)		9,500			50,000
Senior secured term notes (Note 7)		159,798			159,746
SBIC Borrowings		14,800			-
Interest payable		616			690
Accrued expenses and other payables		729			597
Total liabilities	$	207,501		$	244,739
Commitments and contingencies (Note 12)
Net assets
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 16,758,779 and 16,758,779 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively)	$	17		$	17
Paid-in-capital in excess of par		257,741			257,741
Underdistributed net investment income		5,505			-
Accumulated net realized (loss)/gain from investments		(7,833	)		3,479
Net unrealized (loss) from investments		(5,317	)		(134	)
Total net assets		250,113			261,103
Total liabilities and net assets	$	457,614		$	505,842
Shares of common stock outstanding		16,758,779			16,758,779
Net asset value per share	$	14.92		$	15.58

See accompanying notes to consolidated financial statements

1

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2015 (unaudited)

(in thousands, except share amounts)

Security Description	Shares		Cost		Fair Value		% of Net  Assets
Non-Control/Non-Affiliate Investments
Investments - United States
Common Equity
Apparel Products
Everyware Global, Inc., Common*		242,035	$	2,714	$	1,815		0.73	%
Total Apparel Products				2,714		1,815		0.73
Health Services
Juniper TGX Investment Partners, LLC, Common		3,146		671		966		0.39
Total Health Services				671		966		0.39
Miscellaneous Manufacturing
Valterra Products Holdings, LLC, Common Class A		185,847		186		480		0.19
Valterra Products Holdings, LLC, Common Class B		20,650		21		53		0.02
Total Miscellaneous Manufacturing				207		533		0.21
Miscellaneous Retail
Faraday Holdings, LLC, Common		2,265		110		110		0.04
Provo Craft Holdings, LLC, Common		2,436,157		-		-		-
Total Miscellaneous Retail				110		110		0.04
Transportation Services
EZE Trucking, LLC, Common		2,898		268		-		-
Total Transportation Services				268		-		-
Total Common Equity			$	3,970	$	3,424		1.37	%
Preferred Equity
Consumer Finance Services
Prosper Marketplace Series B Preferred Stock(1)(2)		182,573	$	551	$	4,101		1.64	%
Total Consumer Finance Services				551		4,101		1.64
Miscellaneous  Services
SC Academy Holdings, Inc., Preferred Equity		25,000		1,250		1,250		0.50
Total Miscellaneous Services				1,250		1,250		0.50
Total Preferred Equity			$	1,801	$	5,351		2.14	%

See accompanying notes to consolidated financial statements.

2

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2015 (unaudited)

(in thousands)

							% of Net
Security Description	Par		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments
Agricultural Services
BFN Operations LLC , Term Loan*
Libor ("L") + 10.00%, 1.00% L Floor, 12/29/2017		10,500	$	10,319	$	9,450		3.78	%
Total Agricultural Services				10,319		9,450		3.78
Automotive
CTC Casting Technologies, Inc. (Compass), Loan*(3)
L+ 7.00% Cash,1.5% PIK,  0.50% L Floor, 3/28/2019		9,780		9,711		9,711		3.88
Penda Corporation, Term Loan(3)
14.00% Cash, 2.00% PIK, 1/26/2019		7,474		7,387		7,474		2.99
Total Automotive				17,098		17,185		6.87
Broadcasting & Entertainment
CF Entertainment Inc. (Entertainment Studios), Term Loan*
L+ 7.50%, 1.00% L Floor, 6/26/2019		9,861		9,787		9,787		3.91
Total Broadcasting & Entertainment				9,787		9,787		3.91
Building & Real Estate
ShelterLogic Corp., Term Loan*
L+ 9.50%, 1.00% L Floor, 7/30/2019		10,238		10,081		10,081		4.03
Total Building & Real Estate				10,081		10,081		4.03
Business Services
Connexity, Inc., Term Loan*
L+ 10.00%, 1.00% L Floor, 2/13/2020		10,300		10,104		10,104		4.04
Total Business Services				10,104		10,104		4.04
Chemicals
Aristech Surfaces LLC, Term Loan B*
L+ 8.00%, 1.00% L Floor, 10/17/2019		10,303		10,157		10,157		4.06
Total Chemicals				10,157		10,157		4.06
Communications
HC Cable OpCo, LLC, Term Loan*
L+ 8.50%, 1.00% L Floor, 7/17/2018		10,788		10,683		10,788		4.32
Sirva Worldwide, Loan*
L+ 6.25%, 1.25% L Floor, 3/27/2019		8,090		8,068		8,090		3.23
TableTop Media, LLC, Term Loan**
10.00%, 9/15/2019		4,934		4,931		4,923		1.97
Total Communications				23,682		23,801		9.52
Consumer Finance Services
Affiliated Wealth Partners Holdings LLC, Term Loan (1)
L+ 8.00%, 1.00% L Floor, 9/15/2020		4,750		4,679		4,679		1.87
PlanMember Financial Corporation, Term Loan*(1)
L+ 8.50%, 1.50% L Floor, 2/14/2018		1,264		1,248		1,264		0.51
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(1)
L+ 7.00%, 1.00% L Floor, 9/23/2019		6,070		6,022		6,085		2.43
Total Consumer Finance Services				11,949		12,028		4.81
Cosmetics/Toiletries
ActivStyle, Inc., Term Loan**
L+ 9.00%, 0.50% L Floor, 7/9/2020		10,300		10,128		10,128		4.05
Total Cosmetics/Toiletries				10,128		10,128		4.05
Electrical Equipment
AbelConn, LLC (Atrenne Computing), Term Loan*
L+ 8.50%, 1.00% L Floor, 7/17/2019		10,423		10,265		10,265		4.10
Total Electrical Equipment				10,265		10,265		4.10
Food Stores - Retail
Specialty Bakers LLC, Term Loan*
L+ 7.25%, 1.00% L Floor, 8/7/2019		9,435		9,280		9,280		3.71
Total Food Stores - Retail				9,280		9,280		3.71

See accompanying notes to consolidated financial statements.

3

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2015 (unaudited)

(in thousands)

							% of Net
Security Description	Par		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	$	845	$	845		0.34	%
Aurora Diagnostics, LLC, Term Loan*
L+ 7.13%, 1.25% L Floor, 7/31/2019		5,591		5,545		5,545		2.22
Forest Park Medical Center at Fort Worth, LLC, Lease
13.00%, 2/11/2020		9,246		9,105		8,322		3.33
Forest Park Medical Center at Fort Worth, LLC, Term Loan
14.00%, on Demand		344		337		310		0.12
Forest Park Medical Center at San Antonio, LLC, Lease(4)
13.00%, 2/11/2020		8,982		8,832		6,287		2.51
Forest Park Medical Center at San Antonio, LLC, Term Loan(4)
14.00%, on Demand		1,951		1,914		1,366		0.55
SCG Capital Corporation (Radiation Therapy), Term Note
12.00%, 5/1/2017		4,313		4,313		4,313		1.72
Theragenics Corporation, Term Loan**
L+ 12.00%, 1.00% L Floor, 2/26/2020		6,407		6,294		6,294		2.52
Walnut Hill Physicians' Hospital, LLC, Lease
12.50%, 4/16/2020		7,828		7,828		7,828		3.13
Total Health Services				45,013		41,110		16.44
Insurance Agents
Worley Claims Services, LLC, Term Loan*
L+ 8.00%, 1.00% L Floor, 10/31/2020		10,421		10,346		10,333		4.13
Total Insurance Agents				10,346		10,333		4.13
Miscellaneous Manufacturing
AP Gaming I, LLC, Term B Loan*
L+ 8.25%, 1.00% L Floor, 12/20/2020		10,248		10,088		10,174		4.07
A.S.V., Inc., Term Loan*
L+ 9.50%, 1.00% L Floor, 12/19/2019		9,257		9,101		9,100		3.64
CR Brands, Inc., Term Loan*
L+ 9.25%, 1.00% L Floor, 8/23/2017		10,500		10,383		10,353		4.13
Kranos Acquisition Corp., Term Loan*(3)
L+ 11.00% Cash, 1.00% PIK, 1.00% L Floor, 6/15/2017		9,837		9,771		9,785		3.91
Lexmark Carpet Mills, Inc., Term Loan*
L+ 10.00%, 1.00% L Floor, 12/19/2019		10,500		10,279		10,278		4.11
NPI Holding Corp. (Nudo Products, Inc.), Term Loan*,**
L+ 9.75%, 1.00% L Floor, 1/13/2020		10,500		10,319		10,320		4.13
PCCR USA, Inc., Term Loan A*
L+ 8.00%, 1.00% L Floor, 12/1/2019		6,913		6,798		6,798		2.72
PCCR USA, Inc., Term Loan B*
L+ 8.00%, 1.00% L Floor, 12/1/2019		3,456		3,384		3,384		1.35
Profusion Industries, LLC, Term Loan*
L+ 9.00%, 6/19/2020		10,300		10,106		10,106		4.04
Total Miscellaneous Manufacturing				80,229		80,298		32.10

See accompanying notes to consolidated financial statements.

4

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2015 (unaudited)

(in thousands)

							% of Net
Security Description	Par		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Miscellaneous Retail
Confluence Outdoor, LLC, Term Loan*
L+ 7.00%, 1.00% L Floor, 4/18/2019		6,657	$	6,574	$	6,574		2.63	%
Confluence Outdoor, LLC, Delayed Draw Term Loan
L+ 7.00%, 1.00% L Floor, 4/18/2019		999		999		986		0.39
Interior Specialists, Inc., Term Loan*
L+ 8.00%, 1.00% L Floor, 6/30/2020		10,300		10,104		10,104		4.04
PD Products, LLC, Term Loan*
L+ 10.50%, 1.50% L Floor, 10/4/2018		9,777		9,662		9,777		3.91
PD Products, LLC, Revolver
L+ 10.50%, 1.50% L Floor, 10/4/2018		837		820		820		0.33
Total Miscellaneous Retail				28,159		28,261		11.30
Miscellaneous Services
Speed Commerce, Inc., Term Loan*(3)(4)
L+ 11.00% PIK, 1.00% L Floor, 11/21/2019		12,146		11,974		9,717		3.89
Sprint Industrial Holdings, LLC, Term Loan (First Lien)*
L+ 5.75%, 1.25% L Floor, 5/14/2019		4,836		4,813		4,207		1.68
YourMembership Holding Company, Term Loan A**
L+ 7.00%, 1.00% L Floor, 9/12/2019		10,109		10,040		10,025		4.01
Total Miscellaneous Services				26,827		23,949		9.58
Printing & Publishing
Dodge Data & Analytics LLC, Term Loan*
L+ 8.75%, 1.00% L Floor, 10/31/2019		9,355		9,202		9,202		3.68
Total Printing & Publishing				9,202		9,202		3.68
Oil & Gas
Badlands Production Company (fka Gasco), Term Loan*
L+ 12.50%, 1.00% L Floor, 5/14/2018		10,500		10,314		10,324		4.13
Iracore International Holdings, Inc., Term Loan*
L+ 9.00%, 1.00% L Floor, 7/10/2020		8,878		8,750		8,750		3.50
Rooster Energy Ltd., Term Loan*
L+ 11.50%, 1.50% L Floor, 6/25/2018		5,938		5,857		5,857		2.34
Total Oil & Gas				24,921		24,931		9.97

See accompanying notes to consolidated financial statements.

5

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2015 (unaudited)

(in thousands)

									% of Net
Security Description	Par		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Specialty Services
Vistronix, LLC, Term Loan*
L+ 8.00%, 0.50% L Floor, 12/4/2018		9,636	$	9,574		$	9,574			3.83	%
Vistronix, LLC, Revolver
L+ 8.00%, 0.50% L Floor, 12/4/2018		350		350			348			0.14
Total Specialty Services				9,924			9,922			3.97
Transportation Services
Fleetgistics Holdings, Inc., Term Loan*
L+ 6.13%, 2.00% L Floor, 12/31/2018		1,021		1,021			919			0.37
MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*(3)
L+ 3.00% Cash, 10.00% PIK, 1.00% L Floor, 5/31/2018		14,014		13,879			13,314			5.32
Raymond Express International, LLC, Term Loan*
L+ 7.75%, 1.75% L Floor, 2/28/2018		2,412		2,401			2,412			0.96
Total Transportation Services				17,301			16,645			6.65
Total Debt Investments			$	384,772		$	376,917			150.70	%
Financial Assets
Consumer Finance Services
GLC Trust 2013-2 Consumer Loan Pool(1)(5)		22,652	$	22,652		$	22,132			8.85	%
Total Consumer Finance Services				22,652			22,132			8.85
Total Financial Assets			$	22,652		$	22,132			8.85	%
Unfunded Obligations
Communications
HC Cable OpCo, LLC, Revolver
0.50%,  7/17/2018		955	$	(9	)	$	-			-	%
TableTop Media, LLC, Term Loan**(6)
0.00%, 3/22/2016		1,128		(12	)		(2	)		-
Total Communications				(21	)		(2	)		-
Health Services
Aurora Diagnostics, LLC, Delayed Draw Term Loan(6)
2.25%, 7/31/2019		2,393		(21	)		(21	)		(0.01	)
Aurora Diagnostics, LLC, Revolver(6)
0.38%, 7/31/2019		1,020		(8	)		(8	)		(0.01	)
Total Health Services				(29	)		(29	)		(0.02	)
Miscellaneous Retail
Confluence Outdoor, LLC, Delayed Draw Term Loan(6)
2.00%, 4/18/2019		2,330		(41	)		(29	)		(0.01	)
PD Products, LLC, Revolver
0.50%, 10/4/2018		820		(20	)		-			-
Total Miscellaneous Retail				(61	)		(29	)		(0.01	)

See accompanying notes to consolidated financial statements

6

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

September 30, 2015 (unaudited)

(in thousands)

									% of Net
Security Description	Par		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Unfunded Obligations (continued)
Miscellaneous Services
YourMembership Holding Company, Revolver(6)
0.00%, 9/12/2019		441	$	(3	)	$	(4	)		-	%
Total Miscellaneous Services				(3	)		(4	)		-
Specialty Services
Vistronix, LLC, Revolver(6)
0.50%, 12/4/2018		525		(6	)		(3	)		-
Total Specialty Services				(6	)		(3	)		-
Transportation Services
Raymond Express International, LLC, Revolver
0.50%, 2/28/2018		215		(1	)		-			-
Total Transportation Services				(1	)		-			-
Total Unfunded Obligations			$	(121	)	$	(67	)		(0.03	)%
Total Non-Control/Non-Affiliated Investments - United States			$	413,074		$	407,757			163.03	%

_____________

* Denotes that all or a portion of the investment is held as collateral by the collateralized loan obligation (the “CLO”) (see Note 7).

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

L = London Interbank Offered 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) 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 in default, not income producing and placed on non-accrual status.

(5) GLC Trust 2013-2 includes 2,892 small balance consumer loans with an average par of $7,832, a weighted average rate of 15.6% and a weighted average maturity of April 10, 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, 2015 for detail on underlying loans.

(6) The negative fair value is the result of the unfunded commitment 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 September 30, 2015, unless otherwise noted. Common and preferred equity investments are non income-producing unless otherwise noted.

See accompanying notes to consolidated financial statements.

7

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2014

(in thousands, except share amounts)

							% of Net
Security Description	Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments
Investments - United States
Common Equity
Apparel Products
Everyware Global, Inc., Warrant*		82,843	$	-	$	-		-	%
Total Apparel Products				-		-		-
Health Services
Juniper TGX Investment Partners, LLC, Common		3,146		671		966		0.37
Total Health Services				671		966		0.37
Miscellaneous Manufacturing
Valterra Products Holdings, LLC, Common Class A		185,847		186		372		0.14
Valterra Products Holdings, LLC, Common Class B		20,650		21		41		0.02
Total Miscellaneous Manufacturing				207		413		0.16
Miscellaneous Retail
Provo Craft Holdings, LLC, Common		1,110		-		-		-
Total Miscellaneous Retail				-		-		-
Transportation Services
EZE Trucking, LLC, Common		2,898		268		-		-
Total Transportation Services				268		-		-
Total Common Equity			$	1,146	$	1,379		0.53	%
Preferred Equity
Consumer Finance Services
Prosper Marketplace Series B Preferred Stock (4)(7)		261,912	$	790	$	5,791		2.22	%
Total Consumer Finance Services				790		5,791		2.22
Total Preferred Equity			$	790	$	5,791		2.22	%

8

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2014

(in thousands)

							% of Net
Security Description	Par		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Apparel Products
Joe's Jeans Inc., Term Loan*
Libor ("L") + 12.75%, 1.25% L Floor, 9/30/2018		10,487	$	10,330	$	10,330		3.96	%
Total Apparel Products				10,330		10,330		3.96
Automotive
CTC Casting Technologies, Inc. (Compass), Loan*
L+ 6.75%, 0.75% L Floor, 3/28/2019		10,150		10,064		10,064		3.85
Penda Corporation, Term Loan(5)
L+ 12.00% Cash, 2.00% PIK, 1/26/2019		7,361		7,255		7,361		2.82
Total Automotive				17,319		17,425		6.67
Broadcasting & Entertainment
CF Entertainment Inc. (Entertainment Studios), Term Loan*
L+ 7.50%, 1.00% L Floor, 6/26/2019		9,936		9,846		9,846		3.77
Total Broadcasting & Entertainment				9,846		9,846		3.77
Building & Real Estate
ShelterLogic Corp., Term Loan*
L+ 8.50%, 1.00% L Floor, 7/30/2019		10,369		10,179		10,179		3.90
Total Building & Real Estate				10,179		10,179		3.90
Chemicals
Aristech Surfaces LLC, Term Loan B*
L+ 8.00%, 1.00% L Floor, 10/17/2019		10,500		10,324		10,324		3.96
Galata Chemicals, LLC, Term Loan*
L+ 8.00%, 1.00% L Floor, 2/28/2019		8,750		8,602		8,750		3.35
Total Chemicals				18,926		19,074		7.31
Communications
HC Cable OpCo, LLC, Term Loan*
L+ 8.50%, 1.00% L Floor, 7/17/2018		10,873		10,738		10,900		4.17
Sirva Worldwide, Loan*
L+ 6.25%, 1.25% L Floor, 3/27/2019		4,913		4,843		4,863		1.86
Total Communications				15,581		15,763		6.03
Consumer Finance Services
PlanMember Financial Corporation, Term Loan*(4)
L+ 8.50%, 1.50% L Floor, 2/14/2018		1,411		1,388		1,411		0.54
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(4)
L+ 7.00%, 1.00% L Floor, 9/23/2019		9,186		9,099		9,048		3.47
Total Consumer Finance Services				10,487		10,459		4.01

9

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2014

(in thousands)

							% of Net
Security Description	Par		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Electrical Equipment
AbelConn, LLC (SIE Computing), Term Loan A*
L+ 8.50%, 1.00% L Floor, 7/17/2019		10,500	$	10,309	$	10,309		3.95	%
AbelConn, LLC (SIE Computing), Term Loan B
L+ 2.50%, 1.00% L Floor, 7/17/2019		71		69		69		0.03
Total Electrical Equipment				10,378		10,378		3.98
Food Stores - Retail
Specialty Bakers LLC, Term Loan*
L+ 7.25%, 1.00% L Floor, 8/7/2019		9,486		9,300		9,300		3.56
Sqwincher Corporation (The), Term Loan*
L+ 10.00%, 1.50% L Floor, 8/3/2016		9,336		9,256		9,336		3.58
Total Food Stores - Retail				18,556		18,636		7.14
Health Services
Aurora Diagnostics, LLC, Delayed Draw Term Loan
L+ 7.00%, 1.25% L Floor, 7/31/2019		330		330		328		0.13
Aurora Diagnostics, LLC, Term Loan*
L+ 7.00%, 1.25% L Floor, 7/31/2019		5,608		5,553		5,553		2.13
Forest Park Medical Center at Fort Worth, LLC, Term Loan
L+ 14.00%, 7/16/2019		9,591		9,436		9,436		3.61
Forest Park Medical Center at San Antonio, LLC, Term Loan
L+ 14.00%, 7/16/2019		11,409		11,226		11,226		4.29
Virtual Radiologic Corporation, Term Loan B*
L+ 5.50%, 1.75% L Floor, 12/22/2016		4,825		4,808		3,860		1.48
SCG Capital Corporation (Radiation Therapy), Term Note
L+ 12.00%, 5/1/2017		6,171		6,171		6,171		2.36
Walnut Hill Physicians' Hospital, LLC, Acquistion Loan
12.50%, on Demand		1,529		1,529		1,529		0.59
Walnut Hill Physicians' Hospital, LLC, Term Loan
12.50%, 4/1/2019		7,482		7,482		7,482		2.87
Total Health Services				46,535		45,585		17.46
Insurance Agents
Affirmative Insurance Holdings, Inc., Term Loan*
L+ 9.25%, 1.25% L Floor, 3/30/2016		5,734		5,587		5,590		2.14
Worley Claims Services, LLC, Term Loan*
L+ 8.00%, 1.00% L Floor, 10/31/2020		10,500		10,398		10,398		3.98
Total Insurance Agents				15,985		15,988		6.12

See accompanying notes to consolidated financial statements.

10

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2014

(in thousands)

Security Description	Par		Cost		Fair Value		% of Net Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Miscellaneous Manufacturing
Anchor Hocking, LLC (EveryWare Global), Initial Term Loan*(5)
L+ 6.50% Cash, 1.75% PIK, 1.25% L Floor, 5/21/2020		6,947	$	6,856	$	4,098		1.57	%
AP Gaming I, LLC, Term B Loan*
L+ 8.25%, 1.00% L Floor, 12/20/2020		4,950		4,823		4,925		1.89
A.S.V., Inc., Term Loan*
L+ 9.50%, 1.00% L Floor, 12/19/2019		9,494		9,306		9,305		3.56
CR Brands, Inc., Term Loan*
L+ 7.25%, 1.00% L Floor, 3/31/2019		10,500		10,322		10,322		3.95
Frontier Spinning Mills, Inc., Term Loan*
L+ 6.50%, 1.00% L Floor, 12/19/2018		4,810		4,790		4,786		1.83
Kranos Acquisition Corp., Term Loan*(5)
L+ 11.00% Cash, 1.00% PIK, 1.00% L Floor, 6/15/2017		10,158		10,060		10,079		3.86
Lexmark Carpet Mills, Inc., Term Loan*
L+ 10.00%, 1.00% L Floor, 12/19/2019		10,500		10,239		10,239		3.92
Nursery Supplies, Inc., Term Loan*
L+ 7.50%, 1.00% L Floor, 6/13/2018		10,794		10,757		10,843		4.15
PCCR USA, Inc., Term Loan A*
L+ 8.00%, 1.00% L Floor, 12/1/2019		7,000		6,863		6,863		2.63
PCCR USA, Inc., Term Loan B*
L+ 8.00%, 1.00% L Floor, 12/1/2019		3,500		3,414		3,414		1.31
Valterra Products Holdings, LLC, Term Loan*
L+ 9.00%, 1.00% L Floor, 5/31/2018		8,409		8,294		8,528		3.27
Total Miscellaneous Manufacturing				85,724		83,402		31.94
Miscellaneous Retail
Confluence Outdoor, LLC, Term Loan*
L+ 7.00%, 1.00% L Floor, 4/18/2019		6,657		6,557		6,557		2.51
Confluence Outdoor, LLC, Delayed Draw Term Loan
L+ 7.00%, 1.00% L Floor, 4/18/2019		999		999		948		0.36
PD Products, LLC, Term Loan*
L+ 10.50%, 1.50% L Floor, 10/4/2018		9,969		9,819		9,969		3.82
PD Products, LLC, Revolver
L+ 10.50%, 1.50% L Floor, 10/4/2018		804		804		804		0.31
PSP Group, LLC, Term Loan*
L+ 4.75%, 1.50% L Floor, 9/13/2016		4,360		4,341		4,273		1.64
Total Miscellaneous Retail				22,520		22,551		8.64

See accompanying notes to consolidated financial statements.

11

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2014

(in thousands)

Security Description	Par		Cost		Fair Value		% of Net Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Miscellaneous Services
Academi Holdings LLC, Second Lien Term Loan*
L+ 10.00%, 1.00% L Floor, 7/25/2020		10,000	$	9,815	$	9,815		3.76	%
Dorsey School of Business Holdings, Inc., Term Loan*
L+ 8.00%, 1.50% L Floor, 6/28/2018		4,500		4,500		4,500		1.72
Global Traffic Technologies, LLC, Term Loan A*
L+ 5.25%, 1.25% L Floor, 6/30/2015		381		363		381		0.15
Global Traffic Technologies, LLC, Term Loan B*
L+ 5.25%, 1.25% L Floor, 6/30/2015		3,560		3,551		3,560		1.36
Midwest Technical Institute, Inc., Term Loan A*
L+ 10.00%, 1.50% L Floor, 10/4/2017		7,146		7,146		7,146		2.74
Midwest Technical Institute, Inc., Revolver
L+ 10.00%, 1.50% L Floor, 10/4/2017		999		999		999		0.38
NAP Asset Holdings Ltd., Canadian Term Loan*
L+ 7.00%, 1.00% L Floor, 3/22/2018		2,486		2,469		2,486		0.95
NAP Asset Holdings Ltd., Term Loan*
L+ 7.00%, 1.00% L Floor, 3/22/2018		5,563		5,527		5,563		2.13
SC Academy Holdings, Inc., Term Loan(3)
14.00%, 7/16/2016		7,761		5,588		4,067		1.56
Speed Commerce, Inc., Term Loan*
L+ 7.50%, 1.00% L Floor, 11/21/2019		10,500		10,296		10,343		3.96
Sprint Industrial Holdings, LLC, Term Loan (First Lien)*
L+ 5.75%, 1.25% L Floor, 5/14/2019		4,873		4,845		4,605		1.76
Tecta America Corp., Term Loan*
L+ 4.00%, 1.00% L Floor, 7/1/2018		4,040		3,873		3,838		1.47
YourMembership Holding Company, Term Loan A**
L+ 7.00%, 1.00% L Floor, 9/12/2019		8,505		8,421		8,421		3.23
Total Miscellaneous Services				67,393		65,724		25.17
Printing & Publishing
Dodge Data & Analytics LLC, Term Loan*
L+ 8.75%, 1.00% L Floor, 10/31/2019		10,500		10,297		10,296		3.94
Total Printing & Publishing				10,297		10,296		3.94
Oil & Gas
Gasco Production Company, Term Loan*
L+ 8.50%, 1.00% L Floor, 8/18/2017		9,985		9,767		9,766		3.74
Total Oil & Gas				9,767		9,766		3.74

See accompanying notes to consolidated financial statements.

12

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2014

(in thousands)

Security Description	Par		Cost			Fair Value			% of Net  Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Restaurants
Rita's Water Ice Franchise Company, LLC, Term Loan B*
L+ 12.50%, 1.50% L Floor, 11/30/2016		4,688	$	4,688		$	4,688			1.80	%
Ted's Cafe Escondido Holdings, Inc., Term Loan A*
L+ 8.00%, 1.50% L Floor, 12/31/2018		6,825		6,825			6,825			2.61
Ted's Cafe Escondido Holdings, Inc., Revolver
L+ 8.00%, 1.50% L Floor, 12/31/2018		100		100			100			0.04
Total Restaurants				11,613			11,613			4.45
Specialty Services
Vistronix, LLC, Term Loan*
L+ 8.00%, 0.50% L Floor, 12/4/2018		10,015		9,935			9,935			3.81
Total Specialty Services				9,935			9,935			3.81
Transportation Services
EZE Trucking, LLC, Term Loan*(5)
L+ 10.75% Cash, 1.00% PIK, 0.25% L Floor, 7/31/2018		10,499		10,230			10,604			4.06
Fleetgistics Holdings, Inc., Term Loan*
L+ 6.13%, 2.00% L Floor, 12/31/2018		1,021		1,021			919			0.35
MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*
L+ 13.00%, 1.00% L Floor, 5/31/2018		13,213		13,027			12,155			4.66
Raymond Express International, LLC, Term Loan*
L+ 7.75%, 1.75% L Floor, 2/28/2018		3,897		3,871			3,946			1.51
Total Transportation Services				28,149			27,624			10.58
Total Debt Investments			$	429,520		$	424,574			162.62	%
Financial Assets
Consumer Finance Services
GLC Trust 2013-2 Consumer Loan Portfolio(1)(4)(6)		36,842	$	36,842		$	36,330			13.91	%
Total Consumer Finance Services				36,842			36,330			13.91
Total Financial Assets			$	36,842		$	36,330			13.91	%
Unfunded Obligations
Communications
HC Cable OpCo, LLC, Revolver
0.50%,  7/17/2018		489	$	(6	)	$	-			-	%
Total Communications				(6	)		-			-
Health Services
Aurora Diagnostics, LLC, Delayed Draw Term Loan(2)
0.00%, 7/31/2019		520		(5	)		(3	)		-
Aurora Diagnostics, LLC, Revolver(2)
0.38%, 7/31/2019		1,020		(10	)		(10	)		(0.01	)
Total Health Services				(15	)		(13	)		(0.01	)
Miscellaneous Manufacturing
Valterra Products Holdings, LLC, Revolver
0.50%, 5/31/2018		1,588		(22	)		23			0.01
Total Miscellaneous Manufacturing				(22	)		23			0.01
Miscellaneous Retail
Confluence Outdoor, LLC, Delayed Draw Term Loan
2.00%, 4/18/2019		2,330		(50	)		-			-
PD Products, LLC, Revolver
0.50%, 10/4/2018		837		(25	)		-			-
Total Miscellaneous Retail				(75	)		-			-
Miscellaneous Services
Dorsey School of Business Holdings, Inc., Revolver
0.50%, 6/28/2018		1,000		-			-			-
Global Traffic Technologies, LLC, Revolver
0.50%, 6/30/2015		1,458		(4	)		-			-
Tecta America Corp., Revolver(2)
0.50%, 7/1/2018		6,269		(259	)		(313	)		(0.12	)
YourMembership Holding Company, Revolver(2)**
0.00%, 9/12/2019		356		(3	)		(3	)		-
Total Miscellaneous Services				(266	)		(316	)		(0.12	)

See accompanying notes to consolidated financial statements.

13

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2014

(in thousands)

Security Description	Par		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Unfunded Obligations (continued)
Restaurants
Ted's Cafe Escondido Holdings, Inc., Revolver
0.50%, 12/31/2018		400	$	-		$	-			-	%
Ted's Cafe Escondido Holdings, Inc., Delayed Draw Term Loan B
1.00%, 12/31/2018		500		-			-			-
Total Restaurants				-			-			-
Specialty Services
Vistronix, LLC, Revolver
0.50%, 12/4/2018(2)		875		(7	)		(7	)		-
Total Specialty Services				(7	)		(7	)		-
Transportation Services
Raymond Express International, LLC, Revolver
0.50%, 2/28/2018		538		(3	)		8			-
Total Transportation Services				(3	)		8			-
Total Unfunded Obligations			$	(394	)	$	(305	)		(0.12	)%
Total Non-Control/Non-Affiliated Investments - United States			$	467,904		$	467,769			179.16	%

_____________

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

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

(1) GLC Trust 2013-2 includes 3,731 small balance consumer loans with an average par of $9,875, a weighted average rate of 15.6% and a weighted average maturity of February 6, 2018. See Note 4 for additional information.

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

(3) Investment is currently in default, not income producing and placed on non-accrual status.

(4) 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.

(5) Coupon is payable in cash and/or PIK, or a combination thereof.

(6) See exhibit 99.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as amended, for detail on underlying loans.

(7) 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.

All debt investments were income producing as of December 31, 2014, unless otherwise noted. Common and preferred equity investments are non-income producing unless otherwise noted.

.

 See accompanying notes to consolidated financial statements.

14

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, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Investment income
Interest income
Non-Control/Non-Affiliate investments	$	12,285		$	12,009		$	37,519		$	33,989
Other income		921			935			2,317			2,236
Affiliate investments		-			-			-			462
Dividend income
Affiliate investments		-			-			-			386
Total investment income		13,206			12,944			39,836			37,073
Expenses
Interest expense		1,874			1,871			5,541			5,227
Loss on refinancing of GLC Trust 2013-2 revolver		-			243			-			243
Management fee		1,955			2,024			5,927			5,997
Incentive fee		(83	)		1,270			1,629			7,066
Professional fees		400			255			1,015			915
Directors' fees		97			96			305			283
Administrator expenses		241			165			755			568
Other expenses		484			623			1,564			1,510
Total expenses		4,968			6,547			16,736			21,809
Net investment income before excise taxes		8,238			6,397			23,100			15,264
Excise tax expense		6			(136	)		3			(136	)
Net investment income		8,244			6,261			23,103			15,128
Realized and unrealized (loss)/gain on investments
Net realized (loss)/gain from investments
Non-Control/Non-Affiliate investments		(2,301	)		822			(11,312	)		2,392
Affiliate investments		-			376			-			8,502
Net change in unrealized (loss)/gain from investments
Non-Control/Non-Affiliate investments		(6,184	)		(2,378	)		(5,183	)		633
Affiliate investments		-			-			-			(1,839	)
Net realized and unrealized (loss)/gain on investments		(8,485	)		(1,180	)		(16,495	)		9,688
Net (decrease)/increase in net assets resulting from operations	$	(241	)	$	5,081		$	6,608		$	24,816
Net investment income per common share	$	0.49		$	0.37		$	1.38		$	0.90
Net (decrease)/increase in net assets resulting from operations  per common share	$	(0.01	)	$	0.30		$	0.39		$	1.48
Basic weighted average common shares outstanding		16,758,779			16,758,779			16,758,779			16,758,779
Dividends and distributions declared per common share (1)	$	0.35		$	0.35		$	1.05		$	1.05

____________

(1) Calculated using basic weighted average common shares outstanding.

See accompanying notes to consolidated financial statements.

15

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, 2015			September 30, 2014
Increase in net assets from operations:
Net investment income	$	23,103		$	15,128
Net realized (loss)/gain from investments		(11,312	)		10,894
Net change in unrealized loss on investments		(5,183	)		(1,206	)
Net increase in net assets from operations		6,608			24,816
Dividends and distributions to stockholders:
From net investment income (1)		(17,598	)		(17,597	)
Total dividends and distributions to stockholders		(17,598	)		(17,597	)
Total (decrease)/increase in net assets		(10,990	)		7,219
Net assets at beginning of period		261,103			254,081
Net assets at end of period	$	250,113		$	261,300
Net asset value per common share	$	14.92		$	15.59
Common shares outstanding at end of period		16,758,779			16,758,779
Under/(over) distributed net investment income included in net assets	$	5,505		$	(2,468	)

(1) 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.

____________

See accompanying notes to consolidated financial statements.

16

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, 2015			September 30, 2014
Cash flows from operating activities
Net increase in net assets resulting from operations	$	6,608		$	24,816
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net accretion of discounts on investments		(1,234	)		(1,421	)
Net realized loss/(gain) from investments		11,312			(10,894	)
Amortization of discount on senior secured notes payable		229			95
Loss on refinancing of GLC Trust 2013-2 revolving note		-			243
Amortization of deferred debt issuance costs		599			525
Net change in unrealized loss on investments		5,183			1,206
Payment-in-kind interest		(1,953	)		(533	)
Purchases of investments		(128,579	)		(325,007	)
Paydowns of investments		169,174			225,715
Sales of investments		6,111			91,366
Changes in operating assets and liabilities:
Decrease in cash and cash equivalents, restricted		7,505			12,504
Decrease in due from counterparties		74			4,954
Increase in accrued interest receivable		(1,942	)		(1,418	)
Increase in deferred offering costs		(189	)		(314	)
Decrease in prepaid administrator fee		74			-
Increase in other assets		(264	)		(282	)
Decrease in due to counterparties		(109	)		(2,744	)
(Decreased)/increase in payables to affiliates		(92	)		3,605
Decrease in interest payable on notes payable		(74	)		(838	)
Increase/(decrease) in accrued expenses and other payables		132			(109	)
Net cash provided by operating activities		72,565			21,469
Cash flows from financing activities
Distributions paid to stockholders		(17,598	)		(17,597	)
Payments for financing costs		(690	)		(468	)
Repayment of senior secured revolving notes		(40,500	)		(16,000	)
Repayment of GLC Trust 2013-2 Class A notes		(11,626	)		-
Repayment of GLC Trust 2013-2 revolving notes		-			(9,742	)
Net proceeds from GLC 2013-2 notes		-			34,245
Proceeds from Garrison SBIC borrowings		14,800			-
Net cash used in financing activities		(55,614	)		(9,562	)
Net increase in cash and cash equivalents		16,951			11,907
Cash and cash equivalents at beginning of period		13,651			13,665
Cash and cash equivalents at end of period	$	30,602		$	25,572
Supplemental disclosure of cash flow information
Cash paid for interest expense	$	4,739		$	5,475
Supplemental disclosure of non-cash activities
Restructuring of portfolio investments	$	3,986		$	-

See accompanying notes to consolidated financial statements.

17

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited) 

September 30, 2015

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.

Garrison Capital LLC, a Delaware limited liability company, commenced operations on December 17, 2010. On October 9, 2012, Garrison Capital LLC converted from a Delaware limited liability company to a Delaware corporation (the “Conversion”). In this Conversion, Garrison Capital Inc. succeeded to the business of Garrison Capital LLC and its subsidiaries, and the members of Garrison Capital LLC became stockholders of GARS. An aggregate of 10,707,221 shares of common stock, par value $0.001 per share, were issued to the former members of Garrison Capital LLC in this Conversion in accordance with their respective pro-rata membership interests in Garrison Capital LLC. As a result of a reverse stock split on February 25, 2013, which resulted in the conversion of one share of common stock into 0.9805106 shares of common stock (the “Reverse Stock Split”), all amounts related to shares/units, share/unit prices, earnings per share/per unit and distributions per share/unit have been retroactively restated for all periods presented. As a result, the 10,707,221 shares of common stock issued in the Conversion have been retroactively restated to 10,498,544.

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.

On April 19, 2012, GARS formed Garrison Funding 2012-1 Manager LLC, a Delaware limited liability company (“GF 2012-1 Manager”). This entity is a wholly owned consolidated subsidiary of GARS created for the purpose of acquiring and holding an investment in Garrison Funding 2012-1 LLC, a Delaware limited liability company (“GF 2012-1”). GARS formed GF 2012-1 for the purpose of acquiring or participating in U.S. dollar-denominated senior secured or second lien corporate loans and to acquire up to $150.0 million in financing. On September 23, 2013, in anticipation of refinancing the credit facility of GF 2012-1, GF 2012-1 Manager effectuated a name change to Garrison Funding 2013-2 Manager LLC (“GF 2013-2 Manager”).

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Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

1. Organization  – (continued)

On May 21, 2012, GF 2012-1 entered into a $150.0 million credit facility (the “Credit Facility”), consisting of $125.0 million of term loans (“Class A-T Loans”) and $25.0 million of revolving loans (“Class A-R Loans”), which was utilized to refinance the GF 2010-1 Notes (as defined in Note 7).

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. GLC Trust 2013-2 closed on a $10.0 million revolving facility with Capital One Bank, N.A. on December 6, 2013 (“GLC Trust 2013-2 Revolver”). The GLC Trust 2013-2 Revolver included an accordion feature, such that GLC Trust 2013-2 was permitted to increase the total commitment up to $15.0 million under the terms of the loan agreement. GARS exercised this option on December 20, 2013.

On July 24, 2013, GARS formed Garrison Funding 2013-2 Ltd. (“GF 2013-2”), a Cayman Islands exempted company, for the purpose of refinancing the Credit Facility. On September 25, 2013 (the “Refinancing Date”), under Part XVI of the Cayman Islands Companies Law (2012 Revision), GF 2013-2 and GF 2012-1 merged with GF 2013-2 remaining as the surviving entity (the “Merger”). On the effective date of the Merger, all of the rights, the property, and the business, undertaking, goodwill, benefits, immunities and privileges of each individual company immediately vested in the surviving company.

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

On July 11, 2014, GARS increased the GLC Trust 2013-2 Revolver total commitment by $15.0 million for a total commitment of $30.0 million. On July 18, 2014, GARS completed a $39.2 million term debt securitization (“GLC Trust 2013-2 Notes”) collateralized by the GLC Trust 2013-2 consumer loan portfolio, to refinance the GLC Trust 2013-2 Revolver (see Note 7).

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 and may 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. 

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.

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 Holding 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.

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 the Custodian for GARS. Deutsche Bank also acts as the trustee of GF 2013-2 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”).

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Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

1. Organization  – (continued)

GARS entered into an investment advisory agreement with the Investment Adviser, which was effective as of October 9, 2012, and subsequently amended and restated on May 6, 2014 (the “Investment Advisory Agreement”). A new Investment Advisory Agreement was approved by the Company’s stockholders on May 1, 2015.

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 accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Articles 6 or 10 of Regulation S-X. The consolidated financial statements, including the notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statements are reasonable and prudent. Certain reclassifications have been made for previous periods in order to conform to the current period’s presentation. 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, 2014, as amended, 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification, as amended (“ASC”), Topic 946, Financial Services —  Investment Companies, 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.

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Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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

GF 2013-2 Manager owns a 100% interest in GF 2013-2, which is 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 CLO are treated as the Company’s indebtedness.

The GARS Equity Holdings Entities, Walnut Hill II LLC, Forest Park II LLC 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, the amounts outstanding under the GLC Trust 2013-2 Notes are treated as the Company’s indebtedness.

Investment Classification

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. As of both September 30, 2015 and December 31, 2014, 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, 2015 and December 31, 2014, cash held in designated bank accounts with GARS’ Custodian was $26.7 million and $7.6 million, respectively. As of September 30, 2015 and December 31, 2014, cash held in designated bank accounts with other major financial institutions was $3.9 million and $6.1 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 both September 30, 2015 and December 31, 2014, the Company held no cash equivalents.

Cash and Cash Equivalents, Restricted

Restricted cash as of September 30, 2015 and December 31, 2014 included cash of $5.3 million and $12.6 million, respectively, held by GF 2013-2 in designated bank accounts with its Custodian. GF 2013-2 is 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 CLO. Funds held by GF 2013-2 are not available for general use by the Company. Restricted cash as of September 30, 2015 and December 31, 2014 also included cash of $1.5 million and $1.7 million, respectively, held by GLC Trust 2013-2 in designated restricted bank accounts.

21

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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

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, 2015 and December 31, 2014, the Company held no restricted cash equivalents.

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 that 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.

The Company recognized $0.8 million and $2.1 million in charge offs of consumer loans held by GLC Trust 2013-2 in realized losses from investments for the three and nine months ended September 30, 2015, respectively. The Company recognized $0.3 million and $0.6 million in charge offs of consumer loans held by GLC Trust 2013-2 in realized losses from investments for the three and nine months ended September 30, 2014, respectively. The Company had two investments placed on non-accrual status as of September 30, 2015 and one investment placed on non-accrual status as of December 31, 2014.

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 dividend 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.

22

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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.

23

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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

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.

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.

24

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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

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 September 30, 2015 and December 31, 2014, $0.5 million and $0.3 million of expenses associated with the shelf registration statement initially filed with the SEC on April 3, 2014 (“Registration Statement”), were deferred and included in deferred offering costs, respectively. These amounts will be charged against proceeds from future offerings of securities when received.

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.

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 authorizes, and we declare, 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 acquired by AST through open-market purchases, rather than receiving the cash distribution. As of September 30, 2015, no new shares have been issued to fulfill 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. AST 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, AST 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.

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 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 nine months ended September 30, 2015 or the year ended December 31, 2014.

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.

25

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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 would 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.

No U.S. federal excise tax expense was recorded for the three or nine months ended September 30, 2015. For the three and nine months ended September 30, 2014, $0.1 million of U.S. federal excise tax was recorded.

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 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 90.0% 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, 2014:

($ in thousands) 

Accumulated Net Investment Income/(Loss)	$	(1,102	)
Accumulated Net Realized Gain/(Loss)		1,165
Paid-In Capital	$	(63	)

The permanent book-to-tax differences arose primarily due to the tax classification of certain short-term capital losses and the accrual of nondeductible U.S. federal excise taxes.

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 utilization of net capital gain loss carryforwards from prior years.

26

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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, 2014:

($ in thousands)	December 31, 2014
Net Increase in Net Assets Resulting from Operations	$	30,484
Net Change in Unrealized Gain/(Loss) on Investments		2,227
Permanent Book-to-Tax Differences		63
Temporary Book-to-Tax Differences		(3,664	)
Taxable Income Before Deductions for Distribution	$	29,110

As of December 31, 2014, the accumulated earnings/(deficit) on a tax basis is:

($ in thousands)	December 31, 2014
Undistributed ordinary income	$	5,648
Accumulated capital gain and other gains/(losses)		-
Unrealized (loss) on investments		(2,304	)
Total accumulated earnings/(deficit)	$	3,344

The tax character of all distributions paid for the year ended December 31, 2014 in the amount of $23.5 million was ordinary income. As of December 31, 2014, the components of accumulated losses on a tax basis, as detailed below, differ from the amounts reflected per GARS’ consolidated statement of financial condition by temporary book-to-tax differences arising from book-to-tax differences related to the deductibility of accrued incentive fees payable to the Investment Adviser attributable to unrealized gain (loss) on investments and book-to-tax differences on taxable income inclusions of investment income earned on certain securities that was accrued for tax but not for U.S. GAAP.

($ in thousands)  

Other temporary differences	$	(2,169	)
Unrealized (loss)		(134	)
Total Components of Unrealized Income	$	(2,303	)

As of December 31, 2014, the federal income tax basis of investments was $467.9 million resulting in net unrealized loss of $0.7 million.

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.

U.S. GAAP provides guidance on thresholds, measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition that is intended to provide better financial statement comparability among different entities.

The Company has concluded that it was not necessary to record a liability for any such tax positions as of September 30, 2015 and December 31, 2014. 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.

27

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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, 2015 and December 31, 2014.

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 statements of operations.

During 2014, the Company utilized capital loss carryforwards of $5.8 million. As of December 31, 2014, the Company had no post-enactment long-term capital loss carryforwards.

Recent Accounting Pronouncements

In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items (Topic 225), which eliminates the concept of extraordinary items from GAAP. This guidance is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect ASU 2015-01 to have a material impact on the Company’s consolidated financial position or disclosures.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, containing new guidance for assessing whether to consolidate certain legal entities including limited partnerships and other similar legal entities. This guidance is effective for annual and interim periods beginning after December 15, 2015, and early adoption is permitted. The Company does not expect ASU 2015-02 to have a material impact on the Company’s consolidated financial position or disclosures.

In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs. The new guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the new guidance. This guidance is effective for annual and interim periods beginning after December 15, 2015, and early adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the impact ASU 2015-03 will have on the Company’s consolidated financial position and disclosures.

In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient.  This new guidance is effective retrospectively for annual and interim periods beginning on or after December 15, 2016, and for interim periods within those fiscal years, with early adoption permitted.  The Company is currently evaluating the impact ASU 2015-07 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”).

28

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

3. Investments  – (continued)

These financial instruments also may be purchased indirectly through an interest in a limited partnership or a limited liability company. Certain of the risks of investing in the financial instruments of a distressed borrower or a company 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 may invest in assets for which the underlying borrower or companies are 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.

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 extension to a borrower of additional credit or funding at the request of the borrower, subject to the terms of each loan’s respective credit agreement. This exposes the Company to potential liabilities that are not reflected on the consolidated statements of financial condition. As of September 30, 2015 and December 31, 2014, the Company had $9.8 million and $18.2 million of unfunded obligations with a fair value of $(0.1) million and $(0.3) million, respectively. The negative fair value is the result of the unfunded commitment 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 hierarchies 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).

29

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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.

30

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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, 2015 and December 31, 2014:

	As of September 30, 2015
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior Secured (1)	$	-	$	-	$	369,375	$	369,375
Mezzanine		-		-		7,474		7,474
Preferred Equity Investments		-		-		5,351		5,351
Common Equity Investments		-		-		3,426		3,426
Financial Assets		-		-		22,131		22,131
	$	-	$	-	$	407,757	$	407,757

(1) Includes unfunded obligations with a fair value of $(0.1) million.

	As of December 31, 2014
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior Secured (1)	$	-	$	-	$	399,188	$	399,188
Second Lien		-		-		13,652		13,652
Mezzanine		-		-		7,361		7,361
Subordinated		-		-		4,067		4,067
Preferred Equity Investments		-		-		5,791		5,791
Common Equity Investments		-		-		1,380		1,380
Financial Assets		-		-		36,330		36,330
		-		-		467,769	$	467,769

(1) Includes unfunded obligations with a fair value of $(0.3) million.

The net change in unrealized (loss)/gain attributable to the Company’s Level 3 assets for the nine months ended September 30, 2015 and September 30, 2014 included in the net change in unrealized (loss)/gain on investments in the Company’s consolidated statement of operations was $(5.2) million and $(1.2) million, respectively.

31

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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, 2015:

	Nine Months Ended September 30, 2015
	Senior Secured Investments			Second Lien Investments			Mezzanine Investments			Subordinated Investments			Preferred Equity Investments			Common Equity Investments			Financial 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		140,687			-			113			-			1,250			2,825			-			144,875
Sales		127			(3,498	)		-			-			(2,740	)		-			-			(6,111	)
Paydowns		(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)/gain on investments in our Consolidated Statement of Operations attributable to our Level 3 assets (1)	$	(7,252	)	$	-		$	(19	)	$	-		$	(1,451	)	$	(778	)	$	(9	)	$	(9,510	)

(1) Net change in unrealized (loss)/gain included in earnings related to investments still held at reporting date.

There were no transfers of investments between levels by the Company for the nine months ended September 30, 2015.

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, 2014:

	Nine Months Ended September 30, 2014
	Senior Secured Investments			Second Lien Investments			Mezzanine Investments		Real Estate Loan Investments		Subordinated Investments			Unsecured Investments			Preferred Equity Investments			Common Equity Investments			Financial Assets			Total
($ in thousands)
Fair value, beginning of period	$	382,888		$	13,681		$	7,081	$	-	$	-		$	-		$	5,453		$	3,090		$	16,888		$	429,081
Transfers into Level 3 (1)		-			4,917			-		-		-			-			-			-			-			4,917
Transfers out of Level 3 (1)		(4,917	)		-			-		-		-			-			-			-			-			(4,917	)
Total net realized and unrealized (loss)/gain on investments		1,287			261			114		68		(1,521	)		-			4,191			6,624			(1,334	)		9,690
Total net accretion of discounts on investments		1,238			31			19		132		-			-			-			-			-			1,420
Purchases/issuances		253,664			14,811			110		10,073		5,588			6,593			-			-			34,702			325,541
Sales		(77,171	)		-			-		-		-			-			(5,883	)		(8,313	)		-			(91,367	)
Paydowns		(203,621	)		(5,957	)		-		-		-			(6,593	)		-			-			(9,545	)		(225,716	)
Fair value, end of period	$	353,368		$	27,744		$	7,324	$	10,273	$	4,067		$	-		$	3,761		$	1,401		$	40,711		$	448,649
Net change in unrealized gain/(loss) on investments in our Consolidated Statement of Operations attributable to our Level 3 assets (2)	$	434		$	301		$	113	$	68	$	(1,521	)	$	-		$	2,971		$	449		$	(707	)	$	2,108

(1)	Represents transfer between senior secured investments and second lien investments. There were no transfers of investments between levels by the Company for the nine months ended September 30, 2014.
(2)	Net change in unrealized gain/(loss) included in earnings related to investments still held at reporting date.

32

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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, 2015:

		Quantitative Information about Level 3 Fair Value Measurements
		Fair Value at	Valuation	Unobservable	Range				Weighted
($ in thousands)		September 30, 2015	Technique	Input	Low		High		Average
Senior Secured Investments (1)	$	369,375	Comparable yield approach	Market rate (4)	7.5	%	17.3	%	10.3	%
			Market comparable companies	EBITDA multiple (5)	1.9	x	11.0	x	6.2	x
Mezzanine Investments		7,474	Comparable yield approach	Market rate (4)	16.0	%	16.0	%	16.0	%
			Market comparable companies	EBITDA multiple (5)	5.0	x	5.0	x	5.0	x
Equity Investments (2)		8,777	Market comparable companies	EBITDA multiple (5)	4.3	x	8.0	x	6.0	x
			Market comparable companies	Origination fees multiple	10.5	x	10.5	x	10.5	x
Financial Assets (3)		22,131	Discounted cash flows	Interest rate	6.3	%	31.3	%	15.6	%
				Conditional prepayment rate	18.5	%	83.6	%	38.4	%
				Constant default rate	6.5	%	33.0	%	14.4	%
				Discount rate	8.3	%	8.3	%	8.3	%
Total	$	407,757

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

(2) Includes preferred and common equity.

(3) 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, 2015, 24.5%, 32.2%, 32.2%, 7.6%, 3.3%, 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 for detail on underlying loans.

(4) Excludes investments with a risk rating of 4, unfunded revolvers and equity investments. 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.

(5) Excludes $43.1 million of par value related to non-operating portfolio companies, which we define as those investments collateralized by real estate, proved developed producing value (“PDP”) or other hard assets. PDPs are proven revenues that can be produced with existing wells.

33

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

The following table is a quantitative disclosure about significant unobservable inputs (Level 3) that were used in determining fair value at December 31, 2014:

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation		Unobservable		Range						Weighted
	December 31, 2014		Technique		Input		Low			High			Average
($ in thousands)
Senior Secured Investments (1)	$	399,188		Comparable yield approach		Market rate (4)		3.9	%		19.7	%		10.7	%
				Market comparable companies		EBITDA multiple (5)		1.9	x		11.0	x		6.4	x
Second Lien Investments		13,652		Comparable yield approach		Market rate (4)		6.6	%		11.5	%		10.1	%
				Market comparable companies		EBITDA multiple (5)		5.0	x		9.3	x		8.1	x
Mezzanine Investments		7,361		Comparable yield approach		Market rate (4)		14.0	%		14.0	%		14.0	%
				Market comparable companies		EBITDA multiple (5)		5.0	x		5.0	x		5.0	x
Subordinated Investments		4,067		Market comparable companies		EBITDA multiple (5)		5.1	x		5.1	x		5.1	x
Equity Investments (2)		7,171		Market comparable companies		EBITDA multiple (5)		5.0	x		7.0	x		5.6	x
				Market comparable companies		Origination fees multiple		20.0	x		20.0	x		20.0	x
Financial Assets (3)		36,330		Discounted cash flows		Interest rate		10.3	%		31.3	%		15.7	%
						Conditional prepayment rate		18.5	%		83.6	%		43.5	%
						Constant default rate		6.5	%		33.0	%		14.7	%
						Discount rate		8.3	%		8.3	%		8.3	%
Total	$	467,769

(1) Includes total unfunded obligations of $(0.3) million.

(2) Includes preferred and common equity.

(3) Financial Assets are aggregated 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 borrower’s 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, 2014, 26.0%, 30.2%, 31.8%, 7.7%, 3.8% and 0.5% of the total fair value of Financial Assets was comprised of A, B, C, D, E and F risk rated loans, respectively. See exhibit 99.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as amended, for detail on underlying loans.

(4) 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.

(5) Excludes non-operating portfolio companies, which we define as those investments collateralized by real estate or other hard assets.

34

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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’s Financial Assets include interest rate, prepayment rate, unit loss rate 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 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, 2015 was as follows:

Industry	Cost of Investments				Fair Value of Investments
($ in thousands)
Miscellaneous Manufacturing	$	80,434	19.5	%	$	80,830	19.8	%
Health Services		45,656	11.1			42,048	10.3
Consumer Finance Services		35,151	8.5			38,260	9.4
Miscellaneous Retail		28,209	6.8			28,343	7.0
Miscellaneous Services		28,073	6.8			25,196	6.2
Oil & Gas		24,921	6.0			24,931	6.1
Communications		23,661	5.7			23,800	5.8
Transportation Services		17,570	4.3			16,644	4.1
Automotive		17,098	4.1			17,185	4.2
Insurance Agents		10,346	2.5			10,333	2.5
Agricultural Services		10,319	2.5			9,450	2.3
Electrical Equipment		10,265	2.5			10,265	2.5
Chemicals		10,157	2.5			10,157	2.5
Cosmetics/Toiletries		10,128	2.5			10,128	2.5
Business Services		10,104	2.4			10,104	2.5
Building & Real Estate		10,081	2.4			10,081	2.5
Specialty Services		9,918	2.4			9,918	2.4
Broadcasting & Entertainment		9,787	2.4			9,787	2.4
Food Stores - Retail		9,280	2.2			9,280	2.3
Printing & Publishing		9,202	2.2			9,202	2.3
Apparel Products		2,714	0.7			1,815	0.4
	$	413,074	100.0	%	$	407,757	100.0	%

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

35

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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, 2014 was as follows:

Industry	Cost of Investments				Fair Value of Investments
($ in thousands)
Miscellaneous Manufacturing	$	85,907	18.4	%	$	83,839	17.9	%
Miscellaneous Services		67,126	14.3			65,404	14.0
Consumer Finance Services		48,119	10.3			52,580	11.2
Health Services		47,190	10.1			46,538	9.9
Transportation Services		28,417	6.1			27,633	5.9
Miscellaneous Retail		22,444	4.8			22,551	4.8
Chemicals		18,926	4.0			19,074	4.1
Food Stores – Retail		18,556	4.0			18,636	4.0
Automotive		17,319	3.7			17,425	3.7
Insurance Agents		15,985	3.4			15,988	3.4
Communications		15,576	3.3			15,764	3.4
Restaurants		11,613	2.5			11,613	2.5
Electrical Equipment		10,379	2.2			10,379	2.2
Apparel Products		10,330	2.2			10,330	2.2
Printing & Publishing		10,297	2.2			10,296	2.2
Building & Real Estate		10,179	2.2			10,179	2.2
Specialty Services		9,928	2.1			9,928	2.1
Broadcasting & Entertainment		9,846	2.1			9,846	2.1
Oil & Gas		9,767	2.1			9,766	2.2
Total	$	467,904	100.00	%	$	467,769	100.00	%

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 and principal paydowns receivable from the borrowers.

No amounts were due to counterparties as of September 30, 2015 and $0.1 million was due to counterparties as of December 31, 2014. Amounts due from counterparties were $1.5 million and $1.6 million as of September 30, 2015 and December 31, 2014, respectively.

7. Financing

As of September 30, 2015, the total carrying value of the Company’s aggregate debt outstanding was $203.2 million with a weighted average effective interest rate of 3.25%. The Company’s debt outstanding as of September 30, 2015 was comprised of notes issued by GF 2013-2 and GLC Trust 2013-2 Notes, as well as Garrison SBIC borrowings.

36

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

7. Financing  – (continued)

The table below provides details of our outstanding debt as of September 30, 2015:

	Amortized Carrying Value		Outstanding Principal at Par		Interest Rate		Rating(2)		Stated Maturity
($ in thousands)
Senior Secured Notes:
Class A-1R Notes	$	9,500	$	9,500		LIBOR + 1.90% (1)		AAA(sf)		9	/25/2023
Class A-1T Notes		110,819		111,175		LIBOR + 1.80%		AAA(sf)		9	/25/2023
Class A-2 Notes		24,054		24,150		LIBOR + 3.40%		AA(sf)		9	/25/2023
Class B Notes		24,925		25,025		LIBOR + 4.65%		A (sf)		9	/25/2023
Garrison SBIC Borrowings:
SBIC Borrowings		14,800		14,800		3.57% (3)		N/A		9	/1/2025 (4)
GLC Trust 2013-2 Notes:
Class A Notes		19,065		19,284		3.00%		N/A		7	/15/2021
	$	203,163	$	203,934

(1) May bear interest at either the CP Rate (as defined in the indenture governing the CLO) or the London Interbank Offered Rate (“LIBOR”). As of September 30, 2015, the Class A-1R Notes’ base rate was LIBOR.

(2) Represents an S&P rating as of the closing of the CLO.

(3) Represents the stated interest rate and annual charge of our SBA-guaranteed debentures. The Company also had interim financings of $0.8 million outstanding as of September 30, 2015. These interim financings have an interest rate of LIBOR + 1.04% and a maturity date of March 23, 2016, upon which we expect them to be pooled into the SBA-guaranteed debentures.

(4) Represents maturity date of our SBA-guaranteed debentures.

The table below provides details of our outstanding debt as of December 31, 2014:

	Amortized Carrying Value		Outstanding Principal at Par		Interest Rate		Rating(2)		Stated Maturity
($ in thousands)
Senior Secured Notes:
Class A-1R Notes	$	50,000	$	50,000		LIBOR + 1.90% (1)		AAA(sf)		9	/25/2023
Class A-1T Notes		110,787		111,175		LIBOR + 1.80%		AAA(sf)		9	/25/2023
Class A-2 Notes		24,045		24,150		LIBOR + 3.40%		AA(sf)		9	/25/2023
Class B Notes		24,915		25,025		LIBOR + 4.65%		A (sf)		9	/25/2023
GLC Trust 2013-2 Notes:
Class A Notes		30,513		30,910		3.00%		N/A		7	/15/2021
	$	240,260	$	241,260

(1) May bear interest at either the CP Rate or LIBOR. As of December 31, 2014, the Class A-1R Notes’ base rate was LIBOR.

(2) Represents an S&P rating as of the closing of the CLO.

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, 2015 and December 31, 2014, the Company’s asset coverage for borrowed amounts was 231.83% and 207.8%, respectively.

37

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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, 2015 and December 31, 2014:

	September 30, 2015			December 31, 2014
Senior Secured Revolving Notes:
Weighted average interest rate		2.23	%		2.16	%
Weighted average effective interest rate(1)		2.52			2.25
Senior Secured Term Notes:
Weighted average interest rate		2.82			2.74
Weighted average effective interest rate(1)		3.23			3.15
GLC Trust 2013-2  Class A Note:
Weighted average interest rate		3.00			3.00
Weighted average effective interest rate(1)		3.21			4.01
SBIC Borrowing:
Weighted average interest rate		3.46			N/A
Weighted average effective interest rate(1)		3.97			N/A
Total
Total weighted average interest rate		2.86			2.65
Total weighted average effective interest rate		3.25			3.04

⁽¹⁾ Includes the effects of deferred debt issuance costs

Senior Secured Notes

On November 5, 2010, GF 2010-1 completed a $300.0 million collateralized loan securitization. GF 2010-1 was the borrower under a collateralized loan obligation facility (the “CLO Facility”) which consisted of senior secured notes (collectively, the “GF 2010-1 Notes”).

On May 21, 2012, GF 2012-1, the Company’s wholly owned indirect subsidiary, entered into the Credit Facility in an aggregate principal amount of $150.0 million which was utilized, along with cash on hand of GF 2010-1 and Garrison Capital LLC, to redeem the existing GF 2010-1 Notes. On June 5, 2013, GF 2012-1 entered into an agreement to increase the size of the Credit Facility from $150.0 million to $175.0 million, which consisted of $125.0 million of Class A-T loans and $50.0 million of Class A-R loans. All other terms of the Credit Facility remained unchanged.

In connection with the execution of the Credit Facility and the redemption of the GF 2010-1 Notes in accordance with the indenture governing such notes, a majority of the loans and other assets owned or financed under such indenture were sold or contributed to GF 2012-1 as collateral for the Credit Facility.

On September 25, 2013, GF 2013-2 completed the CLO through a private placement of (1) $50.0 million Class A-1R revolving notes (“Class A-1R Notes”); (2) $111.2 million of Class A-1T notes (“Class A-1T Notes”); (3) $24.1 million of Class A-2 notes (“Class A-2 Notes” and collectively with the Class A-1R Notes and the Class A-1T Notes, the “Class A Notes”); (4) $25.0 million of Class B notes (“Class B Notes”); (5) $13.7 million of Class C notes (“Class C Notes”), which bear interest at three-month LIBOR plus 5.50% (collectively, the Class A Notes, Class B Notes and Class C Notes are referred to as the “Secured Notes”); and (6) $126.0 million of subordinated notes (“Subordinated Notes”), which do not have a stated interest rate (collectively, the Class A Notes, Class B Notes, Class C Notes and the Subordinated Notes as the “GF 2013-2 Notes”).

38

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

7. Financing  – (continued)

We utilized the proceeds of the GF 2013-2 Notes, along with cash on hand, to refinance the existing Credit Facility. All of the GF 2013-2 Notes are scheduled to mature on September 25, 2023. As of September 30, 2015, GARS had retained 100% of the Class C Notes, which are eliminated in consolidation. The Subordinated Notes represent the residual interest in GF 2013-2. Immediately following the completion of the CLO, GF 2013-2 Manager owned 100% of the Subordinated Notes, which are eliminated in consolidation.

At September 30, 2015, $40.5 million of the Class A-1R Notes were undrawn. As of December 31, 2014, the Class A-1R Notes were fully drawn. The Class A-1R Notes bear a 1.00% annual fee on undrawn amounts. The fair value of the GF 2013-2 Notes approximated its carrying value on the consolidated statements of financial condition as of September 30, 2015 and December 31, 2014, respectively.

The ability of GF 2013-2 to draw under the Class A-1R Notes terminates on September 25, 2016, which is also the end of the extended reinvestment period. The Secured Notes are secured by all of the assets held by GF 2013-2.

The indenture governing the notes issued as part of the CLO provides that, to the extent cash is available from cash collections, the holders of the GF 2013-2 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 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 2013-2 to the amount of interest payable on the Secured Notes under the 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 2013-2 will be required to apply available amounts to the repayment of interest on and principal of the GF 2013-2 Notes to the extent necessary to satisfy the applicable coverage tests and, as a result, there may be reduced funds available for GF 2013-2 to make additional investments or to make distributions on the Company’s equity interests in GF 2013-2. Additionally, compliance is measured on each day collateral loans are purchased, originated or sold and in connection with monthly reporting to the note holder.

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-1 Notes and remains so for ten business days, an event of default will be deemed to have occurred. As of September 30, 2015 and December 31, 2014, the trustee for the 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 2.0x equity up to $150.0 million of leverage, subject to the issuance of a capital commitment by the SBA and other customary procedures. On June 16, 2015 the SBA issued Garrison SBIC a commitment to provide $35.0 million of leverage.

39

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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 the SBA exercises its remedies under the SBA-guaranteed debentures issued by Garrison SBIC upon an event of default.

As of September 30, 2015, Garrison SBIC had regulatory capital of $35.0 million and total SBIC borrowings outstanding of $14.8 million. The SBIC borrowings were comprised of $14.0 million of SBA guaranteed debentures that mature on September 1, 2025 and $0.8 million of interim financings that mature on March 23, 2016 upon which they are expected to be pooled into 10 year debentures. The fair value of the SBIC borrowings approximated its carrying value on the consolidated statement of financial condition as of September 30, 2015. As of September 30, 2015, the Company had $2.7 million of available SBIC leverage capacity.

GLC Trust 2013-2 Notes

GLC Trust 2013-2 entered into a $10.0 million revolving facility with Capital One Bank, NA on December 6, 2013. The revolving facility included an accordion feature, such that GLC Trust 2013-2 was permitted to increase the total commitment up to $15.0 million under the terms of the loan agreement. GLC Trust 2013-2 exercised this option on December 20, 2013.

On July 11, 2014, GARS increased the GLC Trust 2013-2 Revolver commitment by $15.0 million, for a total commitment of $30.0 million. On July 18, 2014, GARS completed a $39.2 million term debt securitization collateralized by the GLC Trust 2013-2 consumer loan portfolio (“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 December 31, 2014, GARS has retained all of the 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, 2015 and December 31, 2014, 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% 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.

40

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

7. Financing  – (continued)

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, 2015, all of the coverage tests were met.

Deferred Debt Issuance Costs and other Fees

Fees paid as part of the execution of the Credit Facility, the refinance of the Credit Facility and the execution of the 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. 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 nine months ended September 30, 2015, we paid upfront fees of $0.7 million on our SBIC borrowings. The upfront fees totaled 3.48% and comprised of a 1.00% commitment fee, a 2.00% leverage fee and 0.43% of other fees. These costs are included in deferred debt issuance costs on the consolidated statements of financial condition and will be amortized over the stated maturity of the respective loans, with $4.5 million and $4.4 million of deferred debt issuance costs remaining as of September 30, 2015 and December 31, 2014, respectively.

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 subsequently amended and restated on May 6, 2014. A new Investment Advisory Agreement was approved by the Company’s stockholders on May 1, 2015. 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.

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.

41

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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. The Incentive Fee Look-back Period commenced on April 1, 2013. Prior to April 1, 2016, the Incentive Fee Look-back Period will consist of fewer than 12 full fiscal quarters.

The following table provides a breakdown of our management and incentive fees for the Three and Nine Months Ended September 30, 2015 and 2014:

	Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)	2015			2014			2015			2014
Management Fees
Management Fees		1,955			2,024			5,927			5,997
Total Management Fees		1,955			2,024			5,927			5,997
Incentive Fees
Income-Based Incentive Fees		1,632			1,506			4,946			4,439
Capital Gains-Based Incentive Fees(1)		(844	)		(236	)		(2,445	)		2,627
Incentive Fees Subject to Cap & Deferral Mechanism		(871	)		-			(871	)		-
Total Incentive Fees		(83	)		1,270			1,630			7,066

(1) Capital Gains-Based Incentive Fee included $(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 ended September 30, 2015, respectively. Capital Gains-Based Incentive Fee included $(0.3) million and $1.4 million of incentive fees on unrealized capital gains/(losses) as calculated under U.S. GAAP for the three and nine months ended September 30, 2014, respectively.

Management fees in the amount of $2.0 million and $0.3 million were payable as of September 30, 2015 and December 31, 2014, respectively, and are included in management fee payable on the consolidated statements of financial condition.

Based on our actual cumulative pre-incentive fee net return as of September 30, 2015, incentive fees earned by our Investment Advisor were capped, which resulted in the reversal of $(0.1) million of aggregate incentive fees for the three months ended September 30, 2015. Had the company met or exceeded the 20% cumulative pre-incentive fee net return the Investment Advisor would have earned $1.6 million on the income portion of its incentive fee for the three months ended September 30, 2015. These amounts may be earned and payable in future periods based on the future performance of the fund, subject to the Incentive Fee Look-back Period. For the nine months ended September 30, 2015, the Investment Adviser earned $1.6 million of incentive fees in the aggregate.

42

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

8. Related Party Transactions  – (continued)

The Investment Adviser earned aggregate incentive fees of $1.3 million and $7.1 million for the three and nine months ended September 30, 2014, respectively. Incentive fees in the amount of $0.5 million and $2.8 million were payable as of September 30, 2015 and December 31, 2014, respectively, and are included in incentive fee payable on the consolidated statements of financial condition.

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, 2015 and September 30, 2014.

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, 2015 were $0.2 million and $0.8 million, respectively. Administrator charges for the three and nine months ended September 30, 2014 were $0.2 million and $0.6 million, respectively. Administration fees of $0.5 million were payable to the GARS Administrator as of September 30, 2015 and $0.1 million were prepaid as of December 31, 2014.

43

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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, 2015, independent directors earned Directors’ Fees of $0.1 million and $0.3 million, respectively. For the three and nine months ended September 30, 2014, independent directors earned Directors’ Fees of $0.1 million and $0.3 million, respectively. No directors’ fees were payable as of September 30, 2015 and December 31, 2014.

Affiliated Stockholders

GSOF LLC, GSOF 2014 LLC, GSOF-SP LLC, GSOF-SP 2014 LLC, GSOF-SP II LLC, GSOF-SP 2014 II LLC, GSOF-SP DB LLC (subsidiaries of Garrison Special Opportunities Fund LP), GSOIF Corporate Loan Pools Ltd. (a subsidiary of Garrison Special Opportunities Institutional Fund LP), GCOH SubCo 2014-1 LLC (a subsidiary of Garrison Credit Opportunities Holdings L.P.), GCOH SubCo 2014-2 LLC (a subsidiary of Garrison Credit Opportunities Holdings L.P.), Garrison Capital Fairchild I Ltd. (a subsidiary of Fairchild Offshore Fund L.P.), Garrison Capital Fairchild II Ltd. (a subsidiary of Fairchild Offshore Fund II L.P.) and Garrison Capital Adviser Holdings MM LLC (collectively, the “Garrison Funds”) are all entities that are owned by funds that are managed by the Investment Manager.

As of December 31, 2014, the Garrison Funds owned an aggregate of 2,024,372, or 12.1%, of the total outstanding common shares of GARS, and the officers and directors of the Company directly owned an aggregate of 73,032, or 0.4%, of the total outstanding common shares of GARS. On March 19, 2015, GSOF LLC, GSOF-SP LLC, GSOF-SP II LLC, GSOF-SP DB LLC, GSOIF Corporate Loan Pools Ltd., and GCOH SubCo 2014-1 LLC. (collectively, the “Garrison Offering Funds”) sold an aggregate 884,990 shares of GARS common stock in a secondary offering. In connection with this sale, the Garrison Offering Funds agreed to reimburse the Company for certain fees and expenses in the amount of $18,654 incurred in connection with the filing of the Company’s Registration Statement. On March 23, 2015, the Garrison Offering Funds sold an aggregate of 125,000 shares of GARS common stock in a private offering. On May 8, 2015, Garrison Capital Fairchild I Ltd. and Garrison Capital Fairchild II Ltd sold an aggregate 200,000 shares of GARS common stock in a secondary offering.

On August 10, 2015 GSOF 2014 LLC, GSOF-SP 2014 LLC, GSOF-SP 2014 II LLC and GCOH SubCo 2014-2 LLC distributed an aggregate of 24,472 shares to certain officers and members of senior management of the Company. As of September 30, 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 4.7%, of the total outstanding shares of GARS common stock, the officers and directors of the Company directly owned an aggregate of 111,015, or 0.7%, of the total outstanding shares of GARS common stock, and the Garrison Offering Funds held zero shares of common stock.

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Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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 nine months ended September 30, 2015 and September 30, 2014.

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.

9. Financial Highlights

The following table represents financial highlights for the Company for the nine months ended September 30, 2015 and September 30, 2014:

Per share data	September 30, 2015			September 30, 2014
($ in thousands, except share and per share amounts)
Net asset value per common share at beginning of period	$	15.58		$	15.16
Increase in net assets from operations:
Net investment income		1.38			0.90
Net realized (loss)/gain on investments		(0.67	)		0.65
Net unrealized (loss) on investments		(0.32	)		(0.07	)
Net increase in net assets from operations		0.39			1.48
Stockholder transactions
Distributions from net investment income		(1.05	)		(1.05	)
Total additions from and dividends and distributions to stockholders		(1.05	)		(1.05	)
Net asset value per common share at end of period		14.92			15.59
Per share market value at beginning of period	$	14.44		$	13.88
Per share market value at end of period		13.69			14.47
Total book return (1)		2.50	%		9.76	%
Total market return (2)		1.70	%		11.87	%
Common shares outstanding at beginning of period		16,758,779			16,758,779
Common shares outstanding at end of period		16,758,779			16,758,779
Weighted average common shares outstanding		16,758,779			16,758,779
Net assets at beginning of period	$	261,103		$	254,081
Net assets at end of period	$	250,113		$	261,300
Average net assets (3)	$	260,279		$	261,545
Ratio of net investment income to average net assets (3)(5)		11.41	%		8.10	%
Ratio of net expenses to average net assets (4)(5)		9.00	%		10.80	%
Ratio of portfolio turnover to average investments at fair value (4)		29.02	%		72.39	%
Asset coverage ratio (6)		231.83	%		213.58	%
Average outstanding debt (7)	$	230,084		$	224,262
Average debt per common share	$	13.73		$	13.38

(1) Total book return equals the net increase of ending net asset value from operations over the net asset value per common share at 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) Calculated based on monthly average investments at fair value.

(5) There were no fee waivers for the nine months ended September 30, 2015 or September 30, 2014.

(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.

(7) Calculated based on monthly debt outstanding.

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Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

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 (“ASU 260”), for the nine months ended September 30, 2015 and September 30, 2014:

	Nine months ended		Nine months ended
	September 30, 2015		September 30, 2014
($ in thousands, except share and per share amounts)
Net increase in net asset resulting from operations	$	6,608	$	24,816
Basic weighted average shares		16,758,779		16,758,779
Basic earnings per share	$	0.39	$	1.48

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, that we have declared on our common stock for the nine months ended September 30, 2015 and September 30, 2014:

Record Dates	Board Approval Date		Payment Date		Distribution Declared		Distribution Declared per Share
($ in thousands)
Nine months ended September 30, 2015 (1)
March 20, 2015		March 3, 2015		March 27, 2015	$	5,866	$	0.35
June 12, 2015		April 30, 2015		June 26, 2015		5,866		0.35
September 10, 2015		July 30, 2015		September 25, 2015		5,866		0.35
					$	17,598	$	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
($ in thousands)
Nine months ended September 30, 2014 (1)
March 21, 2014		March 11, 2014		March 28, 2014	$	5,866	$	0.35
June 13, 2014		May 6, 2014		June 27, 2014		5,866		0.35
September 12, 2014		August 4, 2014		September 26, 2014		5,865		0.35
					$	17,597	$	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.

46

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2015

12. Commitments and Contingencies

The Company had outstanding commitments to fund investments totaling $9.8 million and $18.2 million under various undrawn revolvers and other credit facilities as of September 30, 2015 and December 31, 2014, 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. Subsequent Events

On October 5, 2015, the Company adopted a share repurchase plan that provides for repurchase of up to $10.0 million of its common stock at prices below the Company's net asset value per share as reported in its most recent financial statements. Under the repurchase program, the Company 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 the Company will comply with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and any applicable requirements of the Investment Company Act of 1940, as amended. Unless extended by the Company's board of directors, the repurchase program will terminate on the earlier of October 5, 2016 or the repurchase of $10.0 million of the Company's common stock. The Company's board of directors may amend this program, solely in its discretion, at any time prior to its termination.

On November 2, 2015, the Board approved a distribution in the amount of $5.9 million, or $0.35 a share, which will be paid on December 28, 2015 to stockholders of record as of December 11, 2015.

These consolidated financial statements were approved by the Board and were available for issuance on November 4, 2015. Subsequent events have been evaluated through this date. No material subsequent events other than as disclosed above have occurred through this date.

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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 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 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;

• our expected financings and investments;

• the adequacy of our cash resources and working capital;

• our ability to make distributions to our stockholders;

• 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 “anticipates,” “believes,” “expects,” “intends” and similar expressions 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, except as required by law. 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 U.S. 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.

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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 of debt securities 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 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 five member investment committee is comprised of Joseph Tansey, Rafael Astruc, Brian Chase, Mitch Drucker and Susan George. 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, 2015, we held investments in 52 portfolio companies with a fair value of $407.8 million, including investments in 37 portfolio companies held through the collateralized loan obligation, or the CLO. The investments held by the CLO as of September 30, 2015 consisted of senior secured loans fair valued at $299.5 million and related indebtedness of $169.3 million. The loans held by the CLO (held at fair value), together with cash and other assets held by the CLO, equaled approximately $311.4 million as of September 30, 2015. As of September 30, 2015, our portfolio had an average investment size of approximately $7.8 million, a weighted average yield on debt investments of 10.9% and a weighted average contractual maturity of 44 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.

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As of December 31, 2014, we held investments in 57 portfolio companies with a fair value of $467.8 million, including investments in 47 portfolio companies held through the CLO. The investments held by the CLO as of December 31, 2014 consisted of senior secured loans fair valued at $339.4 million and related indebtedness of $209.7 million. As of that date, the loans held by the CLO (held at fair value), together with cash and other assets held by the CLO, equaled approximately $357.8 million. As of December 31, 2014, our portfolio had an average investment size of approximately $6.8 million, a weighted average yield on debt investments of 10.5% and a weighted average contractual maturity of 46 months.

Revenues

We generate revenue in the form of interest earned on the debt investments that we hold as well as 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 seven years and bear interest at a fixed or floating rate. Interest is generally payable monthly or quarterly, 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, or PIK, 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, amendment and forbearance 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 investment income when we receive such amounts. We recognize amendment and forbearance fees upon completion of the amendments or waivers, generally when such fees are receivable.

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 firm);

• 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;

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• 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 the allocable portion of overhead under the Administration Agreement, 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. Incentive fees, interest expenses and costs relating to future offerings of securities would be additive to the expenses described above.

Recent Developments

On October 5, 2015, we adopted a share repurchase plan that provides for repurchase of up to $10.0 million of our common stock at prices below our net asset value per share as reported in our most recent financial statements. Under the repurchase program, we may, but are not obligated to, repurchase shares of our outstanding common stock in the open market or in privately negotiated transactions from time to time. Any repurchases by us will comply with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and any applicable requirements of the Investment Company Act of 1940, as amended. Unless extended by our board of directors, or the Board, the repurchase program will terminate on the earlier of October 5, 2016 or the repurchase of $10.0 million of our common stock. The company's Board may amend this program, solely in its discretion, at any time prior to its termination.

On November 2, 2015, the Board approved a distribution in the amount of $5.9 million, or $0.35 a share, which will be paid on December 28, 2015 to stockholders of record as of December 11, 2015.

Since September 30, 2015, the Company closed additional investments totaling $16.5 million of par value across seven new portfolio investments.

Market Trends

We believe that capital remains limited in the lower middle-market as many traditional lenders to these companies have exited the business due to regulatory restrictions, and many competitors have moved up-market to focus their attention on larger borrowers. Sponsor and club business continues to represent the majority of direct lending opportunities in the lower middle-market, although we have seen banks, other non-bank finance companies and funds participate in select one-off financings. However, capital markets volatility negatively affected demand for capital over the last few months and sponsor business has decreased. Lower middle-market opportunities continued to command better pricing and structures than in the broadly syndicated market and upper middle-market.

We believe that our expertise in providing non-traditional financing solutions to the lower middle-market allows us to tailor loan structures that meet borrower objectives while commanding premium pricing and maximizing the preservation of capital although increased competition could result in further spread compression.

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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, 2015 and September 30, 2014 are as follows:

	Three Months ended			Three Months ended			Three Months			Nine Months ended			Nine Months ended			Nine Months
	September 30, 2015			September 30, 2014			Variance			September 30, 2015			September 30, 2014			Variance
($ in thousands, except per share data)	(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Net investment income	$	8,244		$	6,261		$	1,983		$	23,103		$	15,128		$	7,975
Total investment income		13,206			12,944			262			39,836			37,073			2,763
Total expenses		4,962			6,683			(1,721	)		16,733			21,945			(5,212	)
Net realized (loss)/gain on investments		(2,301	)		1,198			(3,499	)		(11,312	)		10,894			(22,206	)
Net change in unrealized losses on investments		(6,184	)		(2,378	)		(3,806	)		(5,183	)		(1,206	)		(3,977	)
Net (decrease)/increase in net assets resulting from operations		(241	)		5,081			(5,322	)		6,608			24,816			(18,208	)
Net investment income per share		0.49			0.37			0.12			1.38			0.90			0.48
Net realized/unrealized (loss)/gain from
investments per share		(0.50	)		(0.07	)		(0.43	)		(0.99	)		0.58			(1.57	)
Net (loss)/earnings per share		(0.01	)		0.30			(0.31	)		0.39			1.48			(1.09	)
Net asset value per share		14.92			15.59			(0.67	)		14.92			15.59			(0.67	)

Net Investment Income

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 for the three and nine months ended September 30, 2014 was $6.3 million and $15.1 million, respectively. 

Net investment income increased by $2.0 million for the three months ended September 30, 2015 from the three months ended September 30, 2014 and increased by $8.0 million for the nine months ended September 30, 2015 from the nine months ended September 30, 2014, as described below under “Investment Income” and “Expenses.”

Investment Income

Investment income for the three and nine months ended September 30, 2015 was $13.2 million and $39.8 million, respectively. Investment income for the three and nine months ended September 30, 2014 was $12.9 million and $37.1 million, respectively.

Investment income increased by $0.3 million for the three months ended September 30, 2015 from the three months ended September 30, 2014 due to an increase in interest income in the amount of $0.3 million. The increase in interest income was largely driven by an increased weighted average yield on investments during the three months ended September 30, 2015 as compared to September 30, 2014.

Investment income increased by $2.8 million for the nine months ended September 30, 2015 from the nine months ended September 30, 2014 due to an increase in interest income in the amount of $3.5 million and an increase in other income of $0.1 million, offset by a decrease in dividend income of $(0.5) million. The increase in interest income was primarily driven by the increase in the average portfolio investment balance and an increased weighted average yield on investments during the nine months ended September 30, 2015 as compared to September 30, 2014. The decrease in dividend income was primarily driven by decrease in dividend income from one portfolio investment.

Expenses

Total expenses for the three and nine months ended September 30, 2015 were $5.0 million and $16.7 million, respectively. Total expenses for the three and nine months ended September 30, 2014 were $6.7 million and $21.9 million, respectively. 

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The following table summarizes our expenses, excluding accrued excise tax and the loss on refinancing of QLC Trust 2013-2 Revolvers, for the three and nine months ended September 30, 2015 and September 30, 2014:

	Three Months ended			Three Months ended		Three Months			Nine Months ended		Nine Months ended		Nine Months
($ in thousands)	September 30, 2015			September 30, 2014		Variance			September 30, 2015		September 30, 2014		Variance
	(Unaudited)			(Unaudited)					(Unaudited)		(Unaudited)
Interest	$	1,874		$	1,871	$	3		$	5,541	$	5,227	$	314
Management fees		1,955			2,024		(69	)		5,927		5,997		(70	)
Incentive Fees		(83	)		1,270		(1,353	)		1,629		7,066		(5,437	)
Professional fees		400			255		145			1,015		915		100
Directors fees		97			96		1			305		283		22
Administrator expenses		241			165		76			755		568		187
Other expenses		484			623		(139	)		1,564		1,510		54
Total expenses	$	4,968		$	6,304	$	(1,336	)	$	16,736	$	21,566	$	(4,830	)

Interest expense increased $0.3 million, for the nine months ended September 30, 2015 from the nine months ended September 30, 2014, primarily due to an increase in average effective interest rate on debt outstanding. As of September 30, 2015 and September 30, 2014, the weighted average effective interest rate for total outstanding debt was 3.25% and 3.05%, respectively.

Incentive fees decreased by $(1.4) million and $(5.4) million for the three and nine months ended September 30, 2015, respectively, from the three and nine months ended September 30, 2014, primarily due to increased realized and unrealized losses on investments.

Professional fees increased by $0.1 million for both the three and nine months ended September 30, 2015 from the three and nine months ended September 30, 2014, driven primarily by higher audit and consulting expenses. The Administrator expense increase by $0.1 million and $0.2 million for the three and nine months ended September 30, 2015, respectively, from the three and nine months ended September 30, 2014, primarily driven by higher allocation of overhead costs.

Net Realized (Loss) Gain and Unrealized (Loss) Gain on 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 one portfolio investment 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 one portfolio investment 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 two portfolio investments, a realized loss of $(4.4) million from the early full repayment of one portfolio investment, 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 one portfolio investment 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, 2014, we realized net gain on investments of $1.2 million and $10.9 million, respectively.

Net realized gains for the three months ended September 30, 2014 were incurred as a result of the sale of five portfolio investments, the early full repayment of eight portfolio investments and other partial repayments.

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Net realized gains for the nine months ended September 30, 2014 were driven primarily by $8.1 million of realized gains incurred from the sale of the parent company of one portfolio investment, Anchor Drilling Fluids USA, Inc., or Anchor, resulting in the early full repayment of the debt and sale of the equity, with the remaining net realized gain of $2.8 million resulting from the sale of 13 portfolio investments, early full repayment of 27 portfolio investments and other partial repayments.

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 adjustment of three portfolio investments, a $(2.2) million reversal of prior period unrealized gains due to the partial sale of one portfolio investment, a $(0.9) million negative market-related adjustment on one portfolio investment, $(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 one portfolio investment.

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 adjustment of four portfolio investments, a $(1.5) million reversal of prior period unrealized gains resulting from the partial sale of one portfolio investment, and a $(0.9) million negative market-related adjustment on one portfolio investment. This was offset by $4.3 million from the reversal of prior period unrealized losses resulting from the significant restructuring of two portfolio investments, and an increase of $0.3 million in the value of one portfolio investment.

For the three and nine months ended September 30, 2014, the net change in unrealized loss on investments was $(2.4) million and $(1.2) million, respectively.

The net change in unrealized loss for the three months ended September 30, 2014 was driven primarily by the negative credit related adjustment of one portfolio investment in the amount of $(1.5). The remaining net change in unrealized losses on investments was due to the reversal of prior period unrealized gains of $(1.1) million offset by the increase in the market value of the remaining portfolio of $0.2 million.

The net change in unrealized loss for the nine months ended September 30, 2014 was driven primarily by the reversal of prior period unrealized gains in the amount of $(1.8) million as a result of the sale of the parent company of Anchor and the negative credit related adjustment of two portfolio investments in the amount of $(3.3) million, offset by the increase in value of two portfolio investments in the amount of $3.8 million. The remaining net change in unrealized loss on investments was due to the reversal of prior period unrealized gains of $(0.6) million, offset by the increase in the market value of the remaining portfolio in the amount of $0.7 million.

Net Increase in Net Assets from Operations

We had a net asset value per common share outstanding on September 30, 2015 of $14.92. We had a net asset value per common share outstanding on December 31, 2014 of $15.58.

Based on 16,758,779 basic weighted average shares outstanding, the net decrease in net assets from operations per share for the three months ended September 30, 2015 was $(0.01).

Based on 16,758,779 basic weighted average shares outstanding, the net increase in net assets from operations per share for the three months ended September 30, 2014 was $0.30.

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.

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, 2014 was $1.48.

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 CLO, as described below, 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.

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In addition to proceeds from public and private offerings of securities, our CLO, Garrison SBIC borrowings and GLC Trust 2013-2 Notes, as of September 30, 2015 we have identified two portfolio companies with a total par value of $12.9 million and a fair value of $12.3 million which are transitory, which we define as those investments that generally yield less than 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 and our transitory portfolio as of September 30, 2015 will be sufficient to fund our anticipated funding requirements through at least September 30, 2016.

On March 3, 2015, the Board approved a distribution in the amount of $5.9 million, or $0.35 a share, which was paid on March 27, 2015 to stockholders of record as of March 20, 2015. On April 30, 2015, the Board approved a distribution in the amount of $5.9 million, or $0.35 a share, which was paid on June 26, 2015 to stockholders of record as of June 12, 2015. On November 3, 2015, the Board approved a distribution in the amount of $5.9 million, or $0.35 a share, which will be paid on December 28, 2015 to stockholders of record as of December 11, 2015.

As of September 30, 2015 and December 31, 2014, we had cash of $30.6 million and $13.7 million, respectively. Also, as of September 30, 2015 and December 31, 2014, we had restricted cash of $6.8 million and $14.3 million, respectively.

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, $(11.3) million of realized losses from investments, a $7.5 million change in restricted cash 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 CLO revolving notes, offset by proceeds from Garrison SBIC borrowings in the amount of $14.8 million.

During the nine months ended September 30, 2014, cash and cash equivalents increased by $11.9 million as a result of net cash provided by operating activities of $21.5 million offset by cash used in financing activities in the amount of $(9.6) million.

During the nine months ended September 30, 2014, cash provided by operating activities resulted mainly from net investment income in the amount of $15.1 million, realized gains in the amount of $10.9 million, repayments and sales of investments in the amount of $225.7 million and $91.4 million, respectively, as well as an increase in payables to affiliates in the amount of $3.6 million and a decrease in due from counterparties in the amount of $5.0 million, offset by purchases of investments in the amount of $325.0 million and a decrease in due to counterparties in the amount of $2.7 million. Net cash used in financing activities resulted from cash distributions in the amount of $17.6 million, repayments on the Class A-1R note in the amount of $16.0 million, repayment of the GLC Trust 2013-2 Revolver in the amount of $9.7 million and debt issuance costs of $0.5 million, offset by proceeds from the GLC Trust 2013-2 Notes in the amount of $34.2 million.

As of September 30, 2015 and December 31, 2014, we had $9.8 million and $18.2 million, respectively, of unfunded obligations with a fair value of $(0.1) million and $(0.3) 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, 2015 and December 31, 2014, respectively, subject to the terms of each loan’s respective credit agreement.

Subject to leverage and borrowing base restrictions, as of September 30, 2015, we had approximately $40.5 million available for additional borrowings under the CLO, $2.7 million of available SBIC leverage and no available borrowings under the GLC Trust 2013-2 Revolver. As of December 31, 2014, we had approximately $0.0 and $0.8 million available for additional borrowings under the CLO and GLC Trust 2013-2 Revolver, respectively.

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Portfolio Composition and Select Portfolio Information

As of September 30, 2015, we held investments in 52 portfolio companies with a fair value of $407.8 million. As of September 30, 2015, our portfolio had an average investment size of approximately $7.8 million, a weighted average yield of 10.9% and a weighted average contractual maturity of 44 months.

The following table shows select information of our portfolio for the periods from September 30, 2014 to September 30, 2015.

($ in thousands)		September 30, 2015		June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Total Market Value	$	407,757		$	435,072		$	452,011		$	467,770		$	448,649
Number of portfolio companies		52			54			57			57			56
Average investment size (1)	$	7,794		$	7,361		$	6,730		$	6,835		$	6,645
Weighted average yield (2)		10.9	%		11.0	%		10.8	%		10.5	%		10.0	%
Weighted average price (1)		97.3			97.1			95.9			97.1			98.0
First lien		90.6	%		88.8	%		85.8	%		85.3	%		78.8	%
Second lien & mezzanine/subordinated		1.8	%		2.6	%		5.5	%		5.4	%		8.7	%
Consumer loans		5.4	%		6.1	%		6.9	%		7.8	%		9.0	%
Equity & other		2.2	%		2.5	%		1.8	%		1.5	%		3.5	%
Originated (3)		61.1	%		55.3	%		50.4	%		48.1	%		46.9	%
Club (4)		27.6	%		28.7	%		27.0	%		27.4	%		24.2	%
Purchased		11.3	%		16.0	%		22.6	%		24.5	%		28.9	%
Fixed (1)		8.0	%		9.0	%		9.1	%		9.2	%		13.8	%
Floating (1)		92.0	%		91.0	%		90.9	%		90.8	%		86.2	%
Performing (1)		95.6	%		99.0	%		99.1	%		99.1	%		99.1	%
Non-accrual (1)		4.4	%		1.0	%		0.9	%		0.9	%		0.9	%
Weighted average debt/EBITDA (1) (2) (5)		3.7	x		3.7	x		3.6	x		3.6	x		3.4	x
Weighted average risk rating (1)		2.66			2.51			2.48			2.52			2.40

(1) Excludes consumer loans and equity investments.

(2) Excludes investments with a risk rating of 4, unfunded revolvers and equity investments.

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

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

(5) Excludes non-operating portfolio companies, which we define as those investments collateralized by real estate, proved developed producing value (“PDP”) or other hard assets. PDPs are proven revenues that can be produced with existing wells. As of September 30, 2015, $43.1 million of par value related to non-operating portfolio companies was excluded.

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Ongoing Monitoring

We view 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 it’s 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 portfolio company’s 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 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 performance rating scale at fair value, excluding our interest in GLC Trust 2013-2, unfunded revolvers and equity investments as of as of September 30, 2015 and December 31, 2014:

	As of September 30, 2015					As of December 31, 2014
($ in thousands)	Investments at Fair Value		Percentage of Total Investments			Investments at Fair Value		Percentage of Total Investments
Risk Rating 1	$	7,349		1.9	%	$	5,352		1.3	%
Risk Rating 2		138,599		36.8			211,635		49.9
Risk Rating 3		213,565		56.7			199,126		46.9
Risk Rating 4		17,370		4.6			8,165		1.9
	$	376,883		100.0	%	$	424,278		100.0	%

The weighted average risk rating of the portfolio was 2.66 and 2.52 as of September 30, 2015 and December 31, 2014, 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.

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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, 2015 and December 31, 2014, we had $9.8 million and $18.2 million of outstanding commitments to fund such investments, respectively.

Contractual Obligations

A summary of our significant contractual payment obligations as of September 30, 2015 is as follows:

	Payments Due by Period
	Less Than		1 - 3		3 - 5		More Than
($ in thousands)	1 Year		Years		Years		5 Years		Total
CLO Facility II	$	-	$	-	$	-	$	169,850	$	169,850
GLC Trust 2013-2 Class A Note		-		-		-		19,284		19,284
SBIC Borrowings		800		-		-		14,000		14,800
Total contractual obligations	$	800	$	-	$	-	$	203,134	$	203,934

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 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 U.S. GAAP 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.

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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 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 946 also provides an exception to the aforementioned if the investment company has an investment in a controlled operating company that provides substantially all of its services to the investment company. GF 2013-2 Manager owns a 100% equity interest in GF 2013-2, which is an investment company for accounting purposes, and also provides collateral management services solely to GF 2013-2. 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 and GLC Trust 2013-2, are 100% owned investment companies for accounting purposes. As such, we have consolidated the accounts of these entities into our financial statements. As a result of this consolidation, the amounts outstanding under the CLO and the GLC Trust 2013-2 Notes are treated as our indebtedness.

Valuation of Portfolio Investments

We value our investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures, or 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. ASC 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).

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.

Our portfolio consists of primarily debt investments and unsecured consumer loans. The fair value of our investments is initially determined by investment professionals of the 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.

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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.

• 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 above.

• The Board discusses valuations and determines the fair value of each investment in our 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.

Investment Transactions and Related Investment Income and Expense

We record our 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.

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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 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 we 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 two investments placed on non-accrual status as of September 30, 2015 and one investment placed on non-accrual status as of December 31, 2014.

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, we 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 dividend 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.

Other Expenses

Certain expenses related 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.

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 us 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.

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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 authorizes, and we declare, 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.

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 Tax

As a business development company, we have elected to be treated as a RIC under Subchapter M of the Code and we 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 as 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 net 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 at least 90% of our investment company taxable income is distributed each taxable year.

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 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.

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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 are usually based on a floating London Interbank Offered 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 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, 2015 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.

	Increase					Net Increase/
	in		(Decrease)/increase			(decrease) in
Change in interest rates	interest income		in interest expense			investment income
($ in thousands)
Down 25 basis points		-		(414	)		412
Up 50 basis points		134		821			(687	)
Up 100 basis points		1,189		1,670			(481	)
Up 200 basis points		4,202		3,368			834
Up 300 basis points		7,792		5,067			2,725

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 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 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, our Investment Adviser and the collateral manager have not hedged any of the obligations of the CLO.

Item 4: Controls and Procedures

As 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.

63

Part II — Other Information

Item 1: Legal Proceedings

Garrison Capital, the Investment Adviser and the Administrator are not currently subject to any material legal proceedings.

Item 1A: Risk Factors

In addition to 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 4, 2015 and amended on July 21, 2015, and Post-Effective Amendment No. 6 to our Form N-2, filed on July 28, 2015, 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.

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

None.

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
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.

64

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 4, 2015	By /s/ Joseph Tansey Joseph Tansey  Chief Executive Officer  (Principal Executive Officer)
Dated: November 4, 2015	By /s/ Brian Chase Brian Chase  Chief Financial Officer  (Principal Financial Officer)
Dated: November 4, 2015	By /s/ Michelle Rancic Michelle Rancic  Chief Accounting Officer  (Principal Accounting Officer)

65

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO SECTION 302

CHIEF EXECUTIVE OFFICER CERTIFICATION

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

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

2. 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;

3. 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;

4. 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:

a) 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;

b) 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;

a) 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

b) 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

5. 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):

a) 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

b) 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 4, 2015

By:	/s/  Joseph Tansey
	Joseph Tansey Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO SECTION 302

CHIEF FINANCIAL OFFICER CERTIFICATION

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

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

2. 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;

3. 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;

4. 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:

a) 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;

b) 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;

a) 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

b) 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

5. 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):

a) 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

b) 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 4, 2015

By:	/s/  Brian Chase
	Brian Chase Chief Financial Officer

EX-32.1

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, 2015 (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 4, 2015

EX-32.2

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, 2015 (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 4, 2015

EX-99.1

Exhibit 99.1

Garrison Capital Inc. and Subsidiaries

GLC Trust 2013-2-Schedule of Investments

September 30, 2015

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1	5/22/2018	14.74%	4,688	4,688	4,668
Loan ID 2	5/22/2016	24.19%	1,446	1,446	1,358
Loan ID 3	5/22/2018	10.99%	14,123	14,123	14,138
Loan ID 4	5/22/2016	12.49%	563	563	553
Loan ID 5	5/23/2016	29.32%	1,046	1,046	959
Loan ID 6	5/23/2016	18.64%	1,717	1,717	1,632
Loan ID 7	5/23/2018	12.19%	746	746	747
Loan ID 8	5/23/2016	12.99%	1,929	1,929	1,897
Loan ID 9	5/24/2016	18.99%	2,741	2,741	2,605
Loan ID 10	5/24/2016	18.99%	822	822	782
Loan ID 11	5/24/2018	18.74%	6,627	6,627	6,465
Loan ID 12	5/24/2016	20.99%	4,197	4,197	3,989
Loan ID 13	5/24/2016	12.03%	2,546	2,546	2,503
Loan ID 14	5/24/2018	9.49%	14,792	14,792	14,807
Loan ID 15	5/24/2016	18.99%	2,193	2,193	2,084
Loan ID 16	5/24/2016	12.99%	2,058	2,058	2,023
Loan ID 17	5/24/2018	13.34%	6,150	6,150	6,156
Loan ID 18	5/24/2018	25.79%	8,232	8,232	7,938
Loan ID 19	5/24/2016	18.99%	4,112	4,112	3,908
Loan ID 20	5/22/2016	12.99%	3,799	3,799	3,734
Loan ID 21	5/28/2016	14.14%	3,907	3,907	3,805
Loan ID 22	5/28/2018	18.19%	2,274	2,274	2,264
Loan ID 23	5/22/2018	16.99%	5,404	5,404	5,380
Loan ID 24	5/28/2018	13.34%	1,833	1,833	1,835
Loan ID 25	5/22/2016	21.24%	1,799	1,799	1,710
Loan ID 26	5/23/2018	18.19%	2,252	2,252	2,242
Loan ID 27	5/23/2016	24.92%	2,910	2,910	2,734
Loan ID 28	5/28/2016	18.99%	1,314	1,314	1,249
Loan ID 29	4/16/2019	17.90%	7,746	7,746	7,556
Loan ID 30	4/17/2019	13.85%	6,263	6,263	6,235
Loan ID 31	4/16/2019	12.24%	10,083	10,083	10,039
Loan ID 32	4/16/2017	17.15%	8,866	8,866	8,428
Loan ID 33	4/14/2019	16.75%	11,932	11,932	11,640
Loan ID 34	4/14/2017	12.24%	5,659	5,659	5,511
Loan ID 35	4/14/2019	13.85%	27,398	27,398	27,280
Loan ID 36	4/17/2017	10.89%	8,524	8,524	8,379
Loan ID 37	4/16/2017	15.35%	5,261	5,261	5,001
Loan ID 38	4/17/2019	18.25%	12,027	12,027	11,733
Loan ID 39	4/14/2017	16.05%	8,806	8,806	8,371
Loan ID 40	4/14/2017	12.24%	8,598	8,598	8,374
Loan ID 41	4/14/2019	19.60%	11,655	11,655	11,239
Loan ID 42	4/14/2017	8.74%	5,603	5,603	5,508
Loan ID 43	4/17/2019	22.54%	12,407	12,407	11,964
Loan ID 44	4/16/2019	16.05%	11,814	11,814	11,525
Loan ID 45	4/14/2017	11.59%	892	892	877
Loan ID 46	4/16/2017	28.00%	4,407	4,407	4,039
Loan ID 47	4/17/2017	15.70%	14,666	14,666	13,940
Loan ID 48	4/17/2017	26.44%	2,497	2,497	2,288
Loan ID 49	4/16/2017	15.35%	5,846	5,846	5,556
Loan ID 50	4/17/2019	22.54%	8,193	8,193	7,901
Loan ID 51	4/16/2017	12.24%	6,296	6,296	6,131
Loan ID 52	4/14/2017	25.74%	2,487	2,487	2,279
Loan ID 53	4/16/2017	12.24%	1,146	1,146	1,116

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 54	4/17/2019	17.15%	9,566	9,566	9,332
Loan ID 55	4/14/2019	21.85%	8,166	8,166	7,874
Loan ID 56	4/16/2019	13.50%	26,214	26,214	26,101
Loan ID 57	4/17/2019	12.24%	27,146	27,146	27,028
Loan ID 58	4/14/2017	8.74%	8,405	8,405	8,262
Loan ID 59	4/16/2019	17.90%	16,007	16,007	15,615
Loan ID 60	4/14/2019	13.50%	11,719	11,719	11,668
Loan ID 61	4/14/2017	21.00%	2,958	2,958	2,779
Loan ID 62	4/17/2017	12.64%	8,620	8,620	8,395
Loan ID 63	4/16/2017	18.25%	10,111	10,111	9,611
Loan ID 64	4/14/2019	11.99%	10,096	10,096	10,106
Loan ID 65	4/17/2017	19.20%	8,977	8,977	8,533
Loan ID 66	4/14/2017	19.20%	8,986	8,986	8,541
Loan ID 67	4/17/2019	18.90%	20,087	20,087	19,595
Loan ID 68	4/17/2017	16.35%	1,235	1,235	1,174
Loan ID 69	4/17/2017	16.05%	13,482	13,482	12,815
Loan ID 70	4/17/2019	17.45%	19,948	19,948	19,459
Loan ID 71	4/14/2019	18.25%	12,027	12,027	11,733
Loan ID 72	4/16/2017	11.19%	7,402	7,402	7,276
Loan ID 73	4/16/2019	24.24%	8,376	8,376	7,881
Loan ID 74	4/17/2017	11.99%	6,290	6,290	6,184
Loan ID 75	4/16/2017	17.90%	8,907	8,907	8,466
Loan ID 76	4/15/2019	20.30%	7,293	7,293	7,033
Loan ID 77	4/17/2017	15.70%	14,646	14,646	13,921
Loan ID 78	4/15/2019	13.50%	7,813	7,813	7,779
Loan ID 79	4/17/2019	19.20%	8,058	8,058	7,860
Loan ID 80	4/15/2019	11.59%	11,590	11,590	11,602
Loan ID 81	4/17/2019	13.05%	27,274	27,274	27,156
Loan ID 82	4/17/2017	9.80%	8,463	8,463	8,320
Loan ID 83	4/16/2017	9.80%	8,463	8,463	8,320
Loan ID 84	4/17/2017	9.20%	8,430	8,430	8,288
Loan ID 85	4/16/2017	13.85%	14,477	14,477	14,100
Loan ID 86	4/17/2017	18.55%	12,538	12,538	11,918
Loan ID 87	4/17/2019	17.45%	15,969	15,969	15,578
Loan ID 88	4/15/2017	17.45%	972	972	924
Loan ID 89	4/17/2017	15.35%	4,304	4,304	4,091
Loan ID 90	4/15/2017	23.44%	2,572	2,572	2,416
Loan ID 91	4/15/2017	9.80%	5,642	5,642	5,547
Loan ID 92	4/17/2017	16.05%	6,898	6,898	6,557
Loan ID 93	4/17/2017	16.35%	2,346	2,346	2,230
Loan ID 94	4/17/2017	11.99%	11,448	11,448	11,254
Loan ID 95	4/15/2017	20.30%	5,933	5,933	5,574
Loan ID 96	4/15/2019	16.05%	7,924	7,924	7,730
Loan ID 97	4/15/2019	14.85%	11,809	11,809	11,757
Loan ID 98	4/17/2019	14.15%	15,683	15,683	15,615
Loan ID 99	4/15/2017	23.44%	2,559	2,559	2,404
Loan ID 100	4/17/2017	16.35%	8,823	8,823	8,386
Loan ID 101	4/17/2019	16.05%	7,132	7,132	6,957
Loan ID 102	4/18/2017	15.70%	5,565	5,565	5,290
Loan ID 103	4/18/2017	28.00%	2,518	2,518	2,308
Loan ID 104	4/15/2019	19.20%	9,267	9,267	9,040
Loan ID 105	4/15/2017	18.25%	2,380	2,380	2,262
Loan ID 106	4/18/2017	14.15%	1,741	1,741	1,695
Loan ID 107	4/15/2019	16.75%	14,318	14,318	13,968
Loan ID 108	4/18/2017	9.20%	5,199	5,199	5,111
Loan ID 109	4/17/2019	13.85%	6,106	6,106	6,079
Loan ID 110	4/17/2019	14.85%	19,512	19,512	19,428
Loan ID 111	4/18/2017	17.15%	2,635	2,635	2,505
Loan ID 112	4/15/2017	15.35%	2,338	2,338	2,222
Loan ID 113	4/18/2017	11.59%	4,567	4,567	4,489
Loan ID 114	4/17/2019	10.89%	14,981	14,981	14,997

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 115	4/18/2017	13.50%	11,556	11,556	11,255
Loan ID 116	4/15/2019	14.85%	7,872	7,872	7,838
Loan ID 117	4/18/2017	14.85%	11,655	11,655	11,351
Loan ID 118	4/17/2017	18.55%	8,346	8,346	7,933
Loan ID 119	4/17/2017	12.64%	14,367	14,367	13,992
Loan ID 120	4/17/2019	26.44%	8,343	8,343	7,850
Loan ID 121	4/18/2017	9.20%	7,868	7,868	7,735
Loan ID 122	4/15/2017	16.05%	8,806	8,806	8,371
Loan ID 123	4/17/2019	15.35%	11,841	11,841	11,551
Loan ID 124	4/18/2019	19.60%	11,304	11,304	10,901
Loan ID 125	4/18/2019	22.54%	7,374	7,374	7,111
Loan ID 126	4/15/2019	13.85%	19,570	19,570	19,486
Loan ID 127	4/17/2017	18.55%	2,086	2,086	1,983
Loan ID 128	4/15/2017	11.59%	8,562	8,562	8,417
Loan ID 129	4/15/2017	22.54%	24	24	22
Loan ID 130	4/15/2017	12.24%	2,006	2,006	1,954
Loan ID 131	4/17/2017	10.89%	14,206	14,206	13,966
Loan ID 132	4/17/2017	17.15%	5,911	5,911	5,618
Loan ID 133	4/15/2017	9.80%	2,539	2,539	2,496
Loan ID 134	4/18/2019	16.75%	9,668	9,668	9,431
Loan ID 135	4/18/2019	11.59%	15,453	15,453	15,469
Loan ID 136	4/15/2017	14.15%	6,962	6,962	6,781
Loan ID 137	4/17/2017	16.35%	14,705	14,705	13,977
Loan ID 138	4/15/2017	17.90%	1,419	1,419	1,349
Loan ID 139	4/17/2019	25.04%	2,487	2,487	2,340
Loan ID 140	4/15/2017	14.85%	5,827	5,827	5,675
Loan ID 141	4/17/2017	19.60%	7,487	7,487	7,034
Loan ID 142	4/17/2019	19.20%	8,437	8,437	8,230
Loan ID 143	4/18/2017	28.00%	2,161	2,161	1,981
Loan ID 144	4/15/2017	12.24%	1,720	1,720	1,675
Loan ID 145	4/18/2019	11.19%	10,021	10,021	10,031
Loan ID 146	4/15/2017	11.59%	7,706	7,706	7,576
Loan ID 147	4/18/2019	15.35%	12,244	12,244	11,944
Loan ID 148	4/17/2019	18.25%	11,098	11,098	10,826
Loan ID 149	4/18/2017	11.99%	8,298	8,298	8,158
Loan ID 150	4/15/2019	16.05%	11,887	11,887	11,596
Loan ID 151	4/18/2019	20.30%	4,052	4,052	3,907
Loan ID 152	4/18/2019	15.35%	19,735	19,735	19,252
Loan ID 153	4/17/2017	11.59%	4,455	4,455	4,380
Loan ID 154	4/15/2017	19.60%	2,506	2,506	2,354
Loan ID 155	4/18/2019	13.85%	4,697	4,697	4,677
Loan ID 156	4/15/2019	23.44%	8,229	8,229	7,935
Loan ID 157	4/18/2019	11.59%	6,870	6,870	6,877
Loan ID 158	4/15/2019	21.85%	7,349	7,349	7,087
Loan ID 159	4/17/2017	10.29%	4,811	4,811	4,730
Loan ID 160	4/15/2017	16.75%	3,243	3,243	3,082
Loan ID 161	4/17/2017	14.15%	11,604	11,604	11,301
Loan ID 162	4/15/2017	18.55%	2,086	2,086	1,983
Loan ID 163	4/18/2017	16.05%	8,806	8,806	8,371
Loan ID 164	4/18/2017	14.50%	20,364	20,364	19,833
Loan ID 165	4/18/2017	10.89%	5,682	5,682	5,586
Loan ID 166	4/17/2017	17.45%	13,120	13,120	12,471
Loan ID 167	4/18/2017	9.80%	19,748	19,748	19,414
Loan ID 168	4/17/2017	17.90%	5,938	5,938	5,644
Loan ID 169	4/18/2017	19.60%	3,899	3,899	3,663
Loan ID 170	4/18/2019	13.85%	19,571	19,571	19,486
Loan ID 171	4/18/2017	14.50%	5,815	5,815	5,663
Loan ID 172	4/16/2017	18.55%	5,961	5,961	5,666
Loan ID 173	4/16/2019	21.85%	8,166	8,166	7,874
Loan ID 174	4/18/2019	13.85%	10,177	10,177	10,132
Loan ID 175	4/16/2017	12.64%	20,113	20,113	19,589

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 176	4/17/2019	20.30%	3,241	3,241	3,126
Loan ID 177	4/18/2017	12.64%	2,011	2,011	1,959
Loan ID 178	4/16/2019	17.15%	7,972	7,972	7,776
Loan ID 179	4/16/2017	24.24%	6,164	6,164	5,649
Loan ID 180	4/18/2019	20.30%	8,103	8,103	7,814
Loan ID 181	4/18/2017	8.74%	3,362	3,362	3,305
Loan ID 182	4/18/2019	15.35%	5,091	5,091	4,966
Loan ID 183	4/17/2019	14.50%	2,357	2,357	2,347
Loan ID 184	4/18/2017	17.90%	5,047	5,047	4,798
Loan ID 185	4/17/2017	28.00%	4,407	4,407	4,039
Loan ID 186	4/16/2017	25.74%	6,217	6,217	5,698
Loan ID 187	4/18/2019	17.45%	3,992	3,992	3,894
Loan ID 188	4/18/2017	15.70%	2,343	2,343	2,227
Loan ID 189	4/21/2019	11.99%	11,347	11,347	11,359
Loan ID 190	4/16/2017	13.50%	2,889	2,889	2,814
Loan ID 191	4/21/2019	20.30%	7,293	7,293	7,033
Loan ID 192	4/16/2017	19.20%	5,985	5,985	5,689
Loan ID 193	4/21/2019	14.15%	7,841	7,841	7,807
Loan ID 194	4/18/2019	13.50%	11,719	11,719	11,668
Loan ID 195	4/21/2017	14.15%	10,765	10,765	10,485
Loan ID 196	4/21/2019	21.85%	7,349	7,349	7,087
Loan ID 197	4/16/2019	11.59%	11,579	11,579	11,591
Loan ID 198	4/18/2017	13.50%	2,889	2,889	2,814
Loan ID 199	4/16/2017	14.85%	2,331	2,331	2,270
Loan ID 200	4/21/2019	13.50%	19,531	19,531	19,447
Loan ID 201	4/21/2017	18.55%	5,961	5,961	5,666
Loan ID 202	4/18/2017	22.54%	6,104	6,104	5,735
Loan ID 203	4/16/2019	16.05%	19,811	19,811	19,326
Loan ID 204	4/16/2017	13.85%	11,602	11,602	11,300
Loan ID 205	4/18/2019	11.19%	13,490	13,490	13,504
Loan ID 206	4/21/2017	27.24%	3,135	3,135	2,873
Loan ID 207	4/21/2017	11.59%	8,562	8,562	8,417
Loan ID 208	4/21/2017	23.44%	6,125	6,125	5,754
Loan ID 209	4/18/2017	20.30%	1,205	1,205	1,132
Loan ID 210	4/21/2017	14.15%	2,321	2,321	2,260
Loan ID 211	4/16/2019	13.85%	11,742	11,742	11,691
Loan ID 212	4/18/2017	17.45%	2,369	2,369	2,251
Loan ID 213	4/18/2019	18.90%	7,643	7,643	7,456
Loan ID 214	4/18/2017	11.59%	19,979	19,979	19,641
Loan ID 215	4/21/2017	14.15%	3,481	3,481	3,390
Loan ID 216	4/16/2019	20.30%	7,293	7,293	7,032
Loan ID 217	4/16/2017	16.75%	11,793	11,793	11,209
Loan ID 218	4/18/2019	15.35%	10,263	10,263	10,011
Loan ID 219	4/21/2019	24.24%	5,782	5,782	5,440
Loan ID 220	4/21/2017	14.15%	6,101	6,101	5,942
Loan ID 221	4/16/2019	17.15%	11,632	11,632	11,347
Loan ID 222	4/18/2017	9.20%	16,861	16,861	16,575
Loan ID 223	4/16/2017	18.55%	2,967	2,967	2,820
Loan ID 224	4/18/2019	17.90%	14,407	14,407	14,054
Loan ID 225	4/16/2017	28.00%	2,518	2,518	2,308
Loan ID 226	4/21/2017	11.59%	3,422	3,422	3,364
Loan ID 227	4/18/2019	18.90%	12,448	12,448	12,143
Loan ID 228	4/21/2019	17.15%	3,189	3,189	3,111
Loan ID 229	4/18/2019	14.15%	19,604	19,604	19,519
Loan ID 230	4/21/2019	17.15%	4,049	4,049	3,950
Loan ID 231	4/21/2017	11.59%	5,708	5,708	5,612
Loan ID 232	4/16/2017	12.64%	14,367	14,367	13,992
Loan ID 233	4/18/2017	23.44%	4,602	4,602	4,324
Loan ID 234	4/18/2017	15.70%	2,343	2,343	2,227
Loan ID 235	4/21/2017	17.45%	5,922	5,922	5,629
Loan ID 236	4/21/2017	13.50%	9,823	9,823	9,567

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 237	4/16/2017	13.05%	8,643	8,643	8,417
Loan ID 238	4/18/2017	18.55%	5,961	5,961	5,666
Loan ID 239	4/21/2019	14.15%	11,762	11,762	11,711
Loan ID 240	4/21/2017	18.55%	5,961	5,961	5,666
Loan ID 241	4/21/2019	9.80%	15,288	15,288	15,304
Loan ID 242	4/18/2017	28.00%	2,505	2,505	2,296
Loan ID 243	4/21/2017	18.55%	12,817	12,817	12,183
Loan ID 244	4/18/2019	18.25%	12,412	12,412	12,108
Loan ID 245	4/21/2017	14.15%	2,901	2,901	2,825
Loan ID 246	4/18/2019	10.89%	13,081	13,081	13,094
Loan ID 247	4/21/2019	13.85%	24,043	24,043	23,939
Loan ID 248	4/21/2019	10.89%	3,846	3,846	3,850
Loan ID 249	4/16/2019	17.45%	19,961	19,961	19,472
Loan ID 250	4/18/2017	18.55%	5,962	5,962	5,667
Loan ID 251	4/17/2017	11.99%	5,723	5,723	5,626
Loan ID 252	4/17/2017	13.05%	8,642	8,642	8,416
Loan ID 253	4/18/2017	10.89%	14,206	14,206	13,965
Loan ID 254	4/18/2019	22.54%	12,290	12,290	11,852
Loan ID 255	4/21/2019	14.50%	7,857	7,857	7,823
Loan ID 256	4/17/2017	13.50%	20,226	20,226	19,699
Loan ID 257	4/21/2017	13.05%	6,338	6,338	6,173
Loan ID 258	4/21/2019	12.64%	10,106	10,106	10,062
Loan ID 259	4/17/2019	14.15%	11,762	11,762	11,711
Loan ID 260	4/17/2017	16.35%	5,882	5,882	5,591
Loan ID 261	4/17/2019	14.15%	11,762	11,762	11,711
Loan ID 262	4/21/2019	18.25%	12,027	12,027	11,733
Loan ID 263	4/17/2019	13.05%	25,325	25,325	25,216
Loan ID 264	4/18/2019	12.24%	15,512	15,512	15,445
Loan ID 265	5/22/2018	10.49%	14,948	14,948	14,963
Loan ID 266	5/22/2018	15.19%	15,612	15,612	15,545
Loan ID 267	5/23/2016	13.59%	5,467	5,467	5,325
Loan ID 268	5/29/2018	19.84%	9,817	9,817	9,576
Loan ID 269	5/22/2018	14.74%	8,434	8,434	8,397
Loan ID 270	5/29/2018	29.16%	2,816	2,816	2,649
Loan ID 271	5/22/2016	28.59%	1,207	1,207	1,106
Loan ID 272	5/29/2018	20.99%	6,594	6,594	6,432
Loan ID 273	5/23/2016	31.34%	1,260	1,260	1,127
Loan ID 274	5/29/2018	9.99%	10,410	10,410	10,421
Loan ID 275	5/29/2016	10.89%	5,029	5,029	4,944
Loan ID 276	5/22/2018	12.19%	15,203	15,203	15,219
Loan ID 277	5/29/2018	23.59%	6,739	6,739	6,499
Loan ID 278	5/29/2018	9.99%	8,923	8,923	8,932
Loan ID 279	5/23/2016	15.59%	529	529	515
Loan ID 280	5/29/2018	12.19%	6,081	6,081	6,087
Loan ID 281	5/30/2018	13.34%	2,523	2,523	2,526
Loan ID 282	5/30/2016	16.79%	1,196	1,196	1,165
Loan ID 283	5/30/2018	29.16%	2,872	2,872	2,702
Loan ID 284	5/23/2016	12.99%	1,286	1,286	1,264
Loan ID 285	5/24/2018	15.79%	15,736	15,736	15,668
Loan ID 286	5/24/2018	30.96%	2,854	2,854	2,685
Loan ID 287	5/30/2016	28.59%	1,340	1,340	1,228
Loan ID 288	5/30/2016	21.59%	3,136	3,136	2,981
Loan ID 289	5/23/2018	19.14%	8,435	8,435	8,229
Loan ID 290	5/24/2016	16.79%	5,357	5,357	5,218
Loan ID 291	5/24/2018	16.49%	9,503	9,503	9,462
Loan ID 292	5/24/2016	16.39%	534	534	520
Loan ID 293	5/24/2016	11.53%	3,545	3,545	3,485
Loan ID 294	5/24/2018	18.19%	9,651	9,651	9,610
Loan ID 295	5/24/2018	15.19%	7,511	7,511	7,479
Loan ID 296	6/3/2016	19.39%	6,133	6,133	5,830
Loan ID 297	5/24/2018	13.34%	9,225	9,225	9,234

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 298	5/24/2018	25.06%	6,820	6,820	6,577
Loan ID 299	5/24/2016	25.66%	1,847	1,847	1,735
Loan ID 300	5/24/2018	22.09%	16,640	16,640	16,232
Loan ID 301	5/24/2018	17.69%	1,601	1,601	1,594
Loan ID 302	5/24/2018	15.79%	22,031	22,031	21,935
Loan ID 303	6/3/2018	21.39%	5,411	5,411	5,278
Loan ID 304	5/24/2018	22.09%	9,984	9,984	9,739
Loan ID 305	6/3/2016	10.34%	4,196	4,196	4,125
Loan ID 306	6/3/2018	16.49%	7,137	7,137	7,106
Loan ID 307	5/28/2018	30.96%	2,715	2,715	2,554
Loan ID 308	5/28/2016	21.24%	561	561	533
Loan ID 309	6/3/2018	15.19%	7,376	7,376	7,344
Loan ID 310	5/28/2018	16.99%	6,365	6,365	6,337
Loan ID 311	5/28/2018	9.99%	10,410	10,410	10,421
Loan ID 312	5/28/2016	27.86%	1,198	1,198	1,098
Loan ID 313	5/28/2016	27.86%	1,198	1,198	1,098
Loan ID 314	5/28/2018	19.84%	1,055	1,055	1,029
Loan ID 315	5/28/2016	13.59%	3,884	3,884	3,783
Loan ID 316	5/28/2018	18.19%	9,651	9,651	9,610
Loan ID 317	5/28/2016	12.99%	2,315	2,315	2,276
Loan ID 318	5/28/2016	23.46%	4,395	4,395	4,129
Loan ID 319	5/28/2018	21.79%	12,614	12,614	12,305
Loan ID 320	5/28/2016	14.14%	1,823	1,823	1,776
Loan ID 321	5/28/2018	19.84%	9,793	9,793	9,553
Loan ID 322	5/28/2018	19.14%	6,813	6,813	6,646
Loan ID 323	6/4/2018	21.79%	4,765	4,765	4,648
Loan ID 324	5/28/2018	23.59%	6,066	6,066	5,849
Loan ID 325	5/28/2016	9.24%	1,111	1,111	1,092
Loan ID 326	6/4/2016	29.32%	842	842	772
Loan ID 327	5/28/2018	19.84%	13,058	13,058	12,738
Loan ID 328	5/29/2016	13.59%	3,107	3,107	3,026
Loan ID 329	5/29/2018	12.19%	9,157	9,157	9,166
Loan ID 330	5/29/2016	21.99%	695	695	653
Loan ID 331	5/29/2016	16.79%	536	536	522
Loan ID 332	5/29/2018	15.19%	1,565	1,565	1,558
Loan ID 333	5/29/2018	16.49%	4,118	4,118	4,100
Loan ID 334	5/29/2016	24.92%	1,164	1,164	1,094
Loan ID 335	5/29/2016	27.86%	1,198	1,198	1,098
Loan ID 336	5/29/2018	17.69%	12,810	12,810	12,754
Loan ID 337	5/29/2016	26.39%	1,033	1,033	947
Loan ID 338	6/5/2016	16.39%	2,977	2,977	2,899
Loan ID 339	5/29/2018	17.69%	13,450	13,450	13,392
Loan ID 340	5/29/2018	9.99%	8,923	8,923	8,932
Loan ID 341	5/29/2016	10.34%	2,285	2,285	2,247
Loan ID 342	5/30/2016	16.39%	834	834	812
Loan ID 343	5/29/2016	25.66%	1,172	1,172	1,102
Loan ID 344	6/5/2016	16.39%	4,167	4,167	4,059
Loan ID 345	5/29/2018	21.39%	6,009	6,009	5,862
Loan ID 346	6/5/2018	20.59%	6,719	6,719	6,555
Loan ID 347	6/5/2018	18.19%	4,609	4,609	4,589
Loan ID 348	5/29/2016	28.59%	1,149	1,149	1,053
Loan ID 349	5/29/2018	19.14%	4,218	4,218	4,114
Loan ID 350	6/5/2016	31.34%	1,201	1,201	1,074
Loan ID 351	5/30/2018	16.99%	2,607	2,607	2,596
Loan ID 352	5/30/2018	29.69%	1,441	1,441	1,356
Loan ID 353	5/30/2016	31.34%	1,050	1,050	939
Loan ID 354	5/30/2016	28.59%	1,340	1,340	1,228
Loan ID 355	5/30/2018	16.49%	9,735	9,735	9,693
Loan ID 356	5/30/2018	12.69%	12,538	12,538	12,551
Loan ID 357	5/30/2016	30.06%	201	201	184
Loan ID 358	5/30/2018	13.34%	6,307	6,307	6,314

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 359	5/30/2018	24.32%	7,343	7,343	7,081
Loan ID 360	5/30/2016	13.59%	1,142	1,142	1,112
Loan ID 361	5/31/2018	13.34%	12,612	12,612	12,626
Loan ID 362	6/6/2016	12.99%	1,150	1,150	1,131
Loan ID 363	5/31/2018	17.69%	9,835	9,835	9,792
Loan ID 364	5/30/2016	30.06%	1,358	1,358	1,245
Loan ID 365	5/30/2016	31.34%	1,374	1,374	1,229
Loan ID 366	6/3/2016	12.99%	2,157	2,157	2,120
Loan ID 367	6/3/2018	15.19%	6,414	6,414	6,386
Loan ID 368	6/3/2018	12.19%	6,239	6,239	6,245
Loan ID 369	6/3/2016	17.34%	1,503	1,503	1,428
Loan ID 370	5/31/2018	21.79%	3,393	3,393	3,310
Loan ID 371	6/3/2018	10.49%	7,979	7,979	7,988
Loan ID 372	6/6/2016	27.86%	1,342	1,342	1,230
Loan ID 373	5/31/2018	11.69%	15,523	15,523	15,539
Loan ID 374	6/3/2016	16.39%	1,786	1,786	1,739
Loan ID 375	6/3/2016	23.46%	69	69	65
Loan ID 376	5/31/2018	10.99%	15,419	15,419	15,436
Loan ID 377	6/7/2018	18.19%	16,463	16,463	16,391
Loan ID 378	5/31/2016	21.24%	3,123	3,123	2,968
Loan ID 379	6/7/2018	19.14%	2,408	2,408	2,349
Loan ID 380	6/3/2018	14.19%	10,169	10,169	10,125
Loan ID 381	6/3/2018	16.49%	9,732	9,732	9,690
Loan ID 382	6/3/2018	29.16%	2,870	2,870	2,700
Loan ID 383	6/3/2018	18.19%	6,585	6,585	6,556
Loan ID 384	6/3/2018	18.19%	13,170	13,170	13,113
Loan ID 385	6/3/2016	31.34%	1,398	1,398	1,250
Loan ID 386	6/3/2016	11.53%	850	850	836
Loan ID 387	6/3/2018	16.99%	135	135	135
Loan ID 388	6/7/2016	10.34%	1,250	1,250	1,229
Loan ID 389	6/3/2016	29.32%	1,010	1,010	926
Loan ID 390	6/3/2018	21.39%	16,909	16,909	16,494
Loan ID 391	6/3/2018	15.79%	6,448	6,448	6,420
Loan ID 392	6/3/2018	29.69%	2,881	2,881	2,711
Loan ID 393	6/3/2018	12.19%	15,616	15,616	15,633
Loan ID 394	6/3/2016	14.59%	2,923	2,923	2,847
Loan ID 395	6/3/2018	23.59%	5,851	5,851	5,642
Loan ID 396	6/4/2016	27.86%	1,494	1,494	1,369
Loan ID 397	6/10/2016	23.46%	1,294	1,294	1,216
Loan ID 398	6/3/2018	18.19%	6,585	6,585	6,556
Loan ID 399	6/4/2016	29.32%	1,347	1,347	1,235
Loan ID 400	6/4/2018	12.19%	4,991	4,991	4,996
Loan ID 401	6/4/2016	15.59%	5,020	5,020	4,889
Loan ID 402	6/10/2016	11.53%	2,833	2,833	2,785
Loan ID 403	6/4/2018	19.14%	6,638	6,638	6,476
Loan ID 404	6/10/2016	22.72%	2,850	2,850	2,678
Loan ID 405	6/4/2018	14.74%	4,152	4,152	4,134
Loan ID 406	6/4/2016	24.19%	1,289	1,289	1,211
Loan ID 407	6/10/2018	16.99%	6,517	6,517	6,489
Loan ID 408	6/5/2016	19.79%	2,155	2,155	2,048
Loan ID 409	6/5/2018	26.72%	622	622	600
Loan ID 410	6/5/2018	14.19%	6,356	6,356	6,328
Loan ID 411	6/5/2018	13.34%	9,459	9,459	9,469
Loan ID 412	6/5/2018	15.19%	1,817	1,817	1,809
Loan ID 413	6/5/2016	16.39%	2,977	2,977	2,899
Loan ID 414	6/11/2018	15.19%	1,603	1,603	1,596
Loan ID 415	6/11/2018	15.79%	9,672	9,672	9,630
Loan ID 416	6/12/2016	17.34%	2,554	2,554	2,428
Loan ID 417	6/6/2018	16.49%	10,415	10,415	10,370
Loan ID 418	6/6/2016	26.39%	1,334	1,334	1,223
Loan ID 419	6/13/2018	19.84%	6,090	6,090	5,941

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 420	6/6/2016	15.09%	9,108	9,108	8,870
Loan ID 421	6/13/2018	9.49%	12,157	12,157	12,170
Loan ID 422	6/7/2016	18.24%	3,639	3,639	3,459
Loan ID 423	6/7/2016	16.79%	1,236	1,236	1,204
Loan ID 424	6/13/2018	16.99%	14,272	14,272	14,210
Loan ID 425	6/13/2018	12.19%	9,358	9,358	9,368
Loan ID 426	6/7/2018	13.34%	6,306	6,306	6,313
Loan ID 427	6/14/2018	21.79%	4,750	4,750	4,633
Loan ID 428	6/7/2018	24.32%	10,384	10,384	10,013
Loan ID 429	6/7/2016	21.99%	1,258	1,258	1,182
Loan ID 430	6/10/2016	24.92%	836	836	786
Loan ID 431	6/7/2018	15.79%	9,849	9,849	9,807
Loan ID 432	6/10/2018	14.19%	7,310	7,310	7,278
Loan ID 433	6/11/2018	25.79%	2,800	2,800	2,700
Loan ID 434	6/11/2018	27.36%	7,083	7,083	6,830
Loan ID 435	6/11/2016	18.64%	4,566	4,566	4,340
Loan ID 436	6/17/2018	9.49%	4,615	4,615	4,619
Loan ID 437	6/18/2018	12.69%	16,297	16,297	16,314
Loan ID 438	6/11/2018	14.74%	2,555	2,555	2,544
Loan ID 439	6/18/2016	16.39%	1,191	1,191	1,160
Loan ID 440	6/11/2018	27.36%	10,625	10,625	10,246
Loan ID 441	6/19/2018	21.39%	6,764	6,764	6,598
Loan ID 442	6/12/2016	14.59%	1,462	1,462	1,424
Loan ID 443	6/19/2018	18.19%	6,585	6,585	6,557
Loan ID 444	6/19/2018	9.49%	9,118	9,118	9,128
Loan ID 445	6/19/2016	16.39%	1,515	1,515	1,475
Loan ID 446	6/14/2016	19.79%	1,077	1,077	1,024
Loan ID 447	6/17/2016	20.99%	3,115	3,115	2,961
Loan ID 448	6/20/2016	31.34%	1,372	1,372	1,227
Loan ID 449	6/14/2018	14.74%	22,357	22,357	22,260
Loan ID 450	6/21/2016	19.79%	4,618	4,618	4,389
Loan ID 451	6/21/2018	12.19%	2,496	2,496	2,498
Loan ID 452	6/18/2016	21.59%	4,752	4,752	4,517
Loan ID 453	6/18/2018	30.32%	2,565	2,565	2,414
Loan ID 454	6/18/2018	20.59%	6,719	6,719	6,555
Loan ID 455	6/18/2018	19.84%	11,878	11,878	11,587
Loan ID 456	6/19/2018	16.99%	16,293	16,293	16,222
Loan ID 457	6/20/2018	18.19%	9,878	9,878	9,835
Loan ID 458	6/19/2018	20.99%	3,371	3,371	3,288
Loan ID 459	6/19/2016	20.99%	779	779	740
Loan ID 460	6/20/2018	15.79%	5,942	5,942	5,916
Loan ID 461	6/19/2018	30.32%	2,894	2,894	2,723
Loan ID 462	6/19/2018	17.69%	11,385	11,385	11,336
Loan ID 463	6/20/2016	20.49%	643	643	611
Loan ID 464	6/21/2018	18.74%	4,631	4,631	4,518
Loan ID 465	6/20/2018	18.19%	9,878	9,878	9,835
Loan ID 466	6/26/2018	14.74%	14,722	14,722	14,658
Loan ID 467	6/27/2018	16.99%	9,775	9,775	9,733
Loan ID 468	6/21/2016	17.34%	4,393	4,393	4,175
Loan ID 469	6/27/2016	26.39%	503	503	461
Loan ID 470	6/21/2018	13.34%	9,884	9,884	9,894
Loan ID 471	6/27/2016	10.34%	2,798	2,798	2,750
Loan ID 472	6/28/2016	17.74%	1,657	1,657	1,575
Loan ID 473	6/28/2018	10.99%	6,168	6,168	6,174
Loan ID 474	6/25/2016	24.92%	970	970	912
Loan ID 475	6/26/2018	15.19%	6,414	6,414	6,386
Loan ID 476	6/26/2018	13.34%	9,144	9,144	9,153
Loan ID 477	6/27/2018	20.24%	6,700	6,700	6,536
Loan ID 478	6/27/2018	12.19%	9,827	9,827	9,837
Loan ID 479	6/27/2016	19.79%	1,162	1,162	1,104
Loan ID 480	6/26/2018	16.49%	9,732	9,732	9,690

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 481	6/27/2018	24.32%	2,578	2,578	2,486
Loan ID 482	6/27/2016	31.34%	686	686	614
Loan ID 483	6/27/2018	16.99%	16,292	16,292	16,222
Loan ID 484	6/27/2018	18.19%	3,293	3,293	3,278
Loan ID 485	6/27/2016	28.59%	2,379	2,379	2,180
Loan ID 486	7/5/2018	22.84%	4,197	4,197	4,094
Loan ID 487	6/27/2018	12.19%	9,358	9,358	9,368
Loan ID 488	6/28/2018	10.49%	10,742	10,742	10,753
Loan ID 489	6/28/2016	27.86%	1,329	1,329	1,218
Loan ID 490	7/9/2018	30.96%	2,965	2,965	2,790
Loan ID 491	6/28/2016	18.99%	4,582	4,582	4,355
Loan ID 492	7/9/2018	16.49%	4,652	4,652	4,632
Loan ID 493	7/9/2018	25.06%	7,109	7,109	6,855
Loan ID 494	7/10/2018	14.19%	8,469	8,469	8,432
Loan ID 495	7/10/2018	26.72%	2,750	2,750	2,652
Loan ID 496	7/10/2018	20.24%	10,282	10,282	10,030
Loan ID 497	7/11/2018	29.16%	2,929	2,929	2,756
Loan ID 498	12/30/2018	16.20%	11,261	11,261	10,986
Loan ID 499	12/30/2018	16.55%	7,511	7,511	7,327
Loan ID 500	12/30/2016	8.79%	7,152	7,152	7,031
Loan ID 501	1/2/2019	12.39%	8,623	8,623	8,632
Loan ID 502	1/2/2019	17.95%	18,388	18,388	17,938
Loan ID 503	12/24/2016	9.30%	13,517	13,517	13,288
Loan ID 504	1/2/2019	14.00%	14,800	14,800	14,736
Loan ID 505	12/26/2018	16.20%	18,435	18,435	17,984
Loan ID 506	1/2/2017	12.39%	11,405	11,405	11,212
Loan ID 507	1/2/2019	12.39%	7,320	7,320	7,328
Loan ID 508	12/26/2018	19.05%	11,260	11,260	10,984
Loan ID 509	1/2/2019	19.70%	7,671	7,671	7,483
Loan ID 510	1/3/2019	18.70%	11,437	11,437	11,157
Loan ID 511	12/30/2016	20.80%	5,207	5,207	4,892
Loan ID 512	12/30/2016	8.79%	3,338	3,338	3,281
Loan ID 513	1/3/2017	13.55%	4,942	4,942	4,813
Loan ID 514	12/31/2016	10.99%	1,939	1,939	1,906
Loan ID 515	12/31/2016	15.85%	7,538	7,538	7,165
Loan ID 516	1/3/2017	10.99%	6,155	6,155	6,051
Loan ID 517	12/31/2018	14.00%	17,820	17,820	17,743
Loan ID 518	1/3/2019	18.75%	19,067	19,067	18,600
Loan ID 519	12/31/2016	13.55%	1,975	1,975	1,923
Loan ID 520	1/6/2017	11.39%	9,726	9,726	9,561
Loan ID 521	12/31/2016	11.39%	2,820	2,820	2,773
Loan ID 522	12/31/2016	8.79%	5,959	5,959	5,858
Loan ID 523	12/31/2016	14.00%	7,438	7,438	7,244
Loan ID 524	12/31/2016	10.99%	13,333	13,333	13,107
Loan ID 525	1/6/2017	12.74%	4,912	4,912	4,784
Loan ID 526	12/31/2016	15.85%	7,538	7,538	7,165
Loan ID 527	1/6/2019	19.40%	10,193	10,193	9,943
Loan ID 528	1/2/2017	19.05%	12,854	12,854	12,218
Loan ID 529	1/2/2019	17.95%	7,590	7,590	7,404
Loan ID 530	1/2/2019	16.85%	11,307	11,307	11,030
Loan ID 531	1/6/2017	6.59%	3,984	3,984	3,857
Loan ID 532	1/6/2017	12.74%	10,316	10,316	10,047
Loan ID 533	1/2/2019	24.74%	6,912	6,912	6,504
Loan ID 534	1/2/2019	16.55%	6,771	6,771	6,605
Loan ID 535	12/30/2016	27.74%	5,456	5,456	5,000
Loan ID 536	1/2/2019	12.39%	21,346	21,346	21,368
Loan ID 537	1/7/2017	16.20%	3,275	3,275	3,113
Loan ID 538	1/2/2017	9.90%	4,808	4,808	4,727
Loan ID 539	1/2/2017	17.25%	3,554	3,554	3,378
Loan ID 540	1/7/2017	12.39%	3,920	3,920	3,853
Loan ID 541	1/2/2017	8.79%	8,343	8,343	8,202

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 542	1/2/2019	12.74%	4,403	4,403	4,384
Loan ID 543	1/2/2017	9.30%	7,179	7,179	7,058
Loan ID 544	1/2/2017	14.65%	7,473	7,473	7,278
Loan ID 545	12/31/2016	11.89%	131	131	129
Loan ID 546	1/2/2019	15.35%	11,217	11,217	11,169
Loan ID 547	1/2/2017	19.05%	3,856	3,856	3,665
Loan ID 548	1/7/2017	15.85%	5,100	5,100	4,848
Loan ID 549	12/31/2018	15.85%	7,490	7,490	7,306
Loan ID 550	12/31/2016	10.39%	1,931	1,931	1,898
Loan ID 551	1/7/2017	15.85%	2,010	2,010	1,911
Loan ID 552	12/31/2016	26.24%	3,780	3,780	3,464
Loan ID 553	1/3/2017	15.85%	7,538	7,538	7,165
Loan ID 554	12/31/2018	13.55%	16,600	16,600	16,528
Loan ID 555	12/31/2018	20.80%	5,405	5,405	5,212
Loan ID 556	1/2/2019	18.75%	7,627	7,627	7,440
Loan ID 557	1/3/2017	14.00%	2,975	2,975	2,897
Loan ID 558	1/3/2019	20.80%	11,628	11,628	11,213
Loan ID 559	1/3/2019	24.74%	7,895	7,895	7,428
Loan ID 560	1/6/2017	14.00%	1,735	1,735	1,690
Loan ID 561	1/6/2019	26.94%	7,988	7,988	7,516
Loan ID 562	1/2/2017	28.50%	5,479	5,479	5,022
Loan ID 563	1/2/2019	24.74%	3,158	3,158	2,971
Loan ID 564	1/2/2019	13.55%	18,445	18,445	18,365
Loan ID 565	1/6/2019	17.95%	7,589	7,589	7,403
Loan ID 566	1/2/2017	11.39%	1,702	1,702	1,673
Loan ID 567	1/6/2017	15.85%	2,513	2,513	2,388
Loan ID 568	1/2/2019	11.89%	1,865	1,865	1,867
Loan ID 569	1/6/2017	9.90%	1,923	1,923	1,891
Loan ID 570	1/2/2019	18.75%	7,627	7,627	7,440
Loan ID 571	1/9/2019	18.40%	11,416	11,416	11,136
Loan ID 572	1/3/2019	19.70%	11,506	11,506	11,224
Loan ID 573	1/6/2019	12.74%	18,344	18,344	18,265
Loan ID 574	1/7/2017	14.00%	1,488	1,488	1,449
Loan ID 575	1/3/2019	16.20%	15,013	15,013	14,646
Loan ID 576	1/7/2019	12.74%	9,539	9,539	9,498
Loan ID 577	1/3/2017	15.85%	5,026	5,026	4,777
Loan ID 578	1/7/2017	27.74%	5,453	5,453	4,997
Loan ID 579	1/3/2017	26.94%	2,208	2,208	2,024
Loan ID 580	1/3/2017	23.94%	2,127	2,127	1,998
Loan ID 581	1/7/2019	23.94%	11,922	11,922	11,497
Loan ID 582	1/6/2019	14.65%	18,579	18,579	18,499
Loan ID 583	1/6/2017	30.59%	2,221	2,221	1,987
Loan ID 584	1/8/2019	16.55%	5,643	5,643	5,504
Loan ID 585	1/6/2017	23.94%	6,381	6,381	5,995
Loan ID 586	1/6/2017	10.39%	4,718	4,718	4,638
Loan ID 587	1/7/2017	16.85%	5,062	5,062	4,812
Loan ID 588	1/7/2017	9.30%	4,786	4,786	4,705
Loan ID 589	1/7/2017	9.30%	2,393	2,393	2,353
Loan ID 590	1/7/2017	12.39%	7,107	7,107	6,987
Loan ID 591	1/7/2017	22.35%	7,907	7,907	7,429
Loan ID 592	1/7/2017	19.70%	7,748	7,748	7,364
Loan ID 593	1/7/2019	18.40%	15,221	15,221	14,848
Loan ID 594	1/8/2017	17.95%	2,041	2,041	1,940
Loan ID 595	1/7/2017	17.95%	5,102	5,102	4,850
Loan ID 596	1/7/2017	16.20%	7,558	7,558	7,184
Loan ID 597	1/13/2017	15.00%	12,487	12,487	12,161
Loan ID 598	1/8/2017	28.50%	2,192	2,192	2,009
Loan ID 599	1/14/2017	11.89%	12,203	12,203	11,997
Loan ID 600	1/14/2017	20.10%	2,072	2,072	1,946
Loan ID 601	1/8/2019	15.85%	6,366	6,366	6,210
Loan ID 602	1/14/2019	15.35%	5,973	5,973	5,947

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 603	1/9/2019	16.85%	7,569	7,569	7,384
Loan ID 604	1/13/2019	15.85%	2,894	2,894	2,823
Loan ID 605	1/14/2017	15.85%	1,256	1,256	1,194
Loan ID 606	1/15/2019	14.00%	7,400	7,400	7,368
Loan ID 607	1/14/2017	19.70%	3	3	3
Loan ID 608	1/14/2019	20.80%	5,405	5,405	5,212
Loan ID 609	1/14/2017	10.39%	3,639	3,639	3,577
Loan ID 610	1/16/2019	16.85%	3,769	3,769	3,677
Loan ID 611	1/14/2019	16.20%	18,767	18,767	18,307
Loan ID 612	1/15/2017	22.35%	5,045	5,045	4,740
Loan ID 613	1/16/2017	11.39%	9,726	9,726	9,561
Loan ID 614	1/15/2019	17.65%	10,608	10,608	10,348
Loan ID 615	1/14/2019	14.00%	2,590	2,590	2,579
Loan ID 616	1/15/2017	12.39%	1,960	1,960	1,927
Loan ID 617	1/14/2019	18.75%	11,440	11,440	11,160
Loan ID 618	1/15/2017	11.39%	3,161	3,161	3,107
Loan ID 619	1/15/2017	10.99%	14,545	14,545	14,299
Loan ID 620	1/15/2019	19.05%	11,461	11,461	11,181
Loan ID 621	1/14/2017	16.85%	3,037	3,037	2,887
Loan ID 622	1/14/2019	11.39%	9,451	9,451	9,461
Loan ID 623	1/16/2017	8.79%	1,430	1,430	1,406
Loan ID 624	1/14/2017	15.85%	5,026	5,026	4,777
Loan ID 625	1/16/2017	13.55%	5,896	5,896	5,743
Loan ID 626	1/16/2019	19.40%	7,281	7,281	7,103
Loan ID 627	1/15/2019	13.14%	7,396	7,396	7,364
Loan ID 628	1/17/2019	17.25%	11,334	11,334	11,056
Loan ID 629	1/22/2019	16.85%	3,015	3,015	2,941
Loan ID 630	1/22/2017	16.20%	7,558	7,558	7,184
Loan ID 631	1/22/2017	8.79%	4,529	4,529	4,452
Loan ID 632	1/22/2019	22.35%	7,802	7,802	7,523
Loan ID 633	1/22/2017	8.79%	3,576	3,576	3,515
Loan ID 634	1/16/2017	9.30%	5,744	5,744	5,646
Loan ID 635	1/22/2017	14.00%	7,438	7,438	7,244
Loan ID 636	1/21/2017	18.40%	6,142	6,142	5,838
Loan ID 637	1/17/2017	14.65%	12,455	12,455	12,130
Loan ID 638	1/21/2019	19.70%	7,671	7,671	7,483
Loan ID 639	1/22/2017	14.00%	7,433	7,433	7,239
Loan ID 640	1/22/2017	11.89%	7,830	7,830	7,697
Loan ID 641	1/23/2019	15.35%	7,466	7,466	7,433
Loan ID 642	1/17/2017	15.00%	12,487	12,487	12,161
Loan ID 643	1/21/2017	16.20%	5,038	5,038	4,789
Loan ID 644	1/23/2017	18.75%	7,696	7,696	7,315
Loan ID 645	1/22/2017	11.39%	6,338	6,338	6,231
Loan ID 646	1/21/2019	14.35%	18,543	18,543	18,463
Loan ID 647	1/23/2017	15.35%	10,028	10,028	9,766
Loan ID 648	1/22/2017	14.65%	3,980	3,980	3,877
Loan ID 649	1/24/2019	14.35%	11,126	11,126	11,078
Loan ID 650	1/23/2017	17.95%	1,383	1,383	1,315
Loan ID 651	1/22/2017	20.80%	7,844	7,844	7,369
Loan ID 652	1/24/2017	10.99%	6,303	6,303	6,196
Loan ID 653	1/22/2017	8.79%	6,182	6,182	6,077
Loan ID 654	1/22/2017	8.79%	1,907	1,907	1,875
Loan ID 655	1/22/2017	8.79%	7,151	7,151	7,030
Loan ID 656	1/23/2017	10.99%	7,272	7,272	7,149
Loan ID 657	1/22/2019	23.04%	2,346	2,346	2,263
Loan ID 658	1/22/2017	15.35%	7,511	7,511	7,316
Loan ID 659	1/27/2017	14.35%	3,430	3,430	3,341
Loan ID 660	1/24/2017	10.39%	2,413	2,413	2,372
Loan ID 661	1/24/2017	10.39%	4,826	4,826	4,744
Loan ID 662	1/24/2019	9.90%	10,792	10,792	10,803
Loan ID 663	1/28/2017	9.30%	2,865	2,865	2,816

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 664	1/28/2017	12.39%	4,409	4,409	4,335
Loan ID 665	1/23/2017	16.85%	5,062	5,062	4,812
Loan ID 666	1/28/2017	15.85%	1,948	1,948	1,851
Loan ID 667	1/28/2017	10.99%	4,392	4,392	4,318
Loan ID 668	1/28/2017	9.30%	4,786	4,786	4,705
Loan ID 669	1/29/2017	9.90%	9,135	9,135	8,981
Loan ID 670	1/24/2017	29.24%	2,202	2,202	1,970
Loan ID 671	1/28/2017	18.40%	4,095	4,095	3,892
Loan ID 672	1/24/2017	13.14%	4,927	4,927	4,799
Loan ID 673	1/24/2017	11.39%	17,020	17,020	16,732
Loan ID 674	1/28/2019	12.74%	11,008	11,008	10,960
Loan ID 675	1/29/2017	16.55%	6,061	6,061	5,761
Loan ID 676	1/24/2019	16.55%	2,257	2,257	2,202
Loan ID 677	1/29/2017	15.85%	2,010	2,010	1,911
Loan ID 678	1/28/2017	28.50%	4,931	4,931	4,519
Loan ID 679	1/29/2017	20.10%	5,757	5,757	5,408
Loan ID 680	1/29/2017	28.50%	4,109	4,109	3,766
Loan ID 681	1/27/2019	14.35%	10,384	10,384	10,339
Loan ID 682	1/29/2019	11.39%	14,540	14,540	14,555
Loan ID 683	1/29/2017	10.99%	3,524	3,524	3,464
Loan ID 684	1/29/2019	15.00%	11,173	11,173	11,124
Loan ID 685	1/30/2017	21.50%	5,508	5,508	5,174
Loan ID 686	1/28/2019	17.65%	11,390	11,390	11,111
Loan ID 687	1/28/2017	12.74%	4,421	4,421	4,306
Loan ID 688	1/28/2017	12.74%	1,038	1,038	1,011
Loan ID 689	1/30/2017	23.94%	1,119	1,119	1,051
Loan ID 690	1/28/2017	11.39%	3,015	3,015	2,964
Loan ID 691	1/29/2019	26.94%	3,195	3,195	3,006
Loan ID 692	1/31/2019	19.40%	9,346	9,346	9,117
Loan ID 693	1/30/2017	15.85%	2,122	2,122	2,017
Loan ID 694	2/7/2017	11.39%	7,770	7,770	7,638
Loan ID 695	2/3/2017	12.74%	7,785	7,785	7,582
Loan ID 696	2/6/2017	11.39%	5,002	5,002	4,917
Loan ID 697	2/10/2019	16.85%	7,674	7,674	7,486
Loan ID 698	2/10/2017	9.90%	4,324	4,324	4,250
Loan ID 699	2/7/2017	11.39%	2,570	2,570	2,527
Loan ID 700	2/11/2017	12.39%	1,553	1,553	1,527
Loan ID 701	2/13/2017	15.35%	7,927	7,927	7,721
Loan ID 702	2/7/2019	17.65%	11,565	11,565	11,282
Loan ID 703	2/11/2019	15.85%	11,442	11,442	11,162
Loan ID 704	2/7/2019	15.00%	7,589	7,589	7,556
Loan ID 705	2/11/2017	19.05%	1,075	1,075	1,022
Loan ID 706	2/7/2017	15.00%	7,908	7,908	7,702
Loan ID 707	2/11/2019	17.25%	9,687	9,687	9,449
Loan ID 708	2/7/2019	16.85%	15,348	15,348	14,972
Loan ID 709	2/11/2017	13.55%	6,786	6,786	6,609
Loan ID 710	2/12/2017	28.50%	1,297	1,297	1,189
Loan ID 711	2/12/2017	16.85%	8,008	8,008	7,612
Loan ID 712	2/10/2019	11.89%	12,530	12,530	12,543
Loan ID 713	2/12/2017	18.75%	8,111	8,111	7,710
Loan ID 714	2/18/2017	12.39%	12,944	12,944	12,725
Loan ID 715	2/13/2017	15.85%	4,530	4,530	4,306
Loan ID 716	2/18/2017	14.65%	3,813	3,813	3,714
Loan ID 717	2/18/2017	11.39%	5,141	5,141	5,054
Loan ID 718	2/18/2017	20.10%	8,183	8,183	7,688
Loan ID 719	2/13/2017	9.30%	12,661	12,661	12,447
Loan ID 720	2/18/2019	15.85%	7,902	7,902	7,708
Loan ID 721	2/11/2017	9.90%	2,035	2,035	2,000
Loan ID 722	2/19/2017	9.90%	6,613	6,613	6,501
Loan ID 723	2/13/2019	14.00%	15,083	15,083	15,018
Loan ID 724	2/11/2019	14.35%	11,333	11,333	11,284

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 725	2/19/2017	11.89%	7,739	7,739	7,608
Loan ID 726	2/12/2019	14.00%	8,460	8,460	8,423
Loan ID 727	2/19/2019	12.74%	7,482	7,482	7,450
Loan ID 728	2/12/2017	19.40%	7,331	7,331	6,969
Loan ID 729	2/12/2019	23.94%	11,974	11,974	11,547
Loan ID 730	2/12/2017	15.35%	1,691	1,691	1,647
Loan ID 731	2/18/2017	13.55%	3,654	3,654	3,558
Loan ID 732	2/18/2019	16.55%	11,490	11,490	11,209
Loan ID 733	7/11/2018	10.99%	6,797	6,797	6,804
Loan ID 734	7/11/2018	14.19%	9,772	9,772	9,730
Loan ID 735	7/12/2016	20.99%	2,748	2,748	2,612
Loan ID 736	7/9/2016	27.12%	726	726	666
Loan ID 737	7/10/2018	23.19%	6,084	6,084	5,935
Loan ID 738	7/10/2018	14.74%	16,365	16,365	16,295
Loan ID 739	7/10/2018	22.59%	4,189	4,189	4,086
Loan ID 740	7/10/2018	14.74%	9,820	9,820	9,777
Loan ID 741	7/15/2016	24.92%	2,765	2,765	2,598
Loan ID 742	7/10/2018	19.14%	6,794	6,794	6,627
Loan ID 743	7/15/2016	14.59%	3,231	3,231	3,147
Loan ID 744	7/10/2018	12.19%	8,959	8,959	8,968
Loan ID 745	7/10/2016	21.24%	2,790	2,790	2,652
Loan ID 746	7/11/2016	16.39%	4,932	4,932	4,804
Loan ID 747	7/9/2016	16.79%	1,155	1,155	1,125
Loan ID 748	7/11/2016	23.46%	2,814	2,814	2,643
Loan ID 749	7/16/2018	12.19%	9,598	9,598	9,608
Loan ID 750	7/12/2016	16.39%	3,946	3,946	3,843
Loan ID 751	7/10/2018	29.69%	902	902	848
Loan ID 752	7/10/2016	11.53%	940	940	925
Loan ID 753	7/10/2018	23.59%	4,925	4,925	4,749
Loan ID 754	7/15/2016	21.24%	3,444	3,444	3,273
Loan ID 755	7/10/2018	29.16%	2,989	2,989	2,812
Loan ID 756	7/10/2018	10.99%	9,493	9,493	9,503
Loan ID 757	7/10/2018	23.59%	7,035	7,035	6,784
Loan ID 758	7/11/2018	15.79%	9,909	9,909	9,866
Loan ID 759	7/11/2016	18.99%	1,349	1,349	1,282
Loan ID 760	7/16/2018	18.19%	13,482	13,482	13,424
Loan ID 761	7/11/2018	16.99%	6,340	6,340	6,313
Loan ID 762	7/11/2018	24.32%	7,074	7,074	6,821
Loan ID 763	7/18/2018	20.24%	10,282	10,282	10,030
Loan ID 764	7/16/2018	25.79%	4,004	4,004	3,862
Loan ID 765	7/16/2018	14.74%	20,948	20,948	20,857
Loan ID 766	7/16/2018	22.09%	3,477	3,477	3,392
Loan ID 767	7/12/2018	13.34%	9,699	9,699	9,710
Loan ID 768	7/18/2016	27.86%	1,098	1,098	1,006
Loan ID 769	7/18/2016	24.19%	3,539	3,539	3,324
Loan ID 770	7/12/2018	14.74%	13,092	13,092	13,036
Loan ID 771	7/15/2018	15.19%	16,430	16,430	16,359
Loan ID 772	7/19/2018	15.79%	7,927	7,927	7,893
Loan ID 773	7/19/2018	19.84%	7,124	7,124	6,950
Loan ID 774	7/19/2018	28.62%	2,920	2,920	2,747
Loan ID 775	7/18/2018	14.19%	6,515	6,515	6,486
Loan ID 776	7/22/2018	23.19%	11,207	11,207	10,932
Loan ID 777	7/22/2018	10.49%	9,449	9,449	9,459
Loan ID 778	7/19/2016	20.99%	687	687	653
Loan ID 779	7/19/2016	25.66%	1,435	1,435	1,348
Loan ID 780	7/24/2016	19.79%	1,359	1,359	1,291
Loan ID 781	7/18/2018	15.19%	9,858	9,858	9,815
Loan ID 782	7/22/2018	17.69%	13,426	13,426	13,368
Loan ID 783	7/24/2016	25.66%	979	979	920
Loan ID 784	7/19/2018	28.62%	2,189	2,189	2,059
Loan ID 785	7/23/2016	12.49%	633	633	622

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 786	7/19/2018	18.19%	6,741	6,741	6,712
Loan ID 787	7/25/2016	16.39%	1,315	1,315	1,281
Loan ID 788	7/22/2018	16.49%	9,968	9,968	9,925
Loan ID 789	7/22/2018	15.19%	5,257	5,257	5,235
Loan ID 790	7/24/2018	19.84%	5,466	5,466	5,332
Loan ID 791	7/23/2018	18.74%	7,449	7,449	7,266
Loan ID 792	7/25/2018	15.79%	5,615	5,615	5,591
Loan ID 793	7/24/2016	27.86%	1,610	1,610	1,476
Loan ID 794	7/26/2018	10.49%	6,299	6,299	6,306
Loan ID 795	8/1/2016	15.59%	1,603	1,603	1,561
Loan ID 796	8/1/2018	14.74%	16,743	16,743	16,671
Loan ID 797	8/2/2018	15.19%	13,445	13,445	13,386
Loan ID 798	8/2/2018	18.19%	10,331	10,331	10,286
Loan ID 799	7/31/2016	16.79%	3,602	3,602	3,508
Loan ID 800	8/2/2016	21.99%	755	755	709
Loan ID 801	8/1/2018	9.99%	8,998	8,998	9,007
Loan ID 802	7/30/2016	15.59%	1,248	1,248	1,215
Loan ID 803	8/5/2016	17.34%	905	905	860
Loan ID 804	8/1/2016	12.99%	5,215	5,215	5,127
Loan ID 805	8/1/2018	22.84%	7,134	7,134	6,960
Loan ID 806	8/1/2016	12.49%	3,806	3,806	3,742
Loan ID 807	8/1/2018	12.19%	8,847	8,847	8,856
Loan ID 808	8/2/2018	30.96%	2,261	2,261	2,128
Loan ID 809	8/2/2018	11.69%	6,525	6,525	6,532
Loan ID 810	8/1/2016	12.49%	3,979	3,979	3,912
Loan ID 811	8/1/2018	18.19%	6,889	6,889	6,859
Loan ID 812	8/1/2016	12.99%	1,738	1,738	1,709
Loan ID 813	8/1/2018	22.84%	10,702	10,702	10,440
Loan ID 814	8/1/2016	10.89%	1,363	1,363	1,340
Loan ID 815	8/8/2016	24.92%	774	774	727
Loan ID 816	8/2/2018	16.49%	10,192	10,192	10,147
Loan ID 817	8/5/2018	25.06%	2,899	2,899	2,796
Loan ID 818	8/2/2016	27.86%	794	794	728
Loan ID 819	8/2/2018	23.19%	15,021	15,021	14,653
Loan ID 820	8/5/2018	14.19%	23,333	23,333	23,232
Loan ID 821	8/5/2016	12.99%	3,477	3,477	3,418
Loan ID 822	8/5/2018	13.34%	9,928	9,928	9,938
Loan ID 823	8/5/2018	19.14%	10,408	10,408	10,153
Loan ID 824	8/5/2018	10.49%	6,456	6,456	6,463
Loan ID 825	8/6/2018	10.99%	2,594	2,594	2,597
Loan ID 826	8/7/2018	10.99%	6,485	6,485	6,492
Loan ID 827	8/6/2018	21.39%	4,941	4,941	4,820
Loan ID 828	8/7/2018	22.09%	2,129	2,129	2,076
Loan ID 829	8/7/2016	23.46%	3,824	3,824	3,592
Loan ID 830	8/13/2016	21.24%	9,393	9,393	8,928
Loan ID 831	8/7/2018	19.84%	10,465	10,465	10,208
Loan ID 832	8/16/2016	27.12%	1,578	1,578	1,446
Loan ID 833	8/16/2016	24.19%	1,539	1,539	1,446
Loan ID 834	8/19/2018	12.69%	16,455	16,455	16,472
Loan ID 835	8/19/2018	15.79%	10,134	10,134	10,090
Loan ID 836	8/19/2016	15.59%	3,563	3,563	3,470
Loan ID 837	8/19/2016	16.79%	720	720	702
Loan ID 838	8/19/2018	15.79%	10,175	10,175	10,131
Loan ID 839	8/20/2018	12.69%	8,556	8,556	8,565
Loan ID 840	8/20/2016	24.92%	1,355	1,355	1,273
Loan ID 841	8/20/2016	12.49%	1,384	1,384	1,361
Loan ID 842	8/20/2018	15.79%	10,134	10,134	10,090
Loan ID 843	8/21/2016	10.34%	5,085	5,085	4,999
Loan ID 844	8/16/2018	23.59%	7,173	7,173	6,917
Loan ID 845	8/21/2018	21.39%	9,529	9,529	9,296
Loan ID 846	8/19/2018	25.06%	7,071	7,071	6,819

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 847	8/19/2016	16.39%	4,307	4,307	4,195
Loan ID 848	8/19/2018	13.34%	6,619	6,619	6,625
Loan ID 849	8/16/2018	14.19%	10,000	10,000	9,956
Loan ID 850	8/19/2018	24.32%	2,359	2,359	2,275
Loan ID 851	8/21/2018	15.19%	6,722	6,722	6,693
Loan ID 852	8/19/2018	17.69%	10,718	10,718	10,672
Loan ID 853	8/19/2016	16.39%	2,895	2,895	2,820
Loan ID 854	8/21/2016	14.59%	8,824	8,824	8,594
Loan ID 855	8/19/2016	14.59%	2,118	2,118	2,063
Loan ID 856	8/23/2018	9.99%	9,641	9,641	9,651
Loan ID 857	8/21/2016	15.59%	7,125	7,125	6,939
Loan ID 858	8/26/2018	29.16%	3,028	3,028	2,849
Loan ID 859	8/22/2016	24.92%	1,549	1,549	1,455
Loan ID 860	8/29/2018	15.19%	8,069	8,069	8,034
Loan ID 861	8/30/2016	12.49%	1,877	1,877	1,846
Loan ID 862	8/30/2016	23.46%	1,652	1,652	1,552
Loan ID 863	8/23/2018	20.24%	6,993	6,993	6,822
Loan ID 864	8/30/2018	12.69%	1,988	1,988	1,990
Loan ID 865	8/30/2016	10.89%	5,550	5,550	5,456
Loan ID 866	8/30/2018	17.69%	7,007	7,007	6,976
Loan ID 867	8/30/2016	23.46%	1,652	1,652	1,552
Loan ID 868	8/30/2016	22.72%	1,320	1,320	1,240
Loan ID 869	8/30/2018	22.84%	10,910	10,910	10,643
Loan ID 870	8/28/2018	16.99%	6,822	6,822	6,793
Loan ID 871	9/3/2018	23.59%	2,924	2,924	2,819
Loan ID 872	9/4/2018	22.84%	9,453	9,453	9,221
Loan ID 873	8/29/2016	14.14%	7,029	7,029	6,846
Loan ID 874	9/4/2016	18.99%	4,769	4,769	4,533
Loan ID 875	9/4/2018	12.69%	11,448	11,448	11,460
Loan ID 876	8/30/2016	21.99%	1,632	1,632	1,533
Loan ID 877	8/30/2018	19.84%	10,680	10,680	10,418
Loan ID 878	8/30/2016	17.74%	4,720	4,720	4,487
Loan ID 879	8/30/2018	17.69%	17,516	17,516	17,440
Loan ID 880	8/30/2016	19.79%	1,601	1,601	1,522
Loan ID 881	8/30/2016	16.79%	5,852	5,852	5,700
Loan ID 882	8/30/2016	10.89%	6,290	6,290	6,184
Loan ID 883	8/28/2018	22.59%	17,804	17,804	17,368
Loan ID 884	9/3/2018	25.06%	1,476	1,476	1,424
Loan ID 885	8/29/2016	20.19%	6,027	6,027	5,729
Loan ID 886	9/4/2016	22.72%	4,102	4,102	3,853
Loan ID 887	8/29/2016	12.49%	9,342	9,342	9,184
Loan ID 888	8/29/2018	12.69%	2,073	2,073	2,075
Loan ID 889	8/30/2016	9.74%	7,291	7,291	7,167
Loan ID 890	8/30/2018	13.34%	16,927	16,927	16,945
Loan ID 891	8/30/2016	18.99%	1,591	1,591	1,512
Loan ID 892	8/30/2018	11.69%	8,683	8,683	8,692
Loan ID 893	8/30/2018	10.49%	9,917	9,917	9,928
Loan ID 894	8/30/2016	20.49%	3,222	3,222	3,063
Loan ID 895	8/30/2016	10.34%	2,209	2,209	2,171
Loan ID 896	8/30/2016	21.99%	1,655	1,655	1,555
Loan ID 897	9/6/2018	22.09%	9,503	9,503	9,270
Loan ID 898	9/12/2016	12.03%	9,381	9,381	9,222
Loan ID 899	8/30/2016	27.86%	1,712	1,712	1,569
Loan ID 900	8/30/2016	20.19%	823	823	782
Loan ID 901	9/13/2018	16.95%	6,967	6,967	6,796
Loan ID 902	9/13/2016	31.34%	879	879	786
Loan ID 903	9/13/2018	23.10%	7,277	7,277	7,018
Loan ID 904	9/13/2018	13.99%	4,167	4,167	4,149
Loan ID 905	9/5/2018	13.34%	10,155	10,155	10,165
Loan ID 906	9/16/2016	27.69%	4,600	4,600	4,216
Loan ID 907	9/17/2018	23.79%	1,464	1,464	1,412

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 908	9/13/2018	27.69%	7,508	7,508	7,064
Loan ID 909	9/18/2016	23.10%	4,990	4,990	4,688
Loan ID 910	9/13/2018	29.69%	3,041	3,041	2,861
Loan ID 911	9/16/2016	31.34%	1,758	1,758	1,573
Loan ID 912	9/18/2016	18.00%	3,941	3,941	3,746
Loan ID 913	9/16/2018	17.30%	10,484	10,484	10,227
Loan ID 914	9/19/2016	16.95%	7,859	7,859	7,470
Loan ID 915	9/17/2018	19.80%	14,232	14,232	13,883
Loan ID 916	9/17/2016	18.40%	6,377	6,377	6,061
Loan ID 917	9/19/2016	19.50%	1,996	1,996	1,897
Loan ID 918	9/12/2016	13.99%	9,510	9,510	9,262
Loan ID 919	9/12/2018	19.14%	2,833	2,833	2,763
Loan ID 920	9/12/2016	26.29%	1,267	1,267	1,161
Loan ID 921	9/19/2016	15.50%	5,783	5,783	5,633
Loan ID 922	9/20/2016	12.99%	3,770	3,770	3,706
Loan ID 923	9/13/2018	18.00%	8,426	8,426	8,219
Loan ID 924	9/20/2018	16.95%	13,932	13,932	13,590
Loan ID 925	9/16/2016	19.15%	1,393	1,393	1,324
Loan ID 926	9/20/2016	20.15%	6,021	6,021	5,723
Loan ID 927	9/16/2018	20.45%	724	724	706
Loan ID 928	9/16/2018	17.30%	9,778	9,778	9,539
Loan ID 929	9/16/2016	15.50%	3,855	3,855	3,755
Loan ID 930	9/16/2018	13.99%	6,465	6,465	6,437
Loan ID 931	9/16/2018	19.50%	7,100	7,100	6,926
Loan ID 932	9/23/2016	23.10%	2,052	2,052	1,928
Loan ID 933	9/23/2016	11.99%	2,814	2,814	2,766
Loan ID 934	9/17/2016	16.60%	5,061	5,061	4,810
Loan ID 935	9/17/2016	29.25%	1,297	1,297	1,189
Loan ID 936	9/19/2018	16.95%	5,045	5,045	4,922
Loan ID 937	9/17/2018	13.49%	8,812	8,812	8,773
Loan ID 938	9/20/2016	14.85%	1,533	1,533	1,493
Loan ID 939	9/24/2016	11.59%	1,489	1,489	1,464
Loan ID 940	9/18/2018	25.49%	7,403	7,403	6,965
Loan ID 941	9/18/2018	17.60%	3,500	3,500	3,415
Loan ID 942	9/20/2016	25.49%	388	388	355
Loan ID 943	9/19/2018	20.45%	6,435	6,435	6,277
Loan ID 944	9/24/2016	15.50%	5,554	5,554	5,410
Loan ID 945	9/24/2018	15.85%	5,525	5,525	5,501
Loan ID 946	9/19/2016	18.64%	1,585	1,585	1,506
Loan ID 947	9/19/2016	11.59%	1,534	1,534	1,508
Loan ID 948	9/19/2016	11.59%	1,117	1,117	1,098
Loan ID 949	9/19/2016	16.39%	9,715	9,715	9,461
Loan ID 950	9/20/2016	26.29%	1,078	1,078	988
Loan ID 951	9/25/2016	14.85%	5,750	5,750	5,600
Loan ID 952	9/23/2018	20.85%	7,162	7,162	6,906
Loan ID 953	9/20/2018	22.25%	7,014	7,014	6,764
Loan ID 954	9/20/2018	27.69%	3,003	3,003	2,826
Loan ID 955	9/24/2016	12.49%	3,753	3,753	3,690
Loan ID 956	9/20/2018	17.30%	1,445	1,445	1,410
Loan ID 957	9/24/2018	19.50%	7,524	7,524	7,340
Loan ID 958	9/20/2018	23.79%	10,978	10,978	10,586
Loan ID 959	9/26/2016	29.99%	1,981	1,981	1,773
Loan ID 960	9/26/2016	18.70%	1,387	1,387	1,319
Loan ID 961	9/25/2016	29.99%	1,087	1,087	973
Loan ID 962	9/23/2018	16.20%	4,152	4,152	4,134
Loan ID 963	9/26/2018	20.45%	4,504	4,504	4,394
Loan ID 964	9/25/2016	15.20%	1,923	1,923	1,872
Loan ID 965	9/27/2018	25.49%	7,403	7,403	6,965
Loan ID 966	9/27/2018	19.80%	10,674	10,674	10,412
Loan ID 967	9/27/2016	18.00%	985	985	936
Loan ID 968	9/27/2016	31.34%	1,902	1,902	1,702

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 969	9/27/2018	28.49%	3,018	3,018	2,840
Loan ID 970	9/27/2018	15.50%	13,776	13,776	13,716
Loan ID 971	2/18/2017	13.55%	5,220	5,220	5,084
Loan ID 972	2/13/2017	13.14%	4,424	4,424	4,309
Loan ID 973	2/18/2017	12.39%	15,533	15,533	15,270
Loan ID 974	2/18/2019	24.74%	6,253	6,253	5,884
Loan ID 975	2/20/2017	15.85%	2,121	2,121	2,016
Loan ID 976	2/18/2017	19.05%	1,897	1,897	1,803
Loan ID 977	2/18/2019	16.55%	5,362	5,362	5,231
Loan ID 978	2/20/2017	14.35%	7,873	7,873	7,668
Loan ID 979	2/14/2017	28.50%	5,804	5,804	5,319
Loan ID 980	2/19/2017	15.85%	13,258	13,258	12,602
Loan ID 981	2/19/2017	8.79%	5,046	5,046	4,961
Loan ID 982	2/21/2017	17.95%	4,572	4,572	4,346
Loan ID 983	2/18/2017	8.79%	7,569	7,569	7,441
Loan ID 984	2/18/2017	10.39%	8,678	8,678	8,531
Loan ID 985	2/19/2019	20.80%	11,775	11,775	11,355
Loan ID 986	2/19/2017	14.00%	7,854	7,854	7,650
Loan ID 987	2/18/2017	16.20%	1,726	1,726	1,641
Loan ID 988	2/19/2019	14.65%	1,515	1,515	1,508
Loan ID 989	2/19/2017	23.94%	2,073	2,073	1,948
Loan ID 990	2/19/2017	16.55%	7,993	7,993	7,597
Loan ID 991	2/25/2019	20.30%	3,047	3,047	2,938
Loan ID 992	2/25/2017	10.89%	3,074	3,074	3,022
Loan ID 993	2/25/2017	11.39%	17,993	17,993	17,689
Loan ID 994	2/25/2017	20.10%	1,106	1,106	1,040
Loan ID 995	2/20/2017	12.39%	12,944	12,944	12,725
Loan ID 996	2/25/2017	18.55%	5,400	5,400	5,133
Loan ID 997	2/20/2019	16.55%	19,151	19,151	18,681
Loan ID 998	2/25/2017	10.39%	5,104	5,104	5,018
Loan ID 999	2/19/2019	19.05%	11,659	11,659	11,374
Loan ID 1000	2/21/2019	23.94%	6,793	6,793	6,551
Loan ID 1001	2/21/2019	28.50%	8,165	8,165	7,682
Loan ID 1002	2/21/2019	14.65%	7,572	7,572	7,539
Loan ID 1003	2/21/2017	19.05%	2,167	2,167	2,060
Loan ID 1004	2/24/2019	26.94%	8,146	8,146	7,664
Loan ID 1005	2/26/2017	12.64%	7,780	7,780	7,577
Loan ID 1006	2/20/2017	13.14%	2,082	2,082	2,028
Loan ID 1007	2/24/2017	10.39%	7,657	7,657	7,527
Loan ID 1008	2/25/2017	9.90%	17,803	17,803	17,502
Loan ID 1009	2/20/2017	13.14%	7,807	7,807	7,604
Loan ID 1010	2/20/2017	8.79%	12,615	12,615	12,401
Loan ID 1011	2/27/2017	9.30%	3,067	3,067	3,015
Loan ID 1012	2/27/2017	13.05%	5,202	5,202	5,067
Loan ID 1013	2/27/2017	10.29%	14,139	14,139	13,900
Loan ID 1014	2/21/2017	8.79%	7,569	7,569	7,441
Loan ID 1015	2/26/2019	19.70%	11,702	11,702	11,416
Loan ID 1016	2/24/2017	15.85%	7,954	7,954	7,561
Loan ID 1017	2/26/2017	19.05%	2,186	2,186	2,078
Loan ID 1018	2/24/2019	14.35%	11,337	11,337	11,288
Loan ID 1019	2/28/2019	10.29%	9,572	9,572	9,582
Loan ID 1020	2/28/2019	13.85%	9,795	9,795	9,753
Loan ID 1021	2/25/2017	11.89%	6,707	6,707	6,594
Loan ID 1022	2/27/2017	26.24%	5,673	5,673	5,199
Loan ID 1023	2/27/2017	14.65%	7,889	7,889	7,684
Loan ID 1024	2/25/2017	16.55%	7,992	7,992	7,597
Loan ID 1025	3/3/2017	12.24%	8,189	8,189	7,976
Loan ID 1026	3/3/2019	13.50%	11,509	11,509	11,459
Loan ID 1027	2/25/2019	15.85%	11,442	11,442	11,162
Loan ID 1028	2/25/2019	13.14%	9,526	9,526	9,485
Loan ID 1029	2/25/2019	16.05%	5,652	5,652	5,513

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1030	2/25/2017	19.70%	5,441	5,441	5,172
Loan ID 1031	2/28/2019	19.60%	7,797	7,797	7,519
Loan ID 1032	2/25/2019	14.65%	11,358	11,358	11,309
Loan ID 1033	2/28/2019	13.85%	3,165	3,165	3,151
Loan ID 1034	2/28/2017	11.99%	8,255	8,255	8,115
Loan ID 1035	2/25/2017	29.24%	2,311	2,311	2,067
Loan ID 1036	3/3/2017	17.15%	2,292	2,292	2,179
Loan ID 1037	2/28/2017	10.29%	4,897	4,897	4,814
Loan ID 1038	2/28/2019	18.25%	7,737	7,737	7,548
Loan ID 1039	2/26/2019	10.89%	11,089	11,089	11,100
Loan ID 1040	2/26/2019	12.24%	11,187	11,187	11,138
Loan ID 1041	3/4/2019	17.15%	11,760	11,760	11,471
Loan ID 1042	2/28/2019	16.05%	11,456	11,456	11,175
Loan ID 1043	2/28/2017	8.74%	7,691	7,691	7,561
Loan ID 1044	2/26/2019	14.65%	13,251	13,251	13,194
Loan ID 1045	3/5/2017	16.35%	14,030	14,030	13,335
Loan ID 1046	3/5/2019	15.70%	11,529	11,529	11,247
Loan ID 1047	3/5/2017	10.29%	1,616	1,616	1,589
Loan ID 1048	3/5/2017	10.29%	2,693	2,693	2,648
Loan ID 1049	3/6/2019	13.50%	9,207	9,207	9,168
Loan ID 1050	2/28/2017	17.25%	2,141	2,141	2,035
Loan ID 1051	3/5/2019	16.75%	19,554	19,554	19,075
Loan ID 1052	3/5/2019	13.50%	15,346	15,346	15,279
Loan ID 1053	3/5/2019	20.30%	10,371	10,371	10,001
Loan ID 1054	3/5/2017	9.80%	10,730	10,730	10,548
Loan ID 1055	3/5/2017	14.00%	3,039	3,039	2,959
Loan ID 1056	3/3/2017	13.55%	13,770	13,770	13,411
Loan ID 1057	3/5/2017	13.55%	6,617	6,617	6,444
Loan ID 1058	3/5/2017	11.19%	8,130	8,130	7,993
Loan ID 1059	3/6/2019	24.24%	4,479	4,479	4,214
Loan ID 1060	3/7/2019	17.45%	15,706	15,706	15,322
Loan ID 1061	3/4/2019	26.44%	8,231	8,231	7,744
Loan ID 1062	3/10/2017	9.20%	3,475	3,475	3,416
Loan ID 1063	3/10/2017	11.59%	5,435	5,435	5,343
Loan ID 1064	3/10/2017	18.55%	3,985	3,985	3,788
Loan ID 1065	3/10/2017	12.64%	4,380	4,380	4,266
Loan ID 1066	3/5/2017	12.64%	8,212	8,212	7,998
Loan ID 1067	3/7/2017	14.85%	8,743	8,743	8,515
Loan ID 1068	3/5/2019	18.25%	11,833	11,833	11,543
Loan ID 1069	3/5/2017	13.50%	5,506	5,506	5,363
Loan ID 1070	3/7/2019	17.45%	19,633	19,633	19,152
Loan ID 1071	3/5/2019	15.35%	11,638	11,638	11,352
Loan ID 1072	3/10/2017	21.00%	5,831	5,831	5,479
Loan ID 1073	3/5/2017	12.24%	2,184	2,184	2,127
Loan ID 1074	3/10/2019	15.70%	11,662	11,662	11,376
Loan ID 1075	3/10/2017	20.30%	2,303	2,303	2,163
Loan ID 1076	3/10/2017	8.74%	11,723	11,723	11,525
Loan ID 1077	3/10/2019	21.85%	12,066	12,066	11,635
Loan ID 1078	3/5/2019	18.90%	11,876	11,876	11,585
Loan ID 1079	3/10/2017	13.50%	2,203	2,203	2,145
Loan ID 1080	3/11/2017	25.74%	5,980	5,980	5,480
Loan ID 1081	3/11/2019	20.30%	7,978	7,978	7,693
Loan ID 1082	3/11/2017	11.19%	10,841	10,841	10,657
Loan ID 1083	3/11/2017	20.30%	5,181	5,181	4,868
Loan ID 1084	3/11/2019	19.20%	7,932	7,932	7,737
Loan ID 1085	3/11/2019	14.15%	15,406	15,406	15,340
Loan ID 1086	3/11/2017	12.24%	2,919	2,919	2,843
Loan ID 1087	3/11/2017	11.59%	8,154	8,154	8,016
Loan ID 1088	3/12/2017	14.15%	13,826	13,826	13,466
Loan ID 1089	3/11/2019	17.15%	9,480	9,480	9,248
Loan ID 1090	3/6/2019	17.45%	19,633	19,633	19,152

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1091	3/6/2017	28.00%	6,036	6,036	5,531
Loan ID 1092	3/7/2017	28.00%	1,207	1,207	1,106
Loan ID 1093	3/11/2019	16.05%	19,439	19,439	18,963
Loan ID 1094	3/11/2019	19.60%	8,200	8,200	7,908
Loan ID 1095	3/12/2017	10.29%	5,387	5,387	5,295
Loan ID 1096	3/12/2017	12.64%	5,474	5,474	5,332
Loan ID 1097	3/12/2019	13.85%	26,912	26,912	26,796
Loan ID 1098	3/7/2017	13.85%	2,208	2,208	2,150
Loan ID 1099	3/7/2017	13.05%	4,666	4,666	4,545
Loan ID 1100	3/7/2019	18.90%	11,876	11,876	11,585
Loan ID 1101	3/12/2017	12.24%	2,127	2,127	2,071
Loan ID 1102	3/12/2019	22.54%	12,109	12,109	11,677
Loan ID 1103	3/13/2017	10.29%	13,467	13,467	13,239
Loan ID 1104	3/10/2017	19.60%	5,762	5,762	5,414
Loan ID 1105	3/10/2017	15.35%	3,755	3,755	3,569
Loan ID 1106	3/13/2019	19.60%	3,179	3,179	3,066
Loan ID 1107	3/13/2017	11.99%	4,905	4,905	4,822
Loan ID 1108	3/10/2019	12.39%	3,048	3,048	3,051
Loan ID 1109	3/10/2017	9.80%	13,421	13,421	13,194
Loan ID 1110	3/11/2019	16.05%	11,685	11,685	11,399
Loan ID 1111	3/13/2017	8.74%	10,124	10,124	9,953
Loan ID 1112	3/13/2019	13.05%	11,478	11,478	11,428
Loan ID 1113	3/11/2017	14.50%	7,722	7,722	7,520
Loan ID 1114	3/14/2017	14.15%	4,148	4,148	4,040
Loan ID 1115	3/14/2017	20.30%	5,124	5,124	4,814
Loan ID 1116	3/11/2019	12.64%	11,449	11,449	11,399
Loan ID 1117	3/11/2019	17.90%	11,829	11,829	11,539
Loan ID 1118	3/11/2017	11.19%	18,971	18,971	18,650
Loan ID 1119	3/11/2017	9.80%	4,832	4,832	4,750
Loan ID 1120	3/14/2017	10.29%	2,868	2,868	2,820
Loan ID 1121	3/14/2019	11.59%	15,166	15,166	15,182
Loan ID 1122	3/14/2019	15.35%	4,666	4,666	4,552
Loan ID 1123	3/17/2019	14.50%	27,018	27,018	26,901
Loan ID 1124	3/17/2017	10.29%	6,464	6,464	6,355
Loan ID 1125	3/14/2019	16.75%	11,733	11,733	11,445
Loan ID 1126	3/12/2019	12.24%	11,421	11,421	11,371
Loan ID 1127	3/12/2019	13.85%	9,996	9,996	9,953
Loan ID 1128	3/14/2017	14.85%	5,556	5,556	5,412
Loan ID 1129	3/14/2017	26.44%	2,392	2,392	2,192
Loan ID 1130	3/13/2017	11.99%	8,175	8,175	8,037
Loan ID 1131	3/18/2019	11.59%	14,451	14,451	14,466
Loan ID 1132	3/13/2017	12.24%	8,189	8,189	7,976
Loan ID 1133	3/17/2017	12.24%	5,459	5,459	5,317
Loan ID 1134	3/18/2017	12.24%	13,643	13,643	13,287
Loan ID 1135	3/17/2017	22.54%	5,839	5,839	5,486
Loan ID 1136	3/18/2017	10.29%	12,418	12,418	12,208
Loan ID 1137	3/18/2017	15.35%	5,575	5,575	5,299
Loan ID 1138	3/18/2017	9.80%	8,053	8,053	7,916
Loan ID 1139	3/13/2017	19.60%	5,732	5,732	5,385
Loan ID 1140	3/17/2017	12.24%	2,730	2,730	2,658
Loan ID 1141	3/14/2019	14.50%	3,860	3,860	3,843
Loan ID 1142	3/19/2019	21.85%	8,044	8,044	7,757
Loan ID 1143	3/19/2017	12.24%	3,276	3,276	3,190
Loan ID 1144	3/19/2019	13.85%	9,227	9,227	9,187
Loan ID 1145	3/19/2019	13.05%	15,304	15,304	15,238
Loan ID 1146	3/14/2017	19.20%	4,590	4,590	4,363
Loan ID 1147	3/19/2017	16.35%	5,687	5,687	5,406
Loan ID 1148	3/14/2017	16.35%	8,418	8,418	8,001
Loan ID 1149	3/17/2019	25.74%	7,383	7,383	6,946
Loan ID 1150	3/17/2017	28.00%	3,613	3,613	3,312
Loan ID 1151	3/19/2017	9.80%	8,053	8,053	7,916

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1152	3/19/2019	17.90%	11,810	11,810	11,520
Loan ID 1153	3/19/2019	16.05%	11,685	11,685	11,399
Loan ID 1154	3/19/2017	11.99%	6,498	6,498	6,388
Loan ID 1155	3/19/2019	19.20%	11,896	11,896	11,604
Loan ID 1156	3/17/2019	16.35%	9,365	9,365	9,135
Loan ID 1157	3/20/2017	8.74%	7,993	7,993	7,858
Loan ID 1158	3/19/2019	11.59%	11,374	11,374	11,386
Loan ID 1159	3/19/2017	9.20%	18,711	18,711	18,394
Loan ID 1160	3/19/2019	17.15%	11,368	11,368	11,089
Loan ID 1161	3/18/2017	12.64%	2,510	2,510	2,444
Loan ID 1162	3/20/2017	14.15%	8,296	8,296	8,079
Loan ID 1163	3/20/2017	14.15%	13,826	13,826	13,466
Loan ID 1164	3/19/2017	11.99%	9,265	9,265	9,109
Loan ID 1165	3/19/2019	16.35%	5,853	5,853	5,710
Loan ID 1166	3/18/2019	15.70%	8,929	8,929	8,710
Loan ID 1167	3/21/2017	11.99%	2,725	2,725	2,679
Loan ID 1168	3/21/2017	11.99%	8,210	8,210	8,071
Loan ID 1169	3/20/2019	15.35%	11,638	11,638	11,352
Loan ID 1170	3/19/2019	11.59%	6,066	6,066	6,073
Loan ID 1171	3/20/2017	11.59%	3,805	3,805	3,740
Loan ID 1172	3/21/2017	17.90%	14,173	14,173	13,471
Loan ID 1173	3/19/2017	15.35%	8,363	8,363	7,949
Loan ID 1174	3/19/2017	13.50%	5,507	5,507	5,363
Loan ID 1175	3/21/2017	12.24%	3,822	3,822	3,722
Loan ID 1176	3/19/2019	21.85%	5,631	5,631	5,430
Loan ID 1177	3/19/2017	8.74%	7,993	7,993	7,858
Loan ID 1178	3/19/2017	8.74%	7,995	7,995	7,860
Loan ID 1179	3/19/2017	14.50%	6,652	6,652	6,479
Loan ID 1180	3/25/2017	11.19%	2,999	2,999	2,948
Loan ID 1181	3/25/2019	18.90%	11,876	11,876	11,585
Loan ID 1182	3/20/2019	14.50%	11,579	11,579	11,529
Loan ID 1183	3/25/2017	19.20%	2,457	2,457	2,335
Loan ID 1184	3/25/2017	11.99%	9,827	9,827	9,660
Loan ID 1185	3/25/2019	11.99%	15,204	15,204	15,220
Loan ID 1186	3/25/2017	9.20%	4,009	4,009	3,942
Loan ID 1187	3/21/2017	27.24%	1,803	1,803	1,652
Loan ID 1188	3/24/2017	18.25%	8,523	8,523	8,101
Loan ID 1189	3/21/2017	9.80%	11,922	11,922	11,720
Loan ID 1190	3/25/2017	25.74%	4,168	4,168	3,820
Loan ID 1191	3/25/2017	14.85%	4,884	4,884	4,757
Loan ID 1192	3/25/2017	12.64%	13,243	13,243	12,897
Loan ID 1193	3/25/2017	22.54%	2,336	2,336	2,194
Loan ID 1194	3/25/2017	17.90%	7,971	7,971	7,576
Loan ID 1195	3/26/2019	13.85%	19,223	19,223	19,140
Loan ID 1196	3/26/2017	9.20%	13,364	13,364	13,138
Loan ID 1197	3/26/2019	13.85%	11,534	11,534	11,484
Loan ID 1198	3/24/2019	13.50%	11,509	11,509	11,459
Loan ID 1199	3/26/2019	15.35%	19,396	19,396	18,921
Loan ID 1200	3/26/2017	12.64%	9,830	9,830	9,573
Loan ID 1201	3/26/2019	12.24%	27,211	27,211	27,093
Loan ID 1202	3/24/2019	21.85%	8,044	8,044	7,757
Loan ID 1203	3/26/2017	8.74%	10,657	10,657	10,477
Loan ID 1204	3/27/2017	16.75%	2,307	2,307	2,192
Loan ID 1205	3/26/2017	14.50%	8,315	8,315	8,099
Loan ID 1206	3/25/2017	15.35%	4,181	4,181	3,974
Loan ID 1207	3/27/2017	28.00%	2,414	2,414	2,213
Loan ID 1208	3/27/2019	13.50%	15,346	15,346	15,279
Loan ID 1209	3/27/2019	11.99%	15,204	15,204	15,220
Loan ID 1210	4/17/2017	14.50%	11,505	11,505	11,206
Loan ID 1211	4/18/2017	9.80%	5,643	5,643	5,547
Loan ID 1212	4/17/2017	22.54%	1,831	1,831	1,720

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1213	4/18/2019	15.35%	7,870	7,870	7,677
Loan ID 1214	4/17/2017	8.74%	3,922	3,922	3,856
Loan ID 1215	4/22/2017	13.85%	9,845	9,845	9,588
Loan ID 1216	4/21/2017	13.85%	11,007	11,007	10,720
Loan ID 1217	4/17/2017	11.99%	10,988	10,988	10,802
Loan ID 1218	4/21/2019	19.20%	8,058	8,058	7,860
Loan ID 1219	4/17/2019	21.00%	12,197	12,197	11,762
Loan ID 1220	4/22/2017	27.24%	6,270	6,270	5,746
Loan ID 1221	4/22/2017	11.59%	5,708	5,708	5,612
Loan ID 1222	4/22/2019	13.05%	19,481	19,481	19,397
Loan ID 1223	4/21/2019	15.70%	11,864	11,864	11,573
Loan ID 1224	4/17/2017	12.24%	5,732	5,732	5,583
Loan ID 1225	4/17/2017	10.29%	7,924	7,924	7,790
Loan ID 1226	4/21/2019	14.15%	19,604	19,604	19,519
Loan ID 1227	4/17/2017	14.15%	2,245	2,245	2,187
Loan ID 1228	4/22/2017	14.15%	5,778	5,778	5,627
Loan ID 1229	4/22/2019	18.90%	12,068	12,068	11,773
Loan ID 1230	4/17/2017	28.00%	2,755	2,755	2,525
Loan ID 1231	4/21/2017	16.35%	9,284	9,284	8,824
Loan ID 1232	4/21/2019	17.90%	12,005	12,005	11,711
Loan ID 1233	4/22/2017	9.80%	11,302	11,302	11,111
Loan ID 1234	4/22/2017	8.74%	5,603	5,603	5,508
Loan ID 1235	4/21/2017	17.15%	5,911	5,911	5,618
Loan ID 1236	4/21/2017	13.05%	2,881	2,881	2,806
Loan ID 1237	4/22/2017	26.44%	2,497	2,497	2,288
Loan ID 1238	4/17/2017	13.85%	10,424	10,424	10,152
Loan ID 1239	4/17/2017	23.44%	1,225	1,225	1,151
Loan ID 1240	4/21/2019	11.99%	7,745	7,745	7,753
Loan ID 1241	4/22/2019	18.25%	6,415	6,415	6,257
Loan ID 1242	4/21/2019	19.20%	10,475	10,475	10,219
Loan ID 1243	4/22/2017	20.30%	5,447	5,447	5,117
Loan ID 1244	4/22/2017	14.15%	2,321	2,321	2,260
Loan ID 1245	4/21/2019	17.15%	7,957	7,957	7,762
Loan ID 1246	4/22/2019	14.50%	27,499	27,499	27,380
Loan ID 1247	4/17/2019	18.55%	12,046	12,046	11,751
Loan ID 1248	4/22/2017	11.19%	6,274	6,274	6,168
Loan ID 1249	4/17/2019	21.00%	4,228	4,228	4,078
Loan ID 1250	4/22/2019	14.85%	19,681	19,681	19,595
Loan ID 1251	4/22/2017	9.80%	8,463	8,463	8,320
Loan ID 1252	4/17/2017	13.05%	9,048	9,048	8,812
Loan ID 1253	4/18/2017	11.59%	3,558	3,558	3,498
Loan ID 1254	4/21/2017	19.60%	3,899	3,899	3,663
Loan ID 1255	4/18/2017	9.80%	8,464	8,464	8,320
Loan ID 1256	4/21/2019	17.90%	4,802	4,802	4,685
Loan ID 1257	4/21/2019	11.19%	15,416	15,416	15,432
Loan ID 1258	4/21/2017	20.30%	6,084	6,084	5,716
Loan ID 1259	4/22/2017	27.24%	3,762	3,762	3,447
Loan ID 1260	4/18/2019	13.85%	5,480	5,480	5,456
Loan ID 1261	4/22/2017	11.19%	5,693	5,693	5,597
Loan ID 1262	4/18/2017	19.20%	9,464	9,464	8,995
Loan ID 1263	4/21/2017	10.89%	5,682	5,682	5,586
Loan ID 1264	4/18/2019	10.89%	15,389	15,389	15,405
Loan ID 1265	4/22/2019	17.15%	11,958	11,958	11,665
Loan ID 1266	4/18/2017	14.85%	4,662	4,662	4,540
Loan ID 1267	4/22/2017	23.44%	4,602	4,602	4,323
Loan ID 1268	4/18/2017	14.15%	4,932	4,932	4,803
Loan ID 1269	4/23/2017	10.89%	8,524	8,524	8,379
Loan ID 1270	4/22/2019	11.59%	3,863	3,863	3,867
Loan ID 1271	4/18/2019	25.74%	5,720	5,720	5,381
Loan ID 1272	4/22/2019	19.20%	9,669	9,669	9,433
Loan ID 1273	4/23/2017	10.89%	11,399	11,399	11,206

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1274	4/22/2019	16.05%	11,887	11,887	11,596
Loan ID 1275	4/18/2019	13.85%	11,742	11,742	11,691
Loan ID 1276	4/22/2017	17.90%	7,145	7,145	6,791
Loan ID 1277	4/23/2019	14.85%	20,021	20,021	19,934
Loan ID 1278	4/18/2019	13.85%	6,084	6,084	6,058
Loan ID 1279	4/18/2019	18.90%	7,451	7,451	7,268
Loan ID 1280	4/23/2017	13.05%	4,033	4,033	3,928
Loan ID 1281	4/22/2017	9.20%	19,670	19,670	19,338
Loan ID 1282	4/18/2017	21.85%	6,080	6,080	5,712
Loan ID 1283	4/23/2017	19.60%	2,135	2,135	2,006
Loan ID 1284	4/23/2017	24.24%	2,466	2,466	2,260
Loan ID 1285	4/23/2017	9.20%	5,580	5,580	5,485
Loan ID 1286	4/18/2019	18.90%	10,258	10,258	10,007
Loan ID 1287	4/22/2017	17.45%	2,073	2,073	1,970
Loan ID 1288	4/23/2017	16.35%	4,097	4,097	3,894
Loan ID 1289	4/22/2017	11.19%	6,430	6,430	6,321
Loan ID 1290	4/22/2019	18.90%	11,710	11,710	11,423
Loan ID 1291	4/23/2017	12.64%	7,471	7,471	7,276
Loan ID 1292	4/18/2017	13.50%	3,964	3,964	3,861
Loan ID 1293	4/23/2017	12.24%	8,598	8,598	8,374
Loan ID 1294	4/23/2017	13.05%	2,304	2,304	2,244
Loan ID 1295	4/23/2017	19.20%	1,795	1,795	1,707
Loan ID 1296	4/22/2017	18.90%	5,974	5,974	5,678
Loan ID 1297	4/18/2019	11.59%	15,453	15,453	15,469
Loan ID 1298	4/23/2019	14.85%	11,808	11,808	11,757
Loan ID 1299	4/22/2017	9.80%	4,514	4,514	4,437
Loan ID 1300	4/23/2019	14.15%	3,137	3,137	3,123
Loan ID 1301	4/22/2019	13.05%	9,351	9,351	9,311
Loan ID 1302	4/18/2017	8.74%	6,724	6,724	6,610
Loan ID 1303	4/23/2017	28.74%	1,174	1,174	1,051
Loan ID 1304	4/23/2019	18.90%	12,068	12,068	11,773
Loan ID 1305	4/18/2019	18.55%	1,818	1,818	1,774
Loan ID 1306	4/22/2019	16.35%	15,875	15,875	15,486
Loan ID 1307	4/23/2017	13.05%	6,517	6,517	6,347
Loan ID 1308	4/18/2019	14.85%	11,809	11,809	11,757
Loan ID 1309	4/18/2017	11.19%	11,387	11,387	11,194
Loan ID 1310	4/18/2017	11.59%	5,708	5,708	5,612
Loan ID 1311	4/18/2019	12.64%	19,435	19,435	19,351
Loan ID 1312	4/23/2017	16.75%	11,793	11,793	11,209
Loan ID 1313	4/23/2017	24.24%	2,466	2,466	2,260
Loan ID 1314	4/22/2017	27.24%	3,762	3,762	3,447
Loan ID 1315	4/22/2019	16.35%	11,906	11,906	11,614
Loan ID 1316	4/23/2017	12.24%	6,878	6,878	6,699
Loan ID 1317	4/22/2017	16.75%	381	381	362
Loan ID 1318	4/23/2017	8.74%	7,844	7,844	7,712
Loan ID 1319	4/18/2017	23.44%	2,454	2,454	2,306
Loan ID 1320	4/22/2017	19.20%	8,977	8,977	8,533
Loan ID 1321	4/23/2017	28.00%	2,518	2,518	2,308
Loan ID 1322	4/22/2017	10.29%	11,321	11,321	11,129
Loan ID 1323	4/18/2017	12.24%	6,305	6,305	6,141
Loan ID 1324	4/18/2019	14.85%	14,857	14,857	14,793
Loan ID 1325	4/22/2017	13.85%	5,791	5,791	5,640
Loan ID 1326	4/23/2017	9.20%	19,670	19,670	19,338
Loan ID 1327	4/22/2019	14.15%	5,881	5,881	5,856
Loan ID 1328	4/18/2019	13.85%	11,761	11,761	11,710
Loan ID 1329	4/22/2019	14.15%	10,194	10,194	10,150
Loan ID 1330	4/18/2017	11.19%	11,387	11,387	11,194
Loan ID 1331	4/22/2017	28.00%	6,296	6,296	5,770
Loan ID 1332	4/23/2019	11.19%	11,562	11,562	11,574
Loan ID 1333	4/23/2019	22.54%	8,226	8,226	7,933
Loan ID 1334	4/23/2019	14.15%	27,538	27,538	27,419

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1335	4/22/2019	18.90%	12,068	12,068	11,773
Loan ID 1336	4/22/2019	21.85%	8,166	8,166	7,874
Loan ID 1337	4/18/2017	10.89%	6,251	6,251	6,145
Loan ID 1338	4/18/2017	20.30%	6,486	6,486	6,093
Loan ID 1339	4/22/2019	21.85%	6,533	6,533	6,300
Loan ID 1340	4/23/2017	12.64%	5,747	5,747	5,597
Loan ID 1341	4/22/2017	30.09%	2,547	2,547	2,279
Loan ID 1342	4/23/2019	18.25%	12,027	12,027	11,733
Loan ID 1343	4/21/2017	22.54%	2,373	2,373	2,230
Loan ID 1344	4/23/2017	11.19%	6,547	6,547	6,437
Loan ID 1345	4/23/2017	19.20%	3,725	3,725	3,541
Loan ID 1346	4/22/2017	11.99%	5,723	5,723	5,626
Loan ID 1347	4/21/2019	17.15%	11,958	11,958	11,665
Loan ID 1348	4/23/2017	10.89%	2,273	2,273	2,234
Loan ID 1349	4/23/2017	15.35%	5,261	5,261	5,001
Loan ID 1350	4/23/2019	14.15%	19,604	19,604	19,519
Loan ID 1351	4/21/2017	11.99%	3,434	3,434	3,376
Loan ID 1352	4/22/2017	10.29%	2,264	2,264	2,226
Loan ID 1353	4/23/2017	10.29%	6,509	6,509	6,399
Loan ID 1354	4/23/2017	12.24%	2,866	2,866	2,791
Loan ID 1355	4/21/2017	12.24%	5,732	5,732	5,583
Loan ID 1356	4/23/2017	11.59%	1,284	1,284	1,263
Loan ID 1357	4/21/2017	11.99%	14,307	14,307	14,065
Loan ID 1358	4/23/2017	11.59%	8,562	8,562	8,417
Loan ID 1359	4/23/2017	9.80%	10,720	10,720	10,539
Loan ID 1360	4/23/2017	13.85%	6,949	6,949	6,768
Loan ID 1361	4/23/2017	13.05%	10,371	10,371	10,101
Loan ID 1362	4/23/2019	14.85%	3,149	3,149	3,135
Loan ID 1363	4/23/2019	15.35%	19,735	19,735	19,252
Loan ID 1364	4/21/2019	12.64%	7,774	7,774	7,740
Loan ID 1365	4/23/2019	15.35%	12,044	12,044	11,749
Loan ID 1366	4/21/2017	21.00%	1,814	1,814	1,705
Loan ID 1367	4/23/2017	16.35%	8,823	8,823	8,386
Loan ID 1368	4/23/2017	9.20%	10,116	10,116	9,945
Loan ID 1369	4/23/2019	9.80%	15,288	15,288	15,304
Loan ID 1370	4/23/2017	8.74%	7,004	7,004	6,885
Loan ID 1371	4/21/2019	21.00%	7,269	7,269	7,009
Loan ID 1372	4/24/2017	22.54%	2,442	2,442	2,294
Loan ID 1373	4/24/2019	12.64%	11,661	11,661	11,611
Loan ID 1374	4/23/2017	30.09%	1,592	1,592	1,424
Loan ID 1375	4/21/2017	9.80%	2,257	2,257	2,219
Loan ID 1376	4/23/2017	13.05%	1,810	1,810	1,762
Loan ID 1377	4/24/2017	15.70%	2,636	2,636	2,506
Loan ID 1378	4/24/2019	14.50%	9,428	9,428	9,387
Loan ID 1379	4/23/2017	15.70%	19,967	19,967	18,979
Loan ID 1380	4/24/2017	13.85%	14,477	14,477	14,100
Loan ID 1381	4/23/2019	11.99%	19,362	19,362	19,382
Loan ID 1382	4/21/2017	18.25%	11,901	11,901	11,312
Loan ID 1383	4/21/2019	17.15%	19,929	19,929	19,441
Loan ID 1384	4/24/2019	15.70%	15,819	15,819	15,431
Loan ID 1385	4/23/2017	26.44%	2,525	2,525	2,314
Loan ID 1386	4/24/2017	15.35%	4,983	4,983	4,736
Loan ID 1387	4/21/2017	11.99%	8,584	8,584	8,439
Loan ID 1388	4/23/2017	19.20%	2,394	2,394	2,275
Loan ID 1389	4/24/2017	11.99%	5,718	5,718	5,621
Loan ID 1390	4/23/2017	14.15%	8,703	8,703	8,476
Loan ID 1391	4/21/2017	19.20%	8,977	8,977	8,533
Loan ID 1392	4/24/2017	14.15%	3,481	3,481	3,390
Loan ID 1393	4/21/2017	11.99%	15,738	15,738	15,472
Loan ID 1394	4/24/2017	18.90%	5,974	5,974	5,678
Loan ID 1395	4/21/2017	12.24%	5,732	5,732	5,583

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1396	4/24/2017	10.89%	5,682	5,682	5,586
Loan ID 1397	4/24/2019	12.64%	23,322	23,322	23,221
Loan ID 1398	4/23/2017	19.60%	4,800	4,800	4,510
Loan ID 1399	4/24/2019	27.24%	6,705	6,705	6,309
Loan ID 1400	4/23/2017	29.50%	2,539	2,539	2,272
Loan ID 1401	4/24/2019	13.05%	3,285	3,285	3,270
Loan ID 1402	4/22/2019	19.20%	8,558	8,558	8,348
Loan ID 1403	4/23/2019	18.90%	8,045	8,045	7,848
Loan ID 1404	4/22/2017	21.00%	6,049	6,049	5,683
Loan ID 1405	4/22/2017	23.44%	2,454	2,454	2,306
Loan ID 1406	4/24/2019	19.20%	6,446	6,446	6,288
Loan ID 1407	4/24/2019	23.44%	5,760	5,760	5,555
Loan ID 1408	4/22/2019	21.85%	1,232	1,232	1,188
Loan ID 1409	4/24/2017	16.75%	8,845	8,845	8,407
Loan ID 1410	4/24/2017	13.85%	8,686	8,686	8,460
Loan ID 1411	4/23/2017	25.74%	6,217	6,217	5,698
Loan ID 1412	4/23/2017	9.20%	8,430	8,430	8,288
Loan ID 1413	4/22/2019	16.35%	11,906	11,906	11,614
Loan ID 1414	4/24/2019	20.30%	8,103	8,103	7,814
Loan ID 1415	4/23/2019	16.75%	19,887	19,887	19,399
Loan ID 1416	4/24/2017	13.85%	11,582	11,582	11,280
Loan ID 1417	4/23/2017	14.50%	8,722	8,722	8,495
Loan ID 1418	4/22/2019	17.15%	19,929	19,929	19,441
Loan ID 1419	4/23/2017	11.99%	5,723	5,723	5,626
Loan ID 1420	4/24/2019	11.59%	4,394	4,394	4,399
Loan ID 1421	4/22/2019	18.25%	12,027	12,027	11,733
Loan ID 1422	4/23/2017	22.54%	4,197	4,197	3,943
Loan ID 1423	4/24/2017	10.89%	14,206	14,206	13,966
Loan ID 1424	4/22/2019	14.85%	20,697	20,697	20,607
Loan ID 1425	4/24/2019	16.05%	23,774	23,774	23,191
Loan ID 1426	4/22/2017	27.24%	6,270	6,270	5,746
Loan ID 1427	4/23/2017	9.20%	5,620	5,620	5,525
Loan ID 1428	4/24/2017	9.80%	11,284	11,284	11,094
Loan ID 1429	4/22/2017	14.85%	9,544	9,544	9,295
Loan ID 1430	4/22/2017	17.90%	5,047	5,047	4,797
Loan ID 1431	4/22/2019	18.55%	8,031	8,031	7,834
Loan ID 1432	4/24/2017	15.35%	3,507	3,507	3,334
Loan ID 1433	4/22/2017	14.50%	2,907	2,907	2,832
Loan ID 1434	4/22/2017	22.54%	2,442	2,442	2,294
Loan ID 1435	4/23/2019	17.45%	19,961	19,961	19,472
Loan ID 1436	4/22/2019	25.74%	8,317	8,317	7,825
Loan ID 1437	4/23/2017	12.64%	4,696	4,696	4,574
Loan ID 1438	4/24/2017	10.29%	6,792	6,792	6,678
Loan ID 1439	4/24/2017	9.80%	11,829	11,829	11,628
Loan ID 1440	4/24/2017	18.55%	2,981	2,981	2,833
Loan ID 1441	4/24/2019	25.04%	7,893	7,893	7,426
Loan ID 1442	4/22/2019	18.25%	12,027	12,027	11,733
Loan ID 1443	9/27/2016	9.49%	2,550	2,550	2,507
Loan ID 1444	9/24/2018	16.60%	9,480	9,480	9,248
Loan ID 1445	9/27/2018	17.30%	3,492	3,492	3,407
Loan ID 1446	9/27/2018	24.69%	7,363	7,363	7,101
Loan ID 1447	9/27/2018	20.15%	6,420	6,420	6,263
Loan ID 1448	9/30/2016	26.99%	1,820	1,820	1,668
Loan ID 1449	9/30/2018	16.20%	15,909	15,909	15,840
Loan ID 1450	9/26/2016	16.95%	5,857	5,857	5,567
Loan ID 1451	9/26/2018	20.45%	5,720	5,720	5,579
Loan ID 1452	9/30/2016	19.15%	6,415	6,415	6,097
Loan ID 1453	9/26/2016	16.60%	3,114	3,114	2,960
Loan ID 1454	9/30/2016	23.79%	2,330	2,330	2,189
Loan ID 1455	9/25/2018	23.10%	6,192	6,192	5,971
Loan ID 1456	9/26/2018	24.69%	2,943	2,943	2,838

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1457	9/30/2016	29.99%	931	931	833
Loan ID 1458	9/30/2016	26.99%	1,820	1,820	1,668
Loan ID 1459	9/30/2018	16.95%	2,844	2,844	2,775
Loan ID 1460	10/1/2016	22.25%	3,293	3,293	3,094
Loan ID 1461	9/27/2018	19.80%	2,846	2,846	2,777
Loan ID 1462	9/27/2018	27.69%	7,508	7,508	7,064
Loan ID 1463	10/1/2018	11.59%	10,243	10,243	10,254
Loan ID 1464	9/27/2016	23.79%	3,952	3,952	3,713
Loan ID 1465	10/1/2018	16.60%	7,098	7,098	6,924
Loan ID 1466	9/27/2016	11.99%	7,472	7,472	7,346
Loan ID 1467	10/1/2016	12.99%	1,624	1,624	1,597
Loan ID 1468	9/26/2016	20.45%	1,610	1,610	1,530
Loan ID 1469	9/27/2016	15.50%	5,783	5,783	5,632
Loan ID 1470	9/27/2016	27.69%	4,898	4,898	4,489
Loan ID 1471	9/27/2016	29.25%	1,852	1,852	1,697
Loan ID 1472	9/27/2016	29.99%	1,740	1,740	1,556
Loan ID 1473	9/27/2016	18.00%	5,911	5,911	5,618
Loan ID 1474	9/30/2016	31.34%	1,880	1,880	1,682
Loan ID 1475	9/30/2018	19.50%	10,863	10,863	10,596
Loan ID 1476	10/2/2018	12.99%	6,905	6,905	6,912
Loan ID 1477	9/26/2018	18.70%	3,529	3,529	3,443
Loan ID 1478	9/30/2016	26.99%	1,836	1,836	1,683
Loan ID 1479	9/27/2016	10.99%	5,553	5,553	5,459
Loan ID 1480	9/30/2018	18.40%	17,964	17,964	17,524
Loan ID 1481	9/30/2016	21.59%	1,994	1,994	1,895
Loan ID 1482	10/2/2018	24.69%	7,505	7,505	7,237
Loan ID 1483	9/27/2016	11.99%	11,208	11,208	11,019
Loan ID 1484	9/27/2016	19.80%	3,602	3,602	3,423
Loan ID 1485	9/27/2016	12.99%	1,433	1,433	1,408
Loan ID 1486	9/30/2016	15.50%	4,685	4,685	4,563
Loan ID 1487	9/30/2016	19.15%	6,415	6,415	6,097
Loan ID 1488	10/1/2016	22.25%	4,391	4,391	4,125
Loan ID 1489	9/27/2016	15.85%	5,801	5,801	5,650
Loan ID 1490	9/27/2018	20.45%	7,117	7,117	6,943
Loan ID 1491	9/27/2018	16.60%	12,505	12,505	12,198
Loan ID 1492	10/1/2016	29.99%	1,166	1,166	1,043
Loan ID 1493	9/30/2016	10.99%	2,395	2,395	2,355
Loan ID 1494	10/3/2018	19.50%	10,872	10,872	10,605
Loan ID 1495	9/30/2016	22.25%	1,315	1,315	1,236
Loan ID 1496	9/30/2018	12.99%	5,176	5,176	5,182
Loan ID 1497	10/1/2018	13.99%	16,354	16,354	16,283
Loan ID 1498	9/30/2016	20.85%	4,336	4,336	4,073
Loan ID 1499	10/1/2018	18.40%	2,876	2,876	2,806
Loan ID 1500	9/30/2016	13.49%	4,079	4,079	3,973
Loan ID 1501	10/1/2018	15.79%	6,400	6,400	6,372
Loan ID 1502	9/30/2016	10.50%	11,924	11,924	11,723
Loan ID 1503	9/30/2018	24.69%	7,813	7,813	7,534
Loan ID 1504	10/2/2018	20.15%	3,640	3,640	3,551
Loan ID 1505	10/2/2018	17.30%	9,275	9,275	9,048
Loan ID 1506	10/3/2016	17.30%	2,952	2,952	2,806
Loan ID 1507	10/2/2018	19.15%	7,333	7,333	7,153
Loan ID 1508	10/8/2016	16.60%	6,288	6,288	5,977
Loan ID 1509	10/8/2016	26.99%	2,414	2,414	2,212
Loan ID 1510	10/8/2018	12.99%	3,798	3,798	3,802
Loan ID 1511	10/8/2016	27.69%	4,582	4,582	4,200
Loan ID 1512	10/3/2016	12.99%	6,097	6,097	5,994
Loan ID 1513	10/9/2018	29.25%	3,859	3,859	3,631
Loan ID 1514	10/4/2016	26.99%	1,823	1,823	1,671
Loan ID 1515	10/10/2018	23.10%	2,971	2,971	2,865
Loan ID 1516	10/10/2018	18.00%	10,756	10,756	10,493
Loan ID 1517	10/10/2016	12.49%	2,833	2,833	2,785

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1518	10/4/2016	22.25%	7,123	7,123	6,692
Loan ID 1519	10/4/2016	17.60%	2,072	2,072	1,969
Loan ID 1520	10/8/2018	17.60%	2,502	2,502	2,441
Loan ID 1521	10/10/2016	19.15%	4,726	4,726	4,492
Loan ID 1522	10/10/2016	10.50%	5,568	5,568	5,474
Loan ID 1523	10/10/2016	15.20%	4,143	4,143	4,035
Loan ID 1524	10/10/2016	23.10%	1,811	1,811	1,701
Loan ID 1525	10/8/2016	15.85%	4,166	4,166	4,057
Loan ID 1526	10/8/2018	15.20%	7,024	7,024	6,993
Loan ID 1527	10/10/2018	27.69%	7,647	7,647	7,195
Loan ID 1528	10/7/2016	20.15%	6,476	6,476	6,155
Loan ID 1529	10/8/2016	26.99%	1,823	1,823	1,671
Loan ID 1530	10/11/2016	18.40%	5,107	5,107	4,854
Loan ID 1531	10/9/2016	20.15%	6,587	6,587	6,261
Loan ID 1532	10/9/2018	22.25%	7,386	7,386	7,123
Loan ID 1533	10/11/2018	16.95%	14,232	14,232	13,884
Loan ID 1534	10/9/2016	26.99%	2,279	2,279	2,088
Loan ID 1535	10/8/2016	29.99%	933	933	834
Loan ID 1536	10/8/2016	23.10%	1,149	1,149	1,080
Loan ID 1537	10/8/2018	20.15%	10,960	10,960	10,692
Loan ID 1538	10/10/2016	22.25%	1,756	1,756	1,650
Loan ID 1539	10/10/2016	12.99%	2,642	2,642	2,597
Loan ID 1540	10/8/2016	19.80%	9,471	9,471	9,002
Loan ID 1541	10/16/2018	12.99%	12,429	12,429	12,442
Loan ID 1542	10/9/2016	9.49%	7,884	7,884	7,750
Loan ID 1543	10/11/2016	29.25%	1,855	1,855	1,700
Loan ID 1544	10/16/2016	26.99%	1,139	1,139	1,044
Loan ID 1545	10/10/2016	31.34%	1,884	1,884	1,685
Loan ID 1546	10/16/2018	20.15%	7,250	7,250	7,072
Loan ID 1547	10/15/2016	16.20%	4,178	4,178	4,069
Loan ID 1548	10/15/2016	31.34%	1,015	1,015	908
Loan ID 1549	10/16/2018	18.70%	10,810	10,810	10,545
Loan ID 1550	10/10/2016	12.49%	12,951	12,951	12,732
Loan ID 1551	10/15/2018	23.10%	1,857	1,857	1,791
Loan ID 1552	10/17/2016	14.40%	6,172	6,172	6,011
Loan ID 1553	10/17/2018	23.10%	2,229	2,229	2,149
Loan ID 1554	10/17/2018	11.59%	10,243	10,243	10,254
Loan ID 1555	10/17/2016	12.99%	2,032	2,032	1,998
Loan ID 1556	10/11/2018	17.30%	7,698	7,698	7,510
Loan ID 1557	10/17/2018	16.20%	8,138	8,138	8,103
Loan ID 1558	10/17/2018	18.40%	10,787	10,787	10,523
Loan ID 1559	10/16/2016	9.49%	3,153	3,153	3,100
Loan ID 1560	10/17/2016	9.90%	3,363	3,363	3,306
Loan ID 1561	10/18/2018	17.60%	14,300	14,300	13,950
Loan ID 1562	10/18/2016	19.15%	6,423	6,423	6,105
Loan ID 1563	10/16/2016	9.49%	5,913	5,913	5,813
Loan ID 1564	10/18/2016	21.55%	4,367	4,367	4,102
Loan ID 1565	10/18/2018	19.50%	4,655	4,655	4,540
Loan ID 1566	10/15/2016	23.10%	1,768	1,768	1,661
Loan ID 1567	10/16/2018	24.69%	3,003	3,003	2,896
Loan ID 1568	10/21/2016	17.60%	6,382	6,382	6,066
Loan ID 1569	10/16/2016	12.99%	4,065	4,065	3,996
Loan ID 1570	10/16/2018	11.59%	13,657	13,657	13,672
Loan ID 1571	10/16/2018	19.15%	2,911	2,911	2,840
Loan ID 1572	10/22/2018	16.20%	7,077	7,077	7,046
Loan ID 1573	10/18/2016	18.00%	6,362	6,362	6,047
Loan ID 1574	10/18/2018	20.45%	5,837	5,837	5,694
Loan ID 1575	10/17/2016	13.49%	2,041	2,041	1,988
Loan ID 1576	10/23/2018	11.99%	13,701	13,701	13,716
Loan ID 1577	10/17/2018	18.40%	10,787	10,787	10,523
Loan ID 1578	10/21/2018	10.99%	16,989	16,989	17,007

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1579	10/17/2018	20.45%	18,240	18,240	17,793
Loan ID 1580	10/17/2018	12.99%	8,286	8,286	8,295
Loan ID 1581	10/22/2016	12.99%	8,130	8,130	7,992
Loan ID 1582	10/22/2016	20.85%	4,342	4,342	4,079
Loan ID 1583	10/22/2016	18.40%	10,639	10,639	10,112
Loan ID 1584	10/18/2016	23.10%	2,452	2,452	2,304
Loan ID 1585	10/18/2018	17.30%	10,715	10,715	10,452
Loan ID 1586	10/18/2018	20.45%	5,097	5,097	4,973
Loan ID 1587	10/18/2016	16.60%	8,384	8,384	7,969
Loan ID 1588	10/18/2018	20.15%	10,907	10,907	10,639
Loan ID 1589	10/24/2018	20.85%	7,410	7,410	7,146
Loan ID 1590	10/28/2018	23.79%	5,223	5,223	5,037
Loan ID 1591	10/29/2018	23.79%	2,985	2,985	2,878
Loan ID 1592	10/29/2018	23.10%	7,478	7,478	7,211
Loan ID 1593	10/22/2016	20.45%	1,298	1,298	1,234
Loan ID 1594	10/22/2018	18.40%	10,787	10,787	10,523
Loan ID 1595	10/29/2016	10.50%	3,579	3,579	3,519
Loan ID 1596	10/29/2018	20.15%	7,645	7,645	7,457
Loan ID 1597	10/28/2018	16.20%	17,693	17,693	17,617
Loan ID 1598	10/28/2016	13.99%	6,150	6,150	5,990
Loan ID 1599	10/28/2016	20.45%	1,743	1,743	1,657
Loan ID 1600	10/28/2016	9.49%	3,942	3,942	3,875
Loan ID 1601	10/28/2016	19.50%	5,583	5,583	5,306
Loan ID 1602	10/29/2016	13.99%	5,535	5,535	5,391
Loan ID 1603	10/31/2016	20.45%	924	924	878
Loan ID 1604	10/29/2016	13.49%	876	876	853
Loan ID 1605	11/1/2016	24.69%	4,822	4,822	4,530
Loan ID 1606	10/29/2016	19.15%	1,713	1,713	1,628
Loan ID 1607	11/1/2018	13.49%	14,158	14,158	14,096
Loan ID 1608	11/1/2016	26.29%	1,930	1,930	1,769
Loan ID 1609	11/4/2016	26.99%	1,940	1,940	1,778
Loan ID 1610	10/31/2016	20.45%	1,847	1,847	1,756
Loan ID 1611	10/28/2016	13.99%	1,640	1,640	1,597
Loan ID 1612	10/29/2016	29.25%	2,086	2,086	1,912
Loan ID 1613	11/1/2016	10.50%	5,243	5,243	5,155
Loan ID 1614	11/1/2016	26.99%	4,879	4,879	4,471
Loan ID 1615	10/29/2016	12.99%	8,129	8,129	7,992
Loan ID 1616	10/30/2016	16.20%	1,787	1,787	1,741
Loan ID 1617	11/4/2018	16.60%	18,101	18,101	17,658
Loan ID 1618	11/4/2016	10.99%	4,280	4,280	4,208
Loan ID 1619	11/4/2018	14.85%	10,726	10,726	10,679
Loan ID 1620	10/30/2018	19.15%	7,370	7,370	7,189
Loan ID 1621	11/4/2016	28.49%	2,077	2,077	1,904
Loan ID 1622	11/5/2018	18.70%	11,019	11,019	10,749
Loan ID 1623	10/31/2018	26.99%	7,738	7,738	7,281
Loan ID 1624	11/7/2018	18.40%	11,206	11,206	10,931
Loan ID 1625	10/31/2016	19.15%	6,881	6,881	6,540
Loan ID 1626	11/1/2016	28.49%	1,004	1,004	920
Loan ID 1627	11/6/2018	23.79%	11,387	11,387	10,981
Loan ID 1628	11/8/2016	26.99%	4,850	4,850	4,444
Loan ID 1629	11/1/2018	19.15%	7,368	7,368	7,188
Loan ID 1630	11/8/2016	29.25%	4,929	4,929	4,517
Loan ID 1631	11/8/2016	19.50%	6,876	6,876	6,536
Loan ID 1632	11/4/2018	23.79%	5,314	5,314	5,125
Loan ID 1633	11/12/2016	11.59%	10,755	10,755	10,573
Loan ID 1634	11/4/2016	16.60%	8,962	8,962	8,518
Loan ID 1635	11/4/2018	20.85%	7,312	7,312	7,051
Loan ID 1636	11/12/2016	19.15%	4,151	4,151	3,945
Loan ID 1637	11/12/2016	29.25%	1,972	1,972	1,807
Loan ID 1638	11/7/2016	12.49%	6,500	6,500	6,390
Loan ID 1639	11/13/2018	16.60%	7,240	7,240	7,063

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1640	11/5/2016	9.49%	3,745	3,745	3,682
Loan ID 1641	11/6/2018	25.49%	3,738	3,738	3,516
Loan ID 1642	11/13/2016	13.49%	6,118	6,118	5,958
Loan ID 1643	11/6/2016	12.49%	10,185	10,185	10,013
Loan ID 1644	11/6/2018	23.79%	8,114	8,114	7,824
Loan ID 1645	11/6/2016	20.15%	4,079	4,079	3,877
Loan ID 1646	11/12/2016	14.85%	11,046	11,046	10,758
Loan ID 1647	11/13/2016	9.90%	2,799	2,799	2,752
Loan ID 1648	11/6/2016	23.10%	4,712	4,712	4,427
Loan ID 1649	11/12/2016	20.45%	1,616	1,616	1,536
Loan ID 1650	11/13/2018	17.30%	10,186	10,186	9,937
Loan ID 1651	11/12/2016	12.99%	9,320	9,320	9,162
Loan ID 1652	11/14/2018	16.20%	18,050	18,050	17,972
Loan ID 1653	11/7/2016	18.70%	4,345	4,345	4,130
Loan ID 1654	11/7/2016	29.25%	1,972	1,972	1,807
Loan ID 1655	11/15/2016	16.95%	4,493	4,493	4,271
Loan ID 1656	11/7/2016	16.95%	6,740	6,740	6,406
Loan ID 1657	11/13/2016	18.00%	6,796	6,796	6,460
Loan ID 1658	11/8/2018	20.45%	4,459	4,459	4,350
Loan ID 1659	11/15/2016	9.90%	6,362	6,362	6,255
Loan ID 1660	11/15/2016	24.69%	2,384	2,384	2,240
Loan ID 1661	11/14/2018	17.60%	7,291	7,291	7,112
Loan ID 1662	11/18/2016	14.85%	8,325	8,325	8,108
Loan ID 1663	11/12/2016	29.25%	4,929	4,929	4,517
Loan ID 1664	11/12/2016	13.99%	3,510	3,510	3,419
Loan ID 1665	11/18/2016	10.99%	2,378	2,378	2,338
Loan ID 1666	11/12/2018	15.50%	10,776	10,776	10,729
Loan ID 1667	11/12/2016	16.20%	3,127	3,127	3,045
Loan ID 1668	11/18/2016	9.90%	6,362	6,362	6,255
Loan ID 1669	11/12/2018	14.85%	7,151	7,151	7,120
Loan ID 1670	11/12/2016	11.99%	5,884	5,884	5,785
Loan ID 1671	11/13/2016	17.60%	1,808	1,808	1,718
Loan ID 1672	11/13/2016	29.25%	986	986	904
Loan ID 1673	11/13/2016	16.20%	5,583	5,583	5,438
Loan ID 1674	11/13/2018	12.49%	12,646	12,646	12,660
Loan ID 1675	11/13/2018	13.99%	10,495	10,495	10,450
Loan ID 1676	11/13/2018	13.99%	22,565	22,565	22,467
Loan ID 1677	11/13/2016	14.40%	6,163	6,163	6,003
Loan ID 1678	11/15/2016	10.99%	6,421	6,421	6,312
Loan ID 1679	11/15/2016	10.99%	5,993	5,993	5,891
Loan ID 1680	11/19/2018	14.85%	7,151	7,151	7,120
Loan ID 1681	11/20/2018	20.85%	2,980	2,980	2,874
Loan ID 1682	11/20/2018	18.70%	11,019	11,019	10,749
Loan ID 1683	11/14/2018	20.85%	7,451	7,451	7,186
Loan ID 1684	11/22/2016	17.60%	4,517	4,517	4,293
Loan ID 1685	11/20/2018	12.49%	5,622	5,622	5,628
Loan ID 1686	11/20/2018	9.90%	13,777	13,777	13,791
Loan ID 1687	11/20/2018	23.79%	11,406	11,406	10,999
Loan ID 1688	11/15/2016	16.20%	4,467	4,467	4,350
Loan ID 1689	11/26/2016	13.99%	4,388	4,388	4,273
Loan ID 1690	11/22/2016	14.40%	6,604	6,604	6,431
Loan ID 1691	11/25/2018	19.15%	2,947	2,947	2,875
Loan ID 1692	11/25/2018	17.60%	10,937	10,937	10,669
Loan ID 1693	11/25/2018	10.99%	5,210	5,210	5,216
Loan ID 1694	11/21/2016	10.99%	856	856	842
Loan ID 1695	11/25/2018	15.50%	9,339	9,339	9,299
Loan ID 1696	11/26/2016	10.50%	3,197	3,197	3,143
Loan ID 1697	11/26/2016	9.49%	14,794	14,794	14,544
Loan ID 1698	11/26/2018	12.74%	14,081	14,081	14,020
Loan ID 1699	11/26/2016	19.70%	9,009	9,009	8,563
Loan ID 1700	11/26/2016	9.90%	3,393	3,393	3,336

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1701	11/26/2016	17.25%	6,756	6,756	6,422
Loan ID 1702	11/26/2018	12.39%	14,044	14,044	14,058
Loan ID 1703	11/26/2018	16.60%	4,727	4,727	4,611
Loan ID 1704	11/27/2016	9.30%	7,698	7,698	7,568
Loan ID 1705	11/27/2016	10.50%	6,394	6,394	6,286
Loan ID 1706	11/27/2016	12.49%	3,034	3,034	2,983
Loan ID 1707	11/27/2016	16.20%	5,360	5,360	5,095
Loan ID 1708	11/27/2018	15.50%	7,184	7,184	7,153
Loan ID 1709	11/29/2016	13.99%	6,623	6,623	6,450
Loan ID 1710	11/29/2018	16.85%	10,879	10,879	10,613
Loan ID 1711	11/29/2016	13.14%	6,100	6,100	5,941
Loan ID 1712	11/26/2016	9.30%	6,330	6,330	6,223
Loan ID 1713	11/29/2018	14.65%	14,280	14,280	14,218
Loan ID 1714	11/26/2018	18.40%	10,997	10,997	10,727
Loan ID 1715	11/26/2018	13.14%	9,180	9,180	9,140
Loan ID 1716	12/2/2016	15.35%	1,891	1,891	1,841
Loan ID 1717	11/26/2016	14.00%	5,266	5,266	5,128
Loan ID 1718	11/27/2018	19.80%	3,769	3,769	3,676
Loan ID 1719	12/3/2016	8.79%	4,487	4,487	4,411
Loan ID 1720	11/26/2018	18.40%	10,997	10,997	10,727
Loan ID 1721	11/27/2016	13.49%	6,548	6,548	6,378
Loan ID 1722	12/3/2018	20.10%	11,336	11,336	10,931
Loan ID 1723	12/4/2016	17.65%	7,215	7,215	6,858
Loan ID 1724	12/4/2018	19.40%	11,285	11,285	11,009
Loan ID 1725	11/27/2016	11.89%	10,782	10,782	10,599
Loan ID 1726	11/26/2016	10.99%	8,561	8,561	8,416
Loan ID 1727	11/26/2018	16.20%	10,830	10,830	10,565
Loan ID 1728	11/26/2016	13.49%	8,740	8,740	8,512
Loan ID 1729	11/29/2018	19.70%	9,614	9,614	9,378
Loan ID 1730	12/4/2016	15.35%	9,453	9,453	9,207
Loan ID 1731	12/4/2016	14.65%	7,052	7,052	6,868
Loan ID 1732	11/27/2016	16.85%	2,485	2,485	2,362
Loan ID 1733	11/27/2016	15.00%	6,636	6,636	6,463
Loan ID 1734	12/4/2016	10.39%	5,439	5,439	5,347
Loan ID 1735	12/4/2018	15.35%	13,917	13,917	13,857
Loan ID 1736	11/27/2018	16.20%	11,065	11,065	10,794
Loan ID 1737	11/27/2016	11.99%	4,316	4,316	4,243
Loan ID 1738	11/29/2016	10.99%	4,280	4,280	4,208
Loan ID 1739	11/27/2016	10.99%	6,421	6,421	6,312
Loan ID 1740	11/27/2016	11.89%	6,469	6,469	6,359
Loan ID 1741	11/29/2016	16.20%	3,126	3,126	2,972
Loan ID 1742	12/5/2016	18.40%	2,902	2,902	2,759
Loan ID 1743	12/5/2016	22.35%	2,241	2,241	2,106
Loan ID 1744	11/27/2016	10.50%	1,705	1,705	1,676
Loan ID 1745	12/5/2018	14.35%	25,460	25,460	25,350
Loan ID 1746	11/27/2016	17.95%	4,529	4,529	4,305
Loan ID 1747	12/2/2016	12.39%	4,616	4,616	4,537
Loan ID 1748	11/27/2018	18.75%	11,023	11,023	10,753
Loan ID 1749	12/2/2016	23.04%	5,005	5,005	4,702
Loan ID 1750	12/2/2018	13.55%	7,233	7,233	7,202
Loan ID 1751	12/5/2016	13.55%	3,961	3,961	3,858
Loan ID 1752	11/29/2016	11.89%	6,469	6,469	6,359
Loan ID 1753	12/3/2018	19.40%	18,809	18,809	18,348
Loan ID 1754	12/3/2016	19.70%	1,954	1,954	1,857
Loan ID 1755	11/29/2018	16.55%	11,493	11,493	11,212
Loan ID 1756	11/29/2018	20.15%	6,238	6,238	6,085
Loan ID 1757	12/4/2018	17.25%	11,130	11,130	10,857
Loan ID 1758	12/6/2018	16.20%	5,157	5,157	5,031
Loan ID 1759	12/4/2018	16.20%	7,367	7,367	7,187
Loan ID 1760	12/4/2016	10.99%	11,419	11,419	11,226
Loan ID 1761	12/4/2018	15.35%	25,637	25,637	25,526

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1762	12/2/2018	14.35%	7,638	7,638	7,605
Loan ID 1763	12/2/2016	14.00%	9,355	9,355	9,111
Loan ID 1764	12/4/2016	16.85%	1,912	1,912	1,818
Loan ID 1765	12/6/2018	19.70%	11,332	11,332	11,054
Loan ID 1766	12/9/2018	22.35%	1,532	1,532	1,478
Loan ID 1767	12/5/2018	11.39%	12,107	12,107	12,120
Loan ID 1768	12/5/2016	14.35%	7,035	7,035	6,852
Loan ID 1769	12/3/2016	12.49%	3,236	3,236	3,181
Loan ID 1770	12/9/2018	13.14%	14,425	14,425	14,363
Loan ID 1771	12/5/2018	15.85%	5,931	5,931	5,786
Loan ID 1772	12/4/2018	16.55%	11,077	11,077	10,806
Loan ID 1773	12/5/2016	19.80%	2,419	2,419	2,299
Loan ID 1774	12/5/2016	12.74%	16,210	16,210	15,787
Loan ID 1775	12/9/2018	19.40%	19,480	19,480	19,003
Loan ID 1776	12/4/2018	16.55%	11,077	11,077	10,806
Loan ID 1777	12/5/2016	13.14%	4,663	4,663	4,541
Loan ID 1778	12/10/2018	14.65%	10,934	10,934	10,887
Loan ID 1779	12/4/2018	19.70%	5,277	5,277	5,147
Loan ID 1780	12/10/2018	12.74%	14,384	14,384	14,322
Loan ID 1781	12/10/2016	12.39%	6,928	6,928	6,811
Loan ID 1782	12/10/2016	10.39%	909	909	894
Loan ID 1783	12/4/2016	19.05%	7,291	7,291	6,930
Loan ID 1784	12/6/2016	11.39%	4,582	4,582	4,505
Loan ID 1785	12/6/2016	19.40%	9,747	9,747	9,265
Loan ID 1786	12/6/2018	12.39%	10,761	10,761	10,772
Loan ID 1787	12/5/2018	22.35%	3,065	3,065	2,956
Loan ID 1788	12/5/2018	15.35%	18,312	18,312	18,233
Loan ID 1789	12/11/2016	26.24%	1,893	1,893	1,735
Loan ID 1790	12/5/2016	13.14%	6,969	6,969	6,787
Loan ID 1791	12/11/2016	26.24%	2,162	2,162	1,982
Loan ID 1792	12/11/2016	13.14%	6,969	6,969	6,787
Loan ID 1793	12/9/2018	16.20%	11,051	11,051	10,780
Loan ID 1794	12/11/2016	10.39%	5,227	5,227	5,139
Loan ID 1795	12/11/2016	20.10%	3,919	3,919	3,682
Loan ID 1796	12/12/2018	19.40%	7,524	7,524	7,339
Loan ID 1797	12/6/2018	15.35%	18,312	18,312	18,233
Loan ID 1798	12/12/2018	17.95%	19,991	19,991	19,501
Loan ID 1799	12/6/2016	10.39%	6,364	6,364	6,256
Loan ID 1800	12/6/2016	15.85%	2,372	2,372	2,255
Loan ID 1801	12/6/2016	22.35%	4,980	4,980	4,679
Loan ID 1802	12/10/2018	18.40%	7,475	7,475	7,292
Loan ID 1803	12/10/2016	10.99%	4,111	4,111	4,041
Loan ID 1804	12/9/2016	10.39%	1,364	1,364	1,341
Loan ID 1805	12/9/2018	11.89%	14,296	14,296	14,311
Loan ID 1806	12/10/2018	21.50%	7,623	7,623	7,351
Loan ID 1807	12/9/2016	11.39%	6,873	6,873	6,757
Loan ID 1808	12/11/2018	15.85%	8,452	8,452	8,245
Loan ID 1809	12/13/2018	22.35%	7,663	7,663	7,389
Loan ID 1810	12/16/2016	11.89%	9,158	9,158	9,003
Loan ID 1811	12/10/2018	13.14%	18,187	18,187	18,108
Loan ID 1812	12/10/2018	13.55%	18,084	18,084	18,006
Loan ID 1813	12/17/2016	11.89%	9,201	9,201	9,045
Loan ID 1814	12/17/2018	12.74%	7,192	7,192	7,161
Loan ID 1815	12/10/2016	16.85%	7,172	7,172	6,817
Loan ID 1816	12/11/2016	28.50%	3,120	3,120	2,860
Loan ID 1817	12/12/2016	28.50%	2,080	2,080	1,906
Loan ID 1818	12/17/2018	19.70%	11,307	11,307	11,030
Loan ID 1819	12/13/2016	14.65%	2,351	2,351	2,289
Loan ID 1820	12/12/2018	9.90%	11,270	11,270	11,282
Loan ID 1821	12/13/2016	12.74%	1,621	1,621	1,579
Loan ID 1822	12/13/2018	18.40%	11,233	11,233	10,958

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1823	12/16/2016	28.50%	1,518	1,518	1,392
Loan ID 1824	12/19/2018	14.00%	14,470	14,470	14,408
Loan ID 1825	12/16/2018	12.39%	3,587	3,587	3,591
Loan ID 1826	12/19/2016	12.39%	13,647	13,647	13,416
Loan ID 1827	12/16/2018	18.00%	10,438	10,438	10,182
Loan ID 1828	12/16/2016	11.39%	8,019	8,019	7,883
Loan ID 1829	12/19/2018	16.85%	7,400	7,400	7,218
Loan ID 1830	12/19/2018	19.05%	11,260	11,260	10,985
Loan ID 1831	12/19/2018	12.39%	3,587	3,587	3,591
Loan ID 1832	12/20/2018	17.65%	8,771	8,771	8,556
Loan ID 1833	12/17/2016	11.89%	5,981	5,981	5,879
Loan ID 1834	12/16/2016	24.74%	2,027	2,027	1,857
Loan ID 1835	12/16/2016	20.80%	2,708	2,708	2,544
Loan ID 1836	12/16/2016	19.70%	978	978	929
Loan ID 1837	12/17/2018	11.39%	10,683	10,683	10,694
Loan ID 1838	12/16/2016	19.05%	12,152	12,152	11,551
Loan ID 1839	12/16/2016	9.90%	9,055	9,055	8,902
Loan ID 1840	12/16/2018	23.04%	11,542	11,542	11,130
Loan ID 1841	12/18/2018	12.39%	13,631	13,631	13,645
Loan ID 1842	12/18/2016	12.39%	6,928	6,928	6,811
Loan ID 1843	12/18/2016	19.40%	9,748	9,748	9,265
Loan ID 1844	12/23/2018	14.35%	10,856	10,856	10,809
Loan ID 1845	12/17/2018	15.00%	18,808	18,808	18,726
Loan ID 1846	12/18/2016	11.89%	4,600	4,600	4,522
Loan ID 1847	12/18/2018	17.95%	11,547	11,547	11,264
Loan ID 1848	12/23/2016	16.85%	4,781	4,781	4,544
Loan ID 1849	12/17/2016	19.70%	4,884	4,884	4,643
Loan ID 1850	12/19/2018	16.55%	11,077	11,077	10,806
Loan ID 1851	12/17/2016	11.89%	1,380	1,380	1,357
Loan ID 1852	12/17/2016	14.00%	4,651	4,651	4,530
Loan ID 1853	12/19/2016	18.75%	7,275	7,275	6,915
Loan ID 1854	12/24/2016	12.74%	44	44	43
Loan ID 1855	12/24/2016	10.39%	5,227	5,227	5,139
Loan ID 1856	12/17/2016	9.30%	2,253	2,253	2,215
Loan ID 1857	12/19/2016	9.90%	962	962	945
Loan ID 1858	12/19/2016	28.50%	2,080	2,080	1,907
Loan ID 1859	12/19/2016	19.05%	1,944	1,944	1,848
Loan ID 1860	12/24/2016	10.99%	8,222	8,222	8,082
Loan ID 1861	12/18/2018	23.94%	7,736	7,736	7,460
Loan ID 1862	12/20/2018	15.00%	18,268	18,268	18,189
Loan ID 1863	12/20/2016	14.65%	3,197	3,197	3,113
Loan ID 1864	12/20/2016	18.40%	1,935	1,935	1,839
Loan ID 1865	12/20/2018	17.65%	12,959	12,959	12,642
Loan ID 1866	12/26/2018	17.95%	11,180	11,180	10,906
Loan ID 1867	12/18/2016	16.85%	4,801	4,801	4,563
Loan ID 1868	12/19/2018	15.35%	10,987	10,987	10,940
Loan ID 1869	12/20/2016	15.35%	1,909	1,909	1,859
Loan ID 1870	12/20/2018	18.40%	11,213	11,213	10,938
Loan ID 1871	12/19/2016	26.94%	2,079	2,079	1,905
Loan ID 1872	12/19/2018	12.74%	10,788	10,788	10,741
Loan ID 1873	12/27/2016	14.65%	2,350	2,350	2,289
Loan ID 1874	12/23/2018	15.35%	10,987	10,987	10,940
Loan ID 1875	12/19/2016	14.65%	11,753	11,753	11,447
Loan ID 1876	12/23/2018	19.70%	7,538	7,538	7,353
Loan ID 1877	12/24/2018	15.85%	18,374	18,374	17,924
Loan ID 1878	12/20/2018	19.40%	18,828	18,828	18,367
Loan ID 1879	12/30/2016	10.99%	3,879	3,879	3,814
Loan ID 1880	12/30/2016	11.39%	2,447	2,447	2,406
Loan ID 1881	12/30/2016	19.70%	5,167	5,167	4,911
Loan ID 1882	12/30/2016	17.65%	5,093	5,093	4,841
Loan ID 1883	12/30/2016	25.54%	2,151	2,151	1,971

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1884	12/30/2016	14.65%	4,473	4,473	4,357
Loan ID 1885	12/30/2018	21.50%	5,807	5,807	5,600
Loan ID 1886	12/23/2018	16.55%	11,077	11,077	10,806
Loan ID 1887	12/31/2018	10.99%	7,250	7,250	7,258
Loan ID 1888	12/23/2016	12.39%	2,309	2,309	2,270
Loan ID 1889	12/31/2016	14.65%	7,473	7,473	7,278
Loan ID 1890	12/23/2016	6.29%	4,396	4,396	4,256
Loan ID 1891	12/23/2016	10.39%	14,150	14,150	13,910
Loan ID 1892	12/31/2018	17.95%	15,179	15,179	14,807
Loan ID 1893	12/31/2016	9.30%	2,393	2,393	2,353
Loan ID 1894	12/24/2016	9.90%	6,792	6,792	6,677
Loan ID 1895	12/24/2018	19.70%	7,538	7,538	7,353
Loan ID 1896	12/31/2018	16.55%	15,323	15,323	14,948
Loan ID 1897	12/31/2016	9.30%	2,040	2,040	2,006
Loan ID 1898	12/31/2016	13.14%	17,244	17,244	16,795
Loan ID 1899	12/31/2018	15.35%	11,199	11,199	11,150
Loan ID 1900	12/27/2016	23.04%	2,002	2,002	1,881
Loan ID 1901	12/31/2016	11.89%	7,322	7,322	7,198
Loan ID 1902	12/31/2016	12.39%	6,369	6,369	6,262
Loan ID 1903	12/31/2018	13.55%	7,378	7,378	7,346
Loan ID 1904	1/2/2017	15.85%	7,538	7,538	7,165
Loan ID 1905	1/2/2017	12.74%	1,916	1,916	1,866
Loan ID 1906	1/2/2017	26.94%	2,170	2,170	1,988
Loan ID 1907	4/9/2017	11.99%	2,777	2,777	2,730
Loan ID 1908	4/14/2019	14.50%	11,786	11,786	11,735
Loan ID 1909	4/9/2017	16.75%	1,769	1,769	1,681
Loan ID 1910	4/10/2017	15.35%	8,769	8,769	8,335
Loan ID 1911	4/9/2017	26.44%	2,497	2,497	2,288
Loan ID 1912	4/9/2017	10.29%	8,491	8,491	8,347
Loan ID 1913	4/14/2017	11.99%	2,289	2,289	2,250
Loan ID 1914	4/10/2019	10.89%	11,542	11,542	11,554
Loan ID 1915	4/10/2017	23.44%	2,454	2,454	2,306
Loan ID 1916	4/14/2017	17.45%	14,804	14,804	14,072
Loan ID 1917	4/9/2017	11.59%	2,588	2,588	2,544
Loan ID 1918	4/10/2019	21.85%	8,166	8,166	7,874
Loan ID 1919	4/10/2017	17.45%	2,269	2,269	2,156
Loan ID 1920	4/9/2017	8.74%	11,206	11,206	11,017
Loan ID 1921	4/9/2019	18.25%	12,027	12,027	11,733
Loan ID 1922	4/11/2017	9.80%	8,463	8,463	8,320
Loan ID 1923	4/9/2019	18.90%	20,114	20,114	19,621
Loan ID 1924	4/14/2019	11.99%	8,132	8,132	8,140
Loan ID 1925	4/11/2017	19.20%	9,607	9,607	9,131
Loan ID 1926	4/11/2019	17.90%	16,007	16,007	15,615
Loan ID 1927	4/14/2019	14.85%	11,808	11,808	11,757
Loan ID 1928	4/9/2017	9.20%	3,369	3,369	3,312
Loan ID 1929	4/14/2019	15.35%	11,860	11,860	11,569
Loan ID 1930	4/11/2019	17.45%	12,775	12,775	12,462
Loan ID 1931	4/9/2017	21.00%	2,017	2,017	1,895
Loan ID 1932	4/11/2019	14.85%	5,511	5,511	5,487
Loan ID 1933	4/14/2017	10.89%	3,410	3,410	3,352
Loan ID 1934	4/14/2019	21.00%	8,132	8,132	7,842
Loan ID 1935	4/14/2017	23.44%	2,504	2,504	2,353
Loan ID 1936	4/11/2019	13.50%	6,028	6,028	6,002
Loan ID 1937	4/9/2017	12.24%	4,299	4,299	4,187
Loan ID 1938	4/11/2017	12.24%	5,646	5,646	5,499
Loan ID 1939	4/11/2019	18.55%	20,077	20,077	19,585
Loan ID 1940	4/9/2017	17.15%	8,866	8,866	8,428
Loan ID 1941	4/11/2017	18.90%	5,974	5,974	5,678
Loan ID 1942	4/9/2019	12.64%	11,661	11,661	11,611
Loan ID 1943	4/14/2017	16.35%	2,059	2,059	1,957
Loan ID 1944	4/11/2017	10.29%	5,349	5,349	5,259

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 1945	4/14/2017	16.35%	6,678	6,678	6,348
Loan ID 1946	4/9/2017	12.24%	8,598	8,598	8,374
Loan ID 1947	4/11/2017	28.00%	2,518	2,518	2,308
Loan ID 1948	4/15/2019	16.05%	12,285	12,285	11,984
Loan ID 1949	4/11/2017	21.00%	2,420	2,420	2,273
Loan ID 1950	4/15/2019	10.89%	2,522	2,522	2,524
Loan ID 1951	4/11/2017	11.59%	2,854	2,854	2,806
Loan ID 1952	4/9/2019	15.35%	7,918	7,918	7,724
Loan ID 1953	4/9/2017	10.29%	5,333	5,333	5,242
Loan ID 1954	4/11/2019	14.15%	19,654	19,654	19,569
Loan ID 1955	4/9/2017	16.05%	2,348	2,348	2,232
Loan ID 1956	4/9/2017	10.89%	18,408	18,408	18,097
Loan ID 1957	4/15/2017	24.24%	6,168	6,168	5,653
Loan ID 1958	4/9/2017	12.24%	5,732	5,732	5,583
Loan ID 1959	4/15/2017	17.45%	2,273	2,273	2,161
Loan ID 1960	4/9/2017	20.30%	8,205	8,205	7,709
Loan ID 1961	4/11/2017	9.20%	4,496	4,496	4,420
Loan ID 1962	4/9/2019	15.35%	18,157	18,157	17,712
Loan ID 1963	4/9/2017	12.24%	5,732	5,732	5,583
Loan ID 1964	4/15/2017	19.60%	8,999	8,999	8,454
Loan ID 1965	4/9/2019	19.60%	8,074	8,074	7,786
Loan ID 1966	4/9/2017	9.20%	4,496	4,496	4,420
Loan ID 1967	4/11/2017	13.85%	2,374	2,374	2,312
Loan ID 1968	4/11/2019	24.24%	8,260	8,260	7,771
Loan ID 1969	4/15/2019	15.70%	11,864	11,864	11,573
Loan ID 1970	4/11/2019	17.90%	16,007	16,007	15,615
Loan ID 1971	4/11/2019	12.64%	10,884	10,884	10,836
Loan ID 1972	4/11/2017	13.05%	8,643	8,643	8,417
Loan ID 1973	4/11/2019	19.20%	7,252	7,252	7,074
Loan ID 1974	4/15/2019	13.05%	19,481	19,481	19,397
Loan ID 1975	4/10/2019	16.05%	5,547	5,547	5,411
Loan ID 1976	4/11/2019	12.24%	19,390	19,390	19,306
Loan ID 1977	4/15/2017	9.20%	8,430	8,430	8,288
Loan ID 1978	4/15/2017	13.05%	5,818	5,818	5,666
Loan ID 1979	4/15/2019	14.85%	19,681	19,681	19,595
Loan ID 1980	4/15/2019	24.24%	8,260	8,260	7,771
Loan ID 1981	4/10/2017	15.70%	5,858	5,858	5,568
Loan ID 1982	4/10/2017	8.74%	2,057	2,057	2,022
Loan ID 1983	4/10/2017	24.24%	1,849	1,849	1,695
Loan ID 1984	4/10/2019	21.00%	3,253	3,253	3,137
Loan ID 1985	4/14/2019	19.20%	12,087	12,087	11,791
Loan ID 1986	4/14/2017	18.55%	5,922	5,922	5,629
Loan ID 1987	4/10/2017	11.59%	2,569	2,569	2,525
Loan ID 1988	4/15/2019	13.85%	5,871	5,871	5,846
Loan ID 1989	4/10/2019	17.45%	11,977	11,977	11,683
Loan ID 1990	4/14/2019	16.05%	11,887	11,887	11,596
Loan ID 1991	4/15/2017	15.35%	3,507	3,507	3,334
Loan ID 1992	4/10/2019	14.85%	19,681	19,681	19,595
Loan ID 1993	4/10/2017	16.75%	14,099	14,099	13,402
Loan ID 1994	4/15/2017	13.05%	6	6	6
Loan ID 1995	4/14/2017	10.29%	5,112	5,112	5,026
Loan ID 1996	4/15/2019	13.05%	11,689	11,689	11,638
Loan ID 1997	4/15/2017	8.74%	14,008	14,008	13,771
Loan ID 1998	4/15/2017	8.74%	8,405	8,405	8,262
Loan ID 1999	4/15/2019	18.90%	12,068	12,068	11,773
Loan ID 2000	4/10/2019	14.85%	19,681	19,681	19,595
Loan ID 2001	4/14/2017	9.80%	8,463	8,463	8,320
Loan ID 2002	4/10/2017	15.70%	14,628	14,628	13,904
Loan ID 2003	4/14/2017	13.05%	6,050	6,050	5,892
Loan ID 2004	4/15/2017	9.80%	15,798	15,798	15,531
Loan ID 2005	4/15/2019	25.74%	5,274	5,274	4,962

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2006	4/14/2019	20.30%	12,155	12,155	11,722
Loan ID 2007	4/14/2017	9.80%	7,335	7,335	7,211
Loan ID 2008	4/14/2017	17.45%	38	38	36
Loan ID 2009	4/10/2019	16.05%	11,887	11,887	11,596
Loan ID 2010	4/15/2017	14.85%	11,655	11,655	11,351
Loan ID 2011	4/14/2017	11.19%	19,927	19,927	19,590
Loan ID 2012	4/15/2017	10.89%	1,722	1,722	1,693
Loan ID 2013	4/15/2019	13.50%	7,813	7,813	7,779
Loan ID 2014	4/14/2019	18.90%	11,264	11,264	10,988
Loan ID 2015	4/15/2019	13.05%	19,481	19,481	19,397
Loan ID 2016	4/14/2017	8.74%	8,405	8,405	8,262
Loan ID 2017	4/10/2019	11.59%	13,908	13,908	13,922
Loan ID 2018	4/10/2017	8.74%	2,316	2,316	2,277
Loan ID 2019	4/14/2017	14.15%	8,703	8,703	8,476
Loan ID 2020	4/14/2017	10.29%	11,321	11,321	11,129
Loan ID 2021	4/10/2017	12.24%	8,598	8,598	8,374
Loan ID 2022	4/14/2017	25.74%	6,217	6,217	5,698
Loan ID 2023	4/15/2017	16.75%	4,422	4,422	4,203
Loan ID 2024	4/10/2017	14.15%	3,282	3,282	3,196
Loan ID 2025	4/15/2017	16.05%	8,806	8,806	8,371
Loan ID 2026	4/14/2019	12.64%	11,661	11,661	11,611
Loan ID 2027	4/15/2017	12.24%	8,598	8,598	8,374
Loan ID 2028	4/14/2019	14.15%	19,604	19,604	19,519
Loan ID 2029	4/15/2019	13.85%	11,742	11,742	11,691
Loan ID 2030	4/15/2017	10.89%	6,819	6,819	6,704
Loan ID 2031	4/15/2017	9.20%	3,484	3,484	3,425
Loan ID 2032	4/14/2017	21.85%	7,296	7,296	6,854
Loan ID 2033	4/10/2017	19.60%	1,800	1,800	1,691
Loan ID 2034	4/16/2019	14.50%	19,642	19,642	19,557
Loan ID 2035	4/10/2017	13.05%	8,643	8,643	8,417
Loan ID 2036	4/10/2017	17.90%	14,871	14,871	14,135
Loan ID 2037	4/14/2017	14.50%	8,722	8,722	8,495
Loan ID 2038	4/10/2017	17.90%	4,327	4,327	4,113
Loan ID 2039	4/14/2019	14.85%	7,872	7,872	7,838
Loan ID 2040	4/16/2017	11.99%	5,437	5,437	5,345
Loan ID 2041	4/10/2017	11.99%	8,584	8,584	8,439
Loan ID 2042	4/14/2019	13.85%	15,656	15,656	15,588
Loan ID 2043	4/16/2017	16.35%	8,823	8,823	8,386
Loan ID 2044	4/16/2017	9.80%	1,128	1,128	1,109
Loan ID 2045	4/16/2017	15.35%	5,057	5,057	4,806
Loan ID 2046	4/10/2017	11.59%	5,708	5,708	5,612
Loan ID 2047	4/14/2017	21.00%	2,420	2,420	2,273
Loan ID 2048	4/16/2019	12.24%	27,146	27,146	27,028
Loan ID 2049	4/10/2017	25.74%	5,872	5,872	5,381
Loan ID 2050	4/15/2019	15.70%	4,746	4,746	4,629
Loan ID 2051	4/10/2017	11.19%	10,286	10,286	10,112
Loan ID 2052	4/16/2017	16.75%	5,425	5,425	5,156
Loan ID 2053	4/15/2017	17.15%	2,337	2,337	2,221
Loan ID 2054	4/15/2017	15.70%	3,222	3,222	3,063
Loan ID 2055	4/16/2019	14.85%	24	24	24
Loan ID 2056	4/16/2017	28.00%	6,296	6,296	5,770
Loan ID 2057	4/15/2017	22.54%	2,136	2,136	2,007
Loan ID 2058	4/16/2019	15.35%	11,841	11,841	11,551
Loan ID 2059	4/11/2019	18.25%	20,046	20,046	19,555
Loan ID 2060	4/15/2017	16.05%	2,642	2,642	2,511
Loan ID 2061	4/11/2019	14.15%	11,762	11,762	11,711
Loan ID 2062	4/15/2017	23.44%	1,841	1,841	1,729
Loan ID 2063	4/16/2019	16.05%	11,887	11,887	11,596
Loan ID 2064	4/11/2017	17.45%	5,626	5,626	5,347
Loan ID 2065	4/16/2017	11.19%	9,679	9,679	9,515
Loan ID 2066	4/15/2019	18.25%	8,018	8,018	7,822

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2067	4/11/2017	20.30%	7,132	7,132	6,701
Loan ID 2068	4/11/2019	14.15%	15,683	15,683	15,615
Loan ID 2069	4/11/2019	18.55%	3,212	3,212	3,134
Loan ID 2070	4/15/2017	10.89%	4,546	4,546	4,469
Loan ID 2071	4/11/2017	11.19%	14,234	14,234	13,993
Loan ID 2072	4/15/2017	11.99%	1,431	1,431	1,407
Loan ID 2073	4/16/2019	11.59%	15,453	15,453	15,469
Loan ID 2074	4/16/2017	13.50%	8,667	8,667	8,441
Loan ID 2075	4/16/2019	12.64%	27,209	27,209	27,091
Loan ID 2076	4/16/2019	14.85%	4,723	4,723	4,703
Loan ID 2077	4/11/2017	9.80%	11,284	11,284	11,094
Loan ID 2078	4/16/2017	12.24%	7,738	7,738	7,537
Loan ID 2079	4/11/2019	14.15%	15,683	15,683	15,615
Loan ID 2080	4/15/2019	14.85%	1,732	1,732	1,724
Loan ID 2081	4/16/2017	28.00%	2,650	2,650	2,429
Loan ID 2082	4/11/2019	16.75%	11,932	11,932	11,640
Loan ID 2083	4/15/2019	18.90%	12,068	12,068	11,773
Loan ID 2084	4/16/2019	13.50%	5,072	5,072	5,050
Loan ID 2085	4/15/2017	13.85%	14,477	14,477	14,100
Loan ID 2086	4/11/2017	18.90%	8,963	8,963	8,519
Loan ID 2087	4/15/2017	11.59%	12,118	12,118	11,913
Loan ID 2088	4/15/2017	9.80%	8,463	8,463	8,320
Loan ID 2089	4/16/2019	16.75%	11,932	11,932	11,640
Loan ID 2090	4/16/2017	22.54%	6,104	6,104	5,735
Loan ID 2091	4/15/2019	21.85%	8,166	8,166	7,874
Loan ID 2092	4/16/2019	16.05%	7,884	7,884	7,691
Loan ID 2093	4/11/2019	18.25%	12,447	12,447	12,143
Loan ID 2094	4/16/2019	19.20%	8,058	8,058	7,860
Loan ID 2095	4/15/2019	13.50%	19,531	19,531	19,447
Loan ID 2096	4/16/2017	25.74%	2,487	2,487	2,279
Loan ID 2097	4/15/2017	11.59%	3,996	3,996	3,928
Loan ID 2098	4/11/2019	14.50%	4,714	4,714	4,694
Loan ID 2099	4/15/2017	19.20%	2,394	2,394	2,275
Loan ID 2100	4/16/2017	18.55%	4,465	4,465	4,244
Loan ID 2101	4/15/2017	17.90%	8,907	8,907	8,466
Loan ID 2102	4/15/2019	16.35%	3,965	3,965	3,868
Loan ID 2103	4/11/2017	12.64%	8,620	8,620	8,395
Loan ID 2104	4/16/2019	19.60%	12,129	12,129	11,696
Loan ID 2105	4/16/2019	25.74%	3,327	3,327	3,130
Loan ID 2106	4/15/2019	15.35%	9,078	9,078	8,856
Loan ID 2107	4/16/2019	12.24%	11,634	11,634	11,584
Loan ID 2108	4/15/2019	15.35%	3,158	3,158	3,080
Loan ID 2109	4/16/2019	12.64%	22,373	22,373	22,276
Loan ID 2110	4/11/2017	16.35%	8,823	8,823	8,386
Loan ID 2111	4/11/2019	18.25%	8,035	8,035	7,838
Loan ID 2112	4/15/2017	13.50%	12,700	12,700	12,369
Loan ID 2113	4/15/2017	14.50%	13,145	13,145	12,802
Loan ID 2114	4/11/2017	16.75%	4,717	4,717	4,484
Loan ID 2115	4/16/2019	17.45%	9,182	9,182	8,957
Loan ID 2116	4/15/2017	8.74%	8,405	8,405	8,262
Loan ID 2117	4/11/2019	18.55%	3,212	3,212	3,134
Loan ID 2118	4/16/2017	9.20%	11,240	11,240	11,050
Loan ID 2119	4/11/2017	10.89%	5,114	5,114	5,028
Loan ID 2120	4/11/2017	13.50%	4,623	4,623	4,502
Loan ID 2121	4/15/2017	19.20%	1,795	1,795	1,707
Loan ID 2122	4/15/2017	23.44%	7,977	7,977	7,494
Loan ID 2123	4/11/2019	15.70%	10,301	10,301	10,049
Loan ID 2124	4/15/2017	16.35%	4,117	4,117	3,914
Loan ID 2125	4/15/2017	18.90%	7,169	7,169	6,814
Loan ID 2126	4/17/2017	23.44%	6,368	6,368	5,983
Loan ID 2127	4/15/2019	14.15%	10,194	10,194	10,150

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2128	4/15/2019	17.90%	16,007	16,007	15,615
Loan ID 2129	4/14/2019	20.30%	12,029	12,029	11,600
Loan ID 2130	4/14/2017	16.35%	5,882	5,882	5,591
Loan ID 2131	4/17/2019	23.44%	8,229	8,229	7,935
Loan ID 2132	4/17/2017	11.59%	8,562	8,562	8,417
Loan ID 2133	4/14/2019	18.90%	12,068	12,068	11,773
Loan ID 2134	4/14/2017	12.24%	8,598	8,598	8,374
Loan ID 2135	4/14/2019	12.24%	11,634	11,634	11,584
Loan ID 2136	4/17/2019	18.25%	17,640	17,640	17,208
Loan ID 2137	4/17/2017	11.19%	5,693	5,693	5,597
Loan ID 2138	4/14/2017	22.54%	2,136	2,136	2,007
Loan ID 2139	4/14/2017	11.59%	7,713	7,713	7,583
Loan ID 2140	4/15/2017	28.74%	2,529	2,529	2,262
Loan ID 2141	4/17/2019	14.50%	19,642	19,642	19,557
Loan ID 2142	4/17/2017	15.35%	5,844	5,844	5,555
Loan ID 2143	4/14/2019	17.90%	12,005	12,005	11,711
Loan ID 2144	4/14/2017	18.55%	5,961	5,961	5,666
Loan ID 2145	4/14/2017	25.74%	2,487	2,487	2,279
Loan ID 2146	3/26/2017	16.35%	2,525	2,525	2,400
Loan ID 2147	3/25/2017	19.20%	5,717	5,717	5,434
Loan ID 2148	3/27/2019	21.85%	8,044	8,044	7,757
Loan ID 2149	3/25/2017	13.05%	2,103	2,103	2,048
Loan ID 2150	3/28/2017	14.15%	7,190	7,190	7,002
Loan ID 2151	3/25/2019	13.05%	3,842	3,842	3,825
Loan ID 2152	3/27/2017	19.20%	8,575	8,575	8,151
Loan ID 2153	3/28/2019	14.50%	19,298	19,298	19,215
Loan ID 2154	3/27/2017	18.55%	14,232	14,232	13,528
Loan ID 2155	3/27/2017	14.15%	3,318	3,318	3,232
Loan ID 2156	3/27/2017	13.50%	7,158	7,158	6,972
Loan ID 2157	3/28/2019	16.75%	11,733	11,733	11,445
Loan ID 2158	3/26/2017	28.00%	6,020	6,020	5,517
Loan ID 2159	3/28/2017	15.35%	4,739	4,739	4,504
Loan ID 2160	3/27/2019	16.35%	5,072	5,072	4,948
Loan ID 2161	3/28/2019	14.85%	11,603	11,603	11,553
Loan ID 2162	3/26/2019	23.44%	8,110	8,110	7,821
Loan ID 2163	3/28/2017	13.05%	13,724	13,724	13,366
Loan ID 2164	3/31/2017	19.60%	4,979	4,979	4,678
Loan ID 2165	3/28/2019	15.35%	7,758	7,758	7,568
Loan ID 2166	3/26/2017	22.54%	2,336	2,336	2,194
Loan ID 2167	3/31/2019	16.05%	11,887	11,887	11,596
Loan ID 2168	3/31/2017	16.05%	7,045	7,045	6,697
Loan ID 2169	3/31/2019	10.89%	15,389	15,389	15,405
Loan ID 2170	3/27/2017	11.19%	8,130	8,130	7,993
Loan ID 2171	3/27/2017	18.25%	3,426	3,426	3,257
Loan ID 2172	3/27/2017	23.44%	5,891	5,891	5,534
Loan ID 2173	3/31/2017	25.74%	6,217	6,217	5,698
Loan ID 2174	3/31/2019	17.45%	8,384	8,384	8,178
Loan ID 2175	4/1/2017	16.35%	2,353	2,353	2,236
Loan ID 2176	4/1/2019	14.85%	11,808	11,808	11,757
Loan ID 2177	4/1/2019	18.90%	10,861	10,861	10,595
Loan ID 2178	4/1/2019	14.50%	15,709	15,709	15,641
Loan ID 2179	4/1/2017	13.50%	11,556	11,556	11,255
Loan ID 2180	3/31/2017	11.19%	8,540	8,540	8,396
Loan ID 2181	4/1/2019	14.15%	15,683	15,683	15,615
Loan ID 2182	3/31/2019	13.05%	27,274	27,274	27,156
Loan ID 2183	4/1/2017	21.85%	3,380	3,380	3,175
Loan ID 2184	4/1/2017	13.85%	6,949	6,949	6,768
Loan ID 2185	3/27/2017	14.15%	3,595	3,595	3,501
Loan ID 2186	4/1/2019	14.85%	7,872	7,872	7,838
Loan ID 2187	4/1/2017	14.15%	4,457	4,457	4,341
Loan ID 2188	3/27/2017	11.59%	11,488	11,488	11,293

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2189	4/1/2017	17.15%	8,866	8,866	8,428
Loan ID 2190	4/2/2017	22.54%	2,442	2,442	2,294
Loan ID 2191	4/2/2019	19.60%	4,845	4,845	4,672
Loan ID 2192	4/2/2019	14.50%	15,707	15,707	15,639
Loan ID 2193	4/1/2019	19.60%	2,752	2,752	2,654
Loan ID 2194	4/1/2017	25.74%	4,676	4,676	4,285
Loan ID 2195	4/1/2019	19.20%	12,087	12,087	11,791
Loan ID 2196	4/2/2017	14.50%	8,722	8,722	8,495
Loan ID 2197	4/1/2017	9.20%	14,050	14,050	13,813
Loan ID 2198	3/28/2019	12.64%	23,661	23,661	23,558
Loan ID 2199	4/2/2017	12.24%	1,720	1,720	1,675
Loan ID 2200	4/2/2017	11.99%	8,991	8,991	8,839
Loan ID 2201	4/2/2019	13.85%	8,231	8,231	8,196
Loan ID 2202	4/2/2017	15.70%	1,554	1,554	1,477
Loan ID 2203	4/2/2019	19.20%	16,116	16,116	15,721
Loan ID 2204	4/2/2017	8.74%	5,603	5,603	5,508
Loan ID 2205	4/2/2017	10.89%	8,524	8,524	8,379
Loan ID 2206	4/2/2017	11.59%	14,270	14,270	14,029
Loan ID 2207	4/1/2017	12.64%	6,896	6,896	6,716
Loan ID 2208	4/1/2017	18.55%	5,961	5,961	5,666
Loan ID 2209	4/2/2017	8.74%	7,461	7,461	7,335
Loan ID 2210	4/1/2019	13.05%	27,274	27,274	27,156
Loan ID 2211	3/28/2019	17.15%	6,272	6,272	6,118
Loan ID 2212	4/1/2019	18.25%	8,018	8,018	7,822
Loan ID 2213	4/2/2017	8.74%	5,603	5,603	5,508
Loan ID 2214	4/1/2019	15.70%	15,819	15,819	15,431
Loan ID 2215	4/1/2017	16.35%	7,058	7,058	6,709
Loan ID 2216	4/3/2019	28.00%	3,391	3,391	3,191
Loan ID 2217	4/3/2019	16.75%	19,887	19,887	19,399
Loan ID 2218	4/3/2017	12.24%	5,733	5,733	5,583
Loan ID 2219	4/2/2019	18.90%	20,114	20,114	19,621
Loan ID 2220	4/3/2019	22.54%	8,193	8,193	7,901
Loan ID 2221	4/2/2019	18.90%	3,218	3,218	3,139
Loan ID 2222	4/3/2019	18.25%	9,909	9,909	9,667
Loan ID 2223	4/3/2017	16.35%	5,882	5,882	5,591
Loan ID 2224	4/3/2019	13.05%	7,792	7,792	7,759
Loan ID 2225	4/3/2017	15.35%	13,153	13,153	12,502
Loan ID 2226	4/3/2017	9.80%	8,463	8,463	8,320
Loan ID 2227	4/2/2017	9.20%	10,116	10,116	9,945
Loan ID 2228	4/2/2019	15.70%	19,773	19,773	19,289
Loan ID 2229	3/31/2019	14.85%	11,808	11,808	11,757
Loan ID 2230	4/3/2017	15.35%	2,606	2,606	2,477
Loan ID 2231	4/2/2019	12.24%	27,146	27,146	27,028
Loan ID 2232	3/31/2017	11.19%	5,693	5,693	5,597
Loan ID 2233	4/3/2019	12.64%	15,548	15,548	15,481
Loan ID 2234	4/2/2017	14.15%	14,505	14,505	14,127
Loan ID 2235	4/2/2017	12.24%	6,019	6,019	5,862
Loan ID 2236	4/3/2017	8.74%	2,241	2,241	2,203
Loan ID 2237	4/3/2017	8.74%	11,206	11,206	11,017
Loan ID 2238	4/2/2019	11.59%	6,954	6,954	6,961
Loan ID 2239	3/31/2017	9.80%	10,156	10,156	9,984
Loan ID 2240	4/3/2019	21.85%	8,211	8,211	7,918
Loan ID 2241	4/2/2019	12.24%	1,551	1,551	1,545
Loan ID 2242	4/3/2017	14.85%	2,331	2,331	2,270
Loan ID 2243	4/2/2017	16.05%	5,871	5,871	5,580
Loan ID 2244	4/2/2017	14.50%	5,831	5,831	5,679
Loan ID 2245	4/3/2017	23.44%	2,148	2,148	2,018
Loan ID 2246	4/2/2019	17.15%	12,349	12,349	12,046
Loan ID 2247	4/3/2017	11.19%	5,693	5,693	5,597
Loan ID 2248	4/3/2019	19.20%	5,640	5,640	5,502
Loan ID 2249	4/2/2017	21.00%	4,234	4,234	3,978

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2250	4/3/2017	8.74%	8,405	8,405	8,262
Loan ID 2251	4/2/2017	16.35%	2,941	2,941	2,795
Loan ID 2252	4/2/2019	17.45%	13,574	13,574	13,241
Loan ID 2253	4/3/2017	28.00%	2,518	2,518	2,308
Loan ID 2254	4/2/2017	8.74%	2,802	2,802	2,754
Loan ID 2255	4/3/2019	12.24%	23,268	23,268	23,167
Loan ID 2256	4/3/2019	11.19%	15,416	15,416	15,432
Loan ID 2257	4/2/2017	15.70%	4,131	4,131	3,927
Loan ID 2258	4/3/2017	13.85%	8,686	8,686	8,460
Loan ID 2259	4/3/2019	16.05%	11,887	11,887	11,596
Loan ID 2260	4/3/2019	24.24%	8,260	8,260	7,771
Loan ID 2261	4/4/2017	15.35%	5,846	5,846	5,556
Loan ID 2262	4/4/2017	11.99%	5,723	5,723	5,626
Loan ID 2263	4/3/2017	13.85%	14,477	14,477	14,100
Loan ID 2264	3/31/2019	25.74%	8,317	8,317	7,825
Loan ID 2265	4/3/2019	21.85%	8,097	8,097	7,808
Loan ID 2266	4/4/2017	15.35%	5,846	5,846	5,556
Loan ID 2267	4/4/2019	17.15%	11,984	11,984	11,691
Loan ID 2268	4/3/2017	13.50%	6,315	6,315	6,150
Loan ID 2269	4/4/2019	18.25%	12,027	12,027	11,733
Loan ID 2270	4/4/2017	19.60%	4,499	4,499	4,227
Loan ID 2271	4/4/2017	11.99%	8,584	8,584	8,439
Loan ID 2272	4/3/2017	28.00%	1,259	1,259	1,154
Loan ID 2273	4/4/2017	16.75%	10,024	10,024	9,528
Loan ID 2274	4/1/2017	10.29%	8,491	8,491	8,347
Loan ID 2275	4/3/2017	8.74%	5,603	5,603	5,508
Loan ID 2276	4/4/2019	16.75%	11,932	11,932	11,640
Loan ID 2277	4/1/2017	23.44%	2,577	2,577	2,421
Loan ID 2278	4/3/2017	16.35%	8,823	8,823	8,386
Loan ID 2279	4/1/2019	19.20%	20,145	20,145	19,651
Loan ID 2280	4/3/2017	13.05%	8,643	8,643	8,417
Loan ID 2281	4/3/2019	17.90%	12,005	12,005	11,711
Loan ID 2282	4/4/2019	18.25%	5,212	5,212	5,084
Loan ID 2283	4/1/2017	14.15%	2,031	2,031	1,978
Loan ID 2284	4/4/2017	13.85%	4,362	4,362	4,249
Loan ID 2285	4/1/2019	18.90%	20,114	20,114	19,621
Loan ID 2286	4/3/2017	11.59%	14,270	14,270	14,029
Loan ID 2287	4/3/2019	12.24%	13,185	13,185	13,128
Loan ID 2288	4/3/2017	16.35%	5,170	5,170	4,914
Loan ID 2289	4/4/2017	8.74%	8,965	8,965	8,813
Loan ID 2290	4/3/2017	15.35%	2,552	2,552	2,425
Loan ID 2291	4/4/2017	15.35%	5,261	5,261	5,001
Loan ID 2292	4/1/2017	16.35%	7,058	7,058	6,709
Loan ID 2293	4/1/2019	10.29%	15,334	15,334	15,350
Loan ID 2294	4/4/2019	15.35%	19,735	19,735	19,252
Loan ID 2295	4/3/2017	12.64%	8,620	8,620	8,395
Loan ID 2296	4/7/2017	10.89%	8,524	8,524	8,379
Loan ID 2297	4/1/2019	23.44%	8,229	8,229	7,935
Loan ID 2298	4/3/2017	26.44%	2,497	2,497	2,288
Loan ID 2299	4/7/2019	26.44%	8,343	8,343	7,850
Loan ID 2300	4/7/2019	11.59%	1,545	1,545	1,547
Loan ID 2301	4/3/2019	27.24%	8,393	8,393	7,896
Loan ID 2302	4/7/2017	21.00%	6,313	6,313	5,931
Loan ID 2303	4/1/2017	9.80%	18,055	18,055	17,750
Loan ID 2304	4/3/2017	24.24%	4,315	4,315	3,954
Loan ID 2305	4/1/2019	11.19%	15,416	15,416	15,432
Loan ID 2306	4/7/2017	21.00%	6,049	6,049	5,683
Loan ID 2307	4/3/2019	12.24%	27,146	27,146	27,028
Loan ID 2308	4/7/2017	10.29%	2,830	2,830	2,783
Loan ID 2309	4/7/2017	13.85%	8,686	8,686	8,460
Loan ID 2310	4/2/2017	10.29%	3,679	3,679	3,617

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2311	4/3/2019	13.50%	12,269	12,269	12,215
Loan ID 2312	4/3/2019	14.15%	7,841	7,841	7,807
Loan ID 2313	4/3/2017	9.20%	3,755	3,755	3,692
Loan ID 2314	4/2/2017	22.54%	6,104	6,104	5,735
Loan ID 2315	4/7/2019	19.20%	5,238	5,238	5,109
Loan ID 2316	4/7/2019	11.59%	12,362	12,362	12,375
Loan ID 2317	4/4/2019	17.45%	7,985	7,985	7,789
Loan ID 2318	4/4/2017	28.74%	2,536	2,536	2,269
Loan ID 2319	4/2/2019	17.15%	11,974	11,974	11,680
Loan ID 2320	4/7/2017	12.24%	5,187	5,187	5,052
Loan ID 2321	4/7/2017	18.25%	4,761	4,761	4,525
Loan ID 2322	4/4/2019	15.70%	19,773	19,773	19,289
Loan ID 2323	4/7/2017	18.55%	7,002	7,002	6,655
Loan ID 2324	4/2/2017	19.60%	8,999	8,999	8,454
Loan ID 2325	4/7/2019	24.24%	4,639	4,639	4,364
Loan ID 2326	4/7/2019	11.99%	19,362	19,362	19,382
Loan ID 2327	4/2/2019	13.50%	27,324	27,324	27,206
Loan ID 2328	4/4/2017	9.20%	5,620	5,620	5,525
Loan ID 2329	4/7/2019	22.54%	12,290	12,290	11,852
Loan ID 2330	4/2/2019	11.59%	11,590	11,590	11,602
Loan ID 2331	4/7/2017	9.80%	3,780	3,780	3,716
Loan ID 2332	4/7/2019	12.64%	5,831	5,831	5,805
Loan ID 2333	4/2/2017	10.29%	13,917	13,917	13,681
Loan ID 2334	4/4/2017	15.35%	2,338	2,338	2,222
Loan ID 2335	4/7/2019	26.44%	8,343	8,343	7,850
Loan ID 2336	4/4/2019	14.85%	19,681	19,681	19,595
Loan ID 2337	4/4/2017	11.59%	4,567	4,567	4,489
Loan ID 2338	4/2/2017	12.24%	14,330	14,330	13,956
Loan ID 2339	4/4/2019	19.60%	12,112	12,112	11,679
Loan ID 2340	4/4/2017	12.24%	6,042	6,042	5,884
Loan ID 2341	4/2/2017	11.19%	3,416	3,416	3,358
Loan ID 2342	4/4/2019	16.05%	11,887	11,887	11,596
Loan ID 2343	4/7/2017	19.20%	6,511	6,511	6,189
Loan ID 2344	4/7/2017	15.70%	1,875	1,875	1,782
Loan ID 2345	4/2/2019	24.24%	8,260	8,260	7,771
Loan ID 2346	4/2/2017	17.45%	3,849	3,849	3,659
Loan ID 2347	4/4/2019	19.20%	8,058	8,058	7,860
Loan ID 2348	4/4/2017	14.50%	8,722	8,722	8,495
Loan ID 2349	4/2/2019	18.25%	3,207	3,207	3,129
Loan ID 2350	4/4/2019	15.70%	10,347	10,347	10,094
Loan ID 2351	4/2/2019	10.29%	5,367	5,367	5,372
Loan ID 2352	4/7/2019	14.85%	1,830	1,830	1,822
Loan ID 2353	4/4/2017	12.64%	3,448	3,448	3,358
Loan ID 2354	4/7/2019	18.25%	20,046	20,046	19,555
Loan ID 2355	4/8/2017	20.30%	6,024	6,024	5,660
Loan ID 2356	4/2/2017	17.15%	1,832	1,832	1,742
Loan ID 2357	4/2/2017	23.44%	6,136	6,136	5,765
Loan ID 2358	4/8/2017	13.05%	2,881	2,881	2,806
Loan ID 2359	4/8/2017	19.60%	8,999	8,999	8,454
Loan ID 2360	4/4/2019	11.99%	8,906	8,906	8,916
Loan ID 2361	4/4/2017	20.30%	4,398	4,398	4,132
Loan ID 2362	4/8/2017	8.74%	7,284	7,284	7,161
Loan ID 2363	4/4/2019	17.15%	4,185	4,185	4,083
Loan ID 2364	4/2/2019	16.35%	11,906	11,906	11,614
Loan ID 2365	4/8/2017	15.70%	1,172	1,172	1,114
Loan ID 2366	4/8/2017	12.64%	8,620	8,620	8,395
Loan ID 2367	4/8/2017	13.05%	5,699	5,699	5,551
Loan ID 2368	4/2/2017	25.74%	2,487	2,487	2,279
Loan ID 2369	4/4/2017	14.15%	8,703	8,703	8,476
Loan ID 2370	4/8/2017	13.05%	5,762	5,762	5,612
Loan ID 2371	4/8/2019	21.00%	8,132	8,132	7,842

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2372	4/2/2017	16.75%	11,793	11,793	11,209
Loan ID 2373	4/8/2017	16.35%	2,353	2,353	2,236
Loan ID 2374	4/7/2019	19.20%	4,835	4,835	4,716
Loan ID 2375	4/8/2017	12.24%	8,596	8,596	8,372
Loan ID 2376	4/8/2019	17.15%	19,929	19,929	19,441
Loan ID 2377	4/3/2019	18.90%	12,068	12,068	11,773
Loan ID 2378	4/7/2019	18.90%	7,002	7,002	6,830
Loan ID 2379	4/8/2017	18.55%	2,734	2,734	2,599
Loan ID 2380	4/3/2019	18.90%	12,068	12,068	11,773
Loan ID 2381	4/7/2017	9.80%	8,463	8,463	8,320
Loan ID 2382	4/29/2019	25.74%	2,641	2,641	2,484
Loan ID 2383	5/1/2017	14.85%	12,180	12,180	11,862
Loan ID 2384	4/29/2017	11.59%	14,270	14,270	14,029
Loan ID 2385	4/29/2019	11.59%	13,135	13,135	13,149
Loan ID 2386	4/29/2019	13.05%	19,480	19,480	19,396
Loan ID 2387	4/29/2017	8.74%	2,521	2,521	2,479
Loan ID 2388	4/30/2019	13.85%	19,915	19,915	19,829
Loan ID 2389	5/1/2019	16.05%	4,837	4,837	4,719
Loan ID 2390	4/29/2017	9.80%	13,702	13,702	13,470
Loan ID 2391	4/30/2017	23.44%	6,399	6,399	6,012
Loan ID 2392	5/1/2017	11.99%	5,997	5,997	5,895
Loan ID 2393	4/30/2017	8.74%	5,876	5,876	5,777
Loan ID 2394	4/29/2019	19.60%	12,111	12,111	11,679
Loan ID 2395	5/1/2017	23.44%	3,836	3,836	3,604
Loan ID 2396	5/1/2019	19.60%	20,515	20,515	19,784
Loan ID 2397	4/29/2017	14.50%	14,478	14,478	14,100
Loan ID 2398	5/1/2019	15.70%	20,146	20,146	19,653
Loan ID 2399	4/29/2017	11.19%	19,927	19,927	19,590
Loan ID 2400	5/2/2017	12.64%	15,051	15,051	14,658
Loan ID 2401	5/2/2019	18.90%	12,268	12,268	11,967
Loan ID 2402	4/29/2019	17.15%	23,915	23,915	23,329
Loan ID 2403	5/1/2017	16.75%	9,252	9,252	8,794
Loan ID 2404	4/29/2019	13.05%	9,351	9,351	9,310
Loan ID 2405	5/2/2019	23.44%	5,078	5,078	4,897
Loan ID 2406	4/30/2017	11.59%	8,969	8,969	8,817
Loan ID 2407	4/30/2017	10.89%	11,312	11,312	11,121
Loan ID 2408	5/2/2017	11.59%	11,964	11,964	11,762
Loan ID 2409	4/30/2019	18.25%	7,692	7,692	7,504
Loan ID 2410	4/30/2017	16.05%	9,208	9,208	8,752
Loan ID 2411	4/30/2019	16.35%	12,105	12,105	11,809
Loan ID 2412	4/30/2017	10.29%	20	20	20
Loan ID 2413	4/30/2019	26.44%	8,455	8,455	7,955
Loan ID 2414	4/30/2019	13.85%	15,534	15,534	15,467
Loan ID 2415	4/30/2019	17.15%	12,154	12,154	11,856
Loan ID 2416	5/1/2017	16.05%	5,061	5,061	4,810
Loan ID 2417	5/1/2017	8.74%	11,756	11,756	11,558
Loan ID 2418	5/1/2019	19.20%	20,476	20,476	19,974
Loan ID 2419	5/6/2017	13.85%	9,096	9,096	8,859
Loan ID 2420	5/6/2019	13.50%	7,974	7,974	7,939
Loan ID 2421	5/1/2017	17.90%	9,314	9,314	8,853
Loan ID 2422	5/2/2019	14.50%	9,597	9,597	9,556
Loan ID 2423	5/2/2017	9.80%	2,958	2,958	2,908
Loan ID 2424	5/2/2017	12.24%	6,006	6,006	5,849
Loan ID 2425	5/2/2017	12.24%	4,204	4,204	4,095
Loan ID 2426	5/5/2017	8.74%	7,054	7,054	6,935
Loan ID 2427	5/5/2019	17.15%	24,323	24,323	23,727
Loan ID 2428	5/7/2019	18.55%	20,411	20,411	19,911
Loan ID 2429	4/8/2019	11.99%	19,362	19,362	19,382
Loan ID 2430	4/8/2017	17.45%	2,369	2,369	2,251
Loan ID 2431	4/8/2017	14.15%	8,703	8,703	8,476
Loan ID 2432	4/8/2017	12.24%	3,602	3,602	3,508

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2433	4/7/2017	11.19%	8,540	8,540	8,396
Loan ID 2434	4/8/2019	21.00%	3,253	3,253	3,137
Loan ID 2435	4/7/2019	17.15%	7,573	7,573	7,388
Loan ID 2436	4/8/2019	13.05%	23,377	23,377	23,276
Loan ID 2437	4/7/2017	9.20%	19,670	19,670	19,338
Loan ID 2438	4/8/2019	14.50%	11,785	11,785	11,734
Loan ID 2439	4/3/2017	17.15%	8,902	8,902	8,461
Loan ID 2440	4/8/2017	14.15%	2,860	2,860	2,785
Loan ID 2441	4/8/2017	11.59%	2,854	2,854	2,806
Loan ID 2442	4/8/2017	22.54%	2,442	2,442	2,294
Loan ID 2443	4/3/2019	21.85%	4,900	4,900	4,725
Loan ID 2444	4/8/2017	28.00%	2,518	2,518	2,308
Loan ID 2445	4/7/2017	8.74%	8,405	8,405	8,262
Loan ID 2446	4/3/2019	18.25%	8,018	8,018	7,822
Loan ID 2447	4/3/2017	9.20%	2,248	2,248	2,210
Loan ID 2448	4/8/2019	15.35%	7,894	7,894	7,701
Loan ID 2449	4/7/2019	15.70%	11,864	11,864	11,573
Loan ID 2450	4/3/2017	18.55%	3,577	3,577	3,400
Loan ID 2451	4/7/2019	13.85%	11,033	11,033	10,985
Loan ID 2452	4/8/2019	18.55%	20,098	20,098	19,606
Loan ID 2453	4/8/2019	16.05%	11,887	11,887	11,596
Loan ID 2454	4/7/2019	20.30%	8,914	8,914	8,596
Loan ID 2455	4/7/2017	9.20%	5,315	5,315	5,225
Loan ID 2456	4/7/2019	20.30%	8,144	8,144	7,853
Loan ID 2457	4/8/2017	21.00%	4,234	4,234	3,978
Loan ID 2458	4/3/2017	23.44%	2,148	2,148	2,018
Loan ID 2459	4/3/2019	11.19%	15,435	15,435	15,451
Loan ID 2460	4/7/2019	16.35%	1,984	1,984	1,936
Loan ID 2461	4/3/2017	8.74%	5,043	5,043	4,957
Loan ID 2462	4/7/2017	28.00%	4,425	4,425	4,055
Loan ID 2463	4/7/2019	15.35%	8,297	8,297	8,094
Loan ID 2464	4/9/2017	11.99%	17,186	17,186	16,896
Loan ID 2465	4/9/2017	9.20%	1,686	1,686	1,657
Loan ID 2466	4/7/2019	14.15%	11,762	11,762	11,711
Loan ID 2467	4/7/2017	20.30%	7,902	7,902	7,424
Loan ID 2468	4/9/2017	8.74%	8,405	8,405	8,262
Loan ID 2469	4/8/2017	10.29%	8,491	8,491	8,347
Loan ID 2470	4/8/2017	13.05%	1,844	1,844	1,796
Loan ID 2471	4/9/2019	16.05%	19,811	19,811	19,326
Loan ID 2472	4/8/2019	13.85%	5,480	5,480	5,456
Loan ID 2473	4/8/2017	17.90%	2,375	2,375	2,258
Loan ID 2474	4/3/2017	17.90%	3,563	3,563	3,387
Loan ID 2475	4/8/2017	12.64%	8,620	8,620	8,395
Loan ID 2476	4/9/2017	14.15%	4,642	4,642	4,521
Loan ID 2477	4/3/2019	17.15%	3,189	3,189	3,111
Loan ID 2478	4/9/2017	10.89%	2,841	2,841	2,793
Loan ID 2479	4/4/2017	9.20%	4,308	4,308	4,235
Loan ID 2480	4/8/2019	13.85%	10,177	10,177	10,132
Loan ID 2481	4/4/2019	14.15%	9,410	9,410	9,369
Loan ID 2482	4/4/2017	21.00%	6,049	6,049	5,683
Loan ID 2483	4/8/2017	22.54%	5,239	5,239	4,922
Loan ID 2484	4/4/2017	13.05%	11,520	11,520	11,220
Loan ID 2485	4/4/2017	15.35%	4,092	4,092	3,889
Loan ID 2486	4/4/2017	12.24%	3,439	3,439	3,350
Loan ID 2487	4/8/2019	12.24%	27,146	27,146	27,028
Loan ID 2488	4/4/2017	11.99%	8,584	8,584	8,439
Loan ID 2489	4/9/2019	18.25%	3,608	3,608	3,520
Loan ID 2490	4/8/2019	21.00%	8,132	8,132	7,842
Loan ID 2491	4/8/2017	12.24%	2,006	2,006	1,954
Loan ID 2492	4/8/2017	16.75%	2,282	2,282	2,169
Loan ID 2493	4/9/2017	9.20%	19,670	19,670	19,338

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2494	4/8/2017	11.59%	3,425	3,425	3,367
Loan ID 2495	4/9/2017	13.05%	14,404	14,404	14,029
Loan ID 2496	4/8/2019	17.90%	8,004	8,004	7,807
Loan ID 2497	4/9/2019	15.70%	7,510	7,510	7,326
Loan ID 2498	4/8/2019	15.35%	19,735	19,735	19,252
Loan ID 2499	4/4/2017	19.20%	2,808	2,808	2,669
Loan ID 2500	4/9/2017	12.24%	5,732	5,732	5,583
Loan ID 2501	4/4/2019	17.90%	11,954	11,954	11,661
Loan ID 2502	4/8/2017	18.25%	8,926	8,926	8,484
Loan ID 2503	4/9/2019	13.85%	19,570	19,570	19,486
Loan ID 2504	4/9/2017	25.74%	2,731	2,731	2,503
Loan ID 2505	4/4/2017	14.50%	4,070	4,070	3,964
Loan ID 2506	4/8/2017	16.75%	2,356	2,356	2,240
Loan ID 2507	4/4/2017	8.74%	11,038	11,038	10,851
Loan ID 2508	4/8/2017	17.90%	5,938	5,938	5,644
Loan ID 2509	4/4/2017	11.99%	7,440	7,440	7,314
Loan ID 2510	4/8/2019	16.35%	11,906	11,906	11,614
Loan ID 2511	4/9/2019	16.05%	11,887	11,887	11,596
Loan ID 2512	4/9/2019	20.30%	8,103	8,103	7,814
Loan ID 2513	4/9/2017	18.55%	3,041	3,041	2,890
Loan ID 2514	4/8/2019	17.45%	7,985	7,985	7,789
Loan ID 2515	4/4/2017	14.85%	5,827	5,827	5,675
Loan ID 2516	4/4/2019	13.85%	7,021	7,021	6,990
Loan ID 2517	4/8/2017	13.05%	4,033	4,033	3,928
Loan ID 2518	4/8/2017	9.80%	5,924	5,924	5,824
Loan ID 2519	4/4/2019	18.25%	20,273	20,273	19,776
Loan ID 2520	4/8/2017	26.44%	4,982	4,982	4,566
Loan ID 2521	4/4/2017	13.50%	1,733	1,733	1,688
Loan ID 2522	4/8/2019	17.45%	20,137	20,137	19,644
Loan ID 2523	4/10/2017	14.15%	2,338	2,338	2,277
Loan ID 2524	4/10/2017	9.20%	3,854	3,854	3,788
Loan ID 2525	4/8/2019	18.90%	12,068	12,068	11,773
Loan ID 2526	4/10/2019	18.25%	5,605	5,605	5,468
Loan ID 2527	4/10/2017	9.80%	7,879	7,879	7,745
Loan ID 2528	4/4/2019	13.05%	8,961	8,961	8,923
Loan ID 2529	4/4/2017	11.99%	1,431	1,431	1,407
Loan ID 2530	4/8/2019	19.60%	8,074	8,074	7,786
Loan ID 2531	4/4/2017	13.50%	6,645	6,645	6,472
Loan ID 2532	4/8/2019	13.05%	11,306	11,306	11,257
Loan ID 2533	4/10/2019	13.50%	27,349	27,349	27,231
Loan ID 2534	4/9/2017	15.70%	2,929	2,929	2,784
Loan ID 2535	4/4/2019	11.19%	11,562	11,562	11,574
Loan ID 2536	4/7/2017	21.85%	1	1	1
Loan ID 2537	4/10/2017	16.35%	947	947	900
Loan ID 2538	4/10/2017	10.89%	7,981	7,981	7,846
Loan ID 2539	4/10/2019	12.64%	19,435	19,435	19,351
Loan ID 2540	4/7/2017	18.90%	3,287	3,287	3,124
Loan ID 2541	4/9/2019	15.70%	11,864	11,864	11,573
Loan ID 2542	4/10/2017	12.64%	14,367	14,367	13,992
Loan ID 2543	4/10/2017	15.70%	2,929	2,929	2,784
Loan ID 2544	4/7/2017	16.35%	8,823	8,823	8,386
Loan ID 2545	4/7/2017	21.85%	1,216	1,216	1,142
Loan ID 2546	4/10/2019	13.05%	11,689	11,689	11,638
Loan ID 2547	4/10/2019	16.75%	7,955	7,955	7,760
Loan ID 2548	4/7/2017	16.75%	14,741	14,741	14,011
Loan ID 2549	4/7/2019	19.20%	12,087	12,087	11,791
Loan ID 2550	4/10/2017	10.89%	1,251	1,251	1,229
Loan ID 2551	4/7/2019	19.60%	12,112	12,112	11,679
Loan ID 2552	4/9/2019	18.90%	10,459	10,459	10,203
Loan ID 2553	4/10/2017	9.20%	8,430	8,430	8,288
Loan ID 2554	4/7/2017	17.90%	5,047	5,047	4,797

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2555	4/7/2019	12.24%	27,146	27,146	27,028
Loan ID 2556	4/7/2017	11.99%	11,446	11,446	11,252
Loan ID 2557	4/9/2017	25.74%	6,217	6,217	5,698
Loan ID 2558	4/9/2017	20.30%	8,984	8,984	8,440
Loan ID 2559	4/10/2019	12.24%	6,980	6,980	6,950
Loan ID 2560	4/7/2017	18.55%	15,849	15,849	15,065
Loan ID 2561	4/9/2019	16.75%	12,714	12,714	12,402
Loan ID 2562	4/7/2017	30.09%	2,547	2,547	2,279
Loan ID 2563	4/10/2019	19.20%	8,058	8,058	7,860
Loan ID 2564	4/7/2019	10.89%	15,120	15,120	15,135
Loan ID 2565	4/7/2019	11.19%	5,010	5,010	5,016
Loan ID 2566	4/9/2017	13.85%	5,212	5,212	5,076
Loan ID 2567	4/9/2017	11.19%	8,540	8,540	8,396
Loan ID 2568	4/7/2017	8.74%	2,241	2,241	2,203
Loan ID 2569	4/10/2019	16.05%	7,857	7,857	7,664
Loan ID 2570	4/9/2017	15.35%	2,761	2,761	2,624
Loan ID 2571	4/9/2017	14.15%	5,802	5,802	5,651
Loan ID 2572	4/10/2019	14.50%	16,626	16,626	16,554
Loan ID 2573	4/10/2017	25.04%	2,180	2,180	1,998
Loan ID 2574	4/10/2017	12.24%	8,598	8,598	8,374
Loan ID 2575	4/7/2017	10.29%	11,306	11,306	11,115
Loan ID 2576	4/9/2019	14.15%	19,604	19,604	19,519
Loan ID 2577	4/9/2017	14.15%	6,092	6,092	5,933
Loan ID 2578	4/7/2017	14.15%	5,802	5,802	5,651
Loan ID 2579	4/10/2019	14.50%	7,850	7,850	7,816
Loan ID 2580	4/7/2017	30.09%	2,547	2,547	2,279
Loan ID 2581	4/9/2017	20.30%	5,121	5,121	4,811
Loan ID 2582	4/9/2017	17.90%	5,938	5,938	5,644
Loan ID 2583	4/11/2019	17.15%	674	674	657
Loan ID 2584	4/9/2019	13.50%	9,375	9,375	9,334
Loan ID 2585	4/8/2017	22.54%	6,104	6,104	5,735
Loan ID 2586	4/8/2017	14.85%	8,741	8,741	8,513
Loan ID 2587	4/9/2017	17.45%	1,777	1,777	1,689
Loan ID 2588	4/11/2017	13.05%	2,305	2,305	2,245
Loan ID 2589	4/8/2017	15.35%	2,455	2,455	2,334
Loan ID 2590	4/9/2019	18.25%	12,027	12,027	11,733
Loan ID 2591	4/11/2017	19.20%	5,985	5,985	5,689
Loan ID 2592	4/9/2017	14.15%	5,802	5,802	5,651
Loan ID 2593	4/11/2017	17.90%	5,938	5,938	5,644
Loan ID 2594	4/10/2017	16.35%	5,291	5,291	5,029
Loan ID 2595	4/11/2019	19.20%	8,560	8,560	8,350
Loan ID 2596	4/8/2019	21.85%	7,349	7,349	7,087
Loan ID 2597	4/11/2017	16.35%	2,353	2,353	2,236
Loan ID 2598	4/10/2019	15.35%	11,841	11,841	11,551
Loan ID 2599	4/10/2019	17.15%	3,986	3,986	3,888
Loan ID 2600	4/11/2017	13.05%	2,593	2,593	2,525
Loan ID 2601	4/10/2017	8.74%	14,008	14,008	13,771
Loan ID 2602	4/11/2017	11.19%	2,847	2,847	2,799
Loan ID 2603	4/10/2019	16.35%	7,144	7,144	6,969
Loan ID 2604	4/10/2019	17.90%	12,009	12,009	11,714
Loan ID 2605	4/10/2019	15.70%	4,746	4,746	4,629
Loan ID 2606	4/10/2017	18.25%	2,380	2,380	2,262
Loan ID 2607	4/11/2017	17.90%	8,907	8,907	8,466
Loan ID 2608	4/11/2019	15.35%	7,894	7,894	7,701
Loan ID 2609	4/8/2019	10.29%	13,800	13,800	13,815
Loan ID 2610	4/10/2017	13.05%	5,762	5,762	5,612
Loan ID 2611	4/10/2019	24.24%	8,260	8,260	7,771
Loan ID 2612	4/11/2019	17.15%	3,189	3,189	3,111
Loan ID 2613	4/10/2017	10.89%	8,524	8,524	8,379
Loan ID 2614	4/10/2019	14.50%	18,071	18,071	17,993
Loan ID 2615	4/11/2017	11.59%	8,562	8,562	8,417

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2616	4/10/2019	14.15%	19,604	19,604	19,519
Loan ID 2617	4/11/2017	9.20%	11,240	11,240	11,050
Loan ID 2618	4/8/2017	16.35%	5,882	5,882	5,591
Loan ID 2619	4/10/2019	13.85%	15,656	15,656	15,588
Loan ID 2620	4/10/2017	13.50%	2,311	2,311	2,251
Loan ID 2621	4/11/2017	23.44%	2,490	2,490	2,339
Loan ID 2622	4/11/2017	9.20%	9,246	9,246	9,089
Loan ID 2623	4/8/2019	18.55%	16,080	16,080	15,686
Loan ID 2624	4/10/2017	13.85%	5,791	5,791	5,640
Loan ID 2625	4/8/2017	19.20%	8,977	8,977	8,533
Loan ID 2626	4/10/2019	17.15%	4,385	4,385	4,277
Loan ID 2627	4/8/2017	16.35%	5,588	5,588	5,311
Loan ID 2628	4/11/2019	18.90%	12,068	12,068	11,773
Loan ID 2629	4/8/2019	15.70%	19,903	19,903	19,416
Loan ID 2630	4/8/2017	11.59%	8,562	8,562	8,417
Loan ID 2631	4/11/2017	11.19%	4,783	4,783	4,702
Loan ID 2632	4/10/2017	9.20%	8,430	8,430	8,288
Loan ID 2633	4/10/2019	10.89%	7,694	7,694	7,702
Loan ID 2634	4/8/2017	11.19%	4,270	4,270	4,198
Loan ID 2635	4/8/2017	11.99%	8,584	8,584	8,439
Loan ID 2636	4/11/2019	15.35%	11,841	11,841	11,551
Loan ID 2637	4/10/2017	16.35%	2,774	2,774	2,637
Loan ID 2638	4/10/2017	12.64%	20,113	20,113	19,589
Loan ID 2639	4/8/2017	12.24%	1,433	1,433	1,396
Loan ID 2640	4/8/2017	9.20%	1,461	1,461	1,437
Loan ID 2641	4/8/2017	14.15%	2,263	2,263	2,204
Loan ID 2642	4/10/2017	23.44%	7,158	7,158	6,725
Loan ID 2643	4/8/2017	11.99%	8,065	8,065	7,929
Loan ID 2644	4/11/2017	26.44%	3,085	3,085	2,827
Loan ID 2645	4/11/2017	25.74%	2,487	2,487	2,279
Loan ID 2646	4/11/2017	17.90%	8,907	8,907	8,466
Loan ID 2647	4/10/2019	12.64%	11,662	11,662	11,611
Loan ID 2648	4/8/2019	16.75%	12,032	12,032	11,737
Loan ID 2649	4/10/2017	12.24%	4,299	4,299	4,187
Loan ID 2650	4/8/2017	15.70%	5,532	5,532	5,258
Loan ID 2651	4/10/2019	26.44%	6,258	6,258	5,887
Loan ID 2652	4/8/2019	24.24%	8,260	8,260	7,771
Loan ID 2653	4/10/2017	28.00%	2,518	2,518	2,308
Loan ID 2654	4/10/2019	19.20%	8,038	8,038	7,841
Loan ID 2655	4/14/2017	15.35%	8,769	8,769	8,335
Loan ID 2656	4/14/2017	11.19%	6,940	6,940	6,823
Loan ID 2657	4/8/2017	12.24%	5,732	5,732	5,583
Loan ID 2658	4/24/2017	10.29%	8,491	8,491	8,347
Loan ID 2659	4/24/2019	11.59%	11,435	11,435	11,447
Loan ID 2660	4/24/2017	13.85%	8,686	8,686	8,460
Loan ID 2661	4/24/2019	11.59%	7,726	7,726	7,735
Loan ID 2662	4/24/2017	11.99%	8,584	8,584	8,439
Loan ID 2663	4/24/2017	9.20%	2,810	2,810	2,763
Loan ID 2664	4/25/2017	14.85%	2,914	2,914	2,838
Loan ID 2665	4/25/2017	11.59%	5,137	5,137	5,050
Loan ID 2666	4/22/2019	13.50%	25,000	25,000	24,892
Loan ID 2667	4/22/2017	14.15%	4,642	4,642	4,521
Loan ID 2668	4/25/2019	16.75%	14,318	14,318	13,968
Loan ID 2669	4/22/2017	10.89%	19,889	19,889	19,552
Loan ID 2670	4/22/2017	13.05%	8,643	8,643	8,417
Loan ID 2671	4/24/2017	11.19%	7,468	7,468	7,341
Loan ID 2672	4/25/2017	13.05%	10,083	10,083	9,820
Loan ID 2673	4/24/2017	14.85%	2,914	2,914	2,838
Loan ID 2674	4/25/2019	15.70%	11,864	11,864	11,573
Loan ID 2675	4/22/2017	12.24%	20,062	20,062	19,539
Loan ID 2676	4/24/2017	13.50%	5,780	5,780	5,629

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2677	4/25/2017	14.50%	2,715	2,715	2,644
Loan ID 2678	4/22/2017	12.24%	4,356	4,356	4,243
Loan ID 2679	4/24/2019	26.44%	8,340	8,340	7,847
Loan ID 2680	4/25/2019	17.90%	12,806	12,806	12,492
Loan ID 2681	4/24/2019	11.59%	13,521	13,521	13,536
Loan ID 2682	4/22/2017	8.74%	11,206	11,206	11,017
Loan ID 2683	4/24/2017	12.24%	5,732	5,732	5,583
Loan ID 2684	4/22/2019	23.44%	16,548	16,548	15,958
Loan ID 2685	4/25/2019	18.90%	20,114	20,114	19,621
Loan ID 2686	4/24/2017	12.24%	2,866	2,866	2,791
Loan ID 2687	4/22/2017	18.25%	5,951	5,951	5,656
Loan ID 2688	4/24/2019	16.35%	10,322	10,322	10,069
Loan ID 2689	4/22/2019	9.80%	12,231	12,231	12,243
Loan ID 2690	4/24/2017	23.44%	2,365	2,365	2,222
Loan ID 2691	4/23/2017	11.59%	5,113	5,113	5,027
Loan ID 2692	4/25/2017	16.75%	11,793	11,793	11,209
Loan ID 2693	4/25/2019	17.45%	17,599	17,599	17,168
Loan ID 2694	4/23/2017	11.19%	2,847	2,847	2,799
Loan ID 2695	4/24/2019	17.45%	19,961	19,961	19,472
Loan ID 2696	4/24/2019	18.55%	12,046	12,046	11,751
Loan ID 2697	4/25/2017	12.64%	3,444	3,444	3,354
Loan ID 2698	4/24/2017	11.59%	19,979	19,979	19,640
Loan ID 2699	4/23/2017	10.29%	5,653	5,653	5,558
Loan ID 2700	4/24/2017	11.19%	2,448	2,448	2,407
Loan ID 2701	4/24/2017	8.74%	6,724	6,724	6,610
Loan ID 2702	4/24/2017	14.85%	8,741	8,741	8,513
Loan ID 2703	4/23/2019	13.50%	27,344	27,344	27,226
Loan ID 2704	4/23/2017	10.29%	1,698	1,698	1,669
Loan ID 2705	4/23/2017	21.85%	2,432	2,432	2,285
Loan ID 2706	4/25/2017	17.90%	3,563	3,563	3,387
Loan ID 2707	4/24/2017	14.85%	17,482	17,482	17,026
Loan ID 2708	4/24/2017	11.19%	17,099	17,099	16,809
Loan ID 2709	4/23/2019	18.55%	6,366	6,366	6,210
Loan ID 2710	4/24/2017	12.24%	14,197	14,197	13,827
Loan ID 2711	4/23/2017	13.05%	5,762	5,762	5,612
Loan ID 2712	4/23/2019	18.90%	9,919	9,919	9,676
Loan ID 2713	4/24/2019	14.15%	4,705	4,705	4,684
Loan ID 2714	4/24/2017	14.85%	1,457	1,457	1,419
Loan ID 2715	4/23/2017	24.24%	6,164	6,164	5,649
Loan ID 2716	4/24/2017	9.80%	16,927	16,927	16,640
Loan ID 2717	4/24/2019	12.64%	10,934	10,934	10,887
Loan ID 2718	4/23/2017	8.74%	11,206	11,206	11,017
Loan ID 2719	4/24/2019	21.00%	13,824	13,824	13,331
Loan ID 2720	4/24/2017	14.50%	1,744	1,744	1,699
Loan ID 2721	4/24/2019	14.15%	27,445	27,445	27,326
Loan ID 2722	4/25/2017	9.20%	8,430	8,430	8,288
Loan ID 2723	4/23/2017	9.20%	8,120	8,120	7,983
Loan ID 2724	4/24/2017	19.20%	1,736	1,736	1,650
Loan ID 2725	4/23/2019	16.75%	11,932	11,932	11,640
Loan ID 2726	4/24/2017	13.50%	4,045	4,045	3,939
Loan ID 2727	4/25/2017	8.74%	8,405	8,405	8,262
Loan ID 2728	4/24/2017	11.59%	9,133	9,133	8,979
Loan ID 2729	4/25/2019	17.90%	8,832	8,832	8,616
Loan ID 2730	4/25/2017	14.15%	4,642	4,642	4,521
Loan ID 2731	4/25/2017	14.85%	8,085	8,085	7,874
Loan ID 2732	4/25/2019	13.50%	27,344	27,344	27,226
Loan ID 2733	4/23/2017	15.70%	2,929	2,929	2,784
Loan ID 2734	4/25/2019	19.20%	10,475	10,475	10,218
Loan ID 2735	4/25/2017	10.29%	9,056	9,056	8,903
Loan ID 2736	4/28/2017	28.00%	1,259	1,259	1,154
Loan ID 2737	4/28/2017	22.54%	2,442	2,442	2,294

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2738	4/23/2017	10.89%	3,409	3,409	3,352
Loan ID 2739	4/23/2017	11.19%	1,993	1,993	1,959
Loan ID 2740	4/23/2017	24.24%	3,699	3,699	3,390
Loan ID 2741	4/25/2019	22.54%	7,799	7,799	7,521
Loan ID 2742	4/23/2019	14.50%	11,000	11,000	10,952
Loan ID 2743	4/25/2019	18.55%	20,037	20,037	19,546
Loan ID 2744	4/23/2017	18.55%	2,384	2,384	2,266
Loan ID 2745	4/23/2017	14.15%	14,468	14,468	14,091
Loan ID 2746	4/28/2017	11.99%	10,301	10,301	10,127
Loan ID 2747	4/23/2019	12.24%	15,512	15,512	15,445
Loan ID 2748	4/25/2017	11.99%	2,289	2,289	2,250
Loan ID 2749	4/28/2017	17.90%	8,907	8,907	8,466
Loan ID 2750	4/28/2019	16.05%	11,887	11,887	11,596
Loan ID 2751	4/23/2017	22.54%	2,442	2,442	2,294
Loan ID 2752	4/25/2019	14.85%	9,629	9,629	9,587
Loan ID 2753	4/28/2017	13.50%	1,445	1,445	1,407
Loan ID 2754	4/25/2017	21.00%	15,123	15,123	14,208
Loan ID 2755	4/25/2017	23.44%	2,147	2,147	2,017
Loan ID 2756	4/28/2019	15.35%	9,473	9,473	9,241
Loan ID 2757	4/23/2017	16.35%	5,294	5,294	5,032
Loan ID 2758	4/25/2017	13.05%	11,523	11,523	11,223
Loan ID 2759	4/23/2017	19.60%	5,999	5,999	5,636
Loan ID 2760	4/25/2019	15.70%	19,773	19,773	19,289
Loan ID 2761	4/28/2019	13.85%	12,000	12,000	11,948
Loan ID 2762	4/23/2017	14.15%	14,505	14,505	14,127
Loan ID 2763	4/23/2019	11.99%	15,427	15,427	15,443
Loan ID 2764	4/28/2017	14.15%	12,764	12,764	12,431
Loan ID 2765	4/23/2017	10.89%	14,206	14,206	13,966
Loan ID 2766	4/23/2017	23.44%	3,682	3,682	3,459
Loan ID 2767	4/28/2017	8.74%	5,603	5,603	5,508
Loan ID 2768	4/23/2019	12.64%	19,435	19,435	19,351
Loan ID 2769	4/28/2017	8.74%	2,802	2,802	2,754
Loan ID 2770	4/25/2017	19.20%	4,189	4,189	3,982
Loan ID 2771	4/23/2019	15.70%	19,773	19,773	19,289
Loan ID 2772	4/28/2017	12.64%	13,794	13,794	13,434
Loan ID 2773	4/23/2019	13.05%	11,689	11,689	11,638
Loan ID 2774	4/23/2019	14.15%	24,308	24,308	24,203
Loan ID 2775	4/23/2019	21.85%	20,418	20,418	19,689
Loan ID 2776	4/23/2019	15.70%	23,728	23,728	23,147
Loan ID 2777	4/28/2019	9.80%	12,111	12,111	12,123
Loan ID 2778	4/23/2017	27.24%	6,270	6,270	5,746
Loan ID 2779	4/23/2019	18.55%	12,046	12,046	11,751
Loan ID 2780	4/25/2017	27.24%	6,270	6,270	5,746
Loan ID 2781	4/23/2017	15.70%	5,858	5,858	5,568
Loan ID 2782	4/25/2019	17.45%	23,953	23,953	23,367
Loan ID 2783	4/28/2017	10.89%	17,139	17,139	16,849
Loan ID 2784	4/25/2019	16.05%	7,924	7,924	7,730
Loan ID 2785	4/28/2017	10.89%	20,919	20,919	20,565
Loan ID 2786	4/23/2017	20.30%	5,121	5,121	4,811
Loan ID 2787	4/28/2019	17.90%	6,403	6,403	6,246
Loan ID 2788	4/23/2017	14.15%	2,986	2,986	2,908
Loan ID 2789	4/28/2019	26.44%	8,343	8,343	7,850
Loan ID 2790	4/25/2017	10.89%	11,365	11,365	11,173
Loan ID 2791	4/28/2019	28.00%	3,360	3,360	3,162
Loan ID 2792	4/25/2017	17.45%	5,922	5,922	5,629
Loan ID 2793	4/25/2019	18.90%	12,068	12,068	11,773
Loan ID 2794	4/24/2019	16.75%	13,778	13,778	13,441
Loan ID 2795	4/24/2017	8.74%	5,603	5,603	5,508
Loan ID 2796	4/24/2017	26.44%	2,497	2,497	2,288
Loan ID 2797	4/24/2017	21.00%	9,074	9,074	8,525
Loan ID 2798	4/24/2017	10.29%	10,189	10,189	10,016

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2799	4/24/2019	13.05%	3,117	3,117	3,104
Loan ID 2800	4/25/2019	13.50%	11,312	11,312	11,263
Loan ID 2801	4/28/2019	11.99%	23,234	23,234	23,258
Loan ID 2802	4/25/2017	19.60%	15,042	15,042	14,132
Loan ID 2803	4/25/2017	8.74%	9,367	9,367	9,208
Loan ID 2804	4/25/2019	13.85%	23,484	23,484	23,383
Loan ID 2805	4/25/2019	15.70%	15,819	15,819	15,431
Loan ID 2806	4/24/2019	15.70%	11,864	11,864	11,573
Loan ID 2807	4/28/2019	14.50%	11,785	11,785	11,734
Loan ID 2808	4/24/2017	10.29%	10,189	10,189	10,016
Loan ID 2809	4/24/2017	19.20%	8,977	8,977	8,533
Loan ID 2810	4/24/2017	8.74%	11,206	11,206	11,016
Loan ID 2811	4/24/2017	18.25%	4,761	4,761	4,525
Loan ID 2812	4/28/2017	12.24%	20,062	20,062	19,539
Loan ID 2813	4/28/2017	24.24%	2,466	2,466	2,260
Loan ID 2814	4/24/2019	22.54%	20,483	20,483	19,753
Loan ID 2815	4/28/2019	13.85%	15,933	15,933	15,864
Loan ID 2816	4/28/2017	10.89%	17,047	17,047	16,759
Loan ID 2817	4/24/2019	15.70%	11,864	11,864	11,573
Loan ID 2818	4/28/2019	21.00%	6,912	6,912	6,665
Loan ID 2819	4/24/2019	11.99%	23,234	23,234	23,258
Loan ID 2820	4/24/2017	10.29%	14,151	14,151	13,911
Loan ID 2821	4/24/2017	22.54%	5,972	5,972	5,611
Loan ID 2822	4/28/2017	17.15%	2,364	2,364	2,247
Loan ID 2823	4/24/2017	12.24%	2,293	2,293	2,233
Loan ID 2824	4/24/2017	10.89%	4,546	4,546	4,469
Loan ID 2825	4/28/2019	12.24%	7,756	7,756	7,722
Loan ID 2826	4/28/2019	12.64%	19,435	19,435	19,351
Loan ID 2827	4/29/2017	9.20%	4,469	4,469	4,393
Loan ID 2828	4/28/2019	13.50%	25,000	25,000	24,892
Loan ID 2829	4/28/2017	10.89%	19,910	19,910	19,573
Loan ID 2830	4/28/2017	10.89%	11,365	11,365	11,173
Loan ID 2831	4/28/2017	13.05%	7,490	7,490	7,295
Loan ID 2832	4/29/2017	11.59%	8,986	8,986	8,834
Loan ID 2833	4/24/2019	9.80%	15,287	15,287	15,303
Loan ID 2834	4/24/2019	15.70%	14,237	14,237	13,888
Loan ID 2835	4/24/2019	19.60%	8,076	8,076	7,788
Loan ID 2836	4/24/2017	12.24%	7,452	7,452	7,257
Loan ID 2837	4/24/2017	15.35%	4,676	4,676	4,445
Loan ID 2838	4/28/2017	11.59%	7,421	7,421	7,295
Loan ID 2839	4/28/2017	19.20%	8,977	8,977	8,533
Loan ID 2840	4/24/2019	15.70%	11,864	11,864	11,573
Loan ID 2841	4/25/2017	18.55%	5,961	5,961	5,666
Loan ID 2842	4/28/2019	14.15%	15,624	15,624	15,556
Loan ID 2843	4/25/2017	11.99%	11,446	11,446	11,252
Loan ID 2844	4/25/2017	18.55%	2,384	2,384	2,266
Loan ID 2845	4/25/2019	14.85%	11,808	11,808	11,757
Loan ID 2846	4/29/2017	11.19%	10,248	10,248	10,075
Loan ID 2847	4/25/2019	14.15%	15,683	15,683	15,615
Loan ID 2848	4/29/2017	10.89%	11,362	11,362	11,170
Loan ID 2849	4/25/2019	11.99%	15,489	15,489	15,505
Loan ID 2850	4/25/2019	14.15%	17,257	17,257	17,182
Loan ID 2851	4/25/2017	11.99%	8,584	8,584	8,439
Loan ID 2852	4/28/2019	13.85%	9,383	9,383	9,342
Loan ID 2853	4/25/2019	22.54%	149	149	144
Loan ID 2854	4/29/2017	15.70%	2,340	2,340	2,224
Loan ID 2855	4/25/2019	11.19%	16,555	16,555	16,572
Loan ID 2856	4/29/2019	14.15%	14,114	14,114	14,053
Loan ID 2857	4/25/2019	23.44%	16,457	16,457	15,870
Loan ID 2858	4/25/2019	13.85%	10,568	10,568	10,522
Loan ID 2859	4/29/2017	14.50%	8,722	8,722	8,494

Loan ID Maturity  Interest Rate   Par / Shares   Cost  Fair Value

Loan ID 2860	4/29/2017	9.20%	8,992	8,992	8,840
Loan ID 2861	4/29/2019	17.45%	17,965	17,965	17,525
Loan ID 2862	4/25/2019	14.15%	25,093	25,093	24,984
Loan ID 2863	4/25/2017	13.05%	14,404	14,404	14,029
Loan ID 2864	4/29/2017	11.59%	19,978	19,978	19,640
Loan ID 2865	4/30/2017	11.19%	5,965	5,965	5,864
Loan ID 2866	4/30/2017	8.74%	5,876	5,876	5,777
Loan ID 2867	4/30/2019	13.05%	19,830	19,830	19,744
Loan ID 2868	4/29/2017	8.74%	13,449	13,449	13,221
Loan ID 2869	4/30/2017	14.85%	7,193	7,193	7,006
Loan ID 2870	4/28/2019	14.15%	11,762	11,762	11,711
Loan ID 2871	4/30/2017	11.59%	14,948	14,948	14,695
Loan ID 2872	4/29/2019	27.24%	8,373	8,373	7,878
Loan ID 2873	4/30/2017	20.30%	2,846	2,846	2,674
Loan ID 2874	4/28/2017	15.35%	8,729	8,729	8,297
Loan ID 2875	4/30/2017	21.00%	8,245	8,245	7,746
Loan ID 2876	4/28/2017	18.25%	5,990	5,990	5,694
Loan ID 2877	4/28/2019	13.85%	19,570	19,570	19,486
Loan ID 2878	4/30/2017	11.59%	2,392	2,392	2,351
Loan ID 2879	4/30/2017	10.29%	2,373	2,373	2,333
Loan ID 2880	4/29/2017	13.05%	17,285	17,285	16,834
Loan ID 2881	4/28/2017	14.85%	8,741	8,741	8,513
Loan ID 2882	4/28/2019	11.19%	9,712	9,712	9,722
Loan ID 2883	4/28/2017	11.99%	11,446	11,446	11,252
Loan ID 2884	4/30/2019	17.45%	16,230	16,230	15,832
Loan ID 2885	4/30/2017	11.99%	7,192	7,192	7,071
Loan ID 2886	4/28/2017	22.54%	2,442	2,442	2,294
Loan ID 2887	4/30/2019	13.50%	9,542	9,542	9,500
Loan ID 2888	4/30/2017	9.80%	5,323	5,323	5,233
Loan ID 2889	4/28/2017	10.89%	18,184	18,184	17,876
Loan ID 2890	5/1/2017	11.59%	5,982	5,982	5,881
Loan ID 2891	5/1/2019	15.35%	20,083	20,083	19,591
Loan ID 2892	4/29/2019	17.15%	19,929	19,929	19,441
			22,651,564	22,651,564	22,130,744

(1) 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.

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, 2015, 24.5%, 32.2%, 32.2%, 7.6%, 3.3%, 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.

In a hypothetical transaction, the Company believes that the fair value of each individual consumer loan as disclosed above as of the measurement date could differ from the fair value of each individual consumer loan as of the transaction date. In addition, the Company believes that the fair value of the portfolio of consumer loans as of the measurement date could differ from the sum of the fair value of each individual consumer loan as disclosed above as of the transaction date.