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 March 31, 2016

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 April 29, 2016 the Registrant had 16,193,592 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 March 31, 2016 (unaudited) and December 31, 2015	1
Consolidated Schedules of Investments as of March 31, 2016 (unaudited) and December 31, 2015	2
Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2016 and March 31, 2015	14
Consolidated Statements of Changes in Net Assets (unaudited) for the three months ended March 31, 2016 and March 31, 2015	15
Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2016 and March 31, 2015	16
Notes to Consolidated Financial Statements (unaudited)	17
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	47
Item 3. Quantitative and Qualitative Disclosures About Market Risk	62
Item 4. Controls and Procedures	62
Part II. Other Information
Item 1. Legal Proceedings	63
Item 1A. Risk Factors	63
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3. Defaults Upon Senior Securities	63
Item 4. Mine Safety Disclosures	63
Item 5. Other Information	63
Item 6. Exhibits	63

 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

	March 31, 2016			December 31, 2015
	(unaudited)
Assets
Cash	$	23,624		$	24,985
Restricted cash		11,874			11,833
Due from counterparties		11,907			1,564
Investments, at fair value
Non-control/non-affiliate investments (amortized cost of $436,069 and $437,053, respectively)		405,554			415,001
Accrued interest receivable		6,175			5,919
Deferred offering costs		503			503
Other assets		348			496
Total assets	$	459,985		$	460,301
Liabilities
Due to counterparties	$	1,552		$	368
Incentive fee payable		-			-
Management fee payable		1,812			1,828
Administrator fee payable		239			-
GLC Trust 2013-2 Class A note (Note 7)		12,681			15,664
Senior secured revolving note (Note 7)		40,500			35,000
Senior secured term notes (Note 7)		156,565			156,439
SBIC borrowings (Note 7)		25,748			18,546
Interest payable		714			807
Accrued expenses and other payables		987			939
Total liabilities	$	240,798		$	229,591
Commitments and contingencies (Note 12)
Net assets
Common stock, par value $0.001 per share, 100,000,000 shares authorized,
16,758,779 shares issued and 16,234,814 shares outstanding as of March 31, 2016
and 100,000,000 shares authorized,16,758,779 shares issued and 16,507,594 shares
outstanding as of December 31, 2015)	$	16		$	17
Paid-in-capital in excess of par		251,098			254,239
Underdistributed net investment income		8,958			8,782
Accumulated net realized (loss) from investments		(10,370	)		(10,275	)
Net unrealized (loss) from investments		(30,515	)		(22,053	)
Total net assets		219,187			230,710
Total liabilities and net assets	$	459,985		$	460,301
Shares of common stock outstanding		16,234,814			16,507,594
Net asset value per share	$	13.50		$	13.98

See accompanying notes to consolidated financial statements.

1

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

March 31, 2016 (unaudited)

($ in thousands, except share amounts)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments
Investments - United States
Common Equity
Apparel Products
Everyware Global, Inc., Common*		242,035	$	2,714	$	1,815		0.83	%
Total Apparel Products				2,714		1,815		0.83
Health Services
Juniper TGX Investment Partners, LLC, Common		3,146		671		1,023		0.46
Total Health Services				671		1,023		0.46
Miscellaneous Manufacturing
Valterra Products Holdings, LLC, Class A		185,847		186		456		0.21
Valterra Products Holdings, LLC, Class B		20,650		21		51		0.02
Total Miscellaneous Manufacturing				207		507		0.23
Miscellaneous Retail
Faraday Holdings, LLC, Common		2,265		110		123		0.06
Provo Craft Holdings, LLC, Common		2,436,157		-		-		-
Total Miscellaneous Retail				110		123		0.06
Transportation Services
EZE Trucking, LLC, Common		2,898		268		-		-
Total Transportation Services				268		-		-
Total Common Equity			$	3,970	$	3,468		1.58	%
Preferred Equity
Consumer Finance Services
Prosper Marketplace Series B Preferred Stock(1)(2)		912,865	$	551	$	4,236		1.93	%
Total Consumer Finance Services				551		4,236		1.93
Miscellaneous  Services
SC Academy Holdings, Inc., Preferred Equity		25,000		1,250		1,250		0.57
Total Miscellaneous Services				1,250		1,250		0.57
Total Preferred Equity			$	1,801	$	5,486		2.50	%
Debt Investments
Agricultural Services
BFN Operations LLC, Term Loan*(3)(4)
LIBOR  ("L") + 10.00% PIK, 1.00% L Floor, 8/31/2016		10,693	$	10,339	$	4,824		2.20	%
BFN Operations LLC, Term Loan*(3)
L + 8.00% Cash, 4.00% PIK, 1.00% L Floor, 8/31/2016		841		841		841		0.38
Total Agricultural Services				11,180		5,665		2.58
Automotive
Penda Corporation, Term Loan(3)
14.00% Cash, 2.75% PIK, 1/26/2019		7,561		7,487		7,561		3.45
Total Automotive				7,487		7,561		3.45

See accompanying notes to consolidated financial statements.

2

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

March 31, 2016 (unaudited)

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Broadcasting & Entertainment
CF Entertainment Inc. (Entertainment Studios), Term Loan*
L + 11.00%,1.00% L Floor, 6/26/2020		10,109	$	10,041	$	10,042		4.58	%
Sesac Holdco II, LLC, Term Loan (First Lien)*
L+ 4.25%,1.00% L Floor, 2/8/2019		1,098		1,095		1,078		0.49
Total Broadcasting & Entertainment				11,136		11,120		5.07
Building & Real Estate
ShelterLogic Corp., Term Loan*
L+ 9.50%,1.00% L Floor, 7/30/2019		10,043		9,909		9,841		4.49
Total Building & Real Estate				9,909		9,841		4.49
Business Services
Connexity, Inc., Term Loan*
L+ 10.00%,1.00% L Floor, 2/13/2020		10,043		9,873		9,873		4.50
Total Business Services				9,873		9,873		4.50
Chemicals
Aristech Surfaces LLC, Term Loan B*
L+ 8.00%,1.00% L Floor, 10/17/2019		10,172		10,046		10,045		4.58
Total Chemicals				10,046		10,045		4.58
Communications
HC Cable OpCo, LLC, Term Loan*
L+ 8.50%,1.00% L Floor, 7/17/2018		10,732		10,646		10,732		4.90
Sirva Worldwide, Loan*
L+ 6.25%,1.25% L Floor, 3/27/2019		8,090		8,071		7,645		3.49
TableTop Media, LLC, Lease**
10.00%, 10/15/2019		5,398		5,385		5,388		2.46
U.S. Telepacific Corp., Term Loan*
L+ 5.00%,1.00% L Floor, 11/25/2020		1,990		1,979		1,885		0.86
Total Communications				26,081		25,650		11.71
Computer Programming, Data Processing, & Other Computer Related Services
Emtec Global Services Holdings, LLC, Term Loan**
L+ 8.25%, 0.43%, 11/30/2020		2,817		2,781		2,781		1.27
Emtec Global Services Holdings, LLC, Revolver
L+ 8.25%, 0.44%, 11/30/2020		98		98		97		0.04
Total Computer Programming, Data Processing, & Other Computer Related Services				2,879		2,878		1.31
Consumer Finance Services
Affiliated Wealth Partners Holdings LLC, Term Loan*(1)
L+ 8.00%,1.00% L Floor, 9/15/2020		4,054		4,000		4,000		1.83
PlanMember Financial Corporation, Term Loan*(1)
L+ 6.50%,1.50% L Floor, 12/31/2020		1,226		1,207		1,226		0.56
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(1)
L+ 7.00%,1.00% L Floor, 9/23/2019		2,963		2,827		2,785		1.27
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(1)
L+ 7.00%,1.00% L Floor, 9/23/2019		5,489		5,456		5,159		2.35
Total Consumer Finance Services				13,490		13,170		6.01
Cosmetics/Toiletries
ActivStyle, Inc., Term Loan**
L+ 9.00%, 0.50% L Floor, 7/9/2020		10,043		9,892		9,892		4.51
Total Cosmetics/Toiletries				9,892		9,892		4.51
Electrical Equipment
AbelConn, LLC (Atrenne Computing), Term Loan*
L+ 8.50%,1.00% L Floor, 7/17/2019		10,328		10,192		10,192		4.65
Otter Products, LLC (OtterBox Holdings, Inc.), Term B Loan*
L+ 4.75%,1.00% L Floor, 6/3/2020		2,000		1,959		1,720		0.78
Total Electrical Equipment				12,151		11,912		5.43
Equipment Rental & Leasing
University Furnishings, L.P., Term Loan B**
L+ 6.75%, 0.50% L Floor, 12/17/2020		7,102		6,987		6,968		3.18
Total Equipment Rental & Leasing				6,987		6,968		3.18
Food Stores - Retail
Specialty Bakers LLC, Term Loan*
L+ 7.50%,1.00% L Floor, 8/7/2019		9,985		9,840		9,863		4.50
Total Food Stores - Retail				9,840		9,863		4.50

See accompanying notes to consolidated financial statements.

3

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

March 31, 2016 (unaudited)

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Health Services
Aurora Diagnostics, LLC, Delayed Draw Term Loan*
L+ 7.13%, 1.25% L Floor, 7/31/2019		850	$	846	$	846		0.39	%
Aurora Diagnostics, LLC, Delayed Draw Term Loan B*
L+ 7.13%, 1.25% L Floor, 7/31/2019		598		598		594		0.27
Aurora Diagnostics, LLC, Term Loan*
L+ 7.13%, 1.25% L Floor, 7/31/2019		5,557		5,518		5,518		2.51
Forest Park Medical Center at Fort Worth, LLC, Lease(4)
13.00%, 2/11/2020		9,246		9,114		3,986		1.82
Forest Park Medical Center at Fort Worth, LLC, Term Loan(4)
14.00%, on Demand		344		337		148		0.07
Forest Park Medical Center at San Antonio, LLC, Lease(4)
13.00%, 2/11/2020		8,982		8,832		4,268		1.95
Forest Park Medical Center at San Antonio, LLC, Term Loan(4)
14.00%, on Demand		1,951		1,914		927		0.42
SCG Capital Corporation (Radiation Therapy), Term Note
12.00%, 5/1/2017		2,979		2,979		2,979		1.36
Theragenics Corporation, Term Loan**
L+ 12.00%, 1.00% L Floor, 12/23/2020		6,241		6,139		6,116		2.78
Walnut Hill Physicians' Hospital, LLC, Lease
12.50%, 4/30/2019		7,231		7,231		7,231		3.31
Total Health Services				43,508		32,613		14.88
Insurance Agents
Worley Claims Services, LLC, Term Loan*
L+ 8.00%, 1.00% L Floor, 10/31/2020		10,369		10,303		10,290		4.69
Total Insurance Agents				10,303		10,290		4.69
Metal Mining
Metal Services LLC (Phoenix), New Term Loans*
L+ 5.00%, 1.00% L Floor, 6/30/2017		1,990		1,949		1,888		0.86
Total Metal Mining				1,949		1,888		0.86
Miscellaneous Manufacturing
AP Gaming I, LLC, Term B Loan*
L+ 8.25%, 1.00% L Floor, 12/21/2020		10,196		10,053		9,360		4.27
A.S.V., Inc., Term Loan*
L+ 11.00%, 0.50% L Floor, 12/19/2019		8,070		7,950		7,950		3.63
CR Brands, Inc., Term Loan*
L+ 9.25%, 1.00% L Floor, 8/23/2017		10,231		10,147		10,137		4.62
Gardner Denver, Inc., Initial Dollar Term Loan*
L+ 3.25%, 1.00% L Floor, 7/30/2020		1,990		1,881		1,811		0.83
Kranos Acquisition Corp., Term Loan*
L+ 11.00%, 1.00% L Floor, 6/15/2017		9,081		9,035		9,046		4.13
Lexmark Carpet Mills, Inc., Term Loan*
L+ 10.00%, 1.00% L Floor, 12/19/2019		9,971		9,786		9,786		4.45
PCCR USA, Inc., Term Loan A*
L+ 8.00%, 1.00% L Floor, 12/1/2019		6,781		6,682		6,682		3.05
PCCR USA, Inc., Term Loan B*
L+ 8.00%, 1.00% L Floor, 12/1/2019		3,391		3,329		3,329		1.52
Pelican Products, Inc., Term Loan*
L+ 4.25%, 1.00% L Floor, 4/10/2020		1,950		1,933		1,739		0.79
Profusion Industries, LLC, Term Loan*
L+ 9.00%, 0.50% L Floor, 6/19/2020		10,171		10,000		10,000		4.56
Texas Hydraulics Holding, Inc., Term Loan**
Prime Rate (“P”) + 5.50%, 3.50% P, 2/17/2021		8,200		8,040		8,040		3.67
Total Miscellaneous Manufacturing				78,836		77,880		35.52

See accompanying notes to consolidated financial statements.

4

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

March 31, 2016 (unaudited)

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Miscellaneous Retail
360 Holdings III Corp., Term Loan*
L+ 9.00%, 1.00% L Floor, 10/1/2021		7,363	$	7,083	$	7,082		3.23	%
Confluence Outdoor, LLC, Term Loan*
L+ 7.00%,1.00% L Floor, 4/18/2019		6,657		6,586		6,586		3.00
Confluence Outdoor, LLC, Delayed Draw Term Loan
L+ 7.00%,1.00% L Floor, 4/18/2019		999		988		988		0.45
HRI Holding Corp. (Houlihan’s Restaurants), Term Loan*
L+ 6.25%,1.00% L Floor, 12/17/2020		6,800		6,666		6,667		3.04
Interior Specialists, Inc., Term Loan*
L+ 8.00%,1.00% L Floor, 6/30/2020		10,196		10,023		10,023		4.58
PD Products, LLC, Term Loan*
L+ 10.50%,1.50% L Floor, 10/4/2018		9,511		9,418		9,511		4.34
PD Products, LLC, Revolver
L+ 10.50%, 1.50% L Floor, 10/4/2018		344		344		344		0.16
Sears Holdings Corporation, Term Loan*
L+ 7.50%, 1.00% L Floor, 7/20/2020		1,600		1,552		1,552		0.71
Total Miscellaneous Retail				42,660		42,753		19.51
Miscellaneous Services
Simmons Research LLC, Term Loan*
L+ 10.50%, 0.69% L, 12/11/2020		3,909		3,836		3,836		1.75
Speed Commerce, Inc., Term Loan*(4)
P+ 13.00%,3.50% P, 11/21/2019		13,226		13,074		1,985		0.91
Speed Commerce, Inc., Protective Advance
P+ 13.00%, 3.50% P, 11/21/2019		389		389		389		0.18
Sprint Industrial Holdings, LLC, Term Loan (First Lien)*
L+ 5.75%,1.25% L Floor, 5/14/2019		4,811		4,792		3,536		1.61
YourMembership Holding Company, Term Loan A**
L+ 7.00%,1.00% L Floor, 9/12/2019		10,029		9,970		9,957		4.54
Total Miscellaneous Services				32,061		19,703		8.99
Nonferrous Metal/Minerals
NN, Inc., Initial Term Loan*
L+ 4.75%,1.00% L Floor, 10/19/2022		1,990		1,972		1,960		0.89
Total Nonferrous Metal/Minerals				1,972		1,960		0.89
Oil & Gas
Badlands Production Company (fka Gasco) , Term Loan*
L+ 17.50%,1.00% L Floor, 5/14/2018		10,500		10,350		9,975		4.55
Iracore International Holdings, Inc., Term Loan*
L+ 9.00%,1.00% L Floor, 7/10/2020		8,878		8,764		8,211		3.75
Rooster Energy Ltd., Term Loan*(3)
L+ 13.00% Cash, 8.00% PIK,1.50%, L Floor, 6/25/2018		5,563		5,500		5,285		2.41
Total Oil & Gas				24,614		23,471		10.71
Printing & Publishing
Dodge Data & Analytics LLC, Term Loan*
L+ 8.75%,1.00% L Floor, 10/31/2019		9,220		9,088		9,088		4.15
Total Printing & Publishing				9,088		9,088		4.15

See accompanying notes to consolidated financial statements.

5

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

March 31, 2016 (unaudited)

(in thousands)

									% of Net
Security Description	Par / Shares		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Specialty Services
Vistronix, LLC, Term Loan*
L+ 8.50%, 0.50% L Floor, 12/4/2018		9,383	$	9,332		$	9,332			4.25	%
Vistronix, LLC, Revolver
L+ 8.50%, 0.50% L Floor, 12/4/2018		875		875			870			0.40
Total Specialty Services				10,207			10,202			4.65
Transportation Services
Fleetgistics Holdings, Inc., Term Loan*
L+ 6.13%,2.00% L Floor, 12/31/2018		983		983			884			0.40
Gruden Acquisition, Inc., Term Loan (First Lien)*
L+ 4.75%,1.00% L Floor, 8/18/2022		1,995		1,958			1,724			0.80
MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*(3)
L+ 5.00% Cash, 8.00% PIK, 1.00% L Floor, 5/31/2018		14,614		14,498			13,884			6.35
Raymond Express International, LLC, Term Loan*
L+ 7.75%,1.75% L Floor, 2/28/2018		1,695		1,688			1,610			0.73
Total Transportation Services				19,127			18,102			8.28
Total Debt Investments			$	415,276		$	382,388			174.45	%
Financial Assets
Consumer Finance Services
GLC Trust 2013-2 Consumer Loan Pool(1)(5)		15,089	$	15,089		$	14,245			6.50	%
Total Consumer Finance Services				15,089			14,245			6.50
Total Financial Assets			$	15,089			14,245			6.50	%
Unfunded Commitments
Communications
HC Cable OpCo, LLC, Revolver
0.50%,  7/17/2018		955	$	(8	)	$	-			-	%
Total Communications				(8	)		-			-
Computer Programming, Data Processing, & Other Computer Related Services
Emtec Global Services Holdings, LLC, Revolver*(6)
0.00%,  11/30/2020		360		(6	)		(6	)		-
Emtec Global Services Holdings, LLC, Delayed Draw Term Loan(6)
0.00%,  11/30/2020		271		(3	)		(3	)		-
Total Computer Programming, Data Processing, & Other Computer Related Services				(9	)		(9	)		-
Health Services
Aurora Diagnostics, LLC, Delayed Draw Term Loan B(6)
2.25%, 7/31/2019		1,795		(18	)		(14	)		(0.01	)
Aurora Diagnostics, LLC, Revolver*(6)
0.38%, 7/31/2019		1,020		(7	)		(7	)		-
Total Health Services				(25	)		(21	)		(0.01	)
Miscellaneous Retail
PD Products, LLC, Revolver
0.50%, 10/4/2018		1,296		(16	)		-			-
Total Miscellaneous Retail				(16	)		-			-

See accompanying notes to consolidated financial statements.

6

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

March 31, 2016 (unaudited)

(in thousands)

									% of Net
Security Description	Par / Shares		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Unfunded Commitments (continued)
Miscellaneous Services
YourMembership Holding Company, Revolver(6)
L + 0.00%, 9/12/2019		441	$	(3	)	$	(3	)		-	%
Total Miscellaneous Services				(3	)		(3	)		-
Specialty Services
Vistronix, LLC, Revolver
0.50%, 12/4/2018		-		(5	)		-			-
Total Specialty Services				(5	)		-			-
Transportation Services
Raymond Express International, LLC, Revolver
0.50%, 2/28/2018		215		(1	)		-			-
Total Transportation Services				(1	)		-			-
Total Unfunded Commitments			$	(67	)	$	(33	)		(0.01	)%
Total Non-Control/Non-Affiliate Investments			$	436,069		$	405,554			185.02	%

_____________

* ** 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. L = London Interbank Offered Rate. P = Prime Rate

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

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

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

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

(5) GLC Trust 2013-2 includes 2,373 small balance consumer loans with an average par of $6,359, a weighted average rate of 15.6% and a weighted average maturity of June 15, 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 March 31, 2016 for detail on underlying loans.

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

All debt investments were income producing as of March 31, 2016, 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, 2015

(in thousands, except share amounts)

Security Description	Par / 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		0.78	%
Total Apparel Products				2,714		1,815		0.78
Health Services
Juniper TGX Investment Partners, LLC, Common		3,146		671		1,023		0.44
Total Health Services				671		1,023		0.44
Miscellaneous Manufacturing
Valterra Products Holdings, LLC, Class A		185,847		186		456		0.21
Valterra Products Holdings, LLC, Class B		20,650		21		51		0.02
Total Miscellaneous Manufacturing				207		507		0.23
Miscellaneous Retail
Faraday Holdings, LLC, Common		2,265		110		123		0.05
Provo Craft Holdings, LLC, Common		2,436,157		-		-		-
Total Miscellaneous Retail				110		123		0.05
Transportation Services
EZE Trucking, LLC, Common		2,898		268		-		-
Total Transportation Services				268		-		-
Total Common Equity			$	3,970	$	3,468		1.50	%
Preferred Equity
Consumer Finance Services
Prosper Marketplace Series B Preferred Stock(1)(2)		182,573	$	551	$	4,236		1.84	%
Total Consumer Finance Services				551		4,236		1.84
Miscellaneous  Services
SC Academy Holdings, Inc., Preferred Equity		25,000		1,250		1,250		0.54
Total Miscellaneous Services				1,250		1,250		0.54
Total Preferred Equity			$	1,801	$	5,486		2.38	%
Debt Investments
Agricultural Services
BFN Operations LLC , Term Loan*(4)
LIBOR  ("L") + 10.00%,1.00% Floor, 12/29/2017		10,500	$	10,339	$	5,040		2.18	%
Total Agricultural Services				10,339		5,040		2.18
Automotive
Penda Corporation, Term Loan(3)
14.00% Cash, 2.00% PIK, 1/26/2019		7,512		7,431		7,512		3.26
Total Automotive				7,431		7,512		3.26

8

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Broadcasting & Entertainment
CF Entertainment Inc. (Entertainment Studios), Term Loan*
L + 11.00%,1.00% L Floor, 6/26/2020		10,135	$	10,063	$	10,063		4.36	%
Sesac Holdco II, LLC, Term Loan (First Lien)*
L+ 4.25%,1.00% L Floor, 2/8/2019		1,100		1,098		1,082		0.47
Total Broadcasting & Entertainment				11,161		11,145		4.83
Building & Real Estate
ShelterLogic Corp., Term Loan*
L+ 9.50%,1.00% L Floor, 7/30/2019		10,106		9,962		9,961		4.32
Total Building & Real Estate				9,962		9,961		4.32
Business Services
Connexity, Inc., Term Loan*
L+ 10.00%,1.00% L Floor, 2/13/2020		10,171		9,989		9,988		4.33
Total Business Services				9,989		9,988		4.33
Chemicals
Aristech Surfaces LLC, Term Loan B*
L+ 8.00%,1.00% L Floor, 10/17/2019		10,238		10,102		10,101		4.38
Total Chemicals				10,102		10,101		4.38
Communications
HC Cable OpCo, LLC, Term Loan*
L+ 8.50%,1.00% L Floor, 7/17/2018		10,760		10,665		10,760		4.66
Sirva Worldwide, Loan*
L+ 6.25%,1.25% L Floor, 3/27/2019		8,090		8,069		7,807		3.38
TableTop Media, LLC, Lease**
10.00%, 10/15/2019		5,729		5,716		5,718		2.48
U.S. Telepacific Corp., Term Loan*
L+ 5.00%,1.00% L Floor, 11/25/2020		1,995		1,983		1,898		0.83
Total Communications				26,433		26,183		11.35
Consumer Finance Services
Affiliated Wealth Partners Holdings LLC, Term Loan*
L+ 8.00%,1.00% L Floor, 9/15/2020		4,236		4,177		4,177		1.81
PlanMember Financial Corporation, Term Loan*(1)
L+  6.50%,1.50% L Floor, 12/31/2020		1,245		1,231		1,245		0.54
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(1)
L+ 7.00%,1.00% L Floor, 9/23/2019		3,000		2,853		2,850		1.24
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(1)
L+ 7.00%,1.00% L Floor, 9/23/2019		6,627		6,584		6,296		2.73
Total Consumer Finance Services				14,845		14,568		6.32
Computer Programming, Data Processing, & Other Computer Related Services
Emtec Global Services Holdings, LLC, Term Loan**
L+ 8.25%, 0.25% L Floor 11/30/2020		2,834		2,797		2,797		1.21
Emtec Global Services Holdings, LLC, Revolver
L+ 8.25%, 0.25% L Floor 11/30/2020		131		131		129		0.06
Total Computer Programming, Data Processing, & Other Computer Related Services				2,928		2,926		1.27
Cosmetics/Toiletries
ActivStyle, Inc., Term Loan**
L+ 9.00%, 0.50% L Floor, 7/9/2020		10,171		10,010		10,010		4.34
Total Cosmetics/Toiletries				10,010		10,010		4.34
Electrical Equipment
AbelConn, LLC (Atrenne Computing), Term Loan*
L+ 8.50%,1.00% L Floor, 7/17/2019		10,375		10,228		10,228		4.43
Otter Products, LLC (OtterBox Holdings, Inc.), Term B Loan*
L+ 4.75%,1.00% L Floor, 6/3/2020		2,000		1,957		1,908		0.83
Total Electrical Equipment				12,185		12,136		5.26
Equipment Rental & Leasing, Not Elsewhere Classified
University Furnishings, L.P., Term Loan B**
L+ 6.75%, 0.50% L Floor, 12/17/2020		7,102		6,985		6,961		3.02
Total Equipment Rental & Leasing, Not Elsewhere Classified				6,985		6,961		3.02
Food Stores - Retail
Specialty Bakers LLC, Term Loan*
L+ 7.25%,1.00% L Floor, 8/7/2019		9,435		9,290		9,290		4.03
Total Food Stores - Retail				9,290		9,290		4.03

9

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Health Services
Aurora Diagnostics, LLC, Delayed Draw Term Loan
L+ 7.13%,1.25% L Floor, 7/31/2019		850	$	846	$	846		0.37	%
Aurora Diagnostics, LLC, Term Loan*
L+ 7.13%,1.25% L Floor, 7/31/2019		5,574		5,532		5,532		2.40
eResearchTechnology, Inc., Term Loan*
L+ 4.50%,1.00% L Floor, 5/8/2022		1,995		1,980		1,952		0.85
Forest Park Medical Center at Fort Worth, LLC, Lease(4)
13.00%, 2/11/2020		9,246		9,114		7,397		3.21
Forest Park Medical Center at Fort Worth, LLC, Term Loan(4)
14.00%, on Demand		344		337		276		0.12
Forest Park Medical Center at San Antonio, LLC, Lease(4)
13.00%, 2/11/2020		8,982		8,832		5,636		2.44
Forest Park Medical Center at San Antonio, LLC, Term Loan(4)
14.00%, on Demand		1,951		1,914		1,224		0.53
SCG Capital Corporation (Radiation Therapy), Term Note
12.00%, 5/1/2017		3,656		3,656		3,656		1.58
Theragenics Corporation, Term Loan**
L+ 12.00%,1.00% L Floor, 12/23/2020		6,324		6,216		6,233		2.70
Walnut Hill Physicians' Hospital, LLC, Lease
12.50%, 4/30/2019		7,725		7,725		7,725		3.35
Total Health Services				46,152		40,477		17.55
Insurance Agents
Worley Claims Services, LLC, Term Loan*
L+ 8.00%,1.00% L Floor, 10/31/2020		10,395		10,325		10,311		4.47
Total Insurance Agents				10,325		10,311		4.47
Metal Mining
Metal Services LLC (Phoenix), New Term Loans*
L+ 5.00%,1.00% L Floor, 6/30/2017		1,995		1,946		1,761		0.76
Total Metal Mining				1,946		1,761		0.76
Miscellaneous Manufacturing
AP Gaming I, LLC, Term B Loan*
L+ 8.25%,1.00% L Floor, 12/21/2020		10,222		10,071		9,826		4.26
A.S.V., Inc., Term Loan*
L+ 9.50%,1.00% L Floor, 12/19/2019		9,138		8,993		8,993		3.90
CR Brands, Inc., Term Loan*
L+ 9.25%,1.00% L Floor, 8/23/2017		10,500		10,398		10,386		4.50
Gardner Denver, Inc., Initial Dollar Term Loan*
L+ 3.25%,1.00% L Floor, 7/30/2020		1,995		1,879		1,797		0.78
Kranos Acquisition Corp., Term Loan*(3)
L+ 10.00% Cash,1.00% L Floor, 6/15/2017		9,338		9,282		9,295		4.03
Lexmark Carpet Mills, Inc., Term Loan*
L+ 10.00%,1.00% L Floor, 12/19/2019		10,500		10,292		10,292		4.46
Pelican Products, Inc., Term Loan*
L+ 4.25%,1.00% L Floor, 4/10/2020		1,995		1,976		1,955		0.85
PCCR USA, Inc., Term Loan A*
L+ 8.00%,1.00% L Floor, 12/1/2019		6,825		6,718		6,718		2.91
PCCR USA, Inc., Term Loan B*
L+ 8.00%,1.00% L Floor, 12/1/2019		3,413		3,346		3,346		1.45
Profusion Industries, LLC, Term Loan*
L+ 9.00%,0.50% L Floor, 6/19/2020		10,300		10,116		10,116		4.38
Total Miscellaneous Manufacturing				73,071		72,724		31.52

See accompanying notes to consolidated financial statements.

10

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Miscellaneous Retail
360 Holdings III Corp., Term Loan*
Prime Rate ("P") + 8.00%, 3.50% P, 10/1/2021		7,382	$	7,088	$	7,087		3.07	%
Confluence Outdoor, LLC, Term Loan*
L+ 7.00%,1.00% L Floor, 4/18/2019		6,657		6,580		6,580		2.85
Confluence Outdoor, LLC, Delayed Draw Term Loan
L+ 7.00%,1.00% L Floor, 4/18/2019		999		987		987		0.43
Interior Specialists, Inc., Term Loan*
L+ 8.00%,1.00% L Floor, 6/30/2020		10,248		10,064		10,064		4.37
PD Products, LLC, Term Loan*(3)
L+ 10.50%,1.50% L Floor, 10/4/2018		9,644		9,540		9,644		4.18
PD Products, LLC, Revolver
L+ 10.50%,1.50% L Floor, 10/4/2018		673		673		673		0.29
Total Miscellaneous Retail				34,932		35,035		15.19
Miscellaneous Services
Simmons Research LLC, Term Loan*
L+ 10.50%, 0.56% L, 12/11/2020		3,959		3,880		3,880		1.68
Speed Commerce, Inc., Term Loan*(4)
P+ 13.00%,3.50% P, 11/21/2019		13,226		13,063		3,254		1.41
Sprint Industrial Holdings, LLC, Term Loan (First Lien)*
L+ 5.75%,1.25% L Floor, 5/14/2019		4,824		4,802		4,028		1.75
YourMembership Holding Company, Term Loan A**
L+ 7.00%,1.00% L Floor, 9/12/2019		10,056		9,992		9,978		4.32
Total Miscellaneous Services				31,737		21,140		9.16
Nonferrous Metal/Minerals
NN, Inc., Initial Term Loan*
L+ 4.75%,1.00% L Floor, 10/19/2022		1,995		1,976		1,968		0.85
Total Nonferrous Metal/Minerals				1,976		1,968		0.85
Oil & Gas
Badlands Production Company (fka Gasco) , Term Loan*
L+ 12.50%,1.00% L Floor, 5/14/2018		10,500		10,332		9,975		4.32
Rooster Energy Ltd., Term Loan*
L+ 11.50%,1.50% L Floor, 6/25/2018		5,938		5,863		5,641		2.44
Iracore International Holdings, Inc., Term Loan*
L+ 9.00%,1.00% L Floor, 7/10/2020		8,878		8,757		8,433		3.66
Total Oil & Gas				24,952		24,049		10.42
Printing & Publishing
Dodge Data & Analytics LLC, Term Loan*
L+ 8.75%,1.00% L Floor, 10/31/2019		9,286		9,143		9,143		3.96
Total Printing & Publishing				9,143		9,143		3.96
Retail-Building Materials, Hardware, Garden Supply & Mobile Home Dealers
Builders FirstSource, Inc., Initial Term Loan*
L+ 5.00%,1.00% L Floor, 7/31/2022		1,995		1,986		1,967		0.85
Total Retail-Building Materials, Hardware, Garden Supply & Mobile Home Dealers				1,986		1,967		0.85

See accompanying notes to consolidated financial statements.

11

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

									% of Net
Security Description	Par / Shares		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Specialty Services
Vencore, Inc. (fka The SI Organization, Inc.), Initial Term Loan (First Lien)*
L+ 4.75%,1.00% L Floor, 11/23/2019		1,995	$	1,995		$	1,982			0.86	%
Vistronix, LLC, Term Loan*
L+ 8.50%, 0.50% L Floor, 12/4/2018		9,510		9,453			9,453			4.09
Vistronix, LLC, Revolver
L+ 8.50%, 0.50% L Floor, 12/4/2018		560		560			557			0.24
USAGM Holdco, LLC, Initial Term Loan (First Lien)*
L+ 3.75%,1.00% L Floor, 7/28/2022		2,000		1,951			1,908			0.83
Total Specialty Services				13,959			13,900			6.02
Stone, Clay, Glass, & Concrete Products
Stardust Finance Holdings, Inc., Term Loan*
L+ 5.50%,1.00% L Floor, 3/13/2022		1,995		1,973			1,928			0.84
Total Stone, Clay, Glass, & Concrete Products				1,973			1,928			0.84
Transportation Services
Gruden Acquisition, Inc., Term Loan (First Lien)*
L+ 4.75%,1.00% L Floor, 8/18/2022		2,000		1,961			1,908			0.83
Fleetgistics Holdings, Inc., Term Loan*
L+ 6.13%,2.00% L Floor, 12/31/2018		1,002		1,002			902			0.39
MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*(3)
L+ 3.00% Cash, 10.00% PIK, 1.00% L Floor, 5/31/2018		14,322		14,205			13,606			5.89
Raymond Express International, LLC, Term Loan*
L+ 7.75%,1.75% L Floor, 2/28/2018		1,695		1,687			1,695			0.73
Total Transportation Services				18,855			18,111			7.84
Total Debt Investments			$	412,667		$	388,335			168.32	%
Financial Assets
Consumer Finance Services
GLC Trust 2013-2 Consumer Loan Pool(1)(5)		18,688	$	18,688		$	17,754			7.70	%
Total Consumer Finance Services				18,688			17,754			7.70
Total Financial Assets			$	18,688		$	17,754			7.70	%
Unfunded Commitments
Communications
HC Cable OpCo, LLC, Revolver(6)
0.50%,  7/17/2018		955	$	(8	)	$	-			-	%
Total Communications				(8	)		-			-
Computer Programming, Data Processing, & Other Computer Related Services
Emtec Global Services Holdings, LLC, Revolver(6)
0.00%,  11/30/2020		327		(6	)		(5	)		-
Emtec Global Services Holdings, LLC, Delayed Draw Term Loan(6)
0.00%,  11/30/2020		271		(4	)		(4	)		-
Total Computer Programming, Data Processing, & Other Computer Related Services				(10	)		(9	)		-
Health Services
Aurora Diagnostics, LLC, Delayed Draw Term Loan B(6)
2.25%, 7/31/2019		2,393		(20	)		(20	)		(0.01	)
Aurora Diagnostics, LLC, Revolver(6)
0.38%, 7/31/2019		1,020		(8	)		(8	)		-
Total Health Services				(28	)		(28	)		(0.01	)
Miscellaneous Retail
PD Products, LLC, Revolver(6)
0.50%, 10/4/2018		968		(18	)		-			(0.01	)
Total Miscellaneous Retail				(18	)		-			(0.01	)

See accompanying notes to consolidated financial statements.

12

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

									% of Net
Security Description	Par / Shares		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Unfunded Commitments (continued)
Miscellaneous Services
YourMembership Holding Company, Revolver(6)
L + 0.00%, 9/12/2019		441	$	(3	)	$	(3	)		-	%
Total Miscellaneous Services				(3	)		(3	)		-
Specialty Services
Vistronix, LLC, Revolver(6)
0.50%, 12/4/2018		315		(5	)		(2	)		-
Total Specialty Services				(5	)		(2	)		-
Transportation Services
Raymond Express International, LLC, Revolver
0.50%, 2/28/2018		215		(1	)		-			-
Total Transportation Services				(1	)		-			-
Total Unfunded Commitments			$	(73	)	$	(42	)		(0.02	)%
Total Non-Control/Non-Affiliate Investments			$	437,053		$	415,001			179.88	%

_____________

* ** Denotes that all or a portion of the investment is held as collateral by the CLO (see Note 7). Denotes that all or a portion of the loan is held by Garrison SBIC. L = London Interbank Offered Rate. P = Prime Rate

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

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

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

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

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

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

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

See accompanying notes to consolidated financial statements.

13

Garrison Capital Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

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

	Three Months Ended			Three Months Ended
	March 31, 2016			March 31, 2015
Investment income
Interest income
Non-control/non-affiliate investments	$	10,875		$	12,958
Other income		181			521
Total investment income		11,056			13,479
Expenses
Interest expense		2,008			1,850
Management fee		1,850			1,990
Incentive fee		-			695
Professional fees		386			316
Directors' fees		107			106
Administrator expenses		269			242
Other expenses		527			552
Total expenses		5,147			5,751
Net investment income before excise taxes		5,909			7,728
Excise tax expense		(50	)		(46	)
Net investment income		5,859			7,682
Realized and unrealized (loss)/gain on investments
Net realized (loss)/gain from investments
Non-control/non-affiliate investments		(95	)		(490	)
Net change in unrealized (loss)/gain from investments
Non-control/non-affiliate investments		(8,462	)		(4,220	)
Net realized and unrealized (loss)/gain on investments		(8,557	)		(4,710	)
Net (decrease)/increase in net assets resulting from operations	$	(2,698	)	$	2,972
Net investment income per common share	$	0.36		$	0.46
Net (decrease)/increase in net assets resulting from operations per common share	$	(0.17	)	$	0.18
Basic weighted average common shares outstanding(1)		16,319,453			16,758,779
Dividends and distributions declared per common share	$	0.35		$	0.35

____________

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

See accompanying notes to consolidated financial statements.

14

Garrison Capital Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

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

	Three Months Ended			Three Months Ended
	March 31, 2016			March 31, 2015
(Decrease)/increase in net assets from operations:
Net investment income	$	5,859		$	7,682
Net realized (loss) from investments		(95	)		(490	)
Net change in unrealized (loss) on investments		(8,462	)		(4,220	)
Net (decrease)/increase in net assets from operations		(2,698	)		2,972
Dividends and distributions to stockholders:
From net investment income		(5,685	)		(5,866	)
Total dividends and distributions to stockholders(1)		(5,685	)		(5,866	)
Common share transactions
Repurchase of common stock (see Note 13)		(3,140	)		-
Net (decrease)/increase in net assets from common share transaction		(3,140	)		-
Total (decrease)/increase in net assets		(11,523	)		(2,894	)
Net assets at beginning of period		230,710			261,103
Net assets at end of period	$	219,187		$	258,209
Net asset value per common share	$	13.50		$	15.41
Common shares outstanding at end of period		16,234,814			16,758,779
Underdistributed net investment income included in net assets	$	8,958		$	1,816

(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.

15

Garrison Capital Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

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

	Three Months Ended			Three Months Ended
	March 31, 2016			March 31, 2015
Cash flows from operating activities
Net (decrease)/increase in net assets resulting from operations	$	(2,698	)	$	2,972
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by/(used in) operating activities:
Net accretion of discounts on investments		(360	)		(437	)
Net realized loss/(gain) from investments		95			490
Amortization of discount on senior secured notes payable		50			79
Amortization of deferred debt issuance costs		206			195
Net change in unrealized loss/(gain) on investments		8,462			4,220
Payment-in-kind interest		(466	)		(432	)
Purchases of investments		(34,875	)		(35,756	)
Paydowns of investments		11,598			47,673
Sales of investments		24,993			-
Changes in operating assets and liabilities:
(Increase)/decrease in cash, restricted		(41	)		5,777
(Increase)/decrease in due from counterparties		(10,343	)		(291	)
(Increase)/decrease in accrued interest receivable		(257	)		(215	)
(Increase)/decrease in deferred offering costs		-			(21	)
Decrease/(increase) in prepaid administrator fee		-			74
Decrease/(increase) in other assets		102			71
Increase/(decrease) in due to counterparties		1,184			(109	)
Increase/(decrease) in payables to affiliates		223			1,538
(Decrease)/increase in interest payable on notes payable		(93	)		(53	)
Increase/(decrease) in accrued expenses and other payables		48			56
Net cash (used in)/provided by operating activities		(2,172	)		25,831
Cash flows from financing activities
Repurchase of common stock		(3,140	)		-
Distributions paid to stockholders		(5,685	)		(5,866	)
Payments for financing costs		(178	)		-
Proceeds/(repayment) of senior secured revolving notes		5,500			(9,500	)
Repayment of GLC Trust 2013-2 Class A notes		(3,046	)		(3,761	)
Proceeds from Garrison SBIC borrowings		7,360			-
Net cash provided by/(used in) financing activities		811			(19,127	)
Net (decrease)/increase in cash		(1,361	)		6,704
Cash at beginning of period		24,985			13,651
Cash at end of period	$	23,624		$	20,355
Supplemental disclosure of cash flow information
Cash paid for interest expense	$	2,018		$	1,630

See accompanying notes to consolidated financial statements.

16

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

1. Organization

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

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 receiving shares of common stock, par value $0.001 per share, 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, share prices, earnings per share and distributions per share have been retroactively restated for all periods prior to the Reverse Stock Split.

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”).

17

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

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 to acquire up to $150.0 million in financing. Garrison SBIC received a license from the U.S Small Business Administration (the “SBA”) on May 26, 2015. Garrison SBIC is 100% owned by GARS.

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

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.

18

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

1. Organization  – (continued)

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

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

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

Basis for Consolidation

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

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

GF 2013-2 Manager owns a 100% interest in GF 2013-2, which 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.

19

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

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

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

Investment Classification

As 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 March 31, 2016 and December 31, 2015, all of the Company’s investments were Non-Control/Non-Affiliate Investments.

Use of Estimates

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

Cash and Cash Equivalents

As of March 31, 2016 and December 31, 2015, cash held in designated bank accounts with the Custodian was $22.4 million and $23.4 million, respectively. As of March 31, 2016 and December 31, 2015, cash held in designated bank accounts with other major financial institutions was $1.2 million and $1.6 million, respectively. At times, these balances may exceed federally insured limits and this potentially subjects the Company to a concentration of credit risk. The Company believes it is not exposed to any significant credit risk associated with its cash custodian.

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

Cash and Cash Equivalents, Restricted

 Restricted cash as of March 31, 2016 and December 31, 2015 included cash of $10.6 million and $10.4 million, respectively, held by GF 2013-2 in designated bank accounts with the 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 March 31, 2016 and December 31, 2015 also included cash of $1.3 million and $1.4 million, respectively, held by GLC Trust 2013-2 in designated restricted bank accounts.

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 March 31, 2016 and December 31, 2015, the Company held no restricted cash equivalents.

20

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

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

Investment Transactions and Related Investment Income and Expense

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

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

The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. For consumer loans, any loan which is 120 days past due is considered defaulted and 100% of the principal is charged off with no expected recovery or sale of defaulted receivables. The Company recognized $0.4 million and $0.8 million in charge offs in realized losses from investments for consumer loans held by GLC Trust 2013-2 for the three months ended March 31, 2016 and March 31, 2015, respectively. The Company had four investments on non-accrual status as of both March 31, 2016 and December 31, 2015.

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

Dividend income on preferred equity securities is recorded as 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.

21

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

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

Loan Origination, Facility, Commitment and Amendment Fees

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

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

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

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

Valuation of Investments

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

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

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

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

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

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

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

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

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

22

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

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

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

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

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

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

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

• The valuation committee of the Board reviews these preliminary valuations.

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

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

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

Deferred Financing Costs

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

Offering Costs

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

Share Repurchase

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

Dividends and Distributions

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

23

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

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

The Company adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash as provided below. As a result, if the Board declares a cash dividend or other distribution, then our stockholders who have not ‘opted out’ of our dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock, which may be newly issued shares or shares acquired by AST through open-market purchases, rather than receiving the cash distribution. As of March 31, 2016, 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.

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 three months ended March 31, 2016 or the year ended December 31, 2015.

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

24

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

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

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

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

For the three months ended March 31, 2016 there was $50,000 of U.S. federal excise tax expense recorded. For the three months ended March 31, 2015, there was $45,000 of U.S. federal excise tax expense 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 U.S. GAAP, so that our consolidated financial statements reflect our investments in the portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is, among other things, to permit GARS to hold certain interests in portfolio companies that are organized as limited liability companies (“LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90.0% 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, 2015:

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

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

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

25

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

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

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

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

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

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

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

As of December 31, 2015 the components of accumulated losses on a tax basis, as detailed below, differ from the amounts reflected per GARS’ consolidated statement of assets and liabilities 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 gains (losses) 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)	December 31, 2015
Other temporary differences	$	-
Unrealized (loss)		(22,053	)
Total components of unrealized income	$	(22,053	)

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

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 March 31, 2016 and December 31, 2015. However, the Company’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including ongoing analyses of, and changes to, tax laws, regulations and interpretations thereof.

26

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

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

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

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

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

Recent Accounting Pronouncements

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

3. Investments

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

27

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

3. Investments  – (continued)

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

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

The terms of the Debt Investments may provide for the Company to extend to a borrower additional credit or provide funding for any unfunded portion of such Debt Investments at the request of the borrower. This exposes the Company to potential liabilities that are not reflected on the consolidated statements of financial condition. As of March 31, 2016 and December 31, 2015, the Company had $6.4 million and $6.9 million of unfunded commitments with a fair value of $(0.1) million and $(0.1) million, respectively. The negative fair value is the result of the unfunded commitments being valued below par. These amounts may or may not be funded to the borrowing party now or in the future.

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

4. Fair Value of Financial Instruments

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

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

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

The inputs are summarized in three broad levels listed below:

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

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

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

28

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

4. Fair Value of Financial Instruments  – (continued)

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

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

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

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

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

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

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

29

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

4. Fair Value of Financial Instruments  – (continued)

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

	As of March 31, 2016
(in thousands)	Level 1		Level 2		Level 3		Total
Senior Secured (1)(2)	$	-	$	-	$	374,794	$	374,794
Mezzanine		-		-		7,561		7,561
Preferred Equity Investments		-		-		5,487		5,487
Common Equity Investments		-		-		3,468		3,468
Financial Assets		-		-		14,244		14,244
	$	-	$	-	$	405,554	$	405,554

______________

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

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

 ______________

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

The net change in unrealized (loss) attributable to the Company’s Level 3 assets for the three months ended March 31, 2016 and March 31, 2015 included in the net change in unrealized (loss) on investments in the Company’s consolidated statement of operations was $(8.5) million and $(4.2) million, respectively.

30

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

4. Fair Value of Financial Instruments  – (continued)

The following table is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the three months ended March 31, 2016:

	Three Months Ended March 31, 2016
	Senior Secured			Second Lien		Mezzanine			Subordinated		Preferred Equity		Common Equity		Financial
	Investments			Investments		Investments			Investments		Investments		Investments		Assets			Total
($ in thousands)
Fair value, beginning of period	$	380,780		$	-	$	7,512		$	-	$	5,487	$	3,468	$	17,754		$	415,001
Total net realized and unrealized (loss)/gain on investments		(8,441	)		-		(7	)		-		-		-		(307	)		(8,755	)
Total net accretion of discounts on investments		353			-		7			-		-		-		-			360
Purchases/issuances(1)		35,292			-		49			-		-		-		-			35,341
Sales		(24,993	)		-		-			-		-		-		-			(24,993	)
Paydowns(1)		(8,197	)		-		-			-		-		-		(3,203	)		(11,400	)
Fair value, end of period	$	374,794		$	-	$	7,561		$	-	$	5,487	$	3,468	$	14,244		$	405,554
Net change in unrealized gain/(loss) on investments in our Consolidated Statement of Operations attributable to our Level 3 assets (2)	$	(8,693	)	$	-	$	(6	)	$	-	$	-	$	-	$	90		$	(8,609	)

______________

(1)	There were no non-cash restructuring of portfolio investments or transfers of investments between levels by the Company for the three months ended March 31, 2016.
(2)	Net change in unrealized (loss)/gain included in earnings related to investments still held at reporting date.

The following table is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the three months ended March 31, 2015:

	Three Months Ended March 31, 2015
	Senior Secured			Second Lien			Mezzanine			Subordinated		Preferred Equity		Common Equity		Financial
	Investments			Investments			Investments			Investments		Investments		Investments		Assets			Total
($ in thousands)
Fair value, beginning of period	$	399,188		$	13,652		$	7,361		$	4,067	$	5,791	$	1,380	$	36,330		$	467,769
Total net realized and unrealized (loss)/gain on investments		(4,626	)		(11	)		(6	)		-		721		-		(788	)		(4,710	)
Total net accretion of discounts on investments		410			21			6			-		-		-		-			437
Purchases/issuances(1)		36,151			-			37			-		-		-		-			36,188
Sales		-			-			-			-		-		-		-			-
Paydowns(1)		(43,355	)		(21	)		-			-		-		-		(4,296	)		(47,672	)
Fair value, end of period	$	387,768		$	13,641		$	7,398		$	4,067	$	6,512	$	1,380	$	31,246		$	452,012
Net change in unrealized gain/(loss) on investments in our Consolidated Statement of Operations attributable to our Level 3 assets (2)	$	(4,511	)	$	(11	)	$	(6	)	$	-	$	722	$	-	$	(19	)	$	(3,825	)

______________

(1) There were no non-cash restructuring of portfolio investments or transfers of investments between levels by the Company for the three months ended March 31, 2015.

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

31

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

4. Fair Value of Financial Instruments  – (continued)

The following table is a quantitative disclosure about significant unobservable inputs (Level 3) that were used in determining fair value at March 31, 2016:

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation	Unobservable	Range						Weighted
	March 31, 2016		Technique	Input	Low			High			Average
($ in thousands)
Senior Secured Investments (1)	$	374,794	Comparable yield approach	Market rate (2)		5.9	%		26.0	%		10.1	%
			Market comparable
			companies	EBITDA multiple (5)		2.5	x		11.0	x		5.5	x
Mezzanine Investments		7,561	Comparable yield approach	Market rate (2)		16.7	%		16.7	%		16.7	%
			Market comparable
			companies	EBITDA multiple (5)		6.0	x		6.0	x		6.0	x
Equity Investments (3)		8,955	Market comparable companies	EBITDA multiple (5)		4.3	x		8.0	x		4.8	x
			Market comparable companies	Origination fees multiple		5.5	x		5.5	x		5.5	x
Financial Assets (4)		14,244	Discounted cash flows	Interest rate		6.3	%		31.3	%		15.6	%
				Conditional prepayment rate ("CPR")		18.5	%		83.6	%		36.9	%
				Constant default rate ("CDR")		8.4	%		40.8	%		18.1	%
				Default rate multiplier		1.3	x		1.3	x		1.3	x
				Discount rate		7.3	%		7.3	%		7.3	%
Total	$	405,554

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

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

(3)  Includes preferred and common equity.

(4) Financial Assets are valued by the level of risk associated with the underlying loan measured by the estimated loss rate. The estimated loss rate is based on the historical performance of loans with similar characteristics, the borrowers credit score obtained from an official credit reporting agency at origination, debt-to-income ratios at origination, information from the borrower’s credit report at origination, as well as the borrower’s self-reported income range, occupation and employment status at origination. Financial Asset risk ratings are assigned on a scale from A through F, with A having the lowest level of risk and F having the highest level of risk. As of March 31, 2016, 23.1%, 33.6%, 32.6%, 7.6%, 2.9%, 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 March 31, 2016 for detail on the underlying loans.

(5) Excludes non-operating portfolio companies, which we define as those loans collateralized by proved developed producing, or PDP, value or other hard assets. PDPs are proven revenues that can be produced with existing wells. As of March 31, 2016, $31.7 million of par value and $30.9 million of market value was excluded.

32

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

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

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation	Unobservable	Range						Weighted
	December 31, 2015		Technique	Input	Low			High			Average
($ in thousands)
Senior Secured Investments (1)	$	380,780	Comparable yield approach	Market rate (2)		5.6	%		21.2	%		9.7	%
			Market comparable companies	EBITDA multiple (5)		1.9	x		11.3	x		5.5	x
Mezzanine Investments		7,512	Comparable yield approach	Market rate (2)		16.0	%		16.0	%		16.0	%
			Market comparable companies	EBITDA multiple (5)		5.0	x		5.0	x		5.0	x
Equity Investments (3)		8,955	Market comparable companies	EBITDA multiple (5)		4.3	x		8.0	x		6.0	x
			Market comparable companies	Origination fees multiple		8.8	x		8.8	x		8.8	x
Financial Assets (4)		17,754	Discounted cash flows	Interest rate		6.3	%		31.3	%		15.6	%
				CPR		18.5	%		83.6	%		36.9	%
				CDR		8.4	%		40.8	%		18.1	%
				Default rate multiplier		1.3	x		1.3	x		1.3	x
				Discount rate		7.3	%		7.3	%		7.3	%
Total	$	415,001

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

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

(3)  Includes preferred and common equity.

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

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

33

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

4. Fair Value of Financial Instruments  – (continued)

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

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

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

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

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

The composition of the Company’s portfolio by industry at cost and fair value as of March 31, 2016 was as follows:

Industry	Cost of Investments				Fair Value of Investments
($ in thousands)
Miscellaneous Manufacturing	$	79,042	18.0	%	$	78,384	19.5	%
Health Services		44,153	10.1			33,615	8.3
Miscellaneous Retail		42,754	9.8			42,877	10.6
Miscellaneous Services		33,307	7.6			20,948	5.2
Consumer Finance Services		29,129	6.7			31,651	7.8
Communications		26,073	6.0			25,650	6.3
Oil & Gas		24,615	5.6			23,472	5.8
Transportation Services		19,396	4.4			18,103	4.5
Electrical Equipment		12,151	2.8			11,912	2.9
Agricultural Services		11,180	2.6			5,664	1.4
Broadcasting & Entertainment		11,136	2.6			11,120	2.7
Insurance Agents		10,303	2.4			10,290	2.5
Specialty Services		10,203	2.3			10,203	2.5
Chemicals		10,046	2.3			10,046	2.5
Building & Real Estate		9,909	2.3			9,842	2.4
Cosmetics/Toiletries		9,892	2.3			9,892	2.4
Business Services		9,873	2.3			9,873	2.4
Food Stores - Retail		9,840	2.3			9,863	2.4
Printing & Publishing		9,088	2.1			9,087	2.2
Automotive		7,487	1.7			7,561	1.9
Equipment Rental & Leasing, Not Elsewhere Classified		6,987	1.6			6,968	1.7
Computer Programming, Data Processing, & Other Computer Related Services		2,870	0.7			2,870	0.7
Apparel Products		2,714	0.6			1,815	0.4
Nonferrous metal/minerals		1,972	0.5			1,960	0.5
Metal Mining		1,949	0.4			1,888	0.5
	$	436,069	100.0	%	$	405,554	100.0	%

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

34

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

4. Fair Value of Financial Instruments  – (continued)

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

Industry	Cost of Investments				Fair Value of Investments
($ in thousands)
Miscellaneous Manufacturing	$	73,278	16.6	%	$	73,229	17.7	%
Health Services		46,794	10.7			41,472	10.0
Miscellaneous Retail		35,024	8.0			35,158	8.5
Consumer Finance Services		34,083	7.8			36,558	8.8
Miscellaneous Services		32,985	7.5			22,386	5.4
Communications		26,424	6.0			26,182	6.3
Oil & Gas		24,952	5.7			24,049	5.8
Transportation Services		19,125	4.4			18,111	4.4
Specialty Services		13,954	3.2			13,898	3.3
Electrical Equipment		12,185	2.8			12,136	2.9
Broadcasting & Entertainment		11,160	2.6			11,146	2.7
Agricultural Services		10,339	2.4			5,040	1.2
Insurance Agents		10,325	2.4			10,311	2.5
Chemicals		10,102	2.3			10,102	2.4
Cosmetics/Toiletries		10,010	2.3			10,010	2.4
Business Services		9,989	2.3			9,988	2.4
Building & Real Estate		9,962	2.3			9,962	2.4
Food Stores - Retail		9,290	2.1			9,290	2.2
Printing & Publishing		9,143	2.1			9,143	2.2
Automotive		7,431	1.7			7,512	1.8
Equipment Rental & Leasing, Not Elsewhere Classified		6,985	1.6			6,961	1.7
Computer Programming, Data Processing, & Other Computer Related Services		2,918	0.7			2,918	0.7
Apparel Products		2,714	0.6			1,815	0.4
Retail-Building Materials, Hardware, Garden Supply & Mobile Home Dealers		1,986	0.5			1,967	0.5
Nonferrous metal/minerals		1,976	0.5			1,968	0.5
Stone, Clay, Glass, & Concrete Products		1,973	0.5			1,928	0.5
Metal Mining		1,946	0.4			1,761	0.4
	$	437,053	100.0	%	$	415,001	100.0	%

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

5. Indemnifications

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

6. Due To and Due From Counterparties

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

Amounts due to counterparties were $1.6 million and $0.4 million as of March 31, 2016 and December 31, 2015, respectively. Amounts due from counterparties were $11.9 million and $1.6 million as of March 31, 2016 and December 31, 2015, respectively.

7. Financing

As of March 31, 2016, the total carrying value of the Company’s aggregate debt outstanding was $235.5 million with a weighted average effective interest rate of 3.40%. The Company’s debt outstanding as of March 31, 2016 was comprised of notes issued by GF 2013-2 and GLC Trust 2013-2 as well as Garrison SBIC borrowings.

35

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

7. Financing  – (continued)

The table below provides details of our outstanding debt as of March 31, 2016:

	Amortized		Outstanding
March 31, 2016	Carrying Value		Principal at Par		Interest Rate		Rating(2)	Stated Maturity
($ in thousands)
Senior Secured Notes:
Class A-1R Notes	$	40,500	$	40,500		LIBOR + 1.90% (1)	AAA(sf)	9/25/2023
Class A-1T Notes		108,342		111,175		LIBOR + 1.80%	AAA(sf)	9/25/2023
Class A-2 Notes		23,683		24,150		LIBOR + 3.40%	AA(sf)	9/25/2023
Class B Notes		24,540		25,025		LIBOR + 4.65%	A (sf)	9/25/2023
Garrison SBIC Borrowings:
SBIC 2016-10 A		12,275		12,700		3.25% (3)	N/A	3/1/2026
SBIC 2015-10 B		13,473		14,000		3.57% (3)	N/A	9/1/2025
GLC Trust 2013-2 Notes:
Class A Notes		12,681		12,932		3.00%	N/A	7/15/2021
	$	235,494	$	240,482

______________

(1) May bear interest at either the CP Rate (as defined in the indenture governing the CLO) or the London Interbank Offered Rate (“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 table below provides details of our outstanding debt as of December 31, 2015:

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

______________

(1) May bear interest at either the CP Rate (as defined in the indenture governing the CLO) or 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 current balance includes interim financings of $5.3 million outstanding as of December 31, 2015. These interim financings have an interest rate of LIBOR + 1.04% and a maturity date of March 23, 2016, upon which they were pooled into the SBA-guaranteed debentures.

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

In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing (other than the SBA debentures of Garrison SBIC, as permitted by exemptive relief the Company has been granted by the SEC). As of March 31, 2016 and December 31, 2015, the Company’s asset coverage for borrowed amounts was 202.2% and 208.8%, respectively.

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

36

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

7. Financing  – (continued)

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

	March 31, 2016			December 31, 2015
Senior Secured Revolving Notes:
Weighted average interest rate		2.52	%		2.40	%
Weighted average effective interest rate(1)		2.57			2.48
Senior Secured Term Notes:
Weighted average interest rate		3.10			2.86
Weighted average effective interest rate(1)		3.52			3.26
GLC Trust 2013-2  Class A Notes:
Weighted average interest rate		3.00			3.00
Weighted average effective interest rate(1)		3.56			3.09
SBIC Borrowing:
Weighted average interest rate		3.42			3.02
Weighted average effective interest rate(1)		3.82			3.97
Total
Total weighted average interest rate		3.03			2.81
Total weighted average effective interest rate(1)		3.40			3.20

⁽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 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 of Class A-1R revolving notes (“Class A-1R Notes”); (2) $111.2 million of Class A-1T notes (“Class A-1T Notes”); (3) $24.2 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 Secured Notes and the Subordinated Notes are referred to as the “GF 2013-2 Notes”).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 March 31, 2016, 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.

37

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

7. Financing  – (continued)

At March 31, 2016, $9.5 million of the Class A-1R Notes were undrawn. As of December 31, 2015, $15.0 million of the Class A-1R Notes undrawn. 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 March 31, 2016 and December 31, 2015, 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 holders.

Furthermore, if under the second coverage test the aggregate principal amount of the collateral loans equals 125.0% or less of the aggregate outstanding principal amount on the Class A-1T Notes and Class A-1R Notes, taken together, and remains so for ten business days, an event of default will be deemed to have occurred. As of March 31, 2016 and December 31, 2015, 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 twice its equity capitalization up to $150.0 million of leverage, subject to the issuance of a capital commitment by the SBA and other customary procedures. On June 16, 2015, the SBA issued Garrison SBIC a commitment to provide $35.0 million of leverage.

38

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

7. Financing  – (continued)

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

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

As of March 31, 2016, Garrison SBIC had regulatory capital of $35.0 million and total SBIC borrowings outstanding of $26.7 million. The SBIC borrowings were comprised of $14.0 million and $12.7 million of SBA guaranteed debentures that mature on September 1, 2025 and March 1, 2026, respectively. The fair value of the SBIC borrowings approximated its carrying value on the consolidated statement of financial condition as of March 31, 2016. As of March 31, 2016, the Company had $8.3 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 March 31, 2016, 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 March 31, 2016 and December 31, 2015, respectively.

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

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

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

If these tests are not satisfied with respect to a monthly payment date and are not cured within 45 days, an event of default will be deemed to have occurred and the GLC Trust 2013-2 Notes will become immediately due and payable, in accordance with the terms of the indenture. As of March 31, 2016, all of the coverage tests were met.

39

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

7. Financing  – (continued)

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 three months ended March 31, 2016, we paid total fees of $0.2 million on our SBIC borrowings. Fees paid as part of the execution of our SBIC borrowings include a 1.00% commitment fee on our $35.0 million commitment, 2.00% leverage fees and 0.43% of other fees on amounts drawn. 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 $4.4 million and $4.4 million of deferred debt issuance costs remaining as of March 31, 2016 and December 31, 2015, 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.

Management Fees

The following table details our management fee expenses for the three months ended March 31, 2016, and March 31, 2015:

	Three Months Ended		Three Months Ended
($ in thousands)	March  31, 2016		March  31, 2015
Management fees
Management fees	$	1,850	$	1,990
Total management fees	$	1,850	$	1,990

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

Incentive Fee Overview

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

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

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

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

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

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

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

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

40

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

8. Related Party Transactions – (continued)

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

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

Incentive Fee Cap and Deferral Mechanism

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

The following table provides a breakdown of our incentive fees for the three months ended March 31, 2016 and March 31, 2015:

	Three Months Ended			Three Months Ended
($ in thousands)	March 31, 2016			March 31, 2015
Incentive fees
Income-based incentive fees	$	1,172		$	1,675
Capital gains-based incentive fees(1)		-			(980	)
Incentive fees subject to cap and deferral mechanism(2)		(1,172	)		-
Total incentive fees	$	-		$	695

(1)

Capital Gains-Based Incentive Fee included the reversal of $(0.8) million of incentive fees on unrealized capital gains/(losses) as calculated under U.S. GAAP for the three months March 31, 2015.

(2)

As of March 31, 2016, the Investment Adviser had calculated an aggregate of $14.4 million (net of $0.3 million waiver) of income-based incentive fees since the Company’s IPO, of which $10.6 million had been paid as of March 31, 2016. Due to aggregate cumulative realized and unrealized capital gains and losses, as calculated under U.S. GAAP, experienced through March 31, 2016, our Cumulative Pre-Incentive Fee Net Return decreased. As a result, as of March 31, 2016, aggregate incentive fees payable to the Investment Adviser since the Company’s IPO were capped by the Incentive Fee Cap and Deferral Mechanism at $8.4 million (i.e., 20% of our Cumulative Pre-Incentive Fee Net Return since completion of the IPO). Due to the fact that there is no clawback of amounts previously paid to the Investment Adviser in accordance with the Investment Advisory Agreement, the Company has not recorded a receivable for the $2.2 million difference between amounts paid under the Investment Advisory Agreement in prior quarters and the Incentive Fee Cap based on the Company’s Cumulative Pre-Incentive Fee Net Return as of March 31, 2016. The $2.2 million difference may be used to reduce future amounts earned by the Investment Adviser. However, as noted above, no incentive fee will be paid to the Investment Adviser for any fiscal quarter if, after such payment, the cumulative incentive fees paid to our Investment Adviser for the Incentive Fee Look-back Period would exceed 20% of our Cumulative Pre-Incentive Fee Net Return during the applicable Incentive Fee Look-back Period. To the extent unrealized capital losses incurred as of March 31, 2016 are reversed within the applicable Incentive Fee Look-back Period, the corresponding increase in our Cumulative Pre-Incentive Fee Net Return may result in the Investment Adviser earning and being paid up to $4.1 million of income based incentive fees which are currently subject to the Incentive Fee Cap. As of March 31, 2016, the Incentive Fee Look-back Period is in effect through December 31, 2018 and realized and unrealized capital gains and losses and pre-incentive net investment income earned through March 31, 2016 will cease to impact the Incentive Fee Cap and Deferral after this date. The Investment Adviser did not earn any aggregate incentive fees for the three months ended March 31, 2016. The Investment Adviser earned aggregate incentive fees of $0.7 million for the three months ended March 31, 2015. No incentive fees were payable on the consolidated statements of financial condition as of March 31, 2016 and December 31, 2015, respectively.

41

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

8. Related Party Transactions  – (continued)

Administration Agreement

As discussed in Note 1, GARS entered into the Administration Agreement with GARS Administrator. Under the Administration Agreement, the GARS Administrator provides the Company with office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the GARS Administrator, subject to review by the Board, from time to time determines to be necessary or useful to perform its obligations under the Administration Agreement. The GARS Administrator is responsible for the financial and other records that the Company is required to maintain and prepares reports to stockholders, and reports and other materials filed with the SEC. The GARS Administrator provides on the Company’s behalf significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance. No managerial assistance was provided to any portfolio companies for the three months ended March 31, 2016 and March 31, 2015.

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

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

Administrator charges were $0.2 million for both the three months ended March 31, 2016 and March 31, 2015, respectively. No charges were waived by the GARS Administrator for the three months ended March 31, 2016 and March 31, 2015. Administration fees of $0.2 million were payable to the GARS Administrator as of March 31, 2016. No administration fees were payable to the GARS Administrator as of December 31, 2015.

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Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

8. Related Party Transactions  – (continued)

Directors’ Fees

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

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

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

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 December 31, 2015, Garrison Capital Fairchild I Ltd., Garrison Capital Fairchild II Ltd. and Garrison Capital Adviser Holdings MM LLC owned an aggregate of 789,910, or 4.8%, of the total outstanding shares of GARS common stock. The officers and directors of the Company owned an aggregate of 119,921, or 0.7%, of the total outstanding shares of GARS common stock.

As of March 31, 2016, Garrison Capital Fairchild I Ltd., Garrison Capital Fairchild II Ltd. and Garrison Capital Adviser Holdings MM LLC owned an aggregate of 789,910, or 4.9%, of the total outstanding shares of GARS common stock, the officers and directors of the Company directly owned an aggregate of 159,860, or 1.0%, 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)

March 31, 2016

8. Related Party Transactions  – (continued)

Other

Garrison Loan Agency Services LLC acts as the administrative and collateral agent for certain loans held by the Company. No fees were paid by the Company to Garrison Loan Agency Services LLC during the three months ended March 31, 2016 and March 31, 2015.

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

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

9. Financial Highlights

The following table represents financial highlights for the Company for the three months ended March 31, 2016 and March 31, 2015:

Per share data	March 31, 2016			March 31, 2015
($ in thousands, except share and per share amounts)
Net asset value per common share at beginning of period	$	13.98		$	15.58
Increase in net assets from operations:
Net investment income		0.36			0.46
Net realized (loss) on investments		(0.01	)		(0.03	)
Net unrealized (loss) on investments		(0.52	)		(0.25	)
Net increase in net assets from operations		(0.17	)		0.18
Stockholder transactions
Repurchase of common stock		0.04			-
Distributions from net investment income		(0.35	)		(0.35	)
Total stockholder transactions		(0.31	)		(0.35	)
Net asset value per common share at end of period	$	13.50		$	15.41
Per share market value at beginning of period	$	12.17		$	14.44
Per share market value at end of period		10.73			14.90
Total book return (1)		(0.93	)%		1.16	%
Total market return (2)		(8.94	)%		5.61	%
Common shares outstanding at beginning of period		16,507,594			16,758,779
Common shares outstanding at end of period		16,234,814			16,758,779
Weighted average common shares outstanding		16,319,453			16,758,779
Net assets at beginning of period	$	230,710		$	261,103
Net assets at end of period	$	219,188		$	258,209
Average net assets (3)	$	227,256		$	262,283
Ratio of net investment income to average net assets(4)		10.38	%		10.65	%
Ratio of net expenses to average net assets (4)		9.08	%		9.91	%
Ratio of portfolio turnover to average investments at fair value (5)		8.29	%		7.77	%
Asset coverage ratio (6)		202.22	%		212.85	%
Average outstanding debt (7)	$	234,679		$	236,045
Average debt per common share	$	14.46		$	14.08

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

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

(3) Calculated utilizing monthly net assets.

(4) During the three months ended March 31, 2016, $1.2 million of Income-based incentive fees were capped as a result of the Incentive Fee Cap and Deferral Mechanism. Had these incentive fees been earned, the ratio of net investment income to average net assets and the ratio of net expenses to average net assets would have been 8.32% and 10.62%, respectively.

(5)	Calculated based on monthly average investments at fair value.
(6)	In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. Based on the exemptive relief received from the SEC, our SBIC Borrowings are excluded from the Company’s asset coverage test calculation.
(7)	Calculated based on monthly debt outstanding.

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Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

10. Earnings per Share

The following table sets forth the computation of the net increase in net assets per share resulting from operations, pursuant to FASB ASC 260, Earnings per Share, for the three months ended March 31, 2016 and March 31, 2015:

($ in thousands, except share and per share amounts)	Three Months Ended March 31, 2016			Three Months Ended March 31, 2015
Net (decrease)/increase in net asset resulting from operations	$	(2,695	)	$	2,972
Basic weighted average shares outstanding		16,319,453			16,758,779
Basic earnings per share/unit	$	(0.17	)	$	0.18

11. Dividends and Distributions

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table reflects the cash distributions, including dividends and returns of capital per share, declared on common stock for the three months ended March 31, 2016 and March 31, 2015:

Record Dates	Board Approval Date	Payment Date	Distribution Declared		Distribution Declared per Share
Three months ended March 31, 2016 (1)			($ in thousands)
March 8, 2016	February 24, 2016	March 28, 2016	$	5,685	$	0.35
			$	5,685	$	0.35

(1) Does not include any return of capital for tax purposes.

Record Dates	Board Approval Date	Payment Date	Distribution Declared		Distribution Declared per Share
Three months ended March 31, 2015 (1)			($ in thousands)
March 20, 2015	March 3, 2015	March 27, 2015	$	5,866	$	0.35
			$	5,866	$	0.35

(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.

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Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2016

12. Commitments and Contingencies

The Company had outstanding commitments to fund investments totaling $6.4 million and $6.9 million under various undrawn revolvers and other credit facilities as of March 31, 2016 and December 31, 2015, respectively.

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

13. Stock Repurchase Program

On October 5, 2015, GARS adopted a share repurchase plan that provides for repurchase of up to $10.0 million of its common stock at prices below GARS' net asset value per share as reported in its most recent financial statements. Under the repurchase program, GARS may, but is not obligated to, repurchase shares of its outstanding common stock in the open market or in privately negotiated transactions from time to time. Any repurchases by GARS will comply with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and any applicable requirements of the 1940 Act. Unless extended by the Board, the repurchase program will terminate on the earlier of October 5, 2016 or the repurchase of $10.0 million of GARS' common stock. The Board may amend this program, solely in its discretion, at any time prior to its termination. GARS' net asset value per share was increased by approximately $0.03 as a result of the share repurchases.

($ in thousands, except per share data)	Three Months Ended March 31, 2016			Year Ended December 31, 2015
Dollar amount repurchased	$	3,140		$	3,314
Shares repurchased		272,780			251,185
Average price per share	$	11.51		$	13.19
Weighted average discount to net asset value		(17.73	)%		(11.67	)%

14. Subsequent Events

On May 2, 2016, the Board approved a distribution in the amount of $5.7 million, or $0.35 a share, which will be paid on June 24, 2016 to stockholders of record as of June 10, 2016.

These consolidated financial statements were approved by the Board and were available for issuance on May 9, 2016. 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 current and prospective portfolio companies;

• the impact of investments that we expect to make;

• the impact of increased competition;

• our contractual arrangements and relationships with third parties;

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

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

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

• our expected financings and investments;

• the adequacy of our cash resources and working capital;

• our ability to make distributions to our stockholders;

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

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

• the impact of future acquisitions and divestitures.

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

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

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

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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 relative to larger companies. We further believe that the turmoil in the markets has exacerbated this scarcity of capital, as many traditional lenders to middle-market companies have exited the business or focused their attention on larger borrowers. In addition, we believe that middle-market companies traditionally have exhibited lower default rates and improved recoveries compared to larger borrowers and typically offer greater access to key senior managers, which we believe further enhances the attractiveness of lending to this market segment and facilitates due diligence investigations and regular monitoring.

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

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

As of March 31, 2016, we held investments in 65 portfolio companies with a fair value of $405.6 million, including investments in 47 portfolio companies held through the collateralized loan obligation, or the CLO. The investments held by the CLO as of March 31, 2016 consisted of senior secured loans fair valued at $299.3 million and related indebtedness of $200.3 million. The loans held by the CLO (held at fair value), together with cash and other assets held by the CLO, equaled approximately $328.0 million as of March 31, 2016. As of March 31, 2016, our portfolio had an average investment size of approximately $6.2 million, a weighted average yield on debt investments of 11.2% and a weighted average contractual maturity of 35 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, 2015, we held investments in 67 portfolio companies with a fair value of $415.0 million, including investments in 50 portfolio companies held through the CLO. The investments held by the CLO as of December 31, 2015 consisted of senior secured loans fair valued at $306.6 million and related indebtedness of $194.8 million. As of that date, the loans held by the CLO (held at fair value), together with cash and other assets held by the CLO, equaled approximately $323.5 million. As of December 31, 2015, our portfolio had an average investment size of approximately $6.2 million, a weighted average yield on debt investments of 10.8% and a weighted average contractual maturity of 44 months.

Revenues

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

Expenses

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

• our organization;

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

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

• offerings of our common stock and other securities;

• distributions on our shares;

• transfer agent and custody fees and expenses;

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

• brokerage fees and commissions;

• registration fees;

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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 rent and our allocable portion of the costs and expenses of our chief compliance officer, chief financial officer and their respective staffs.

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

Recent Developments

On May 2, 2016, our board of directors, or the Board, approved a distribution in the amount of $5.7 million, or $0.35 a share, which will be paid on June 24, 2016 to stockholders of record as of June 10, 2016.

Market Trends

Overall loan volume in the lower middle-market decreased in Q1 2016 due primarily to a reduction in new sponsor financings. Capital markets volatility in the beginning of the quarter was a factor in the decline of sponsor volume as there was purchase price dislocation between buyers and sellers in the mergers and acquisitions market.

We believe that capital remains limited in the lower middle-market as many traditional lenders to these companies have exited the business due to continued regulatory restrictions, bank consolidation dynamics and funding constraints of BDCs.

We continue to believe that opportunities in the lower middle-market exist as many competitors have moved up-market to focus their attention on larger borrowers. Sponsor and club business volume, while recently soft, continues to represent the majority of direct lending opportunities in the lower middle-market. 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.

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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 months ended March 31, 2016 and March 31, 2015 are as follows:

	Three Months Ended			Three Months Ended			2016 vs 2015
($ in thousands, except per share data)	March 31, 2016			March 31, 2015			Variance
Net investment income	$	5,859		$	7,682		$	(1,823	)
Total investment income		11,056			13,479			(2,423	)
Total expenses		5,197			5,797			(600	)
Net realized (loss)/gain on investments		(95	)		(490	)		395
Net change in unrealized (loss)/gain on investments		(8,462	)		(4,220	)		(4,242	)
Net (decrease)/increase in net assets resulting from operations		(2,698	)		2,972			(5,670	)
Net investment income/(loss) per share		0.36			0.46			(0.10	)
Net realized/unrealized (loss)/gain from investments per share		(0.53	)		(0.28	)		(0.25	)
Net (loss)/earnings per share		(0.17	)		0.18			(0.35	)
Net asset value per share		13.50			15.41			(1.91	)

Net Investment Income

Net investment income for the three months ended March 31, 2016 and March 31, 2015 was $5.9 million and $7.7 million, respectively.

Net investment income decreased by $(1.8) million for the three months ended March 31, 2016 from the three months ended March 31, 2015, as described below under “Total Investment Income” and “Expenses.”

Investment Income

Investment income for the three months ended March 31, 2016 and March 31, 2015 was $11.1 million and $13.5 million, respectively.

Investment income decreased by ($2.4) million for the three months ended March 31, 2016 from the three months ended March 31, 2015 due to a decrease in interest income in the amount of $(2.1) million and a decrease in other income of $(0.3) million. The decrease in interest income was largely driven by our non-performing assets and lower investment balances during the three months ended March 31, 2016 as compared to March 31, 2015. The decrease in other income was primarily drive by lower loan amendment and prepayment fees recognized during the three months ended March 31, 2016.

Expenses

Total expenses for the three months ended March 31, 2016 and March 31, 2015 were $5.2 million and $5.8 million, respectively.

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The following table summarizes our expenses for the three months ended March 31, 2016 and March 31, 2015:

	Three Months Ended		Three Months Ended		2016 vs. 2015
($ in thousands)	March 31, 2016		March 31, 2015		Variance
Interest expense	$	2,008	$	1,850	$	158
Management fees		1,850		1,990		(140	)
Incentive fees		-		695		(695	)
Professional fees		386		316		70
Directors fees		107		106		1
Administrator expenses		269		242		27
Other expenses		577		598		(21	)
Total expenses	$	5,197	$	5,797	$	(600	)

Interest expense increased $0.2 million for the three months ended March 31, 2016 from the three months ended March 31, 2015, primarily due to an increase in the average effective interest rate on debt outstanding. As of March 31, 2016 and March 31, 2015, the weighted average effective interest rate for total outstanding debt was 3.40% and 3.00%, respectively.

Management fees decreased by ($0.1) million for the three months ended March 31, 2016 from the three months ended March 31, 2015, primarily due to lower average gross asset balances.

Incentive fees decreased by $(0.7) million for the three months ended March 31, 2016 from the three months ended March 31, 2015. The decrease in incentive fees during the three months ending March 31, 2016 was a result of the reversal of Income-based incentive fees that were subject to the Incentive Fee Cap and Deferral Mechanism. These reversals were driven by realized and unrealized losses on investments. Refer to Note 8 of our consolidated financial statements for additional discussion of our incentive fee.

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

For the three months ended March 31, 2016 and March 31, 2015, we realized a net loss on investments of $(0.1) million and $(0.5) million, respectively.

Net realized losses for the three months ended March 31, 2016 were primarily driven by a $(0.4) million realized loss in the GLC Trust 2013-2’s consumer loan portfolio. This was offset by a $0.3 million of realized gains from repayments and sales of portfolio investments.

Net realized losses for the three months ended March 31, 2015 were primarily driven by $(0.8) million of realized losses in GLC Trust 2013-2’s consumer loan portfolio offset by $0.3 million of realized gains resulting from the repayment of one portfolio investment and other partial repayments.

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For the three months ended March 31, 2016 and March 31, 2015, the net change in unrealized loss on investments was $(8.5) million and ($4.2) million, respectively.

The net change in unrealized loss for the three months ended March 31, 2016 was driven primarily by $(6.7) million of negative credit related adjustment of four portfolio investments, a $(1.7) million negative market-related adjustments on seven portfolio investments, and a $(0.2) million decrease in the market value of one energy investment. This was offset by a $0.1 million reversal of prior period unrealized losses due to the partial repayment of five portfolio investments.

The net change in unrealized loss for the three months ended March 31, 2015 was primarily driven negative credit related adjustments of three portfolio investments in the amount of $(4.7) million and the $(0.3) million reversal of prior period unrealized gain as a result of the repayment of one investment. This was offset by the increase in value of one portfolio investment of $0.7 million. The remaining net change in unrealized loss on investments was due to a net increase of $0.1 million in the market value of the portfolio.

Net Increase in Net Assets from Operations

We had a net asset value per common share outstanding on March 31, 2016 of $13.50. We had a net asset value per common share outstanding on December 31, 2015 of $13.98.

Based on 16,319,453 basic weighted average shares outstanding, the net decrease in net assets from operations per share for the three months ended March 31, 2016 was $(0.17).

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 March 31, 2015 was $0.18.

 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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As of March 31, 2016 and December 31, 2015, we had cash of $23.6 million and $25.0 million, respectively. Also, as of March 31, 2016 and December 31, 2015, we had restricted cash of $11.9 million and $11.8 million, respectively.

In addition to proceeds from public and private offerings of securities, our CLO and our GLC Trust 2013-2 Notes, as of March 31, 2016 we have identified nine portfolio companies with a total par value of $23.1 million and a fair value of $21.5 million which we have defined as transitory and consist of investments below the low end of our portfolio yield target of 9.0%. We view these investments as an additional source of liquidity to meet our investment objectives.

Our primary use of funds from operations includes investments in portfolio companies, cash distributions to holders of our common stock, payments of interest on our debt, and payments of fees and other operating expenses we incur. We believe that our existing cash and cash equivalents, available borrowings and our transitory portfolio as of March 31, 2016 will be sufficient to fund our anticipated funding requirements through at least March 31, 2017.

On February 24, 2016 the Board approved a distribution in the amount of $5.8 million, or $0.35 a share, which was paid on March 28, 2016 to stockholders of record as of March 8, 2016.

During the three months ended March 31, 2016, cash decreased by $(1.4) million as a result of net cash used by operating activities of $(2.2) million offset by net cash provided by financing activities in the amount of $0.8 million.

During the three months ended March 31, 2016, cash provided by operating activities resulted mainly from net investment income in the amount of $5.9 million, repayments and sales of investments in the amount of $11.6 million and $25.0 million, respectively, offset by unrealized losses in the amount of $(8.5) million, purchases of investments of $34.9 million, net due from counterparties of $(9.2) million, and realized losses from investments in the amount of $(0.1) million. Net cash used in financing activities resulted from cash distributions in the amount of $(5.7) million, repurchases of common stock in the amount of $(3.1) million, repayment of the GLC Trust 2013-2 Class A notes in the amount of $(3.1) million and debt issuance costs of $(0.2) million, offset by proceeds from the senior secured revolving notes in the amount of $5.5 million, and proceeds from the Garrison SBIC borrowings in the amount of $7.4 million.

During the three months ended March 31, 2015, cash increased by $6.7 million as a result of net cash provided by operating activities of $25.8 million offset by cash used in financing activities in the amount of $19.1 million.

During the three months ended March 31, 2015, cash provided by operating activities resulted mainly from net investment income in the amount of $7.7 million, repayments of investments in the amount of $11.9 million, an increase in payables to affiliates of $1.4 million, offset by decrease in restricted cash of $(5.8) million. Net cash used in financing activities resulted from cash distributions in the amount of $5.9 million, repayments of the senior secured revolving notes in the amount of $9.5 million, repayment of the GLC Trust 2013-2 Class A notes in the amount of $3.8 million.

As of March 31, 2016 and December 31, 2015, we had $6.4 million and $6.9 million, respectively, of unfunded commitments with a fair value of $(0.1) million and $(0.1) million, respectively. These amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of March 31, 2016 and December 31, 2015, respectively, subject to the terms of each loan’s respective credit agreement.

Subject to leverage and borrowing base restrictions, as of March 31, 2016, we had approximately $9.5 million available for additional borrowings under the CLO, $8.3 million of available small business investment company, or SBIC, leverage and no available borrowings under the GLC Trust 2013-2 Revolver. As of December 31, 2015, we had approximately $15.0 million available for additional borrowings under the CLO, $15.7 million of available SBIC leverage and no available borrowings under the GLC Trust 2013-2 Revolver.

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Portfolio Composition and Select Portfolio Information

As of March 31, 2016, we held investments in 65 portfolio companies with a fair value of $405.6 million. As of March 31, 2016, our portfolio had an average investment size of approximately $6.2 million, a weighted average yield on debt investments of 11.2% and a weighted average contractual maturity of 35 months.

The following table shows select information of our portfolio for the periods from March 31, 2015 to March 31, 2016.

($ in thousands)	March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
Total Market Value	$	405,554		$	415,001		$	407,757		$	435,072		$	452,011
Number of portfolio companies		65			67			52			54			57
Average investment size (1)	$	6,188		$	6,240		$	7,794		$	7,361		$	6,730
Weighted average yield (2)		11.2	%		10.8	%		10.9	%		11.0	%		10.8	%
Weighted average price (1)		90.9			92.9			97.3			97.1			95.9
First lien		92.4	%		91.8	%		90.6	%		88.8	%		85.8	%
Second lien & mezzanine/subordinated		1.9	%		1.8	%		1.8	%		2.6	%		5.5	%
Consumer loans		3.5	%		4.2	%		5.4	%		6.1	%		6.9	%
Equity & other		2.2	%		2.2	%		2.2	%		2.5	%		1.8	%
Core (3)		94.6	%		91.2	%		96.9	%		97.1	%		95.1	%
Transitory (3)		5.4	%		8.8	%		3.1	%		2.9	%		4.9	%
Originated (4)		57.5	%		56.4	%		61.1	%		55.3	%		50.4	%
Club (5)		27.3	%		26.1	%		27.6	%		28.7	%		27.0	%
Purchased		15.2	%		17.5	%		11.3	%		16.0	%		22.6	%
Fixed (1)		5.9	%		6.8	%		8.0	%		9.0	%		9.1	%
Floating (1)		94.1	%		93.2	%		92.0	%		91.0	%		90.9	%
Performing (1)		95.9	%		94.1	%		95.6	%		99.0	%		99.1	%
Non-accrual (1)		4.1	%		5.9	%		4.4	%		1.0	%		0.9	%
Weighted average debt/EBITDA (1) (2) (6)		3.7	x		3.6	x		3.7	x		3.7	x		3.6	x
Weighted average risk rating (1)		2.66			2.66			2.66			2.51			2.48

(1)  Excludes consumer loans and equity investments.

(2)	Excludes investments with a risk rating of four, unfunded revolvers and equity investments.
(3)	Q1 2016 includes the transfer of one portfolio company, total par of $4.8 million, to core from transitory, based on the current yield.

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

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

(6)  Excludes non-operating portfolio companies, which we define as those investments collateralized by real estate, proved developed producing value, or PDP, or other hard assets.  PDPs are proven revenues that can be produced with existing wells. As of March 31, 2016, $31.7 million of par value and $30.9 million of market value was excluded.

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Ongoing Monitoring

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

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

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

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

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

• attendance at and participation in board meetings; and

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

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

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

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

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

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

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

	As of March 31, 2016					As of December 31, 2015
($ in thousands)	Investments at Fair Value		Percentage of Total Investments			Investments at Fair Value		Percentage of Total Investments
Risk Rating 1	$	19,212		5.0	%	$	20,455		5.3	%
Risk Rating 2		142,572		37.3			139,048		35.8
Risk Rating 3		204,434		53.5			205,995		53.0
Risk Rating 4		16,137		4.2			22,826		5.9
	$	382,355		100.0	%	$	388,324		100.0	%

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

Inflation

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

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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 March 31, 2016 and December 31, 2015, we had $6.4 million and $6.9 million of outstanding commitments to fund such investments, respectively.

Contractual Obligations

A summary of our significant contractual payment obligations as of March 31, 2016 is as follows:

	Payments Due by Period
	Less Than		1 - 3		3 - 5		More Than
($ in thousands)	1 Year		Years		Years		5 Years		Total
CLO	$	-	$	-	$	-	$	200,850	$	200,850
GLC Trust 2013-2 Class A Note		-		-		-		12,932		12,932
SBIC Borrowings		-		-		-		26,700		26,700
Total contractual obligations	$	-	$	-	$	-	$	240,482	$	240,482

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

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

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

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

Critical Accounting Policies

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

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

Valuation of Portfolio Investments

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

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

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

Level 3  —  significant unobservable inputs (including the Investment Adviser’s own assumptions about the assumptions market participants would use in determining the fair values of investments).

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 our Investment Adviser and ultimately determined by the Board on a quarterly basis.

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

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

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

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

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

Any original issue discounts, as well as any other purchase discounts or premiums on debt investments, are accreted or amortized and included in interest income over the maturity periods of the investments.

Interest Expense

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

Other Expenses

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

Loan Origination, Facility, Commitment and Amendment Fees

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

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

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.

Share Repurchase

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

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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 declares a cash dividend or other distribution, then our stockholders who have not ‘opted out’ of our dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution.

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

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

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

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions, and would distribute such taxable income in the next tax year. We would then pay a 4% excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended March 31, 2016, $50,000 was recorded for U.S. federal excise tax. For the three months ended March 31, 2015, $45,000 was recorded for U.S. federal excise tax.

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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 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 March 31, 2016 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

	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		(17	)		(453	)		436
Up 50 basis points		714			1,004			(290	)
Up 100 basis points		2,378			2,009			369
Up 200 basis points		5,900			4,017			1,883
Up 300 basis points		9,428			6,026			3,402

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

62

Part II — Other Information

Item 1: Legal Proceedings

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

Item 1A: Risk Factors

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

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

The following table provides information regarding our purchases of our common stock for each month in the three month period ended March 31, 2016:

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
($ in thousands, except share and per share amounts)
As of December 31, 2015							$	6,686
January 1, 2016 through January 31, 2016		152,701		11.78		152,701		4,887
February 1, 2016 through February 29, 2016		101,651		11.14		254,352		3,755
March 1, 2016 through March 31, 2016		18,428		11.33		272,780		3,546
		272,780	$	11.51		272,780	$	3,546

(1) On October 5, 2015, we announced a share repurchase plan which allows us to repurchase up to $10.0 million of our outstanding common stock. Unless extended by our board of directors, the repurchase program will expire on the earlier of October 5, 2016 and the repurchase of $10.0 million of common stock.

Item 3: Defaults Upon Senior Securities

None.

Item 4: Mine Safety Disclosures

Not applicable.

Item 5: Other Information

On May 6, 2016, Michelle Rancic delivered her resignation as Chief Accounting Officer of Garrison Capital in order to pursue other interests.  The effective date of the resignation is subject to mutual agreement between Ms. Rancic and Garrison Capital.

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.

63

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: May 9, 2016	By /s/ Joseph Tansey Joseph Tansey  Chief Executive Officer  (Principal Executive Officer)
Dated: May 9, 2016	By /s/ Brian Chase Brian Chase  Chief Financial Officer  (Principal Financial Officer)
Dated: May 9, 2016	By /s/ Michelle Rancic Michelle Rancic  Chief Accounting Officer  (Principal Accounting Officer)

64

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: May 9, 2016

By:	/s/ 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: May 9, 2016

By:	/s/ 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 March 31, 2016 (the "Report") of Garrison Capital Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Joseph Tansey, Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

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

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

/s/ Joseph Tansey  

Joseph Tansey

Chief Executive Officer   

May 9, 2016

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 March 31, 2016 (the "Report") of Garrison Capital Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Brian Chase, Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

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

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

/s/ Brian Chase  

Brian Chase

Chief Financial Officer   

May 9, 2016

EX-99.1

Exhibit 99.1

Garrison Capital Inc. and Subsidiaries

GLC Trust 2013-2-Schedule of Investments

March 31, 2016

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1	5/22/2018	14.74	2,297	2,297	2,222
Loan ID 2	5/22/2018	10.99	11,780	11,780	11,605
Loan ID 3	5/22/2016	12.49	145	145	140
Loan ID 4	5/23/2016	12.99	500	500	481
Loan ID 5	5/24/2016	18.99	721	721	649
Loan ID 6	5/24/2016	20.99	1,087	1,087	978
Loan ID 7	5/24/2016	12.03	658	658	633
Loan ID 8	5/24/2018	9.49	12,291	12,291	12,109
Loan ID 9	5/24/2016	18.99	578	578	521
Loan ID 10	5/24/2016	12.99	533	533	513
Loan ID 11	5/24/2018	13.34	5,156	5,156	5,080
Loan ID 12	5/24/2018	25.79	7,084	7,084	6,563
Loan ID 13	5/24/2016	18.99	1,085	1,085	977
Loan ID 14	5/28/2018	18.19	1,931	1,931	1,872
Loan ID 15	5/28/2018	13.34	735	735	725
Loan ID 16	5/23/2016	24.92	781	781	691
Loan ID 17	5/28/2016	18.99	299	299	270
Loan ID 18	5/22/2018	10.49	12,453	12,453	12,268
Loan ID 19	5/23/2016	13.59	1,440	1,440	1,353
Loan ID 20	5/29/2018	19.84	8,355	8,355	7,779
Loan ID 21	5/22/2018	14.74	7,098	7,098	6,878
Loan ID 22	5/29/2018	29.16	2,438	2,438	2,155
Loan ID 23	5/22/2016	28.59	483	483	407
Loan ID 24	5/29/2018	20.99	5,619	5,619	5,233
Loan ID 25	5/23/2016	31.34	363	363	298
Loan ID 26	5/29/2018	9.99	8,663	8,663	8,534
Loan ID 27	5/22/2018	12.19	12,715	12,715	12,526
Loan ID 28	5/29/2018	23.59	5,774	5,774	5,349
Loan ID 29	5/29/2018	9.99	7,425	7,425	7,315
Loan ID 30	5/23/2016	15.59	137	137	130
Loan ID 31	5/29/2018	12.19	5,085	5,085	5,010
Loan ID 32	5/30/2018	13.34	2,062	2,062	2,032
Loan ID 33	5/30/2016	16.79	280	280	264
Loan ID 34	5/30/2018	29.16	2,438	2,438	2,155
Loan ID 35	5/24/2018	15.79	13,266	13,266	12,855
Loan ID 36	5/24/2018	30.96	2,480	2,480	2,192
Loan ID 37	5/30/2016	28.59	326	326	275
Loan ID 38	5/30/2016	21.59	747	747	672
Loan ID 39	5/24/2016	16.79	1,405	1,405	1,320
Loan ID 40	5/24/2018	16.49	8,023	8,023	7,775
Loan ID 41	5/24/2016	16.39	139	139	131
Loan ID 42	5/24/2018	18.19	8,178	8,178	7,925
Loan ID 43	5/24/2018	15.19	6,323	6,323	6,128
Loan ID 44	6/3/2016	19.39	2,147	2,147	1,931
Loan ID 45	5/24/2018	13.34	7,735	7,735	7,620
Loan ID 46	5/24/2018	25.06	5,861	5,861	5,429
Loan ID 47	5/24/2018	17.69	1,521	1,521	1,475
Loan ID 48	5/24/2018	15.79	18,574	18,574	17,997
Loan ID 49	6/3/2018	21.39	4,646	4,646	4,326
Loan ID 50	5/24/2018	22.09	8,530	8,530	7,941

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 51	6/3/2016	10.34	1,436	1,436	1,380
Loan ID 52	6/3/2018	16.49	6,067	6,067	5,878
Loan ID 53	5/28/2018	30.96	2,394	2,394	2,115
Loan ID 54	6/3/2018	15.19	6,252	6,252	6,058
Loan ID 55	5/28/2018	16.99	5,380	5,380	5,213
Loan ID 56	5/28/2018	9.99	8,664	8,664	8,535
Loan ID 57	5/28/2018	19.84	834	834	776
Loan ID 58	5/28/2018	18.19	8,179	8,179	7,925
Loan ID 59	5/28/2016	12.99	601	601	578
Loan ID 60	5/28/2016	23.46	1,294	1,294	1,142
Loan ID 61	5/28/2018	21.79	10,770	10,770	10,028
Loan ID 62	5/28/2018	19.14	5,785	5,785	5,386
Loan ID 63	6/4/2018	21.79	4,099	4,099	3,816
Loan ID 64	5/28/2018	23.59	5,198	5,198	4,815
Loan ID 65	5/28/2016	9.24	285	285	274
Loan ID 66	6/4/2016	29.32	302	302	254
Loan ID 67	5/28/2018	19.84	11,104	11,104	10,338
Loan ID 68	5/29/2016	13.59	807	807	758
Loan ID 69	5/29/2018	12.19	7,667	7,667	7,552
Loan ID 70	5/29/2018	15.19	1,318	1,318	1,277
Loan ID 71	5/29/2018	16.49	3,477	3,477	3,369
Loan ID 72	5/29/2016	24.92	462	462	408
Loan ID 73	5/29/2016	27.86	159	159	134
Loan ID 74	5/29/2018	17.69	10,844	10,844	10,507
Loan ID 75	6/5/2016	16.39	1,035	1,035	972
Loan ID 76	5/29/2018	17.69	11,386	11,386	11,032
Loan ID 77	5/29/2016	10.34	617	617	593
Loan ID 78	5/29/2016	25.66	316	316	279
Loan ID 79	6/5/2016	16.39	969	969	910
Loan ID 80	5/29/2018	21.39	5,207	5,207	4,848
Loan ID 81	6/5/2018	20.59	5,761	5,761	5,363
Loan ID 82	6/5/2018	18.19	4,045	4,045	3,920
Loan ID 83	5/29/2016	28.59	298	298	251
Loan ID 84	5/29/2018	19.14	3,581	3,581	3,334
Loan ID 85	6/5/2016	31.34	433	433	355
Loan ID 86	5/30/2018	16.99	2,152	2,152	2,085
Loan ID 87	5/30/2018	29.69	1,225	1,225	1,083
Loan ID 88	5/30/2016	31.34	395	395	324
Loan ID 89	5/30/2018	16.49	8,023	8,023	7,774
Loan ID 90	5/30/2018	13.34	5,156	5,156	5,079
Loan ID 91	5/31/2018	13.34	10,310	10,310	10,156
Loan ID 92	6/6/2016	12.99	396	396	381
Loan ID 93	5/31/2018	17.69	8,129	8,129	7,876
Loan ID 94	5/30/2016	30.06	333	333	280
Loan ID 95	6/3/2016	12.99	743	743	714
Loan ID 96	6/3/2018	15.19	5,437	5,437	5,268
Loan ID 97	6/3/2018	12.19	5,254	5,254	5,175
Loan ID 98	6/3/2016	17.34	524	524	471
Loan ID 99	5/31/2018	21.79	2,832	2,832	2,637
Loan ID 100	6/3/2018	10.49	6,694	6,694	6,594

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 101	6/6/2016	27.86	683	683	574
Loan ID 102	5/31/2018	11.69	12,635	12,635	12,447
Loan ID 103	6/3/2016	16.39	621	621	583
Loan ID 104	5/31/2018	10.99	12,528	12,528	12,340
Loan ID 105	6/7/2018	18.19	14,044	14,044	13,608
Loan ID 106	5/31/2016	21.24	741	741	666
Loan ID 107	6/7/2018	19.14	1,999	1,999	1,861
Loan ID 108	6/3/2018	14.19	8,601	8,601	8,334
Loan ID 109	6/3/2018	16.49	8,273	8,273	8,016
Loan ID 110	6/3/2018	29.16	2,502	2,502	2,211
Loan ID 111	6/3/2018	18.19	5,618	5,618	5,443
Loan ID 112	6/3/2018	18.19	11,235	11,235	10,886
Loan ID 113	6/3/2016	31.34	542	542	444
Loan ID 114	6/7/2016	10.34	317	317	305
Loan ID 115	6/3/2016	29.32	363	363	305
Loan ID 116	6/3/2018	21.39	14,520	14,520	13,518
Loan ID 117	6/3/2018	15.79	5,473	5,473	5,303
Loan ID 118	6/3/2018	29.69	2,514	2,514	2,221
Loan ID 119	6/3/2018	12.19	13,155	13,155	12,959
Loan ID 120	6/3/2016	14.59	1,011	1,011	950
Loan ID 121	6/3/2018	23.59	5,046	5,046	4,674
Loan ID 122	6/4/2016	27.86	664	664	558
Loan ID 123	6/10/2016	23.46	472	472	417
Loan ID 124	6/3/2018	18.19	5,617	5,617	5,443
Loan ID 125	6/4/2016	29.32	484	484	406
Loan ID 126	6/4/2016	15.59	1,741	1,741	1,635
Loan ID 127	6/10/2016	11.53	973	973	935
Loan ID 128	6/4/2018	19.14	5,674	5,674	5,283
Loan ID 129	6/10/2016	22.72	1,006	1,006	888
Loan ID 130	6/4/2018	14.74	3,516	3,516	3,407
Loan ID 131	6/10/2018	16.99	5,546	5,546	5,373
Loan ID 132	6/5/2016	19.79	755	755	679
Loan ID 133	6/5/2018	14.19	5,376	5,376	5,209
Loan ID 134	6/5/2018	13.34	7,986	7,986	7,867
Loan ID 135	6/5/2016	16.39	1,035	1,035	972
Loan ID 136	6/11/2018	15.19	1,359	1,359	1,317
Loan ID 137	6/11/2018	15.79	8,209	8,209	7,954
Loan ID 138	6/12/2016	17.34	890	890	800
Loan ID 139	6/13/2018	19.84	4,787	4,787	4,457
Loan ID 140	6/6/2016	15.09	3,155	3,155	2,963
Loan ID 141	6/13/2018	9.49	10,176	10,176	10,024
Loan ID 142	6/7/2016	18.24	1,271	1,271	1,143
Loan ID 143	6/13/2018	16.99	12,144	12,144	11,767
Loan ID 144	6/13/2018	12.19	7,881	7,881	7,763
Loan ID 145	6/7/2018	13.34	5,324	5,324	5,244
Loan ID 146	6/14/2018	21.79	4,082	4,082	3,800
Loan ID 147	6/7/2018	24.32	8,969	8,969	8,308
Loan ID 148	6/7/2016	21.99	443	443	391
Loan ID 149	6/7/2018	15.79	8,418	8,418	8,157
Loan ID 150	6/10/2018	14.19	6,183	6,183	5,991

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 151	6/11/2018	25.79	2,425	2,425	2,247
Loan ID 152	6/11/2018	27.36	6,154	6,154	5,700
Loan ID 153	6/11/2016	18.64	1,605	1,605	1,443
Loan ID 154	6/18/2018	12.69	13,740	13,740	13,534
Loan ID 155	6/11/2018	14.74	2,164	2,164	2,097
Loan ID 156	6/18/2016	16.39	414	414	389
Loan ID 157	6/11/2018	27.36	9,231	9,231	8,551
Loan ID 158	6/19/2018	21.39	5,808	5,808	5,408
Loan ID 159	6/12/2016	14.59	506	506	475
Loan ID 160	6/19/2018	18.19	5,618	5,618	5,443
Loan ID 161	6/19/2018	9.49	7,632	7,632	7,518
Loan ID 162	6/19/2016	16.39	540	540	507
Loan ID 163	6/14/2016	19.79	378	378	340
Loan ID 164	6/20/2016	31.34	495	495	405
Loan ID 165	6/14/2018	14.74	18,932	18,932	18,344
Loan ID 166	6/21/2016	19.79	1,619	1,619	1,455
Loan ID 167	6/21/2018	12.19	2,102	2,102	2,070
Loan ID 168	6/18/2018	30.32	2,419	2,419	2,137
Loan ID 169	6/18/2018	20.59	5,761	5,761	5,363
Loan ID 170	6/18/2018	19.84	10,164	10,164	9,463
Loan ID 171	6/19/2018	20.99	2,892	2,892	2,693
Loan ID 172	6/19/2016	20.99	274	274	246
Loan ID 173	6/19/2018	30.32	2,528	2,528	2,234
Loan ID 174	6/19/2018	17.69	9,684	9,684	9,383
Loan ID 175	6/20/2016	20.49	243	243	218
Loan ID 176	6/21/2018	18.74	3,956	3,956	3,683
Loan ID 177	6/20/2018	18.19	8,426	8,426	8,165
Loan ID 178	6/26/2018	14.74	12,900	12,900	12,499
Loan ID 179	6/27/2018	16.99	8,318	8,318	8,060
Loan ID 180	6/21/2016	17.34	1,883	1,883	1,693
Loan ID 181	6/21/2018	13.34	8,455	8,455	8,329
Loan ID 182	6/27/2016	10.34	958	958	920
Loan ID 183	6/28/2016	17.74	576	576	518
Loan ID 184	6/28/2018	10.99	5,180	5,180	5,103
Loan ID 185	6/25/2016	24.92	345	345	304
Loan ID 186	6/26/2018	15.19	5,437	5,437	5,268
Loan ID 187	6/26/2018	13.34	7,720	7,720	7,605
Loan ID 188	6/27/2018	20.24	5,740	5,740	5,344
Loan ID 189	6/27/2016	19.79	608	608	547
Loan ID 190	6/26/2018	16.49	8,273	8,273	8,016
Loan ID 191	6/27/2018	24.32	2,176	2,176	2,016
Loan ID 192	6/27/2016	31.34	247	247	203
Loan ID 193	6/27/2018	16.99	13,864	13,864	13,433
Loan ID 194	6/27/2018	18.19	2,809	2,809	2,722
Loan ID 195	6/27/2016	28.59	1,644	1,644	1,381
Loan ID 196	7/5/2018	22.84	3,638	3,638	3,387
Loan ID 197	6/27/2018	12.19	7,881	7,881	7,763
Loan ID 198	6/28/2018	10.49	9,011	9,011	8,877
Loan ID 199	6/28/2016	27.86	476	476	400
Loan ID 200	7/9/2018	30.96	2,610	2,610	2,306

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 201	6/28/2016	18.99	1,603	1,603	1,441
Loan ID 202	7/9/2018	16.49	3,980	3,980	3,857
Loan ID 203	7/9/2018	25.06	4,385	4,385	4,062
Loan ID 204	7/10/2018	26.72	2,362	2,362	2,188
Loan ID 205	7/10/2018	20.24	8,866	8,866	8,254
Loan ID 206	7/11/2018	29.16	2,570	2,570	2,271
Loan ID 207	7/11/2018	14.19	8,320	8,320	8,061
Loan ID 208	7/12/2016	20.99	1,161	1,161	1,044
Loan ID 209	7/9/2016	27.12	311	311	261
Loan ID 210	7/10/2018	23.19	5,041	5,041	4,693
Loan ID 211	7/10/2018	14.74	13,950	13,950	13,516
Loan ID 212	7/10/2018	22.59	3,630	3,630	3,379
Loan ID 213	7/10/2018	14.74	8,370	8,370	8,110
Loan ID 214	7/15/2016	24.92	1,437	1,437	1,269
Loan ID 215	7/10/2018	19.14	5,845	5,845	5,442
Loan ID 216	7/15/2016	14.59	1,342	1,342	1,261
Loan ID 217	7/10/2018	12.19	7,594	7,594	7,480
Loan ID 218	7/9/2016	16.79	483	483	453
Loan ID 219	7/11/2016	23.46	1,197	1,197	1,056
Loan ID 220	7/16/2018	12.19	8,136	8,136	8,014
Loan ID 221	7/12/2016	16.39	1,663	1,663	1,562
Loan ID 222	7/10/2016	11.53	388	388	373
Loan ID 223	7/10/2018	23.59	4,275	4,275	3,960
Loan ID 224	7/15/2016	21.24	1,455	1,455	1,309
Loan ID 225	7/10/2018	10.99	8,025	8,025	7,906
Loan ID 226	7/10/2018	23.59	6,108	6,108	5,657
Loan ID 227	7/11/2018	15.79	8,465	8,465	8,202
Loan ID 228	7/11/2016	18.99	567	567	510
Loan ID 229	7/16/2018	18.19	11,576	11,576	11,217
Loan ID 230	7/11/2018	16.99	5,430	5,430	5,262
Loan ID 231	7/11/2018	24.32	6,150	6,150	5,696
Loan ID 232	7/18/2018	20.24	8,866	8,866	8,255
Loan ID 233	7/16/2018	25.79	3,491	3,491	3,234
Loan ID 234	7/16/2018	14.74	17,855	17,855	17,301
Loan ID 235	7/16/2018	22.09	3,010	3,010	2,802
Loan ID 236	7/12/2018	13.34	8,243	8,243	8,120
Loan ID 237	7/18/2016	27.86	472	472	397
Loan ID 238	7/18/2016	24.19	1,507	1,507	1,330
Loan ID 239	7/12/2018	14.74	11,160	11,160	10,813
Loan ID 240	7/15/2018	15.19	14,018	14,018	13,583
Loan ID 241	7/19/2018	15.79	7,170	7,170	6,947
Loan ID 242	7/19/2018	28.62	2,560	2,560	2,262
Loan ID 243	7/18/2018	14.19	5,546	5,546	5,374
Loan ID 244	7/22/2018	10.49	7,979	7,979	7,860
Loan ID 245	7/19/2016	20.99	290	290	261
Loan ID 246	7/24/2016	19.79	572	572	514
Loan ID 247	7/18/2018	15.19	8,411	8,411	8,149
Loan ID 248	7/22/2018	17.69	3,276	3,276	3,175
Loan ID 249	7/19/2018	28.62	1,919	1,919	1,695
Loan ID 250	7/23/2016	12.49	262	262	252

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 251	7/19/2018	18.19	5,788	5,788	5,609
Loan ID 252	7/25/2016	16.39	549	549	516
Loan ID 253	7/22/2018	16.49	8,529	8,529	8,264
Loan ID 254	7/22/2018	15.19	4,486	4,486	4,346
Loan ID 255	7/24/2018	19.84	4,727	4,727	4,401
Loan ID 256	7/23/2018	18.74	6,404	6,404	5,962
Loan ID 257	7/25/2018	15.79	4,797	4,797	4,648
Loan ID 258	7/24/2016	27.86	813	813	683
Loan ID 259	8/1/2016	15.59	757	757	711
Loan ID 260	8/1/2018	14.74	14,356	14,356	13,910
Loan ID 261	8/2/2018	15.19	11,539	11,539	11,180
Loan ID 262	8/2/2018	18.19	9,173	9,173	8,888
Loan ID 263	7/31/2016	16.79	1,376	1,376	1,292
Loan ID 264	8/2/2016	21.99	362	362	320
Loan ID 265	8/1/2018	9.99	7,635	7,635	7,521
Loan ID 266	7/30/2016	15.59	475	475	446
Loan ID 267	8/5/2016	17.34	429	429	386
Loan ID 268	8/1/2016	12.99	2,448	2,448	2,353
Loan ID 269	8/1/2018	22.84	6,220	6,220	5,791
Loan ID 270	8/1/2016	12.49	1,785	1,785	1,715
Loan ID 271	8/1/2018	12.19	7,544	7,544	7,431
Loan ID 272	8/2/2018	30.96	2,002	2,002	1,768
Loan ID 273	8/2/2018	11.69	5,558	5,558	5,475
Loan ID 274	8/1/2016	12.49	1,866	1,866	1,793
Loan ID 275	8/1/2018	22.84	9,330	9,330	8,686
Loan ID 276	8/1/2016	10.89	637	637	612
Loan ID 277	8/8/2016	24.92	374	374	330
Loan ID 278	8/2/2018	16.49	8,771	8,771	8,499
Loan ID 279	8/5/2018	25.06	2,604	2,604	2,412
Loan ID 280	8/2/2016	27.86	386	386	324
Loan ID 281	8/5/2018	14.19	19,983	19,983	19,362
Loan ID 282	8/5/2016	12.99	1,632	1,632	1,569
Loan ID 283	8/5/2018	13.34	8,487	8,487	8,360
Loan ID 284	8/5/2018	19.14	9,007	9,007	8,386
Loan ID 285	8/5/2018	10.49	5,484	5,484	5,402
Loan ID 286	8/6/2018	10.99	2,377	2,377	2,342
Loan ID 287	8/7/2018	10.99	5,515	5,515	5,433
Loan ID 288	8/6/2018	21.39	4,295	4,295	3,999
Loan ID 289	8/7/2018	22.09	1,853	1,853	1,725
Loan ID 290	8/7/2016	23.46	1,841	1,841	1,625
Loan ID 291	8/13/2016	21.24	4,509	4,509	4,055
Loan ID 292	8/7/2018	19.84	9,069	9,069	8,443
Loan ID 293	8/16/2016	27.12	766	766	644
Loan ID 294	8/16/2016	24.19	742	742	655
Loan ID 295	8/19/2018	12.69	14,046	14,046	13,836
Loan ID 296	8/19/2018	15.79	8,762	8,762	8,490
Loan ID 297	8/19/2016	15.59	1,683	1,683	1,581
Loan ID 298	8/19/2016	16.79	341	341	320
Loan ID 299	8/19/2018	15.79	8,753	8,753	8,481
Loan ID 300	8/20/2018	12.69	7,304	7,304	7,195

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 301	8/20/2016	24.92	655	655	578
Loan ID 302	8/20/2016	12.49	649	649	624
Loan ID 303	8/20/2018	15.79	8,708	8,708	8,438
Loan ID 304	8/21/2016	10.34	2,371	2,371	2,279
Loan ID 305	8/16/2018	23.59	6,263	6,263	5,801
Loan ID 306	8/21/2018	21.39	8,284	8,284	7,712
Loan ID 307	8/19/2018	25.06	5,945	5,945	5,507
Loan ID 308	8/19/2016	16.39	2,039	2,039	1,914
Loan ID 309	8/19/2018	13.34	5,658	5,658	5,573
Loan ID 310	8/16/2018	14.19	8,564	8,564	8,298
Loan ID 311	8/19/2018	24.32	2,057	2,057	1,906
Loan ID 312	8/21/2018	15.19	5,769	5,769	5,590
Loan ID 313	8/19/2018	17.69	9,318	9,318	9,028
Loan ID 314	8/21/2016	14.59	4,158	4,158	3,905
Loan ID 315	8/19/2016	14.59	998	998	937
Loan ID 316	8/23/2018	9.99	8,180	8,180	8,058
Loan ID 317	8/21/2016	15.59	3,366	3,366	3,161
Loan ID 318	8/26/2018	29.16	2,684	2,684	2,372
Loan ID 319	8/22/2016	24.92	748	748	660
Loan ID 320	8/29/2018	15.19	6,932	6,932	6,716
Loan ID 321	8/30/2016	12.49	811	811	780
Loan ID 322	8/30/2016	23.46	736	736	649
Loan ID 323	8/23/2018	20.24	6,064	6,064	5,646
Loan ID 324	8/30/2016	10.89	2,387	2,387	2,294
Loan ID 325	8/30/2018	17.69	5,918	5,918	5,734
Loan ID 326	8/30/2016	23.46	786	786	694
Loan ID 327	8/28/2018	16.99	5,877	5,877	5,695
Loan ID 328	9/3/2018	23.59	2,566	2,566	2,377
Loan ID 329	9/4/2018	22.84	8,285	8,285	7,714
Loan ID 330	8/29/2016	14.14	3,309	3,309	3,107
Loan ID 331	9/4/2016	18.99	2,493	2,493	2,242
Loan ID 332	9/4/2018	12.69	9,827	9,827	9,680
Loan ID 333	8/30/2016	21.99	724	724	639
Loan ID 334	8/30/2018	19.84	9,067	9,067	8,442
Loan ID 335	8/30/2016	17.74	2,069	2,069	1,860
Loan ID 336	8/30/2018	17.69	14,795	14,795	14,335
Loan ID 337	8/30/2016	19.79	706	706	635
Loan ID 338	8/30/2016	10.89	4,270	4,270	4,104
Loan ID 339	8/28/2018	22.59	15,514	15,514	14,444
Loan ID 340	9/3/2018	25.06	1,299	1,299	1,204
Loan ID 341	8/29/2016	20.19	2,685	2,685	2,414
Loan ID 342	9/4/2016	22.72	2,164	2,164	1,910
Loan ID 343	8/29/2016	12.49	4,380	4,380	4,209
Loan ID 344	8/30/2018	13.34	14,143	14,143	13,932
Loan ID 345	8/30/2016	18.99	700	700	629
Loan ID 346	8/30/2018	11.69	7,224	7,224	7,116
Loan ID 347	8/30/2018	10.49	8,226	8,226	8,103
Loan ID 348	8/30/2016	20.49	1,423	1,423	1,280
Loan ID 349	8/30/2016	10.34	948	948	911
Loan ID 350	8/30/2016	21.99	886	886	782

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 351	9/6/2018	22.09	8,297	8,297	7,725
Loan ID 352	9/12/2016	12.03	6,391	6,391	6,143
Loan ID 353	8/30/2016	27.86	772	772	648
Loan ID 354	9/13/2018	16.95	6,035	6,035	5,619
Loan ID 355	9/13/2016	31.34	473	473	387
Loan ID 356	9/5/2018	13.34	8,729	8,729	8,599
Loan ID 357	9/16/2016	27.69	3,345	3,345	2,810
Loan ID 358	9/17/2018	23.79	1,285	1,285	1,191
Loan ID 359	9/13/2018	29.69	2,699	2,699	2,385
Loan ID 360	9/16/2018	17.30	9,089	9,089	8,462
Loan ID 361	9/17/2018	19.80	12,418	12,418	11,561
Loan ID 362	9/19/2016	19.50	1,045	1,045	940
Loan ID 363	9/12/2016	13.99	4,918	4,918	4,618
Loan ID 364	9/12/2018	19.14	2,465	2,465	2,295
Loan ID 365	9/19/2016	15.50	3,001	3,001	2,819
Loan ID 366	9/20/2016	12.99	1,945	1,945	1,869
Loan ID 367	9/13/2018	18.00	7,314	7,314	6,810
Loan ID 368	9/20/2018	16.95	12,067	12,067	11,235
Loan ID 369	9/16/2016	19.15	729	729	655
Loan ID 370	9/20/2016	20.15	3,154	3,154	2,836
Loan ID 371	9/16/2018	17.30	8,476	8,476	7,891
Loan ID 372	9/16/2016	15.50	2,001	2,001	1,879
Loan ID 373	9/16/2018	13.99	5,565	5,565	5,392
Loan ID 374	9/16/2018	19.50	6,182	6,182	5,756
Loan ID 375	9/23/2016	23.10	1,081	1,081	954
Loan ID 376	9/23/2016	11.99	1,455	1,455	1,398
Loan ID 377	9/17/2016	16.60	2,633	2,633	2,367
Loan ID 378	9/17/2016	29.25	694	694	583
Loan ID 379	9/17/2018	13.49	7,577	7,577	7,342
Loan ID 380	9/24/2016	11.59	766	766	736
Loan ID 381	9/18/2018	25.49	6,521	6,521	5,761
Loan ID 382	9/19/2018	20.45	5,614	5,614	5,226
Loan ID 383	9/24/2018	15.85	4,775	4,775	4,627
Loan ID 384	9/19/2016	18.64	844	844	759
Loan ID 385	9/19/2016	11.59	574	574	552
Loan ID 386	9/19/2016	16.39	5,052	5,052	4,744
Loan ID 387	9/20/2016	26.29	587	587	493
Loan ID 388	9/25/2016	14.85	2,979	2,979	2,798
Loan ID 389	9/23/2018	20.85	6,251	6,251	5,790
Loan ID 390	9/20/2018	22.25	6,086	6,086	5,637
Loan ID 391	9/20/2018	27.69	2,656	2,656	2,347
Loan ID 392	9/24/2016	12.49	1,934	1,934	1,859
Loan ID 393	9/20/2018	17.30	1,257	1,257	1,171
Loan ID 394	9/23/2018	16.20	3,590	3,590	3,478
Loan ID 395	9/26/2018	20.45	3,929	3,929	3,658
Loan ID 396	9/25/2016	15.20	997	997	936
Loan ID 397	9/27/2018	25.49	6,521	6,521	5,761
Loan ID 398	9/27/2018	19.80	9,299	9,299	8,658
Loan ID 399	9/27/2016	18.00	265	265	239
Loan ID 400	9/27/2016	31.34	1,249	1,249	1,023

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 401	9/27/2018	28.49	2,673	2,673	2,362
Loan ID 402	9/27/2018	15.50	11,896	11,896	11,527
Loan ID 403	9/27/2016	9.49	1,301	1,301	1,251
Loan ID 404	9/24/2018	16.60	8,748	8,748	8,145
Loan ID 405	9/27/2018	17.30	3,027	3,027	2,818
Loan ID 406	9/27/2018	24.69	6,476	6,476	5,999
Loan ID 407	9/27/2018	20.15	5,598	5,598	5,211
Loan ID 408	9/30/2016	26.99	904	904	759
Loan ID 409	9/26/2016	16.95	3,050	3,050	2,742
Loan ID 410	9/26/2018	20.45	4,990	4,990	4,645
Loan ID 411	9/26/2016	16.60	1,620	1,620	1,457
Loan ID 412	9/30/2016	23.79	1,148	1,148	1,013
Loan ID 413	9/25/2018	23.10	5,429	5,429	5,029
Loan ID 414	9/26/2018	24.69	1,586	1,586	1,469
Loan ID 415	9/30/2016	29.99	466	466	382
Loan ID 416	9/30/2016	26.99	904	904	759
Loan ID 417	9/30/2018	16.95	2,413	2,413	2,247
Loan ID 418	10/1/2016	22.25	1,871	1,871	1,651
Loan ID 419	10/1/2018	11.59	8,819	8,819	8,687
Loan ID 420	9/27/2016	23.79	2,102	2,102	1,856
Loan ID 421	10/1/2018	16.60	6,177	6,177	5,751
Loan ID 422	9/27/2016	11.99	3,846	3,846	3,696
Loan ID 423	10/1/2016	12.99	1,269	1,269	1,220
Loan ID 424	9/26/2016	20.45	845	845	760
Loan ID 425	9/27/2016	15.50	3,001	3,001	2,818
Loan ID 426	9/27/2016	27.69	2,989	2,989	2,512
Loan ID 427	9/27/2016	29.99	933	933	764
Loan ID 428	9/27/2016	18.00	3,085	3,085	2,774
Loan ID 429	9/30/2016	31.34	944	944	773
Loan ID 430	9/30/2018	19.50	9,272	9,272	8,632
Loan ID 431	10/2/2018	12.99	5,963	5,963	5,874
Loan ID 432	9/26/2018	18.70	3,068	3,068	2,856
Loan ID 433	9/30/2016	26.99	923	923	775
Loan ID 434	9/27/2016	10.99	2,852	2,852	2,741
Loan ID 435	9/30/2018	18.40	15,294	15,294	14,239
Loan ID 436	10/2/2018	24.69	6,637	6,637	6,147
Loan ID 437	9/27/2016	11.99	5,769	5,769	5,544
Loan ID 438	9/27/2016	19.80	1,887	1,887	1,697
Loan ID 439	9/30/2016	19.15	3,122	3,122	2,807
Loan ID 440	10/1/2016	22.25	2,494	2,494	2,202
Loan ID 441	9/27/2016	15.85	3,013	3,013	2,829
Loan ID 442	9/27/2018	20.45	6,201	6,201	5,773
Loan ID 443	9/27/2018	16.60	11,156	11,156	10,387
Loan ID 444	10/3/2018	19.50	9,517	9,517	8,861
Loan ID 445	9/30/2016	22.25	645	645	570
Loan ID 446	9/30/2018	12.99	4,348	4,348	4,284
Loan ID 447	9/30/2016	20.85	2,120	2,120	1,871
Loan ID 448	10/1/2018	18.40	2,512	2,512	2,339
Loan ID 449	9/30/2016	13.49	1,956	1,956	1,836
Loan ID 450	10/1/2018	15.79	5,576	5,576	5,403

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 451	9/30/2016	10.50	5,670	5,670	5,449
Loan ID 452	10/2/2018	17.30	8,083	8,083	7,526
Loan ID 453	10/3/2016	17.30	1,657	1,657	1,490
Loan ID 454	10/8/2016	16.60	3,525	3,525	3,170
Loan ID 455	10/8/2018	12.99	3,280	3,280	3,231
Loan ID 456	10/8/2016	27.69	2,635	2,635	2,214
Loan ID 457	10/9/2018	29.25	3,441	3,441	3,040
Loan ID 458	10/4/2016	26.99	1,047	1,047	880
Loan ID 459	10/10/2018	23.10	2,619	2,619	2,426
Loan ID 460	10/10/2018	18.00	9,388	9,388	8,740
Loan ID 461	10/10/2016	12.49	1,573	1,573	1,512
Loan ID 462	10/4/2016	22.25	4,349	4,349	3,838
Loan ID 463	10/4/2016	17.60	1,453	1,453	1,306
Loan ID 464	10/8/2018	17.60	2,254	2,254	2,099
Loan ID 465	10/10/2016	15.20	2,315	2,315	2,174
Loan ID 466	10/10/2016	23.10	1,055	1,055	932
Loan ID 467	10/8/2016	15.85	2,331	2,331	2,189
Loan ID 468	10/8/2018	15.20	6,095	6,095	5,905
Loan ID 469	10/10/2018	27.69	6,800	6,800	6,007
Loan ID 470	10/7/2016	20.15	3,661	3,661	3,291
Loan ID 471	10/8/2016	26.99	1,047	1,047	880
Loan ID 472	10/11/2016	18.40	2,875	2,875	2,585
Loan ID 473	10/9/2016	20.15	3,736	3,736	3,359
Loan ID 474	10/9/2018	22.25	6,501	6,501	6,022
Loan ID 475	10/11/2018	16.95	13,640	13,640	12,699
Loan ID 476	10/9/2016	26.99	1,308	1,308	1,099
Loan ID 477	10/8/2016	29.99	539	539	442
Loan ID 478	10/8/2016	23.10	654	654	577
Loan ID 479	10/8/2018	20.15	9,599	9,599	8,937
Loan ID 480	10/10/2016	22.25	998	998	881
Loan ID 481	10/10/2016	12.99	2,065	2,065	1,985
Loan ID 482	10/8/2016	19.80	5,349	5,349	4,809
Loan ID 483	10/16/2018	12.99	10,734	10,734	10,574
Loan ID 484	10/10/2016	31.34	1,092	1,092	895
Loan ID 485	10/16/2018	20.15	6,347	6,347	5,910
Loan ID 486	10/15/2016	16.20	2,340	2,340	2,197
Loan ID 487	10/15/2016	31.34	631	631	517
Loan ID 488	10/16/2018	18.70	9,448	9,448	8,796
Loan ID 489	10/15/2018	23.10	1,637	1,637	1,516
Loan ID 490	10/17/2016	14.40	3,442	3,442	3,233
Loan ID 491	10/17/2018	23.10	1,965	1,965	1,820
Loan ID 492	10/17/2018	11.59	8,819	8,819	8,687
Loan ID 493	10/17/2016	12.99	1,130	1,130	1,086
Loan ID 494	10/17/2018	16.20	7,076	7,076	6,857
Loan ID 495	10/17/2018	18.40	9,422	9,422	8,772
Loan ID 496	10/16/2016	9.49	1,738	1,738	1,670
Loan ID 497	10/17/2016	9.90	1,856	1,856	1,783
Loan ID 498	10/18/2018	17.60	12,470	12,470	11,610
Loan ID 499	10/18/2016	19.15	3,623	3,623	3,257
Loan ID 500	10/18/2016	21.55	2,477	2,477	2,186

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 501	10/18/2018	19.50	4,181	4,181	3,893
Loan ID 502	10/16/2018	24.69	2,656	2,656	2,460
Loan ID 503	10/16/2016	12.99	2,260	2,260	2,172
Loan ID 504	10/16/2018	11.59	11,759	11,759	11,583
Loan ID 505	10/16/2018	19.15	2,567	2,567	2,390
Loan ID 506	10/22/2018	16.20	6,154	6,154	5,962
Loan ID 507	10/18/2016	18.00	3,579	3,579	3,218
Loan ID 508	10/18/2018	20.45	5,119	5,119	4,766
Loan ID 509	10/17/2016	13.49	1,136	1,136	1,067
Loan ID 510	10/23/2018	11.99	11,807	11,807	11,631
Loan ID 511	10/17/2018	18.40	9,422	9,422	8,772
Loan ID 512	10/17/2018	20.45	15,998	15,998	14,894
Loan ID 513	10/17/2018	12.99	7,156	7,156	7,049
Loan ID 514	10/22/2016	12.99	4,519	4,519	4,343
Loan ID 515	10/22/2016	20.85	2,458	2,458	2,170
Loan ID 516	10/22/2016	18.40	5,990	5,990	5,385
Loan ID 517	10/18/2018	17.30	9,341	9,341	8,697
Loan ID 518	10/18/2018	20.45	4,546	4,546	4,233
Loan ID 519	10/18/2016	16.60	4,701	4,701	4,226
Loan ID 520	10/18/2018	20.15	9,564	9,564	8,904
Loan ID 521	10/24/2018	20.85	6,526	6,526	6,045
Loan ID 522	10/28/2018	23.79	4,611	4,611	4,271
Loan ID 523	10/29/2018	23.79	2,635	2,635	2,440
Loan ID 524	10/29/2018	23.10	6,928	6,928	6,417
Loan ID 525	10/22/2016	20.45	734	734	660
Loan ID 526	10/22/2018	18.40	9,422	9,422	8,772
Loan ID 527	10/29/2016	10.50	1,978	1,978	1,901
Loan ID 528	10/29/2018	20.15	6,701	6,701	6,239
Loan ID 529	10/28/2018	16.20	15,385	15,385	14,907
Loan ID 530	10/28/2016	13.99	3,427	3,427	3,218
Loan ID 531	10/28/2016	20.45	992	992	892
Loan ID 532	10/28/2016	9.49	2,173	2,173	2,088
Loan ID 533	10/28/2016	19.50	3,151	3,151	2,833
Loan ID 534	10/29/2016	13.99	3,084	3,084	2,896
Loan ID 535	10/31/2016	20.45	489	489	439
Loan ID 536	11/1/2016	24.69	2,947	2,947	2,601
Loan ID 537	10/29/2016	19.15	966	966	868
Loan ID 538	11/1/2018	13.49	12,300	12,300	11,918
Loan ID 539	11/1/2016	26.29	1,172	1,172	985
Loan ID 540	11/4/2016	26.99	1,180	1,180	992
Loan ID 541	10/31/2016	20.45	978	978	879
Loan ID 542	10/28/2016	13.99	914	914	858
Loan ID 543	10/29/2016	29.25	1,204	1,204	1,011
Loan ID 544	11/1/2016	10.50	2,535	2,535	2,436
Loan ID 545	10/29/2016	12.99	4,518	4,518	4,343
Loan ID 546	10/30/2016	16.20	936	936	879
Loan ID 547	11/4/2018	16.60	15,829	15,829	14,737
Loan ID 548	11/4/2016	10.99	2,512	2,512	2,414
Loan ID 549	11/4/2018	14.85	9,346	9,346	9,055
Loan ID 550	10/30/2018	19.15	6,324	6,324	5,888

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 551	11/5/2018	18.70	9,677	9,677	9,009
Loan ID 552	10/31/2018	26.99	6,757	6,757	5,969
Loan ID 553	10/31/2016	19.15	3,660	3,660	3,291
Loan ID 554	11/6/2018	23.79	10,233	10,233	9,479
Loan ID 555	11/1/2018	19.15	6,491	6,491	6,044
Loan ID 556	11/8/2016	29.25	3,013	3,013	2,532
Loan ID 557	11/8/2016	19.50	4,115	4,115	3,700
Loan ID 558	11/4/2018	23.79	4,713	4,713	4,366
Loan ID 559	11/12/2016	11.59	6,320	6,320	6,074
Loan ID 560	11/4/2016	16.60	5,327	5,327	4,790
Loan ID 561	11/12/2016	19.15	2,500	2,500	2,248
Loan ID 562	11/12/2016	29.25	1,205	1,205	1,013
Loan ID 563	11/13/2018	16.60	6,332	6,332	5,895
Loan ID 564	11/6/2016	12.49	5,997	5,997	5,764
Loan ID 565	11/6/2016	20.15	2,177	2,177	1,958
Loan ID 566	11/12/2016	14.85	6,540	6,540	6,142
Loan ID 567	11/13/2016	9.90	1,639	1,639	1,575
Loan ID 568	11/6/2016	23.10	4,114	4,114	3,631
Loan ID 569	11/12/2016	20.45	969	969	871
Loan ID 570	11/13/2018	17.30	8,920	8,920	8,305
Loan ID 571	11/14/2018	16.20	15,772	15,772	15,282
Loan ID 572	11/7/2016	18.70	2,604	2,604	2,341
Loan ID 573	11/7/2016	29.25	1,205	1,205	1,013
Loan ID 574	11/15/2016	16.95	2,673	2,673	2,404
Loan ID 575	11/7/2016	16.95	4,010	4,010	3,605
Loan ID 576	11/13/2016	18.00	4,053	4,053	3,644
Loan ID 577	11/8/2018	20.45	3,930	3,930	3,659
Loan ID 578	11/15/2016	9.90	3,724	3,724	3,579
Loan ID 579	11/15/2016	24.69	1,443	1,443	1,274
Loan ID 580	11/14/2018	17.60	6,389	6,389	5,948
Loan ID 581	11/18/2016	14.85	4,467	4,467	4,195
Loan ID 582	11/12/2016	29.25	3,013	3,013	2,532
Loan ID 583	11/12/2016	13.99	2,074	2,074	1,948
Loan ID 584	11/18/2016	10.99	1,205	1,205	1,159
Loan ID 585	11/12/2018	15.50	9,402	9,402	9,110
Loan ID 586	11/12/2016	16.20	1,860	1,860	1,747
Loan ID 587	11/18/2016	9.90	3,724	3,724	3,579
Loan ID 588	11/12/2018	14.85	6,231	6,231	6,037
Loan ID 589	11/12/2016	11.99	3,182	3,182	3,058
Loan ID 590	11/13/2016	17.60	1,078	1,078	969
Loan ID 591	11/13/2016	29.25	603	603	507
Loan ID 592	11/13/2016	16.20	3,316	3,316	3,114
Loan ID 593	11/13/2018	12.49	10,963	10,963	10,800
Loan ID 594	11/13/2018	13.99	9,093	9,093	8,811
Loan ID 595	11/13/2018	13.99	19,626	19,626	19,017
Loan ID 596	11/13/2016	14.40	3,645	3,645	3,423
Loan ID 597	11/15/2016	10.99	3,768	3,768	3,621
Loan ID 598	11/15/2016	10.99	1,501	1,501	1,442
Loan ID 599	11/19/2018	14.85	6,231	6,231	6,037
Loan ID 600	11/20/2018	20.85	2,629	2,629	2,435

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 601	11/20/2018	18.70	9,677	9,677	9,009
Loan ID 602	11/14/2018	20.85	6,572	6,572	6,087
Loan ID 603	11/22/2016	17.60	2,691	2,691	2,420
Loan ID 604	11/20/2018	12.49	4,874	4,874	4,801
Loan ID 605	11/20/2018	23.79	10,121	10,121	9,375
Loan ID 606	11/15/2016	16.20	2,653	2,653	2,491
Loan ID 607	11/26/2016	13.99	2,593	2,593	2,435
Loan ID 608	11/22/2016	14.40	5,279	5,279	4,958
Loan ID 609	11/25/2018	17.60	9,583	9,583	8,922
Loan ID 610	11/25/2018	10.99	4,503	4,503	4,435
Loan ID 611	11/21/2016	10.99	502	502	483
Loan ID 612	11/25/2018	15.50	8,149	8,149	7,896
Loan ID 613	11/26/2016	10.50	1,874	1,874	1,801
Loan ID 614	11/26/2016	9.49	8,650	8,650	8,314
Loan ID 615	11/26/2018	12.74	12,214	12,214	11,835
Loan ID 616	11/26/2016	9.90	6	6	6
Loan ID 617	11/26/2016	17.25	4,022	4,022	3,617
Loan ID 618	11/26/2018	16.60	4,138	4,138	3,852
Loan ID 619	11/27/2016	10.50	3,748	3,748	3,602
Loan ID 620	11/27/2016	12.49	1,787	1,787	1,717
Loan ID 621	11/27/2016	16.20	3,183	3,183	2,862
Loan ID 622	11/27/2018	15.50	6,268	6,268	6,074
Loan ID 623	11/29/2018	16.85	9,519	9,519	8,862
Loan ID 624	11/29/2016	13.14	3,597	3,597	3,378
Loan ID 625	11/26/2016	9.30	3,700	3,700	3,556
Loan ID 626	11/29/2018	14.65	12,437	12,437	12,051
Loan ID 627	11/26/2018	18.40	9,652	9,652	8,986
Loan ID 628	11/26/2018	13.14	7,970	7,970	7,722
Loan ID 629	12/2/2016	15.35	1,177	1,177	1,105
Loan ID 630	11/26/2016	14.00	3,112	3,112	2,922
Loan ID 631	12/3/2016	8.79	2,751	2,751	2,644
Loan ID 632	11/26/2018	18.40	9,652	9,652	8,986
Loan ID 633	11/27/2016	13.49	3,862	3,862	3,627
Loan ID 634	12/3/2018	20.10	10,031	10,031	9,291
Loan ID 635	12/4/2018	19.40	9,972	9,972	9,284
Loan ID 636	11/27/2016	11.89	6,340	6,340	6,094
Loan ID 637	11/26/2016	10.99	5,024	5,024	4,828
Loan ID 638	11/26/2018	16.20	9,463	9,463	8,810
Loan ID 639	11/26/2016	13.49	5,158	5,158	4,844
Loan ID 640	11/29/2018	19.70	8,476	8,476	7,891
Loan ID 641	12/4/2016	14.65	4,383	4,383	4,116
Loan ID 642	11/27/2016	15.00	3,930	3,930	3,691
Loan ID 643	12/4/2018	15.35	12,197	12,197	11,818
Loan ID 644	11/27/2018	16.20	9,762	9,762	9,088
Loan ID 645	11/27/2016	11.99	2,539	2,539	2,440
Loan ID 646	11/29/2016	10.99	2,512	2,512	2,414
Loan ID 647	11/27/2016	10.99	3,768	3,768	3,621
Loan ID 648	11/27/2016	11.89	3,804	3,804	3,656
Loan ID 649	11/29/2016	16.20	1,857	1,857	1,669
Loan ID 650	12/5/2016	18.40	1,837	1,837	1,651

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 651	12/5/2016	22.35	1,418	1,418	1,252
Loan ID 652	11/27/2016	10.50	999	999	961
Loan ID 653	12/5/2018	14.35	22,267	22,267	21,575
Loan ID 654	11/27/2016	17.95	2,701	2,701	2,428
Loan ID 655	12/2/2016	12.39	2,853	2,853	2,742
Loan ID 656	11/27/2018	18.75	10,592	10,592	9,861
Loan ID 657	12/2/2018	13.55	6,316	6,316	6,119
Loan ID 658	12/5/2016	13.55	2,456	2,456	2,306
Loan ID 659	11/29/2016	11.89	3,803	3,803	3,656
Loan ID 660	12/3/2018	19.40	16,621	16,621	15,474
Loan ID 661	12/3/2016	19.70	1,229	1,229	1,105
Loan ID 662	12/4/2018	17.25	9,793	9,793	9,117
Loan ID 663	12/6/2018	16.20	4,528	4,528	4,215
Loan ID 664	12/4/2018	16.20	6,468	6,468	6,022
Loan ID 665	12/4/2016	10.99	7,037	7,037	6,764
Loan ID 666	12/4/2018	15.35	22,469	22,469	21,771
Loan ID 667	12/2/2018	14.35	6,680	6,680	6,472
Loan ID 668	12/2/2016	14.00	6,418	6,418	6,028
Loan ID 669	12/4/2016	16.85	1,210	1,210	1,088
Loan ID 670	12/6/2018	19.70	10,024	10,024	9,333
Loan ID 671	12/9/2018	22.35	1,362	1,362	1,261
Loan ID 672	12/5/2018	11.39	10,522	10,522	10,365
Loan ID 673	12/5/2016	14.35	4,370	4,370	4,104
Loan ID 674	12/3/2016	12.49	1,203	1,203	1,156
Loan ID 675	12/9/2018	13.14	12,584	12,584	12,193
Loan ID 676	12/4/2018	16.55	9,732	9,732	9,061
Loan ID 677	12/5/2016	19.80	1,537	1,537	1,382
Loan ID 678	12/5/2016	12.74	10,031	10,031	9,420
Loan ID 679	12/4/2018	16.55	9,732	9,732	9,061
Loan ID 680	12/5/2016	13.14	2,913	2,913	2,735
Loan ID 681	12/10/2018	14.65	9,569	9,569	9,272
Loan ID 682	12/4/2018	19.70	4,665	4,665	4,344
Loan ID 683	12/10/2018	12.74	13,819	13,819	13,389
Loan ID 684	12/10/2016	12.39	4,284	4,284	4,117
Loan ID 685	12/10/2016	10.39	560	560	538
Loan ID 686	12/4/2016	19.05	4,579	4,579	4,117
Loan ID 687	12/6/2016	11.39	2,827	2,827	2,717
Loan ID 688	12/6/2016	19.40	6,126	6,126	5,508
Loan ID 689	12/5/2018	22.35	2,724	2,724	2,523
Loan ID 690	12/5/2018	15.35	16,049	16,049	15,550
Loan ID 691	12/11/2016	26.24	1,309	1,309	1,100
Loan ID 692	12/11/2016	13.14	4,317	4,317	4,054
Loan ID 693	12/9/2018	16.20	9,702	9,702	9,033
Loan ID 694	12/11/2016	10.39	3,217	3,217	3,092
Loan ID 695	12/11/2016	20.10	2,467	2,467	2,177
Loan ID 696	12/12/2018	19.40	6,648	6,648	6,190
Loan ID 697	12/6/2018	15.35	16,049	16,049	15,550
Loan ID 698	12/6/2016	10.39	3,916	3,916	3,764
Loan ID 699	12/6/2016	15.85	1,479	1,479	1,329
Loan ID 700	12/6/2016	22.35	3,151	3,151	2,781

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 701	12/10/2018	18.40	6,592	6,592	6,138
Loan ID 702	12/10/2016	10.99	2,533	2,533	2,435
Loan ID 703	12/9/2018	11.89	12,438	12,438	12,252
Loan ID 704	12/10/2018	21.50	6,764	6,764	6,265
Loan ID 705	12/9/2016	11.39	4,240	4,240	4,075
Loan ID 706	12/11/2018	15.85	7,415	7,415	6,904
Loan ID 707	12/13/2018	22.35	6,810	6,810	6,308
Loan ID 708	12/16/2016	11.89	5,637	5,637	5,417
Loan ID 709	12/10/2018	13.14	15,968	15,968	15,472
Loan ID 710	12/10/2018	13.55	15,789	15,789	15,299
Loan ID 711	12/17/2016	11.89	5,682	5,682	5,461
Loan ID 712	12/17/2018	12.74	6,269	6,269	6,074
Loan ID 713	12/10/2016	16.85	4,481	4,481	4,029
Loan ID 714	12/11/2016	28.50	2,001	2,001	1,682
Loan ID 715	12/12/2016	28.50	1,334	1,334	1,121
Loan ID 716	12/17/2018	19.70	9,997	9,997	9,308
Loan ID 717	12/13/2016	14.65	1,461	1,461	1,372
Loan ID 718	12/12/2018	9.90	9,762	9,762	9,616
Loan ID 719	12/13/2016	12.74	1,003	1,003	942
Loan ID 720	12/13/2018	18.40	9,911	9,911	9,227
Loan ID 721	12/16/2018	12.39	3,124	3,124	3,077
Loan ID 722	12/16/2018	18.00	9,198	9,198	8,564
Loan ID 723	12/16/2016	11.39	4,946	4,946	4,754
Loan ID 724	12/19/2018	16.85	6,505	6,505	6,057
Loan ID 725	12/19/2018	19.05	9,943	9,943	9,258
Loan ID 726	12/19/2018	12.39	3,124	3,124	3,077
Loan ID 727	12/20/2018	17.65	7,467	7,467	6,952
Loan ID 728	12/17/2016	11.89	3,694	3,694	3,550
Loan ID 729	12/16/2016	24.74	1,289	1,289	1,083
Loan ID 730	12/16/2016	20.80	1,707	1,707	1,507
Loan ID 731	12/16/2016	19.70	615	615	553
Loan ID 732	12/17/2018	11.39	9,284	9,284	9,146
Loan ID 733	12/16/2016	19.05	3,219	3,219	2,894
Loan ID 734	12/16/2016	9.90	5,566	5,566	5,350
Loan ID 735	12/16/2018	23.04	10,271	10,271	9,514
Loan ID 736	12/18/2018	12.39	11,871	11,871	11,694
Loan ID 737	12/18/2016	12.39	4,284	4,284	4,117
Loan ID 738	12/23/2018	14.35	10,381	10,381	10,058
Loan ID 739	12/17/2018	15.00	16,599	16,599	16,084
Loan ID 740	12/18/2018	17.95	10,261	10,261	9,553
Loan ID 741	12/23/2016	16.85	2,987	2,987	2,686
Loan ID 742	12/17/2016	19.70	3,072	3,072	2,762
Loan ID 743	12/19/2018	16.55	9,732	9,732	9,061
Loan ID 744	12/17/2016	14.00	339	339	318
Loan ID 745	12/19/2016	18.75	4,565	4,565	4,105
Loan ID 746	12/24/2016	12.74	44	44	41
Loan ID 747	12/17/2016	9.30	1,383	1,383	1,329
Loan ID 748	12/19/2016	28.50	1,334	1,334	1,121
Loan ID 749	12/19/2016	19.05	1,221	1,221	1,098
Loan ID 750	12/24/2016	10.99	5,067	5,067	4,870

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 751	12/18/2018	23.94	6,896	6,896	6,387
Loan ID 752	12/20/2018	15.00	15,999	15,999	15,502
Loan ID 753	12/20/2016	14.65	1,987	1,987	1,866
Loan ID 754	12/20/2016	18.40	1,213	1,213	1,091
Loan ID 755	12/20/2018	17.65	11,399	11,399	10,613
Loan ID 756	12/26/2018	17.95	9,851	9,851	9,171
Loan ID 757	12/18/2016	16.85	3,009	3,009	2,705
Loan ID 758	12/19/2018	15.35	9,630	9,630	9,330
Loan ID 759	12/20/2018	18.40	9,889	9,889	9,207
Loan ID 760	12/19/2016	26.94	1,339	1,339	1,125
Loan ID 761	12/19/2018	12.74	9,403	9,403	9,111
Loan ID 762	12/27/2016	14.65	1,461	1,461	1,372
Loan ID 763	12/23/2018	19.70	6,665	6,665	6,205
Loan ID 764	12/24/2018	15.85	16,120	16,120	15,009
Loan ID 765	12/20/2018	19.40	16,660	16,660	15,511
Loan ID 766	12/30/2016	10.99	2,252	2,252	2,164
Loan ID 767	12/30/2016	11.39	1,430	1,430	1,374
Loan ID 768	12/30/2016	19.70	3,070	3,070	2,761
Loan ID 769	12/30/2016	17.65	3,010	3,010	2,706
Loan ID 770	12/30/2016	25.54	1,298	1,298	1,091
Loan ID 771	12/30/2018	21.50	5,063	5,063	4,690
Loan ID 772	12/23/2018	16.55	9,732	9,732	9,061
Loan ID 773	12/31/2018	10.99	6,165	6,165	6,073
Loan ID 774	12/23/2016	12.39	1,428	1,428	1,373
Loan ID 775	12/31/2016	14.65	4,379	4,379	4,113
Loan ID 776	12/23/2016	6.29	2,679	2,679	2,482
Loan ID 777	12/31/2018	17.95	13,130	13,130	12,224
Loan ID 778	12/31/2016	9.30	1,382	1,382	1,328
Loan ID 779	12/24/2016	9.90	4,175	4,175	4,012
Loan ID 780	12/24/2018	19.70	6,665	6,665	6,205
Loan ID 781	12/31/2016	13.14	10,064	10,064	9,452
Loan ID 782	12/31/2018	15.35	9,626	9,626	9,327
Loan ID 783	12/27/2016	23.04	1,269	1,269	1,120
Loan ID 784	12/31/2016	11.89	4,259	4,259	4,093
Loan ID 785	12/31/2016	12.39	3,710	3,710	3,566
Loan ID 786	12/31/2018	13.55	6,314	6,314	6,118
Loan ID 787	1/2/2017	26.94	1,443	1,443	1,213
Loan ID 788	12/30/2018	16.55	6,473	6,473	6,026
Loan ID 789	12/30/2016	8.79	4,126	4,126	3,965
Loan ID 790	12/24/2016	9.30	8,297	8,297	7,974
Loan ID 791	1/2/2019	14.00	12,991	12,991	12,587
Loan ID 792	12/26/2018	16.20	16,638	16,638	15,491
Loan ID 793	1/2/2017	12.39	6,989	6,989	6,717
Loan ID 794	1/2/2019	12.39	5,258	5,258	5,180
Loan ID 795	12/26/2018	19.05	9,995	9,995	9,306
Loan ID 796	1/2/2019	19.70	6,811	6,811	6,342
Loan ID 797	1/3/2019	18.70	10,802	10,802	10,057
Loan ID 798	12/30/2016	20.80	3,103	3,103	2,739
Loan ID 799	12/30/2016	8.79	1,925	1,925	1,851

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 800	1/3/2017	13.55	3,191	3,191	2,996
Loan ID 801	12/31/2016	10.99	1,125	1,125	1,081
Loan ID 802	12/31/2016	15.85	4,432	4,432	3,985
Loan ID 803	1/3/2017	10.99	3,950	3,950	3,796
Loan ID 804	12/31/2018	14.00	16,366	16,366	15,857
Loan ID 805	1/3/2019	18.75	16,896	16,896	15,731
Loan ID 806	12/31/2016	13.55	1,153	1,153	1,083
Loan ID 807	1/6/2017	11.39	6,248	6,248	6,005
Loan ID 808	12/31/2016	11.39	1,638	1,638	1,575
Loan ID 809	12/31/2016	8.79	3,437	3,437	3,303
Loan ID 810	12/31/2016	14.00	4,351	4,351	4,086
Loan ID 811	12/31/2016	10.99	7,736	7,736	7,435
Loan ID 812	1/6/2019	19.40	8,770	8,770	8,165
Loan ID 813	1/2/2019	17.95	6,714	6,714	6,251
Loan ID 814	1/2/2019	16.85	9,983	9,983	9,294
Loan ID 815	1/6/2017	6.59	2,530	2,530	2,345
Loan ID 816	1/6/2017	12.74	6,647	6,647	6,242
Loan ID 817	1/2/2019	24.74	6,198	6,198	5,475
Loan ID 818	1/2/2019	16.55	5,975	5,975	5,563
Loan ID 819	1/2/2019	12.39	17,881	17,881	17,614
Loan ID 820	1/7/2017	16.20	2,127	2,127	1,913
Loan ID 821	1/2/2017	9.90	3,078	3,078	2,958
Loan ID 822	1/7/2017	12.39	2,524	2,524	2,425
Loan ID 823	1/2/2017	9.30	4,589	4,589	4,411
Loan ID 824	1/2/2017	14.65	4,837	4,837	4,542
Loan ID 825	1/2/2019	15.35	9,878	9,878	9,571
Loan ID 826	1/2/2017	19.05	2,521	2,521	2,267
Loan ID 827	1/7/2017	15.85	3,345	3,345	3,007
Loan ID 828	12/31/2018	15.85	6,446	6,446	6,002
Loan ID 829	12/31/2016	10.39	1,118	1,118	1,075
Loan ID 830	12/31/2016	26.24	2,283	2,283	1,918
Loan ID 831	1/3/2017	15.85	4,892	4,892	4,399
Loan ID 832	12/31/2018	13.55	14,207	14,207	13,765
Loan ID 833	1/2/2019	18.75	6,760	6,760	6,294
Loan ID 834	1/3/2019	20.80	10,371	10,371	9,606
Loan ID 835	1/3/2019	24.74	7,077	7,077	6,253
Loan ID 836	1/6/2017	14.00	1,122	1,122	1,053
Loan ID 837	1/2/2017	28.50	3,656	3,656	3,072
Loan ID 838	1/2/2019	24.74	2,999	2,999	2,650
Loan ID 839	1/2/2017	11.39	1,093	1,093	1,051
Loan ID 840	1/6/2017	15.85	1,631	1,631	1,466
Loan ID 841	1/2/2019	18.75	6,760	6,760	6,294
Loan ID 842	1/9/2019	18.40	10,111	10,111	9,414
Loan ID 843	1/6/2019	12.74	16,060	16,060	15,561
Loan ID 844	1/3/2019	16.20	13,238	13,238	12,325
Loan ID 845	1/7/2019	12.74	8,351	8,351	8,092
Loan ID 846	1/7/2017	27.74	3,633	3,633	3,052
Loan ID 847	1/3/2017	26.94	1,487	1,487	1,250
Loan ID 848	1/7/2019	23.94	10,702	10,702	9,913
Loan ID 849	1/6/2019	14.65	16,331	16,331	15,823
Loan ID 850	1/6/2017	30.59	1,489	1,489	1,220

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 851	1/8/2019	16.55	4,979	4,979	4,636
Loan ID 852	1/6/2017	10.39	2,979	2,979	2,863
Loan ID 853	1/7/2017	16.85	3,309	3,309	2,976
Loan ID 854	1/7/2017	9.30	1,530	1,530	1,470
Loan ID 855	1/7/2017	12.39	4,474	4,474	4,300
Loan ID 856	1/7/2017	22.35	5,214	5,214	4,602
Loan ID 857	1/8/2017	17.95	1,331	1,331	1,196
Loan ID 858	1/7/2017	17.95	3,327	3,327	2,991
Loan ID 859	1/7/2017	16.20	4,909	4,909	4,413
Loan ID 860	1/13/2017	15.00	8,088	8,088	7,596
Loan ID 861	1/8/2017	28.50	1,462	1,462	1,229
Loan ID 862	1/14/2017	11.89	7,848	7,848	7,543
Loan ID 863	1/14/2017	20.10	169	169	150
Loan ID 864	1/8/2019	15.85	5,610	5,610	5,223
Loan ID 865	1/14/2019	15.35	5,257	5,257	5,094
Loan ID 866	1/9/2019	16.85	6,641	6,641	6,183
Loan ID 867	1/14/2017	15.85	677	677	608
Loan ID 868	1/15/2019	14.00	6,496	6,496	6,294
Loan ID 869	1/14/2019	20.80	5,017	5,017	4,647
Loan ID 870	1/16/2019	16.85	3,328	3,328	3,098
Loan ID 871	1/14/2019	16.20	16,551	16,551	15,409
Loan ID 872	1/15/2017	22.35	3,361	3,361	2,967
Loan ID 873	1/16/2017	11.39	4,841	4,841	4,653
Loan ID 874	1/15/2019	17.65	9,382	9,382	8,735
Loan ID 875	1/14/2019	14.00	2,273	2,273	2,203
Loan ID 876	1/15/2017	12.39	1,262	1,262	1,213
Loan ID 877	1/14/2019	18.75	10,140	10,140	9,440
Loan ID 878	1/15/2017	11.39	2,031	2,031	1,952
Loan ID 879	1/15/2017	10.99	9,334	9,334	8,971
Loan ID 880	1/15/2019	19.05	10,164	10,164	9,463
Loan ID 881	1/14/2017	16.85	1,976	1,976	1,776
Loan ID 882	1/14/2019	11.39	8,250	8,250	8,127
Loan ID 883	1/16/2017	8.79	913	913	878
Loan ID 884	1/14/2017	15.85	3,568	3,568	3,208
Loan ID 885	1/16/2017	13.55	3,184	3,184	2,990
Loan ID 886	1/15/2019	13.14	6,066	6,066	5,877
Loan ID 887	1/17/2019	17.25	10,015	10,015	9,324
Loan ID 888	1/22/2019	16.85	2,662	2,662	2,478
Loan ID 889	1/22/2017	16.20	4,909	4,909	4,413
Loan ID 890	1/22/2017	8.79	2,892	2,892	2,779
Loan ID 891	1/22/2019	22.35	6,987	6,987	6,472
Loan ID 892	1/22/2017	8.79	2,283	2,283	2,194
Loan ID 893	1/16/2017	9.30	3,672	3,672	3,529
Loan ID 894	1/21/2017	18.40	4,009	4,009	3,605
Loan ID 895	1/17/2017	14.65	35	35	33
Loan ID 896	1/21/2019	19.70	6,811	6,811	6,342
Loan ID 897	1/22/2017	14.00	4,819	4,819	4,525
Loan ID 898	1/22/2017	11.89	5,052	5,052	4,855
Loan ID 899	1/23/2019	15.35	6,572	6,572	6,368
Loan ID 900	1/17/2017	15.00	8,088	8,088	7,596

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 901	1/21/2017	16.20	3,272	3,272	2,942
Loan ID 902	1/23/2017	18.75	5,027	5,027	4,520
Loan ID 903	1/23/2017	15.35	7,725	7,725	7,254
Loan ID 904	1/24/2019	14.35	9,773	9,773	9,470
Loan ID 905	1/23/2017	17.95	1,134	1,134	1,019
Loan ID 906	1/22/2017	20.80	5,164	5,164	4,558
Loan ID 907	1/24/2017	10.99	4,045	4,045	3,888
Loan ID 908	1/22/2017	8.79	3,941	3,941	3,787
Loan ID 909	1/22/2017	8.79	1,218	1,218	1,170
Loan ID 910	1/22/2017	8.79	4,566	4,566	4,388
Loan ID 911	1/23/2017	10.99	4,667	4,667	4,486
Loan ID 912	1/22/2019	23.04	2,129	2,129	1,972
Loan ID 913	1/27/2017	14.35	2,218	2,218	2,083
Loan ID 914	1/24/2017	10.39	1,547	1,547	1,486
Loan ID 915	1/24/2019	9.90	9,389	9,389	9,249
Loan ID 916	1/28/2017	12.39	2,839	2,839	2,729
Loan ID 917	1/28/2017	15.85	1,237	1,237	1,112
Loan ID 918	1/28/2017	9.30	3,059	3,059	2,940
Loan ID 919	1/24/2017	29.24	1,472	1,472	1,206
Loan ID 920	1/28/2017	18.40	2,673	2,673	2,403
Loan ID 921	1/24/2017	13.14	3,178	3,178	2,984
Loan ID 922	1/24/2017	11.39	10,933	10,933	10,508
Loan ID 923	1/28/2019	12.74	9,877	9,877	9,570
Loan ID 924	1/29/2017	16.55	3,957	3,957	3,557
Loan ID 925	1/24/2019	16.55	1,992	1,992	1,854
Loan ID 926	1/29/2017	15.85	1,305	1,305	1,173
Loan ID 927	1/28/2017	28.50	3,291	3,291	2,765
Loan ID 928	1/27/2019	14.35	9,122	9,122	8,838
Loan ID 929	1/29/2019	11.39	12,692	12,692	12,502
Loan ID 930	1/29/2017	10.99	2,261	2,261	2,173
Loan ID 931	1/29/2019	15.00	9,828	9,828	9,522
Loan ID 932	1/30/2017	21.50	3,436	3,436	3,033
Loan ID 933	1/28/2019	17.65	10,065	10,065	9,371
Loan ID 934	1/28/2017	12.74	2,849	2,849	2,675
Loan ID 935	1/28/2017	12.74	558	558	524
Loan ID 936	1/30/2017	23.94	702	702	620
Loan ID 937	1/28/2017	11.39	1,937	1,937	1,861
Loan ID 938	1/29/2019	26.94	2,805	2,805	2,478
Loan ID 939	1/31/2019	19.40	8,151	8,151	7,589
Loan ID 940	1/30/2017	15.85	1,155	1,155	1,039
Loan ID 941	2/7/2017	11.39	5,163	5,163	4,963
Loan ID 942	2/3/2017	12.74	5,192	5,192	4,876
Loan ID 943	2/6/2017	11.39	2,359	2,359	2,267
Loan ID 944	2/10/2019	16.85	6,804	6,804	6,334
Loan ID 945	2/10/2017	9.90	2,865	2,865	2,753
Loan ID 946	2/7/2017	11.39	1,709	1,709	1,643
Loan ID 947	2/11/2017	12.39	1,035	1,035	995
Loan ID 948	2/13/2017	15.35	5,318	5,318	4,994
Loan ID 949	2/7/2019	17.65	10,270	10,270	9,562
Loan ID 950	2/11/2019	15.85	10,124	10,124	9,425

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 951	2/7/2019	15.00	6,703	6,703	6,494
Loan ID 952	2/11/2017	19.05	694	694	624
Loan ID 953	2/11/2019	17.25	8,528	8,528	7,940
Loan ID 954	2/7/2019	16.85	13,607	13,607	12,668
Loan ID 955	2/11/2017	13.55	4,534	4,534	4,258
Loan ID 956	2/12/2017	28.50	698	698	586
Loan ID 957	2/10/2019	11.89	10,034	10,034	9,885
Loan ID 958	2/12/2017	18.75	5,483	5,483	4,930
Loan ID 959	2/18/2017	12.39	8,626	8,626	8,290
Loan ID 960	2/18/2017	14.65	2,554	2,554	2,399
Loan ID 961	2/18/2017	20.10	5,548	5,548	4,897
Loan ID 962	2/13/2017	9.30	8,377	8,377	8,052
Loan ID 963	2/11/2017	9.90	1,348	1,348	1,296
Loan ID 964	2/19/2017	9.90	4,381	4,381	4,211
Loan ID 965	2/19/2017	11.89	5,151	5,151	4,951
Loan ID 966	2/12/2019	14.00	7,057	7,057	6,837
Loan ID 967	2/19/2019	12.74	6,578	6,578	6,373
Loan ID 968	2/12/2017	19.40	4,963	4,963	4,462
Loan ID 969	2/12/2019	23.94	10,760	10,760	9,967
Loan ID 970	2/18/2017	13.55	2,441	2,441	2,292
Loan ID 971	2/18/2019	16.55	10,181	10,181	9,479
Loan ID 972	2/18/2017	12.39	10,351	10,351	9,948
Loan ID 973	2/18/2019	24.74	5,628	5,628	4,972
Loan ID 974	2/20/2017	15.85	1,425	1,425	1,281
Loan ID 975	2/18/2017	19.05	1,283	1,283	1,153
Loan ID 976	2/18/2019	16.55	4,751	4,751	4,423
Loan ID 977	2/20/2017	14.35	5,270	5,270	4,949
Loan ID 978	2/14/2017	28.50	4,029	4,029	3,386
Loan ID 979	2/19/2017	15.85	8,904	8,904	8,006
Loan ID 980	2/19/2017	8.79	3,335	3,335	3,205
Loan ID 981	2/21/2017	17.95	3,085	3,085	2,774
Loan ID 982	2/18/2017	8.79	5,002	5,002	4,808
Loan ID 983	2/18/2017	10.39	5,756	5,756	5,532
Loan ID 984	2/19/2017	14.00	5,253	5,253	4,933
Loan ID 985	2/18/2017	16.20	1,361	1,361	1,224
Loan ID 986	2/19/2017	16.55	5,376	5,376	4,834
Loan ID 987	2/25/2019	20.30	2,702	2,702	2,502
Loan ID 988	2/25/2017	10.89	2,041	2,041	1,962
Loan ID 989	2/25/2017	11.39	11,963	11,963	11,498
Loan ID 990	2/20/2017	12.39	8,625	8,625	8,290
Loan ID 991	2/25/2017	18.55	3,649	3,649	3,281
Loan ID 992	2/25/2017	10.39	3,386	3,386	3,254
Loan ID 993	2/19/2019	19.05	10,382	10,382	9,666
Loan ID 994	2/21/2019	23.94	5,966	5,966	5,526
Loan ID 995	2/21/2019	14.65	6,683	6,683	6,476
Loan ID 996	2/21/2017	19.05	1,466	1,466	1,318
Loan ID 997	2/26/2017	12.64	5,187	5,187	4,871
Loan ID 998	2/20/2017	13.14	1,390	1,390	1,305
Loan ID 999	2/24/2017	10.39	5,079	5,079	4,881
Loan ID 1000	2/25/2017	9.90	11,796	11,796	11,337

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1001	2/20/2017	13.14	5,211	5,211	4,894
Loan ID 1002	2/20/2017	8.79	8,337	8,337	8,012
Loan ID 1003	2/27/2017	9.30	975	975	937
Loan ID 1004	2/27/2017	13.05	3,472	3,472	3,261
Loan ID 1005	2/21/2017	8.79	5,002	5,002	4,808
Loan ID 1006	2/26/2019	19.70	10,433	10,433	9,713
Loan ID 1007	2/24/2017	15.85	5,342	5,342	4,803
Loan ID 1008	2/26/2017	19.05	1,486	1,486	1,336
Loan ID 1009	2/24/2019	14.35	10,000	10,000	9,690
Loan ID 1010	2/28/2019	10.29	8,371	8,371	8,246
Loan ID 1011	2/28/2019	13.85	8,631	8,631	8,363
Loan ID 1012	2/25/2017	11.89	4,464	4,464	4,291
Loan ID 1013	2/27/2017	26.24	3,897	3,897	3,274
Loan ID 1014	2/27/2017	14.65	5,284	5,284	4,963
Loan ID 1015	2/25/2019	15.85	10,124	10,124	9,425
Loan ID 1016	2/25/2019	13.14	8,382	8,382	8,121
Loan ID 1017	2/25/2019	16.05	5,002	5,002	4,657
Loan ID 1018	2/28/2019	19.60	6,950	6,950	6,438
Loan ID 1019	2/25/2019	14.65	10,025	10,025	9,714
Loan ID 1020	2/28/2019	13.85	2,788	2,788	2,702
Loan ID 1021	2/28/2017	11.99	4,636	4,636	4,456
Loan ID 1022	2/25/2017	29.24	1,597	1,597	1,309
Loan ID 1023	3/3/2017	17.15	1,607	1,607	1,445
Loan ID 1024	2/28/2017	10.29	3,248	3,248	3,121
Loan ID 1025	2/26/2019	10.89	9,710	9,710	9,565
Loan ID 1026	2/26/2019	12.24	9,824	9,824	9,519
Loan ID 1027	3/4/2019	17.15	10,478	10,478	9,755
Loan ID 1028	2/28/2019	16.05	10,140	10,140	9,441
Loan ID 1029	2/26/2019	14.65	11,696	11,696	11,333
Loan ID 1030	3/5/2017	16.35	4	4	4
Loan ID 1031	3/5/2019	15.70	10,355	10,355	9,640
Loan ID 1032	3/5/2017	10.29	1,105	1,105	1,062
Loan ID 1033	3/5/2017	10.29	1,857	1,857	1,785
Loan ID 1034	3/6/2019	13.50	8,142	8,142	7,889
Loan ID 1035	2/28/2017	17.25	1,443	1,443	1,297
Loan ID 1036	3/5/2019	16.75	17,409	17,409	16,208
Loan ID 1037	3/5/2019	13.50	13,571	13,571	13,149
Loan ID 1038	3/5/2019	20.30	9,299	9,299	8,613
Loan ID 1039	3/5/2017	9.80	7,326	7,326	7,041
Loan ID 1040	3/5/2017	14.00	30	30	28
Loan ID 1041	3/3/2017	13.55	9,490	9,490	8,912
Loan ID 1042	3/5/2017	11.19	5,572	5,572	5,355
Loan ID 1043	3/6/2019	24.24	4,045	4,045	3,574
Loan ID 1044	3/7/2019	17.45	14,121	14,121	13,147
Loan ID 1045	3/4/2019	26.44	7,464	7,464	6,595
Loan ID 1046	3/10/2017	11.59	4,878	4,878	4,688
Loan ID 1047	3/10/2017	18.55	2,779	2,779	2,499
Loan ID 1048	3/10/2017	12.64	3,010	3,010	2,827
Loan ID 1049	3/5/2017	12.64	5,647	5,647	5,303
Loan ID 1050	3/5/2017	13.50	3,794	3,794	3,563

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1051	3/7/2019	17.45	17,504	17,504	16,296
Loan ID 1052	3/5/2019	15.35	10,331	10,331	9,619
Loan ID 1053	3/10/2017	21.00	4,071	4,071	3,593
Loan ID 1054	3/5/2017	12.24	1,500	1,500	1,409
Loan ID 1055	3/10/2019	15.70	10,360	10,360	9,645
Loan ID 1056	3/10/2017	20.30	1,620	1,620	1,430
Loan ID 1057	3/10/2017	8.74	7,987	7,987	7,676
Loan ID 1058	3/5/2019	18.90	10,619	10,619	9,886
Loan ID 1059	3/10/2017	13.50	1,518	1,518	1,425
Loan ID 1060	3/11/2017	25.74	4,249	4,249	3,570
Loan ID 1061	3/11/2019	20.30	7,153	7,153	6,625
Loan ID 1062	3/11/2017	11.19	7,429	7,429	7,140
Loan ID 1063	3/11/2019	19.20	7,388	7,388	6,878
Loan ID 1064	3/11/2019	14.15	13,643	13,643	13,219
Loan ID 1065	3/11/2017	12.24	2,006	2,006	1,883
Loan ID 1066	3/11/2017	11.59	5,594	5,594	5,376
Loan ID 1067	3/12/2017	14.15	9,542	9,542	8,961
Loan ID 1068	3/11/2019	17.15	8,421	8,421	7,840
Loan ID 1069	3/6/2019	17.45	17,504	17,504	16,296
Loan ID 1070	3/6/2017	28.00	4,299	4,299	3,612
Loan ID 1071	3/7/2017	28.00	860	860	722
Loan ID 1072	3/11/2019	16.05	17,274	17,274	16,083
Loan ID 1073	3/12/2017	10.29	3,683	3,683	3,540
Loan ID 1074	3/12/2017	12.64	3,765	3,765	3,535
Loan ID 1075	3/12/2019	13.85	23,817	23,817	23,077
Loan ID 1076	3/7/2017	13.85	1,522	1,522	1,430
Loan ID 1077	3/7/2017	13.05	3,212	3,212	3,016
Loan ID 1078	3/7/2019	18.90	10,619	10,619	9,886
Loan ID 1079	3/12/2017	12.24	1,179	1,179	1,108
Loan ID 1080	3/12/2019	22.54	10,903	10,903	10,099
Loan ID 1081	3/13/2017	10.29	9,209	9,209	8,851
Loan ID 1082	3/10/2017	15.35	2,599	2,599	2,337
Loan ID 1083	3/13/2019	19.60	2,862	2,862	2,651
Loan ID 1084	3/13/2017	11.99	3,368	3,368	3,237
Loan ID 1085	3/10/2019	12.39	2,705	2,705	2,664
Loan ID 1086	3/10/2017	9.80	9,167	9,167	8,811
Loan ID 1087	3/11/2019	16.05	10,389	10,389	9,672
Loan ID 1088	3/13/2017	8.74	6,898	6,898	6,629
Loan ID 1089	3/13/2019	13.05	10,140	10,140	9,825
Loan ID 1090	3/11/2017	14.50	5,501	5,501	5,166
Loan ID 1091	3/14/2017	14.15	2,863	2,863	2,688
Loan ID 1092	3/14/2017	20.30	3,934	3,934	3,472
Loan ID 1093	3/11/2019	12.64	10,106	10,106	9,792
Loan ID 1094	3/11/2019	17.90	10,595	10,595	9,864
Loan ID 1095	3/11/2017	11.19	13,001	13,001	12,496
Loan ID 1096	3/11/2017	9.80	3,300	3,300	3,172
Loan ID 1097	3/14/2017	10.29	1,961	1,961	1,885
Loan ID 1098	3/14/2019	11.59	13,357	13,357	13,157
Loan ID 1099	3/14/2019	15.35	4,162	4,162	3,874
Loan ID 1100	3/17/2017	10.29	4,420	4,420	4,249

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1101	3/14/2019	16.75	10,445	10,445	9,725
Loan ID 1102	3/12/2019	12.24	10,072	10,072	9,759
Loan ID 1103	3/12/2019	13.85	8,846	8,846	8,571
Loan ID 1104	3/14/2017	14.85	3,841	3,841	3,607
Loan ID 1105	3/14/2017	26.44	1,698	1,698	1,427
Loan ID 1106	3/13/2017	11.99	5,613	5,613	5,395
Loan ID 1107	3/18/2019	11.59	12,735	12,735	12,545
Loan ID 1108	3/13/2017	12.24	5,626	5,626	5,284
Loan ID 1109	3/17/2017	12.24	3,751	3,751	3,522
Loan ID 1110	3/18/2017	12.24	9,371	9,371	8,800
Loan ID 1111	3/17/2017	22.54	4,109	4,109	3,627
Loan ID 1112	3/18/2017	10.29	8,105	8,105	7,790
Loan ID 1113	3/18/2017	15.35	3,859	3,859	3,469
Loan ID 1114	3/18/2017	9.80	5,500	5,500	5,286
Loan ID 1115	3/13/2017	19.60	4,006	4,006	3,536
Loan ID 1116	3/14/2019	14.50	3,420	3,420	3,314
Loan ID 1117	3/19/2017	12.24	2,251	2,251	2,114
Loan ID 1118	3/19/2019	13.85	8,166	8,166	7,912
Loan ID 1119	3/19/2019	13.05	13,521	13,521	13,101
Loan ID 1120	3/19/2017	16.35	3,988	3,988	3,586
Loan ID 1121	3/17/2019	25.74	6,687	6,687	5,908
Loan ID 1122	3/17/2017	28.00	2,571	2,571	2,160
Loan ID 1123	3/19/2017	9.80	5,500	5,500	5,286
Loan ID 1124	3/19/2019	17.90	10,539	10,539	9,812
Loan ID 1125	3/19/2019	16.05	10,836	10,836	10,089
Loan ID 1126	3/19/2017	11.99	4,258	4,258	4,093
Loan ID 1127	3/17/2019	16.35	8,331	8,331	7,756
Loan ID 1128	3/20/2017	8.74	5,446	5,446	5,234
Loan ID 1129	3/19/2019	11.59	10,018	10,018	9,868
Loan ID 1130	3/19/2017	9.20	12,762	12,762	12,266
Loan ID 1131	3/19/2019	17.15	10,129	10,129	9,430
Loan ID 1132	3/18/2017	12.64	1,726	1,726	1,621
Loan ID 1133	3/20/2017	14.15	5,725	5,725	5,377
Loan ID 1134	3/20/2017	14.15	9,565	9,565	8,982
Loan ID 1135	3/19/2019	16.35	5,207	5,207	4,848
Loan ID 1136	3/18/2019	15.70	7,930	7,930	7,383
Loan ID 1137	3/21/2017	11.99	1,871	1,871	1,798
Loan ID 1138	3/21/2017	11.99	5,650	5,650	5,430
Loan ID 1139	3/20/2019	15.35	10,331	10,331	9,619
Loan ID 1140	3/19/2019	11.59	5,343	5,343	5,263
Loan ID 1141	3/20/2017	11.59	2,610	2,610	2,508
Loan ID 1142	3/21/2017	17.90	9,867	9,867	8,872
Loan ID 1143	3/19/2017	15.35	5,788	5,788	5,204
Loan ID 1144	3/19/2017	13.50	3,795	3,795	3,564
Loan ID 1145	3/21/2017	12.24	2,626	2,626	2,466
Loan ID 1146	3/19/2019	21.85	5,450	5,450	5,048
Loan ID 1147	3/19/2017	8.74	5,446	5,446	5,234
Loan ID 1148	3/19/2017	8.74	5,882	5,882	5,653
Loan ID 1149	3/19/2017	14.50	4,595	4,595	4,315
Loan ID 1150	3/25/2019	18.90	10,619	10,619	9,886

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1151	3/20/2019	14.50	10,261	10,261	9,942
Loan ID 1152	3/25/2017	19.20	1,716	1,716	1,542
Loan ID 1153	3/25/2017	11.99	6,753	6,753	6,491
Loan ID 1154	3/25/2019	11.99	13,402	13,402	13,202
Loan ID 1155	3/25/2017	9.20	2,735	2,735	2,628
Loan ID 1156	3/24/2017	18.25	5,939	5,939	5,340
Loan ID 1157	3/21/2017	9.80	6,394	6,394	6,145
Loan ID 1158	3/25/2017	25.74	2,954	2,954	2,482
Loan ID 1159	3/25/2017	12.64	9,980	9,980	9,372
Loan ID 1160	3/25/2017	22.54	1,644	1,644	1,451
Loan ID 1161	3/25/2017	17.90	5,153	5,153	4,634
Loan ID 1162	3/26/2019	13.85	17,012	17,012	16,484
Loan ID 1163	3/26/2019	13.85	10,207	10,207	9,890
Loan ID 1164	3/24/2019	13.50	10,178	10,178	9,862
Loan ID 1165	3/26/2019	15.35	17,219	17,219	16,031
Loan ID 1166	3/26/2019	12.24	24,353	24,353	23,597
Loan ID 1167	3/24/2019	21.85	7,233	7,233	6,700
Loan ID 1168	3/26/2017	8.74	7,261	7,261	6,978
Loan ID 1169	3/27/2017	16.75	1,149	1,149	1,033
Loan ID 1170	3/26/2017	14.50	5,744	5,744	5,394
Loan ID 1171	3/25/2017	15.35	2,858	2,858	2,570
Loan ID 1172	3/27/2017	28.00	1,720	1,720	1,445
Loan ID 1173	3/27/2019	13.50	13,571	13,571	13,149
Loan ID 1174	3/27/2019	11.99	13,402	13,402	13,202
Loan ID 1175	3/26/2017	16.35	1,752	1,752	1,575
Loan ID 1176	3/25/2017	19.20	3,992	3,992	3,590
Loan ID 1177	3/27/2019	21.85	7,233	7,233	6,700
Loan ID 1178	3/25/2019	13.05	3,397	3,397	3,292
Loan ID 1179	3/27/2017	19.20	5,988	5,988	5,384
Loan ID 1180	3/28/2019	14.50	17,102	17,102	16,570
Loan ID 1181	3/27/2017	18.55	9,924	9,924	8,923
Loan ID 1182	3/27/2017	14.15	2,290	2,290	2,151
Loan ID 1183	3/27/2017	13.50	4,933	4,933	4,632
Loan ID 1184	3/28/2019	16.75	10,445	10,445	9,725
Loan ID 1185	3/26/2017	28.00	4,593	4,593	3,859
Loan ID 1186	3/28/2017	15.35	3,280	3,280	2,949
Loan ID 1187	3/27/2019	16.35	4,512	4,512	4,201
Loan ID 1188	3/28/2019	14.85	10,290	10,290	9,970
Loan ID 1189	3/26/2019	23.44	7,315	7,315	6,775
Loan ID 1190	3/28/2017	13.05	9,447	9,447	8,872
Loan ID 1191	3/28/2019	15.35	6,887	6,887	6,412
Loan ID 1192	3/26/2017	22.54	1,644	1,644	1,451
Loan ID 1193	3/31/2017	16.05	4,657	4,657	4,187
Loan ID 1194	3/31/2019	10.89	13,276	13,276	13,077
Loan ID 1195	3/27/2017	11.19	5,572	5,572	5,355
Loan ID 1196	3/27/2017	18.25	2,411	2,411	2,168
Loan ID 1197	3/27/2017	23.44	4,486	4,486	3,959
Loan ID 1198	3/31/2017	25.74	4,216	4,216	3,542
Loan ID 1199	3/31/2019	17.45	7,350	7,350	6,843
Loan ID 1200	4/1/2017	16.35	1,674	1,674	1,506

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1201	4/1/2019	14.85	10,511	10,511	10,185
Loan ID 1202	4/1/2019	18.90	9,747	9,747	9,075
Loan ID 1203	4/1/2019	14.50	14,024	14,024	13,588
Loan ID 1204	4/1/2017	13.50	8,170	8,170	7,673
Loan ID 1205	3/31/2017	11.19	5,570	5,570	5,353
Loan ID 1206	4/1/2019	14.15	13,940	13,940	13,507
Loan ID 1207	3/31/2019	13.05	23,657	23,657	22,922
Loan ID 1208	4/1/2017	13.85	4,917	4,917	4,618
Loan ID 1209	3/27/2017	11.59	7,755	7,755	7,454
Loan ID 1210	4/1/2017	17.15	6,322	6,322	5,684
Loan ID 1211	4/2/2019	19.60	4,353	4,353	4,033
Loan ID 1212	4/2/2019	14.50	13,783	13,783	13,355
Loan ID 1213	4/1/2019	19.60	2,473	2,473	2,291
Loan ID 1214	4/1/2017	25.74	2,702	2,702	2,270
Loan ID 1215	4/1/2019	19.20	10,853	10,853	10,105
Loan ID 1216	4/2/2017	14.50	6,181	6,181	5,804
Loan ID 1217	4/1/2017	9.20	9,833	9,833	9,451
Loan ID 1218	3/28/2019	12.64	20,886	20,886	20,237
Loan ID 1219	4/2/2017	12.24	1,212	1,212	1,138
Loan ID 1220	4/2/2019	13.85	6,649	6,649	6,443
Loan ID 1221	4/2/2017	15.70	1,029	1,029	925
Loan ID 1222	4/2/2019	19.20	14,471	14,471	13,473
Loan ID 1223	4/2/2017	8.74	3,917	3,917	3,765
Loan ID 1224	4/2/2017	10.89	5,989	5,989	5,756
Loan ID 1225	4/2/2017	11.59	10,044	10,044	9,653
Loan ID 1226	4/1/2017	12.64	4,866	4,866	4,569
Loan ID 1227	4/1/2017	18.55	4,264	4,264	3,834
Loan ID 1228	4/2/2017	8.74	4,652	4,652	4,471
Loan ID 1229	4/1/2019	13.05	24,186	24,186	23,435
Loan ID 1230	4/1/2019	18.25	7,186	7,186	6,691
Loan ID 1231	4/2/2017	8.74	3,917	3,917	3,765
Loan ID 1232	4/1/2019	15.70	14,105	14,105	13,132
Loan ID 1233	4/1/2017	16.35	5,023	5,023	4,517
Loan ID 1234	4/3/2019	28.00	3,102	3,102	2,741
Loan ID 1235	4/3/2019	16.75	17,770	17,770	16,544
Loan ID 1236	4/3/2017	12.24	4,041	4,041	3,795
Loan ID 1237	4/2/2019	18.90	18,050	18,050	16,805
Loan ID 1238	4/3/2019	22.54	7,404	7,404	6,858
Loan ID 1239	4/2/2019	18.90	2,888	2,888	2,689
Loan ID 1240	4/3/2019	18.25	2,770	2,770	2,579
Loan ID 1241	4/3/2017	16.35	2,186	2,186	1,965
Loan ID 1242	4/3/2019	13.05	6,910	6,910	6,696
Loan ID 1243	4/3/2017	15.35	9,339	9,339	8,397
Loan ID 1244	4/3/2017	9.80	5,932	5,932	5,701
Loan ID 1245	4/2/2019	15.70	17,632	17,632	16,415
Loan ID 1246	3/31/2019	14.85	10,288	10,288	9,968
Loan ID 1247	4/3/2017	15.35	1,842	1,842	1,656
Loan ID 1248	3/31/2017	11.19	3,713	3,713	3,569
Loan ID 1249	4/3/2019	12.64	13,776	13,776	13,348
Loan ID 1250	4/2/2017	14.15	10,270	10,270	9,645

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1251	4/2/2017	12.24	3,195	3,195	3,001
Loan ID 1252	4/3/2017	8.74	1,567	1,567	1,506
Loan ID 1253	4/3/2017	8.74	7,834	7,834	7,529
Loan ID 1254	4/2/2019	11.59	6,147	6,147	6,056
Loan ID 1255	3/31/2017	9.80	6,598	6,598	6,341
Loan ID 1256	4/3/2019	21.85	7,387	7,387	6,842
Loan ID 1257	4/2/2019	12.24	1,373	1,373	1,331
Loan ID 1258	4/3/2017	14.85	1,653	1,653	1,552
Loan ID 1259	4/2/2017	16.05	4,175	4,175	3,754
Loan ID 1260	4/2/2017	14.50	4,138	4,138	3,886
Loan ID 1261	4/3/2017	23.44	1,553	1,553	1,371
Loan ID 1262	4/3/2017	11.19	4,003	4,003	3,848
Loan ID 1263	4/3/2019	19.20	5,065	5,065	4,715
Loan ID 1264	4/3/2017	8.74	5,876	5,876	5,647
Loan ID 1265	4/2/2017	16.35	2,093	2,093	1,882
Loan ID 1266	4/2/2019	17.45	12,146	12,146	11,308
Loan ID 1267	4/3/2017	28.00	1,839	1,839	1,546
Loan ID 1268	4/2/2017	8.74	1,959	1,959	1,882
Loan ID 1269	4/3/2019	11.19	13,617	13,617	13,413
Loan ID 1270	4/3/2017	13.85	6,146	6,146	5,772
Loan ID 1271	4/3/2019	16.05	10,607	10,607	9,875
Loan ID 1272	4/4/2017	11.99	4,032	4,032	3,875
Loan ID 1273	4/3/2017	13.85	10,244	10,244	9,620
Loan ID 1274	3/31/2019	25.74	7,426	7,426	6,561
Loan ID 1275	4/3/2019	21.85	7,439	7,439	6,890
Loan ID 1276	4/4/2017	15.35	4,150	4,150	3,732
Loan ID 1277	4/4/2019	17.15	10,723	10,723	9,983
Loan ID 1278	4/3/2017	13.50	4,901	4,901	4,603
Loan ID 1279	4/4/2019	18.25	10,780	10,780	10,036
Loan ID 1280	4/4/2017	19.60	3,226	3,226	2,847
Loan ID 1281	4/4/2017	11.99	6,075	6,075	5,839
Loan ID 1282	4/3/2017	28.00	920	920	773
Loan ID 1283	4/4/2017	16.75	7,140	7,140	6,420
Loan ID 1284	4/3/2017	8.74	3,917	3,917	3,765
Loan ID 1285	4/4/2019	16.75	10,662	10,662	9,927
Loan ID 1286	4/1/2017	23.44	1,864	1,864	1,645
Loan ID 1287	4/1/2019	19.20	18,089	18,089	16,841
Loan ID 1288	4/3/2017	13.05	6,104	6,104	5,732
Loan ID 1289	4/3/2019	17.90	10,752	10,752	10,010
Loan ID 1290	4/4/2019	18.25	4,671	4,671	4,349
Loan ID 1291	4/1/2017	14.15	1,438	1,438	1,350
Loan ID 1292	4/4/2017	13.85	3,092	3,092	2,904
Loan ID 1293	4/1/2019	18.90	18,050	18,050	16,805
Loan ID 1294	4/3/2017	11.59	10,044	10,044	9,653
Loan ID 1295	4/3/2019	12.24	11,672	11,672	11,310
Loan ID 1296	4/4/2017	8.74	6,267	6,267	6,024
Loan ID 1297	4/4/2017	15.35	3,736	3,736	3,359
Loan ID 1298	4/1/2019	10.29	13,517	13,517	13,315
Loan ID 1299	4/4/2019	15.35	17,585	17,585	16,372
Loan ID 1300	4/3/2017	12.64	6,082	6,082	5,712

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1301	4/7/2017	10.89	5,989	5,989	5,756
Loan ID 1302	4/1/2019	23.44	7,448	7,448	6,899
Loan ID 1303	4/7/2019	26.44	7,592	7,592	6,708
Loan ID 1304	4/7/2019	11.59	1,366	1,366	1,346
Loan ID 1305	4/3/2019	27.24	7,653	7,653	6,761
Loan ID 1306	4/3/2017	24.24	3,126	3,126	2,627
Loan ID 1307	4/1/2019	11.19	13,617	13,617	13,414
Loan ID 1308	4/7/2017	21.00	4,351	4,351	3,840
Loan ID 1309	4/3/2019	12.24	24,031	24,031	23,285
Loan ID 1310	4/7/2017	10.29	1,986	1,986	1,909
Loan ID 1311	4/7/2017	13.85	6,146	6,146	5,772
Loan ID 1312	4/2/2017	10.29	2,582	2,582	2,481
Loan ID 1313	4/3/2019	13.50	10,666	10,666	10,335
Loan ID 1314	4/3/2019	14.15	6,970	6,970	6,753
Loan ID 1315	4/7/2019	19.20	4,703	4,703	4,379
Loan ID 1316	4/7/2019	11.59	10,929	10,929	10,765
Loan ID 1317	4/4/2017	28.74	1,853	1,853	1,518
Loan ID 1318	4/2/2019	17.15	10,713	10,713	9,974
Loan ID 1319	4/7/2017	12.24	3,648	3,648	3,426
Loan ID 1320	4/7/2017	18.25	3,403	3,403	3,059
Loan ID 1321	4/4/2019	15.70	17,632	17,632	16,415
Loan ID 1322	4/2/2017	19.60	6,452	6,452	5,694
Loan ID 1323	4/7/2019	24.24	4,226	4,226	3,733
Loan ID 1324	4/7/2019	11.99	17,131	17,131	16,875
Loan ID 1325	4/2/2019	13.50	24,254	24,254	23,501
Loan ID 1326	4/4/2017	9.20	3,933	3,933	3,780
Loan ID 1327	4/7/2019	22.54	11,106	11,106	10,287
Loan ID 1328	4/7/2019	12.64	5,166	5,166	5,005
Loan ID 1329	4/2/2017	10.29	8,791	8,791	8,449
Loan ID 1330	4/7/2019	26.44	7,592	7,592	6,708
Loan ID 1331	4/4/2019	14.85	17,518	17,518	16,974
Loan ID 1332	4/4/2017	11.59	3,214	3,214	3,089
Loan ID 1333	4/2/2017	12.24	10,101	10,101	9,486
Loan ID 1334	4/4/2017	12.24	4,125	4,125	3,874
Loan ID 1335	4/4/2019	16.05	10,607	10,607	9,875
Loan ID 1336	4/7/2017	15.70	1,332	1,332	1,198
Loan ID 1337	4/2/2019	24.24	7,487	7,487	6,615
Loan ID 1338	4/4/2019	19.20	7,235	7,235	6,736
Loan ID 1339	4/4/2017	14.50	6,181	6,181	5,804
Loan ID 1340	4/2/2019	18.25	2,874	2,874	2,676
Loan ID 1341	4/4/2019	15.70	9,272	9,272	8,632
Loan ID 1342	4/2/2019	10.29	4,731	4,731	4,660
Loan ID 1343	4/7/2019	14.85	1,629	1,629	1,579
Loan ID 1344	4/4/2017	12.64	2,433	2,433	2,285
Loan ID 1345	4/7/2019	18.25	17,966	17,966	16,727
Loan ID 1346	4/8/2017	20.30	4,326	4,326	3,818
Loan ID 1347	4/2/2017	17.15	1,306	1,306	1,175
Loan ID 1348	4/2/2017	23.44	4,437	4,437	3,916
Loan ID 1349	4/8/2017	13.05	2,035	2,035	1,911
Loan ID 1350	4/8/2017	19.60	6,452	6,452	5,694

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1351	4/4/2019	11.99	7,880	7,880	7,763
Loan ID 1352	4/4/2017	20.30	3,158	3,158	2,787
Loan ID 1353	4/8/2017	8.74	5,092	5,092	4,894
Loan ID 1354	4/4/2019	17.15	3,743	3,743	3,485
Loan ID 1355	4/2/2019	16.35	10,630	10,630	9,897
Loan ID 1356	4/8/2017	15.70	833	833	749
Loan ID 1357	4/8/2017	13.05	3,000	3,000	2,817
Loan ID 1358	4/2/2017	25.74	1,807	1,807	1,519
Loan ID 1359	4/4/2017	14.15	6,162	6,162	5,787
Loan ID 1360	4/8/2017	13.05	4,069	4,069	3,821
Loan ID 1361	4/8/2019	21.00	7,327	7,327	6,787
Loan ID 1362	4/8/2017	16.35	1,674	1,674	1,505
Loan ID 1363	4/7/2019	19.20	4,341	4,341	4,042
Loan ID 1364	4/8/2017	12.24	6,058	6,058	5,689
Loan ID 1365	4/8/2019	17.15	17,823	17,823	16,593
Loan ID 1366	4/3/2019	18.90	10,830	10,830	10,083
Loan ID 1367	4/7/2019	18.90	5,589	5,589	5,204
Loan ID 1368	4/8/2017	18.55	1,975	1,975	1,776
Loan ID 1369	4/3/2019	18.90	10,830	10,830	10,083
Loan ID 1370	4/8/2019	11.99	17,131	17,131	16,875
Loan ID 1371	4/8/2017	17.45	1,690	1,690	1,519
Loan ID 1372	4/8/2017	14.15	6,188	6,188	5,811
Loan ID 1373	4/7/2017	11.19	6,005	6,005	5,772
Loan ID 1374	4/8/2019	21.00	2,931	2,931	2,715
Loan ID 1375	4/7/2019	17.15	6,772	6,772	6,305
Loan ID 1376	4/8/2019	13.05	20,731	20,731	20,087
Loan ID 1377	4/7/2017	9.20	13,766	13,766	13,231
Loan ID 1378	4/8/2019	14.50	10,483	10,483	10,157
Loan ID 1379	4/3/2017	17.15	6,454	6,454	5,803
Loan ID 1380	4/8/2017	11.59	2,009	2,009	1,931
Loan ID 1381	4/8/2017	22.54	1,762	1,762	1,555
Loan ID 1382	4/3/2019	21.85	4,422	4,422	4,096
Loan ID 1383	4/7/2017	8.74	5,876	5,876	5,647
Loan ID 1384	4/3/2019	18.25	7,186	7,186	6,691
Loan ID 1385	4/3/2017	9.20	1,573	1,573	1,512
Loan ID 1386	4/7/2019	15.70	11,039	11,039	10,278
Loan ID 1387	4/3/2017	18.55	2,558	2,558	2,300
Loan ID 1388	4/7/2019	13.85	9,517	9,517	9,221
Loan ID 1389	4/8/2019	18.55	18,028	18,028	16,784
Loan ID 1390	4/7/2017	9.20	3,599	3,599	3,459
Loan ID 1391	4/7/2019	20.30	7,069	7,069	6,547
Loan ID 1392	4/8/2017	21.00	3,045	3,045	2,688
Loan ID 1393	4/3/2017	23.44	1,553	1,553	1,371
Loan ID 1394	4/3/2019	11.19	13,636	13,636	13,433
Loan ID 1395	4/7/2019	16.35	1,772	1,772	1,650
Loan ID 1396	4/3/2017	8.74	3,525	3,525	3,388
Loan ID 1397	4/7/2017	28.00	3,239	3,239	2,722
Loan ID 1398	4/9/2017	11.99	12,132	12,132	11,660
Loan ID 1399	4/9/2017	9.20	1,180	1,180	1,134
Loan ID 1400	4/7/2019	14.15	10,455	10,455	10,130

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1401	4/9/2017	8.74	5,876	5,876	5,647
Loan ID 1402	4/8/2017	10.29	5,958	5,958	5,726
Loan ID 1403	4/8/2017	13.05	1,302	1,302	1,223
Loan ID 1404	4/9/2019	16.05	17,678	17,678	16,458
Loan ID 1405	4/8/2019	13.85	4,868	4,868	4,716
Loan ID 1406	4/8/2017	17.90	1,696	1,696	1,525
Loan ID 1407	4/3/2017	17.90	2,545	2,545	2,288
Loan ID 1408	4/8/2017	12.64	6,082	6,082	5,712
Loan ID 1409	4/9/2017	14.15	3,287	3,287	3,086
Loan ID 1410	4/3/2019	17.15	2,852	2,852	2,655
Loan ID 1411	4/9/2017	10.89	2,012	2,012	1,934
Loan ID 1412	4/4/2017	9.20	3,015	3,015	2,898
Loan ID 1413	4/8/2019	13.85	9,040	9,040	8,759
Loan ID 1414	4/4/2019	14.15	8,364	8,364	8,104
Loan ID 1415	4/4/2017	21.00	4,351	4,351	3,840
Loan ID 1416	4/8/2017	22.54	3,439	3,439	3,035
Loan ID 1417	4/4/2017	13.05	9,855	9,855	9,255
Loan ID 1418	4/4/2017	15.35	2,905	2,905	2,612
Loan ID 1419	4/8/2019	12.24	24,031	24,031	23,285
Loan ID 1420	4/4/2017	11.99	6,048	6,048	5,812
Loan ID 1421	4/9/2019	18.25	3,364	3,364	3,132
Loan ID 1422	4/8/2019	21.00	7,327	7,327	6,787
Loan ID 1423	4/8/2017	12.24	1,414	1,414	1,328
Loan ID 1424	4/8/2017	16.75	1,596	1,596	1,435
Loan ID 1425	4/9/2017	9.20	13,766	13,766	13,231
Loan ID 1426	4/9/2017	13.05	10,173	10,173	9,553
Loan ID 1427	4/8/2019	17.90	7,168	7,168	6,674
Loan ID 1428	4/9/2019	15.70	6,696	6,696	6,234
Loan ID 1429	4/8/2019	15.35	17,585	17,585	16,372
Loan ID 1430	4/9/2017	12.24	4,041	4,041	3,794
Loan ID 1431	4/4/2019	17.90	10,696	10,696	9,958
Loan ID 1432	4/8/2017	18.25	6,380	6,380	5,736
Loan ID 1433	4/9/2019	13.85	17,384	17,384	16,844
Loan ID 1434	4/4/2017	14.50	2,884	2,884	2,709
Loan ID 1435	4/8/2017	17.90	4,241	4,241	3,813
Loan ID 1436	4/4/2017	11.99	5,241	5,241	5,037
Loan ID 1437	4/8/2019	16.35	10,630	10,630	9,897
Loan ID 1438	4/9/2019	16.05	10,607	10,607	9,875
Loan ID 1439	4/9/2019	20.30	7,291	7,291	6,754
Loan ID 1440	4/9/2017	18.55	1,574	1,574	1,415
Loan ID 1441	4/8/2019	17.45	7,145	7,145	6,652
Loan ID 1442	4/8/2017	13.05	2,848	2,848	2,675
Loan ID 1443	4/4/2019	18.25	18,201	18,201	16,945
Loan ID 1444	4/8/2017	26.44	3,622	3,622	3,043
Loan ID 1445	4/4/2017	13.50	1,225	1,225	1,151
Loan ID 1446	4/8/2019	17.45	18,103	18,103	16,855
Loan ID 1447	4/10/2017	14.15	1,692	1,692	1,589
Loan ID 1448	4/10/2017	9.20	2,697	2,697	2,592
Loan ID 1449	4/8/2019	18.90	10,830	10,830	10,083
Loan ID 1450	4/10/2019	18.25	5,022	5,022	4,676

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1451	4/10/2017	9.80	5,318	5,318	5,111
Loan ID 1452	4/4/2019	13.05	7,947	7,947	7,700
Loan ID 1453	4/4/2017	11.99	1,008	1,008	969
Loan ID 1454	4/8/2019	19.60	7,256	7,256	6,721
Loan ID 1455	4/4/2017	13.50	4,698	4,698	4,412
Loan ID 1456	4/8/2019	13.05	5,131	5,131	4,972
Loan ID 1457	4/10/2019	13.50	24,277	24,277	23,523
Loan ID 1458	4/9/2017	15.70	2,081	2,081	1,871
Loan ID 1459	4/4/2019	11.19	10,213	10,213	10,060
Loan ID 1460	4/10/2017	10.89	5,911	5,911	5,681
Loan ID 1461	4/10/2019	12.64	17,220	17,220	16,685
Loan ID 1462	4/10/2017	12.64	10,137	10,137	9,519
Loan ID 1463	4/10/2017	15.70	2,081	2,081	1,871
Loan ID 1464	4/7/2017	21.85	936	936	826
Loan ID 1465	4/10/2019	13.05	10,365	10,365	10,043
Loan ID 1466	4/10/2019	16.75	7,131	7,131	6,639
Loan ID 1467	4/7/2019	19.20	10,853	10,853	10,104
Loan ID 1468	4/7/2019	19.60	10,890	10,890	10,088
Loan ID 1469	4/9/2019	18.90	9,386	9,386	8,739
Loan ID 1470	4/10/2017	9.20	5,900	5,900	5,670
Loan ID 1471	4/7/2017	17.90	3,605	3,605	3,241
Loan ID 1472	4/7/2019	12.24	24,031	24,031	23,285
Loan ID 1473	4/7/2017	11.99	8,063	8,063	7,750
Loan ID 1474	4/9/2017	25.74	4,519	4,519	3,797
Loan ID 1475	4/9/2017	20.30	6,431	6,431	5,677
Loan ID 1476	4/7/2017	30.09	1,869	1,869	1,531
Loan ID 1477	4/10/2019	19.20	7,239	7,239	6,740
Loan ID 1478	4/7/2019	10.89	13,346	13,346	13,147
Loan ID 1479	4/7/2019	11.19	4,426	4,426	4,359
Loan ID 1480	4/9/2017	13.85	3,688	3,688	3,463
Loan ID 1481	4/9/2017	11.19	6,005	6,005	5,772
Loan ID 1482	4/7/2017	8.74	1,567	1,567	1,506
Loan ID 1483	4/10/2019	16.05	6,998	6,998	6,515
Loan ID 1484	4/10/2017	12.24	6,064	6,064	5,695
Loan ID 1485	4/7/2017	10.29	7,928	7,928	7,620
Loan ID 1486	4/9/2019	14.15	17,424	17,424	16,883
Loan ID 1487	4/9/2017	14.15	4,313	4,313	4,051
Loan ID 1488	4/7/2017	14.15	4,108	4,108	3,858
Loan ID 1489	4/10/2019	14.50	6,981	6,981	6,764
Loan ID 1490	4/7/2017	30.09	1,869	1,869	1,531
Loan ID 1491	4/9/2017	20.30	3,678	3,678	3,247
Loan ID 1492	4/9/2019	13.50	8,322	8,322	8,063
Loan ID 1493	4/8/2017	22.54	4,405	4,405	3,888
Loan ID 1494	4/8/2017	14.85	6,199	6,199	5,822
Loan ID 1495	4/9/2017	17.45	1,267	1,267	1,140
Loan ID 1496	4/11/2017	13.05	1,628	1,628	1,529
Loan ID 1497	4/9/2019	18.25	10,780	10,780	10,036
Loan ID 1498	4/11/2017	19.20	4,287	4,287	3,855
Loan ID 1499	4/9/2017	14.15	4,108	4,108	3,858
Loan ID 1500	4/11/2017	17.90	4,241	4,241	3,813

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1501	4/10/2017	16.35	3,765	3,765	3,385
Loan ID 1502	4/8/2019	21.85	6,633	6,633	6,144
Loan ID 1503	4/11/2017	16.35	1,674	1,674	1,505
Loan ID 1504	4/10/2019	15.35	10,551	10,551	9,823
Loan ID 1505	4/10/2019	17.15	3,564	3,564	3,319
Loan ID 1506	4/11/2017	13.05	1,831	1,831	1,720
Loan ID 1507	4/10/2017	8.74	9,793	9,793	9,412
Loan ID 1508	4/11/2017	11.19	2,002	2,002	1,924
Loan ID 1509	4/10/2019	16.35	6,378	6,378	5,938
Loan ID 1510	4/10/2019	17.90	10,796	10,796	10,051
Loan ID 1511	4/10/2019	15.70	4,232	4,232	3,940
Loan ID 1512	4/11/2017	17.90	6,361	6,361	5,720
Loan ID 1513	4/11/2019	15.35	7,034	7,034	6,549
Loan ID 1514	4/8/2019	10.29	12,165	12,165	11,984
Loan ID 1515	4/10/2017	13.05	4,069	4,069	3,821
Loan ID 1516	4/10/2019	24.24	7,487	7,487	6,615
Loan ID 1517	4/11/2019	17.15	2,852	2,852	2,655
Loan ID 1518	4/10/2017	10.89	5,989	5,989	5,756
Loan ID 1519	4/10/2019	14.50	16,074	16,074	15,574
Loan ID 1520	4/11/2017	11.59	6,026	6,026	5,792
Loan ID 1521	4/10/2019	14.15	17,424	17,424	16,883
Loan ID 1522	4/11/2017	9.20	7,866	7,866	7,560
Loan ID 1523	4/8/2017	16.35	4,186	4,186	3,764
Loan ID 1524	4/10/2019	13.85	13,923	13,923	13,491
Loan ID 1525	4/10/2017	13.50	1,634	1,634	1,535
Loan ID 1526	4/11/2017	23.44	1,810	1,810	1,598
Loan ID 1527	4/8/2019	18.55	14,536	14,536	13,533
Loan ID 1528	4/8/2017	19.20	6,430	6,430	5,782
Loan ID 1529	4/10/2019	17.15	3,921	3,921	3,651
Loan ID 1530	4/8/2017	16.35	3,977	3,977	3,575
Loan ID 1531	4/11/2019	18.90	10,830	10,830	10,083
Loan ID 1532	4/8/2019	15.70	18,247	18,247	16,988
Loan ID 1533	4/8/2017	11.59	6,026	6,026	5,792
Loan ID 1534	4/11/2017	11.19	3,363	3,363	3,232
Loan ID 1535	4/10/2017	9.20	5,900	5,900	5,670
Loan ID 1536	4/10/2019	10.89	6,792	6,792	6,690
Loan ID 1537	4/8/2017	11.19	3,002	3,002	2,886
Loan ID 1538	4/11/2019	15.35	10,551	10,551	9,823
Loan ID 1539	4/10/2017	12.64	14,191	14,191	13,327
Loan ID 1540	4/8/2017	9.20	1,023	1,023	983
Loan ID 1541	4/8/2017	11.99	2,899	2,899	2,786
Loan ID 1542	4/11/2017	26.44	2,609	2,609	2,192
Loan ID 1543	4/11/2017	17.90	6,361	6,361	5,720
Loan ID 1544	4/10/2019	12.64	10,333	10,333	10,012
Loan ID 1545	4/8/2019	16.75	10,751	10,751	10,010
Loan ID 1546	4/10/2017	12.24	3,030	3,030	2,846
Loan ID 1547	4/10/2019	26.44	5,694	5,694	5,031
Loan ID 1548	4/8/2019	24.24	7,487	7,487	6,615
Loan ID 1549	4/10/2017	28.00	1,839	1,839	1,546
Loan ID 1550	4/14/2017	15.35	6,226	6,226	5,598

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1551	4/14/2017	11.19	4,880	4,880	4,690
Loan ID 1552	4/8/2017	12.24	4,041	4,041	3,794
Loan ID 1553	4/14/2019	14.50	10,484	10,484	10,158
Loan ID 1554	4/9/2017	16.75	1,260	1,260	1,133
Loan ID 1555	4/10/2017	15.35	6,226	6,226	5,598
Loan ID 1556	4/9/2017	26.44	1,817	1,817	1,527
Loan ID 1557	4/9/2017	10.29	5,958	5,958	5,726
Loan ID 1558	4/14/2017	11.99	1,613	1,613	1,550
Loan ID 1559	4/10/2019	10.89	10,188	10,188	10,036
Loan ID 1560	4/14/2017	17.45	10,562	10,562	9,497
Loan ID 1561	4/9/2017	11.59	1,828	1,828	1,757
Loan ID 1562	4/10/2019	21.85	7,369	7,369	6,826
Loan ID 1563	4/10/2017	17.45	1,135	1,135	1,020
Loan ID 1564	4/9/2017	8.74	7,834	7,834	7,529
Loan ID 1565	4/9/2019	18.25	10,780	10,780	10,036
Loan ID 1566	4/11/2017	9.80	5,932	5,932	5,701
Loan ID 1567	4/14/2019	11.99	7,195	7,195	7,088
Loan ID 1568	4/11/2019	17.90	14,336	14,336	13,347
Loan ID 1569	4/14/2019	14.85	10,511	10,511	10,184
Loan ID 1570	4/14/2019	15.35	10,571	10,571	9,842
Loan ID 1571	4/11/2019	17.45	11,432	11,432	10,643
Loan ID 1572	4/11/2019	14.85	4,905	4,905	4,753
Loan ID 1573	4/14/2017	10.89	2,396	2,396	2,303
Loan ID 1574	4/14/2019	21.00	7,327	7,327	6,787
Loan ID 1575	4/14/2017	23.44	2,090	2,090	1,844
Loan ID 1576	4/9/2017	12.24	3,030	3,030	2,846
Loan ID 1577	4/11/2017	12.24	3,980	3,980	3,738
Loan ID 1578	4/11/2019	18.55	18,005	18,005	16,763
Loan ID 1579	4/9/2017	17.15	6,321	6,321	5,684
Loan ID 1580	4/11/2017	18.90	4,276	4,276	3,845
Loan ID 1581	4/9/2019	12.64	10,332	10,332	10,011
Loan ID 1582	4/14/2017	16.35	1,465	1,465	1,317
Loan ID 1583	4/11/2017	10.29	3,744	3,744	3,598
Loan ID 1584	4/9/2017	12.24	6,061	6,061	5,692
Loan ID 1585	4/11/2017	28.00	1,839	1,839	1,546
Loan ID 1586	4/11/2017	21.00	1,740	1,740	1,536
Loan ID 1587	4/15/2019	10.89	407	407	401
Loan ID 1588	4/11/2017	11.59	609	609	585
Loan ID 1589	4/9/2019	15.35	7,287	7,287	6,784
Loan ID 1590	4/9/2017	10.29	3,948	3,948	3,794
Loan ID 1591	4/11/2019	14.15	17,479	17,479	16,936
Loan ID 1592	4/9/2017	16.05	1,670	1,670	1,502
Loan ID 1593	4/9/2017	10.89	12,935	12,935	12,432
Loan ID 1594	4/15/2017	24.24	4,515	4,515	3,794
Loan ID 1595	4/9/2017	12.24	4,041	4,041	3,794
Loan ID 1596	4/15/2017	17.45	1,586	1,586	1,426
Loan ID 1597	4/9/2017	20.30	5,916	5,916	5,222
Loan ID 1598	4/11/2017	9.20	3,147	3,147	3,024
Loan ID 1599	4/9/2019	15.35	16,178	16,178	15,062
Loan ID 1600	4/15/2017	19.60	6,452	6,452	5,694

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1601	4/9/2019	19.60	7,256	7,256	6,721
Loan ID 1602	4/9/2017	9.20	3,147	3,147	3,024
Loan ID 1603	4/11/2017	13.85	1,680	1,680	1,578
Loan ID 1604	4/11/2019	24.24	7,487	7,487	6,615
Loan ID 1605	4/15/2019	15.70	10,579	10,579	9,849
Loan ID 1606	4/11/2019	17.90	14,336	14,336	13,347
Loan ID 1607	4/11/2019	12.64	9,643	9,643	9,344
Loan ID 1608	4/11/2017	13.05	6,104	6,104	5,732
Loan ID 1609	4/11/2019	19.20	6,512	6,512	6,063
Loan ID 1610	4/15/2019	13.05	17,276	17,276	16,739
Loan ID 1611	4/10/2019	16.05	4,950	4,950	4,608
Loan ID 1612	4/11/2019	12.24	17,165	17,165	16,632
Loan ID 1613	4/15/2017	9.20	5,900	5,900	5,670
Loan ID 1614	4/15/2017	13.05	4,129	4,129	3,877
Loan ID 1615	4/15/2019	14.85	17,518	17,518	16,974
Loan ID 1616	4/15/2019	24.24	7,487	7,487	6,615
Loan ID 1617	4/10/2017	15.70	4,179	4,179	3,758
Loan ID 1618	4/10/2017	24.24	1,340	1,340	1,126
Loan ID 1619	4/10/2019	21.00	3,150	3,150	2,918
Loan ID 1620	4/14/2019	19.20	10,853	10,853	10,104
Loan ID 1621	4/14/2017	18.55	3,686	3,686	3,314
Loan ID 1622	4/10/2017	11.59	1,808	1,808	1,738
Loan ID 1623	4/15/2019	13.85	5,215	5,215	5,053
Loan ID 1624	4/10/2019	17.45	10,717	10,717	9,978
Loan ID 1625	4/14/2019	16.05	10,607	10,607	9,875
Loan ID 1626	4/15/2017	15.35	2,490	2,490	2,239
Loan ID 1627	4/10/2019	14.85	17,518	17,518	16,974
Loan ID 1628	4/10/2017	16.75	9,803	9,803	8,814
Loan ID 1629	4/14/2017	10.29	3,593	3,593	3,453
Loan ID 1630	4/15/2019	13.05	10,365	10,365	10,043
Loan ID 1631	4/15/2017	8.74	5,876	5,876	5,647
Loan ID 1632	4/15/2019	18.90	10,830	10,830	10,083
Loan ID 1633	4/10/2019	14.85	17,518	17,518	16,974
Loan ID 1634	4/14/2017	9.80	5,932	5,932	5,701
Loan ID 1635	4/14/2017	13.05	4,273	4,273	4,012
Loan ID 1636	4/14/2019	20.30	10,938	10,938	10,131
Loan ID 1637	4/14/2017	9.80	5,141	5,141	4,941
Loan ID 1638	4/14/2017	17.45	38	38	34
Loan ID 1639	4/10/2019	16.05	10,607	10,607	9,875
Loan ID 1640	4/15/2017	14.85	8,266	8,266	7,762
Loan ID 1641	4/14/2017	11.19	14,012	14,012	13,467
Loan ID 1642	4/15/2019	13.50	6,935	6,935	6,719
Loan ID 1643	4/14/2019	18.90	10,108	10,108	9,411
Loan ID 1644	4/15/2019	13.05	17,276	17,276	16,739
Loan ID 1645	4/14/2017	8.74	5,876	5,876	5,647
Loan ID 1646	4/10/2019	11.59	12,295	12,295	12,111
Loan ID 1647	4/14/2017	14.15	6,162	6,162	5,787
Loan ID 1648	4/14/2017	10.29	7,943	7,943	7,634
Loan ID 1649	4/10/2017	12.24	6,061	6,061	5,692
Loan ID 1650	4/14/2017	25.74	4,519	4,519	3,797

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1651	4/15/2017	16.75	3,150	3,150	2,832
Loan ID 1652	4/10/2017	14.15	1,562	1,562	1,467
Loan ID 1653	4/15/2017	16.05	6,263	6,263	5,631
Loan ID 1654	4/14/2019	12.64	10,332	10,332	10,011
Loan ID 1655	4/15/2017	12.24	6,061	6,061	5,692
Loan ID 1656	4/14/2019	14.15	17,424	17,424	16,883
Loan ID 1657	4/15/2019	13.85	10,677	10,677	10,346
Loan ID 1658	4/15/2017	10.89	4,791	4,791	4,605
Loan ID 1659	4/15/2017	9.20	2,438	2,438	2,344
Loan ID 1660	4/14/2017	21.85	5,257	5,257	4,640
Loan ID 1661	4/16/2019	14.50	17,471	17,471	16,929
Loan ID 1662	4/10/2017	13.05	6,104	6,104	5,732
Loan ID 1663	4/14/2017	14.50	6,181	6,181	5,804
Loan ID 1664	4/10/2017	17.90	2,674	2,674	2,404
Loan ID 1665	4/14/2019	14.85	7,007	7,007	6,790
Loan ID 1666	4/16/2017	11.99	3,830	3,830	3,681
Loan ID 1667	4/10/2017	11.99	6,048	6,048	5,812
Loan ID 1668	4/14/2019	13.85	13,907	13,907	13,475
Loan ID 1669	4/16/2017	16.35	6,279	6,279	5,646
Loan ID 1670	4/16/2017	9.80	791	791	760
Loan ID 1671	4/16/2017	15.35	3,515	3,515	3,160
Loan ID 1672	4/10/2017	11.59	4,017	4,017	3,861
Loan ID 1673	4/14/2017	21.00	1,740	1,740	1,536
Loan ID 1674	4/16/2019	12.24	24,031	24,031	23,285
Loan ID 1675	4/10/2017	25.74	4,310	4,310	3,622
Loan ID 1676	4/15/2019	15.70	4,232	4,232	3,940
Loan ID 1677	4/10/2017	11.19	7,233	7,233	6,951
Loan ID 1678	4/16/2017	16.75	3,864	3,864	3,474
Loan ID 1679	4/15/2017	17.15	1,460	1,460	1,312
Loan ID 1680	4/15/2017	15.70	2,290	2,290	2,059
Loan ID 1681	4/16/2017	28.00	4,598	4,598	3,864
Loan ID 1682	4/15/2017	22.54	1,542	1,542	1,361
Loan ID 1683	4/16/2019	15.35	10,551	10,551	9,823
Loan ID 1684	4/11/2019	18.25	17,966	17,966	16,727
Loan ID 1685	4/15/2017	16.05	1,879	1,879	1,689
Loan ID 1686	4/11/2019	14.15	10,455	10,455	10,130
Loan ID 1687	4/15/2017	23.44	1,331	1,331	1,175
Loan ID 1688	4/16/2019	16.05	10,656	10,656	9,921
Loan ID 1689	4/11/2017	17.45	4,014	4,014	3,609
Loan ID 1690	4/16/2017	11.19	6,806	6,806	6,541
Loan ID 1691	4/15/2019	18.25	7,186	7,186	6,691
Loan ID 1692	4/11/2019	14.15	13,940	13,940	13,507
Loan ID 1693	4/11/2019	18.55	2,881	2,881	2,682
Loan ID 1694	4/11/2017	11.19	10,009	10,009	9,619
Loan ID 1695	4/15/2017	11.99	1,008	1,008	969
Loan ID 1696	4/16/2019	11.59	13,661	13,661	13,457
Loan ID 1697	4/16/2017	13.50	6,128	6,128	5,754
Loan ID 1698	4/16/2019	12.64	24,108	24,108	23,359
Loan ID 1699	4/16/2019	14.85	4,204	4,204	4,074
Loan ID 1700	4/11/2017	9.80	7,909	7,909	7,601

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1701	4/11/2019	14.15	13,940	13,940	13,507
Loan ID 1702	4/15/2019	14.85	1,542	1,542	1,494
Loan ID 1703	4/16/2017	28.00	2,140	2,140	1,799
Loan ID 1704	4/11/2019	16.75	10,662	10,662	9,927
Loan ID 1705	4/15/2019	18.90	10,830	10,830	10,083
Loan ID 1706	4/16/2019	13.50	4,501	4,501	4,361
Loan ID 1707	4/15/2017	13.85	10,244	10,244	9,620
Loan ID 1708	4/11/2017	18.90	6,416	6,416	5,769
Loan ID 1709	4/15/2017	11.59	10,476	10,476	10,068
Loan ID 1710	4/15/2017	9.80	5,932	5,932	5,701
Loan ID 1711	4/16/2019	16.75	10,662	10,662	9,927
Loan ID 1712	4/16/2017	22.54	4,405	4,405	3,888
Loan ID 1713	4/15/2019	21.85	7,369	7,369	6,826
Loan ID 1714	4/16/2019	16.05	7,028	7,028	6,543
Loan ID 1715	4/11/2019	18.25	10,822	10,822	10,076
Loan ID 1716	4/16/2019	19.20	7,235	7,235	6,736
Loan ID 1717	4/15/2019	13.50	17,337	17,337	16,798
Loan ID 1718	4/16/2017	25.74	1,807	1,807	1,519
Loan ID 1719	4/11/2019	14.50	4,193	4,193	4,063
Loan ID 1720	4/15/2017	19.20	1,715	1,715	1,542
Loan ID 1721	4/16/2017	18.55	3,192	3,192	2,870
Loan ID 1722	4/15/2019	16.35	3,540	3,540	3,295
Loan ID 1723	4/11/2017	12.64	6,082	6,082	5,712
Loan ID 1724	4/16/2019	19.60	10,884	10,884	10,081
Loan ID 1725	4/16/2019	25.74	3,024	3,024	2,671
Loan ID 1726	4/15/2019	15.35	8,089	8,089	7,531
Loan ID 1727	4/16/2019	12.24	10,299	10,299	9,979
Loan ID 1728	4/15/2019	15.35	2,814	2,814	2,619
Loan ID 1729	4/11/2017	16.35	6,302	6,302	5,666
Loan ID 1730	4/11/2019	18.25	7,204	7,204	6,708
Loan ID 1731	4/15/2017	13.50	8,974	8,974	8,428
Loan ID 1732	4/15/2017	14.50	9,266	9,266	8,702
Loan ID 1733	4/11/2017	16.75	3,360	3,360	3,021
Loan ID 1734	4/16/2019	17.45	8,217	8,217	7,650
Loan ID 1735	4/15/2017	8.74	5,876	5,876	5,647
Loan ID 1736	4/11/2019	18.55	2,881	2,881	2,682
Loan ID 1737	4/16/2017	9.20	7,866	7,866	7,560
Loan ID 1738	4/11/2017	10.89	3,594	3,594	3,454
Loan ID 1739	4/11/2017	13.50	3,268	3,268	3,069
Loan ID 1740	4/15/2017	19.20	1,286	1,286	1,156
Loan ID 1741	4/15/2017	23.44	5,768	5,768	5,091
Loan ID 1742	4/15/2017	18.90	5,131	5,131	4,614
Loan ID 1743	4/15/2019	14.15	9,061	9,061	8,779
Loan ID 1744	4/15/2019	17.90	14,336	14,336	13,347
Loan ID 1745	4/14/2019	20.30	10,783	10,783	9,988
Loan ID 1746	4/14/2017	16.35	4,186	4,186	3,764
Loan ID 1747	4/17/2019	23.44	7,448	7,448	6,899
Loan ID 1748	4/17/2017	11.59	6,026	6,026	5,792
Loan ID 1749	4/14/2019	18.90	10,830	10,830	10,083
Loan ID 1750	4/14/2017	12.24	6,061	6,061	5,692

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1751	4/17/2017	11.19	4,075	4,075	3,916
Loan ID 1752	4/14/2017	22.54	1,542	1,542	1,361
Loan ID 1753	4/14/2017	11.59	5,302	5,302	5,096
Loan ID 1754	4/15/2017	28.74	1,850	1,850	1,516
Loan ID 1755	4/17/2019	14.50	17,471	17,471	16,929
Loan ID 1756	4/14/2019	17.90	10,752	10,752	10,010
Loan ID 1757	4/14/2017	18.55	4,264	4,264	3,834
Loan ID 1758	4/14/2017	25.74	1,807	1,807	1,519
Loan ID 1759	4/16/2019	17.90	6,887	6,887	6,412
Loan ID 1760	4/17/2019	13.85	5,563	5,563	5,390
Loan ID 1761	4/16/2019	12.24	8,926	8,926	8,649
Loan ID 1762	4/16/2017	17.15	6,321	6,321	5,684
Loan ID 1763	4/14/2019	16.75	10,662	10,662	9,927
Loan ID 1764	4/14/2019	13.85	24,338	24,338	23,581
Loan ID 1765	4/17/2017	10.89	5,989	5,989	5,756
Loan ID 1766	4/16/2017	15.35	3,759	3,759	3,380
Loan ID 1767	4/17/2019	18.25	10,780	10,780	10,036
Loan ID 1768	4/14/2017	16.05	6,263	6,263	5,631
Loan ID 1769	4/14/2017	12.24	6,061	6,061	5,692
Loan ID 1770	4/17/2019	22.54	11,203	11,203	10,377
Loan ID 1771	4/16/2019	16.05	10,542	10,542	9,815
Loan ID 1772	4/16/2017	28.00	3,219	3,219	2,705
Loan ID 1773	4/17/2017	15.70	10,429	10,429	9,377
Loan ID 1774	4/17/2017	26.44	1,817	1,817	1,527
Loan ID 1775	4/16/2017	15.35	4,150	4,150	3,732
Loan ID 1776	4/17/2019	22.54	7,404	7,404	6,858
Loan ID 1777	4/14/2017	25.74	1,807	1,807	1,519
Loan ID 1778	4/16/2017	12.24	808	808	759
Loan ID 1779	4/17/2019	17.15	8,555	8,555	7,965
Loan ID 1780	4/14/2019	21.85	7,369	7,369	6,826
Loan ID 1781	4/16/2019	13.50	22,710	22,710	22,004
Loan ID 1782	4/17/2019	12.24	24,031	24,031	23,285
Loan ID 1783	4/14/2017	8.74	5,876	5,876	5,647
Loan ID 1784	4/16/2019	17.90	14,336	14,336	13,347
Loan ID 1785	4/14/2019	13.50	10,402	10,402	10,079
Loan ID 1786	4/17/2017	12.64	6,450	6,450	6,057
Loan ID 1787	4/14/2019	11.99	8,938	8,938	8,804
Loan ID 1788	4/17/2017	19.20	6,430	6,430	5,782
Loan ID 1789	4/14/2017	19.20	6,440	6,440	5,791
Loan ID 1790	4/17/2019	18.90	18,041	18,041	16,796
Loan ID 1791	4/17/2017	16.35	879	879	790
Loan ID 1792	4/17/2019	17.45	17,847	17,847	16,616
Loan ID 1793	4/14/2019	18.25	10,780	10,780	10,036
Loan ID 1794	4/16/2017	11.19	5,205	5,205	5,002
Loan ID 1795	4/15/2019	20.30	6,562	6,562	6,078
Loan ID 1796	4/15/2019	13.50	6,935	6,935	6,719
Loan ID 1797	4/17/2019	19.20	7,235	7,235	6,736
Loan ID 1798	4/15/2019	11.59	10,246	10,246	10,093
Loan ID 1799	4/17/2019	13.05	24,186	24,186	23,435
Loan ID 1800	4/17/2017	9.80	5,932	5,932	5,701

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1801	4/16/2017	9.80	5,932	5,932	5,701
Loan ID 1802	4/16/2017	13.85	8,217	8,217	7,717
Loan ID 1803	4/17/2017	18.55	9,751	9,751	8,768
Loan ID 1804	4/17/2019	17.45	14,290	14,290	13,304
Loan ID 1805	4/17/2017	15.35	2,926	2,926	2,631
Loan ID 1806	4/15/2017	23.44	1,784	1,784	1,575
Loan ID 1807	4/15/2017	9.80	1,027	1,027	987
Loan ID 1808	4/17/2017	16.05	4,906	4,906	4,411
Loan ID 1809	4/17/2017	16.35	1,668	1,668	1,499
Loan ID 1810	4/17/2017	11.99	10,345	10,345	9,942
Loan ID 1811	4/15/2017	20.30	4,236	4,236	3,739
Loan ID 1812	4/15/2019	16.05	7,071	7,071	6,583
Loan ID 1813	4/15/2019	14.85	10,511	10,511	10,185
Loan ID 1814	4/17/2019	14.15	13,940	13,940	13,507
Loan ID 1815	4/17/2017	16.35	6,279	6,279	5,646
Loan ID 1816	4/17/2019	16.05	6,364	6,364	5,925
Loan ID 1817	4/18/2017	15.70	3,955	3,955	3,556
Loan ID 1818	4/18/2017	28.00	1,839	1,839	1,546
Loan ID 1819	4/15/2019	19.20	8,321	8,321	7,747
Loan ID 1820	4/15/2017	18.25	1,701	1,701	1,530
Loan ID 1821	4/18/2017	14.15	1,233	1,233	1,157
Loan ID 1822	4/15/2019	16.75	12,795	12,795	11,912
Loan ID 1823	4/18/2017	9.20	3,638	3,638	3,497
Loan ID 1824	4/17/2019	13.85	5,771	5,771	5,592
Loan ID 1825	4/17/2019	14.85	17,302	17,302	16,765
Loan ID 1826	4/18/2017	11.59	3,214	3,214	3,089
Loan ID 1827	4/17/2019	10.89	13,224	13,224	13,026
Loan ID 1828	4/18/2017	13.50	8,096	8,096	7,603
Loan ID 1829	4/15/2019	14.85	7,007	7,007	6,790
Loan ID 1830	4/17/2017	12.64	10,137	10,137	9,519
Loan ID 1831	4/17/2019	26.44	7,592	7,592	6,708
Loan ID 1832	4/18/2017	9.20	5,506	5,506	5,292
Loan ID 1833	4/17/2019	15.35	10,551	10,551	9,823
Loan ID 1834	4/18/2019	19.60	10,158	10,158	9,409
Loan ID 1835	4/18/2019	22.54	6,663	6,663	6,172
Loan ID 1836	4/15/2019	13.85	17,384	17,384	16,844
Loan ID 1837	4/15/2017	11.59	6,026	6,026	5,792
Loan ID 1838	4/15/2017	12.24	1,414	1,414	1,328
Loan ID 1839	4/17/2017	10.89	9,982	9,982	9,594
Loan ID 1840	4/17/2017	17.15	4,214	4,214	3,789
Loan ID 1841	4/15/2017	9.80	1,779	1,779	1,710
Loan ID 1842	4/18/2019	16.75	8,314	8,314	7,741
Loan ID 1843	4/18/2019	11.59	13,661	13,661	13,457
Loan ID 1844	4/15/2017	14.15	4,930	4,930	4,629
Loan ID 1845	4/17/2017	16.35	10,465	10,465	9,409
Loan ID 1846	4/17/2019	25.04	2,258	2,258	1,995
Loan ID 1847	4/15/2017	14.85	4,133	4,133	3,881
Loan ID 1848	4/17/2017	19.60	5,363	5,363	4,733
Loan ID 1849	4/15/2017	12.24	1,212	1,212	1,138
Loan ID 1850	4/18/2019	11.19	8,851	8,851	8,719

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1851	4/17/2019	18.25	10,153	10,153	9,453
Loan ID 1852	4/15/2019	16.05	10,624	10,624	9,891
Loan ID 1853	4/18/2019	20.30	3,646	3,646	3,377
Loan ID 1854	4/18/2019	15.35	17,585	17,585	16,372
Loan ID 1855	4/17/2017	11.59	1,263	1,263	1,214
Loan ID 1856	4/18/2019	13.85	4,172	4,172	4,043
Loan ID 1857	4/15/2019	23.44	7,448	7,448	6,899
Loan ID 1858	4/18/2019	11.59	6,058	6,058	5,968
Loan ID 1859	4/15/2019	21.85	6,633	6,633	6,144
Loan ID 1860	4/17/2017	10.29	3,376	3,376	3,245
Loan ID 1861	4/15/2017	16.75	2,310	2,310	2,077
Loan ID 1862	4/17/2017	14.15	8,216	8,216	7,716
Loan ID 1863	4/15/2017	18.55	1,492	1,492	1,342
Loan ID 1864	4/18/2017	16.05	6,263	6,263	5,631
Loan ID 1865	4/18/2017	14.50	17,691	17,691	16,613
Loan ID 1866	4/17/2017	17.45	9,468	9,468	8,513
Loan ID 1867	4/18/2017	9.80	13,840	13,840	13,302
Loan ID 1868	4/17/2017	17.90	4,241	4,241	3,813
Loan ID 1869	4/18/2017	19.60	2,795	2,795	2,467
Loan ID 1870	4/18/2017	14.50	4,121	4,121	3,870
Loan ID 1871	4/16/2019	21.85	7,369	7,369	6,826
Loan ID 1872	4/18/2019	13.85	9,040	9,040	8,759
Loan ID 1873	4/16/2017	12.64	14,191	14,191	13,327
Loan ID 1874	4/17/2019	20.30	2,917	2,917	2,702
Loan ID 1875	4/18/2017	12.64	1,419	1,419	1,333
Loan ID 1876	4/16/2019	17.15	7,129	7,129	6,637
Loan ID 1877	4/16/2017	24.24	4,465	4,465	3,752
Loan ID 1878	4/18/2019	20.30	7,292	7,292	6,754
Loan ID 1879	4/18/2017	8.74	2,350	2,350	2,259
Loan ID 1880	4/18/2019	15.35	4,454	4,454	4,147
Loan ID 1881	4/17/2019	14.50	2,097	2,097	2,032
Loan ID 1882	4/17/2017	28.00	3,219	3,219	2,705
Loan ID 1883	4/16/2017	25.74	4,519	4,519	3,797
Loan ID 1884	4/18/2019	17.45	3,572	3,572	3,326
Loan ID 1885	4/18/2017	15.70	1,665	1,665	1,497
Loan ID 1886	4/21/2019	11.99	10,320	10,320	10,166
Loan ID 1887	4/16/2017	13.50	1,942	1,942	1,824
Loan ID 1888	4/21/2019	20.30	6,562	6,562	6,078
Loan ID 1889	4/21/2019	14.15	6,986	6,986	6,769
Loan ID 1890	4/18/2019	13.50	10,402	10,402	10,079
Loan ID 1891	4/21/2017	14.15	7,623	7,623	7,159
Loan ID 1892	4/21/2019	21.85	6,633	6,633	6,144
Loan ID 1893	4/16/2019	11.59	10,224	10,224	10,071
Loan ID 1894	4/21/2019	13.50	17,337	17,337	16,798
Loan ID 1895	4/21/2017	18.55	4,264	4,264	3,834
Loan ID 1896	4/18/2017	22.54	4,406	4,406	3,889
Loan ID 1897	4/16/2019	16.05	17,678	17,678	16,458
Loan ID 1898	4/16/2017	13.85	8,217	8,217	7,717
Loan ID 1899	4/18/2019	11.19	11,915	11,915	11,737
Loan ID 1900	4/21/2017	27.24	2,287	2,287	1,921

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1901	4/21/2017	11.59	6,026	6,026	5,792
Loan ID 1902	4/21/2017	23.44	4,437	4,437	3,916
Loan ID 1903	4/18/2017	20.30	865	865	764
Loan ID 1904	4/21/2017	14.15	1,643	1,643	1,543
Loan ID 1905	4/16/2019	13.85	10,430	10,430	10,106
Loan ID 1906	4/18/2017	17.45	1,690	1,690	1,519
Loan ID 1907	4/18/2019	18.90	6,859	6,859	6,386
Loan ID 1908	4/18/2017	11.59	14,062	14,062	13,515
Loan ID 1909	4/16/2019	20.30	6,562	6,562	6,078
Loan ID 1910	4/16/2017	16.75	8,400	8,400	7,553
Loan ID 1911	4/18/2019	15.35	9,144	9,144	8,514
Loan ID 1912	4/21/2017	14.15	5,130	5,130	4,818
Loan ID 1913	4/16/2019	17.15	10,339	10,339	9,626
Loan ID 1914	4/18/2017	9.20	11,800	11,800	11,341
Loan ID 1915	4/16/2017	18.55	2,552	2,552	2,294
Loan ID 1916	4/18/2019	17.90	12,903	12,903	12,013
Loan ID 1917	4/16/2017	28.00	1,855	1,855	1,559
Loan ID 1918	4/21/2017	11.59	2,408	2,408	2,314
Loan ID 1919	4/21/2019	17.15	2,852	2,852	2,655
Loan ID 1920	4/18/2019	14.15	17,425	17,425	16,883
Loan ID 1921	4/21/2019	17.15	3,556	3,556	3,311
Loan ID 1922	4/21/2017	11.59	4,017	4,017	3,861
Loan ID 1923	4/16/2017	12.64	10,137	10,137	9,519
Loan ID 1924	4/18/2017	23.44	3,328	3,328	2,937
Loan ID 1925	4/18/2017	15.70	1,665	1,665	1,497
Loan ID 1926	4/21/2017	17.45	4,225	4,225	3,799
Loan ID 1927	4/21/2017	13.50	7,928	7,928	7,445
Loan ID 1928	4/16/2017	13.05	6,104	6,104	5,732
Loan ID 1929	4/18/2017	18.55	4,264	4,264	3,834
Loan ID 1930	4/21/2019	14.15	10,455	10,455	10,130
Loan ID 1931	4/21/2017	18.55	5,132	5,132	4,615
Loan ID 1932	4/21/2019	9.80	13,462	13,462	13,261
Loan ID 1933	4/18/2017	28.00	1,825	1,825	1,533
Loan ID 1934	4/21/2017	18.55	9,167	9,167	8,243
Loan ID 1935	4/18/2019	10.89	11,546	11,546	11,374
Loan ID 1936	4/21/2019	13.85	21,359	21,359	20,695
Loan ID 1937	4/21/2019	10.89	3,395	3,395	3,344
Loan ID 1938	4/16/2019	17.45	17,862	17,862	16,630
Loan ID 1939	4/18/2017	18.55	4,264	4,264	3,834
Loan ID 1940	4/17/2017	11.99	4,032	4,032	3,875
Loan ID 1941	4/17/2017	13.05	6,103	6,103	5,731
Loan ID 1942	4/18/2017	10.89	9,982	9,982	9,594
Loan ID 1943	4/18/2019	22.54	11,106	11,106	10,287
Loan ID 1944	4/21/2019	14.50	6,989	6,989	6,772
Loan ID 1945	4/21/2017	13.05	4,476	4,476	4,203
Loan ID 1946	4/21/2019	12.64	8,954	8,954	8,676
Loan ID 1947	4/17/2019	14.15	10,455	10,455	10,130
Loan ID 1948	4/17/2017	16.35	4,186	4,186	3,764
Loan ID 1949	4/17/2019	14.15	10,455	10,455	10,130
Loan ID 1950	4/21/2019	18.25	10,780	10,780	10,036

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1951	4/17/2019	13.05	22,458	22,458	21,761
Loan ID 1952	4/18/2019	12.24	13,732	13,732	13,306
Loan ID 1953	4/17/2017	14.50	1,891	1,891	1,776
Loan ID 1954	4/18/2017	9.80	3,955	3,955	3,801
Loan ID 1955	4/17/2017	22.54	1,322	1,322	1,167
Loan ID 1956	4/18/2019	15.35	7,447	7,447	6,933
Loan ID 1957	4/17/2017	8.74	2,742	2,742	2,635
Loan ID 1958	4/22/2017	13.85	6,966	6,966	6,542
Loan ID 1959	4/21/2019	19.20	7,235	7,235	6,736
Loan ID 1960	4/17/2019	21.00	10,990	10,990	10,180
Loan ID 1961	4/22/2017	27.24	4,572	4,572	3,841
Loan ID 1962	4/22/2017	11.59	4,017	4,017	3,861
Loan ID 1963	4/22/2019	13.05	17,310	17,310	16,772
Loan ID 1964	4/17/2017	12.24	4,041	4,041	3,794
Loan ID 1965	4/17/2017	10.29	5,560	5,560	5,344
Loan ID 1966	4/21/2019	14.15	17,424	17,424	16,883
Loan ID 1967	4/17/2017	14.15	1,723	1,723	1,618
Loan ID 1968	4/22/2017	14.15	4,044	4,044	3,797
Loan ID 1969	4/22/2019	18.90	10,830	10,830	10,083
Loan ID 1970	4/21/2017	16.35	6,559	6,559	5,898
Loan ID 1971	4/21/2019	17.90	10,752	10,752	10,010
Loan ID 1972	4/22/2017	8.74	3,917	3,917	3,764
Loan ID 1973	4/21/2017	17.15	4,214	4,214	3,789
Loan ID 1974	4/21/2017	13.05	2,035	2,035	1,911
Loan ID 1975	4/22/2017	26.44	1,817	1,817	1,527
Loan ID 1976	4/17/2017	13.85	7,375	7,375	6,926
Loan ID 1977	4/21/2019	11.99	6,853	6,853	6,750
Loan ID 1978	4/22/2019	18.25	5,749	5,749	5,352
Loan ID 1979	4/21/2019	19.20	9,406	9,406	8,757
Loan ID 1980	4/22/2017	14.15	2,116	2,116	1,987
Loan ID 1981	4/21/2019	17.15	7,129	7,129	6,637
Loan ID 1982	4/22/2019	14.50	24,460	24,460	23,700
Loan ID 1983	4/17/2019	18.55	10,803	10,803	10,058
Loan ID 1984	4/22/2017	11.19	4,418	4,418	4,246
Loan ID 1985	4/17/2019	21.00	3,810	3,810	3,529
Loan ID 1986	4/22/2019	14.85	17,518	17,518	16,974
Loan ID 1987	4/22/2017	9.80	7,213	7,213	6,933
Loan ID 1988	4/18/2017	11.59	3,469	3,469	3,334
Loan ID 1989	4/21/2017	19.60	2,796	2,796	2,468
Loan ID 1990	4/21/2019	17.90	4,301	4,301	4,004
Loan ID 1991	4/21/2019	11.19	13,617	13,617	13,413
Loan ID 1992	4/18/2019	13.85	4,868	4,868	4,716
Loan ID 1993	4/22/2017	11.19	4,003	4,003	3,848
Loan ID 1994	4/21/2017	10.89	3,993	3,993	3,837
Loan ID 1995	4/18/2019	10.89	13,584	13,584	13,381
Loan ID 1996	4/22/2019	17.15	10,694	10,694	9,956
Loan ID 1997	4/18/2017	14.85	3,306	3,306	3,105
Loan ID 1998	4/22/2017	23.44	3,328	3,328	2,937
Loan ID 1999	4/18/2017	14.15	3,492	3,492	3,279
Loan ID 2000	4/23/2017	10.89	5,989	5,989	5,756

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 2001	4/22/2019	19.20	8,682	8,682	8,083
Loan ID 2002	4/23/2017	10.89	8,022	8,022	7,710
Loan ID 2003	4/22/2019	16.05	10,607	10,607	9,875
Loan ID 2004	4/18/2019	13.85	10,430	10,430	10,106
Loan ID 2005	4/22/2017	17.90	6	6	5
Loan ID 2006	4/18/2019	18.90	6,552	6,552	6,100
Loan ID 2007	4/23/2017	13.05	2,848	2,848	2,675
Loan ID 2008	4/18/2017	21.85	4,381	4,381	3,867
Loan ID 2009	4/23/2017	19.60	1,376	1,376	1,214
Loan ID 2010	4/23/2017	24.24	1,786	1,786	1,501
Loan ID 2011	4/23/2017	9.20	3,911	3,911	3,759
Loan ID 2012	4/22/2017	17.45	1,479	1,479	1,330
Loan ID 2013	4/22/2017	11.19	4,526	4,526	4,350
Loan ID 2014	4/22/2019	18.90	10,402	10,402	9,685
Loan ID 2015	4/23/2017	12.64	5,271	5,271	4,950
Loan ID 2016	4/18/2017	13.50	2,523	2,523	2,369
Loan ID 2017	4/23/2017	12.24	6,061	6,061	5,692
Loan ID 2018	4/23/2017	13.05	1,627	1,627	1,528
Loan ID 2019	4/22/2017	18.90	4,276	4,276	3,845
Loan ID 2020	4/18/2019	11.59	13,661	13,661	13,457
Loan ID 2021	4/23/2019	14.85	10,511	10,511	10,184
Loan ID 2022	4/22/2017	9.80	3,163	3,163	3,040
Loan ID 2023	4/23/2019	14.15	2,788	2,788	2,701
Loan ID 2024	4/22/2019	13.05	8,292	8,292	8,035
Loan ID 2025	4/18/2017	8.74	4,700	4,700	4,518
Loan ID 2026	4/23/2017	28.74	834	834	684
Loan ID 2027	4/23/2019	18.90	10,830	10,830	10,083
Loan ID 2028	4/18/2019	18.55	1,621	1,621	1,509
Loan ID 2029	4/23/2017	13.05	4,602	4,602	4,322
Loan ID 2030	4/18/2019	14.85	10,511	10,511	10,185
Loan ID 2031	4/18/2017	11.19	8,007	8,007	7,696
Loan ID 2032	4/18/2017	11.59	4,018	4,018	3,861
Loan ID 2033	4/18/2019	12.64	17,220	17,220	16,685
Loan ID 2034	4/23/2017	16.75	8,400	8,400	7,553
Loan ID 2035	4/22/2017	27.24	2,743	2,743	2,305
Loan ID 2036	4/22/2019	16.35	10,630	10,630	9,897
Loan ID 2037	4/23/2017	12.24	4,849	4,849	4,553
Loan ID 2038	4/18/2017	23.44	1,775	1,775	1,567
Loan ID 2039	4/22/2017	19.20	6,430	6,430	5,782
Loan ID 2040	4/23/2017	28.00	1,839	1,839	1,546
Loan ID 2041	4/22/2017	10.29	7,943	7,943	7,634
Loan ID 2042	4/18/2017	12.24	4,445	4,445	4,174
Loan ID 2043	4/18/2019	14.85	12,958	12,958	12,555
Loan ID 2044	4/22/2017	13.85	4,097	4,097	3,848
Loan ID 2045	4/23/2017	9.20	13,766	13,766	13,231
Loan ID 2046	4/22/2019	14.15	5,227	5,227	5,065
Loan ID 2047	4/18/2019	13.85	10,450	10,450	10,126
Loan ID 2048	4/22/2019	14.15	9,061	9,061	8,779
Loan ID 2049	4/18/2017	11.19	8,007	8,007	7,696
Loan ID 2050	4/22/2017	28.00	4,598	4,598	3,864

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 2051	4/23/2019	11.19	10,213	10,213	10,060
Loan ID 2052	4/23/2019	22.54	7,584	7,584	7,025
Loan ID 2053	4/22/2019	18.90	10,830	10,830	10,083
Loan ID 2054	4/22/2019	21.85	7,369	7,369	6,826
Loan ID 2055	4/18/2017	10.89	4,392	4,392	4,222
Loan ID 2056	4/18/2017	20.30	4,877	4,877	4,304
Loan ID 2057	4/22/2017	30.09	1,869	1,869	1,531
Loan ID 2058	4/23/2019	18.25	10,780	10,780	10,036
Loan ID 2059	4/21/2017	22.54	1,686	1,686	1,488
Loan ID 2060	4/23/2017	11.19	4,604	4,604	4,425
Loan ID 2061	4/22/2017	11.99	4,032	4,032	3,875
Loan ID 2062	4/21/2019	17.15	9,965	9,965	9,278
Loan ID 2063	4/23/2017	10.89	1,597	1,597	1,535
Loan ID 2064	4/23/2017	15.35	3,736	3,736	3,359
Loan ID 2065	4/23/2019	14.15	17,424	17,424	16,883
Loan ID 2066	4/21/2017	11.99	2,419	2,419	2,325
Loan ID 2067	4/22/2017	10.29	1,589	1,589	1,527
Loan ID 2068	4/23/2017	10.29	4,567	4,567	4,390
Loan ID 2069	4/23/2017	12.24	2,308	2,308	2,168
Loan ID 2070	4/21/2017	12.24	4,041	4,041	3,794
Loan ID 2071	4/23/2017	11.59	904	904	869
Loan ID 2072	4/21/2017	11.99	10,079	10,079	9,687
Loan ID 2073	4/23/2017	11.59	6,026	6,026	5,792
Loan ID 2074	4/23/2017	9.80	7,513	7,513	7,221
Loan ID 2075	4/23/2017	13.85	4,917	4,917	4,617
Loan ID 2076	4/23/2017	13.05	7,325	7,325	6,879
Loan ID 2077	4/23/2019	14.85	2,803	2,803	2,716
Loan ID 2078	4/23/2019	15.35	17,585	17,585	16,372
Loan ID 2079	4/21/2019	12.64	6,888	6,888	6,674
Loan ID 2080	4/23/2019	15.35	10,778	10,778	10,035
Loan ID 2081	4/21/2017	21.00	1,305	1,305	1,152
Loan ID 2082	4/23/2017	16.35	6,279	6,279	5,646
Loan ID 2083	4/23/2017	9.20	7,080	7,080	6,805
Loan ID 2084	4/23/2019	9.80	13,462	13,462	13,261
Loan ID 2085	4/23/2017	8.74	4,896	4,896	4,706
Loan ID 2086	4/21/2019	21.00	6,369	6,369	5,900
Loan ID 2087	4/24/2017	22.54	1,741	1,741	1,537
Loan ID 2088	4/24/2019	12.64	10,332	10,332	10,011
Loan ID 2089	4/23/2017	30.09	1,168	1,168	957
Loan ID 2090	4/21/2017	9.80	1,582	1,582	1,520
Loan ID 2091	4/24/2017	15.70	1,873	1,873	1,684
Loan ID 2092	4/24/2019	14.50	8,386	8,386	8,126
Loan ID 2093	4/23/2019	11.99	17,131	17,131	16,875
Loan ID 2094	4/21/2017	18.25	8,506	8,506	7,648
Loan ID 2095	4/21/2019	17.15	17,823	17,823	16,593
Loan ID 2096	4/24/2019	15.70	14,105	14,105	13,132
Loan ID 2097	4/23/2017	26.44	1,844	1,844	1,549
Loan ID 2098	4/21/2017	11.99	6,048	6,048	5,812
Loan ID 2099	4/23/2017	19.20	1,713	1,713	1,541
Loan ID 2100	4/24/2017	11.99	4,027	4,027	3,870

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 2101	4/23/2017	14.15	6,162	6,162	5,787
Loan ID 2102	4/21/2017	19.20	461	461	414
Loan ID 2103	4/24/2017	14.15	2,465	2,465	2,315
Loan ID 2104	4/21/2017	11.99	11,087	11,087	10,656
Loan ID 2105	4/24/2017	18.90	4,276	4,276	3,845
Loan ID 2106	4/21/2017	12.24	4,041	4,041	3,794
Loan ID 2107	4/24/2017	10.89	4,303	4,303	4,135
Loan ID 2108	4/24/2019	12.64	20,664	20,664	20,022
Loan ID 2109	4/23/2017	19.60	3,442	3,442	3,038
Loan ID 2110	4/24/2019	27.24	6,154	6,154	5,437
Loan ID 2111	4/23/2017	29.50	1,861	1,861	1,524
Loan ID 2112	4/24/2019	13.05	1,607	1,607	1,557
Loan ID 2113	4/23/2019	18.90	7,368	7,368	6,860
Loan ID 2114	4/22/2017	21.00	4,351	4,351	3,840
Loan ID 2115	4/22/2017	23.44	1,775	1,775	1,566
Loan ID 2116	4/24/2019	19.20	5,788	5,788	5,389
Loan ID 2117	4/24/2019	23.44	5,214	5,214	4,829
Loan ID 2118	4/24/2017	16.75	6,300	6,300	5,665
Loan ID 2119	4/24/2017	13.85	6,146	6,146	5,772
Loan ID 2120	4/23/2017	25.74	4,519	4,519	3,797
Loan ID 2121	4/23/2017	9.20	5,900	5,900	5,670
Loan ID 2122	4/22/2019	16.35	10,630	10,630	9,897
Loan ID 2123	4/24/2019	20.30	7,291	7,291	6,754
Loan ID 2124	4/24/2017	13.85	8,195	8,195	7,696
Loan ID 2125	4/23/2017	14.50	6,181	6,181	5,804
Loan ID 2126	4/22/2019	17.15	17,823	17,823	16,593
Loan ID 2127	4/23/2017	11.99	4,032	4,032	3,875
Loan ID 2128	4/22/2019	18.25	10,839	10,839	10,091
Loan ID 2129	4/24/2017	10.89	9,982	9,982	9,594
Loan ID 2130	4/24/2019	16.05	21,213	21,213	19,750
Loan ID 2131	4/22/2017	27.24	4,572	4,572	3,841
Loan ID 2132	4/24/2017	9.80	7,909	7,909	7,601
Loan ID 2133	4/22/2019	18.55	7,202	7,202	6,705
Loan ID 2134	4/24/2017	15.35	2,490	2,490	2,239
Loan ID 2135	4/22/2017	14.50	2,060	2,060	1,935
Loan ID 2136	4/22/2017	22.54	1,762	1,762	1,555
Loan ID 2137	4/22/2019	25.74	4,042	4,042	3,571
Loan ID 2138	4/23/2017	12.64	3,256	3,256	3,058
Loan ID 2139	4/24/2017	9.80	8,521	8,521	8,190
Loan ID 2140	4/24/2017	18.55	2,132	2,132	1,917
Loan ID 2141	4/24/2019	25.04	7,203	7,203	6,364
Loan ID 2142	4/24/2017	10.29	5,958	5,958	5,726
Loan ID 2143	4/24/2019	11.59	10,109	10,109	9,958
Loan ID 2144	4/24/2017	13.85	6,146	6,146	5,772
Loan ID 2145	4/24/2019	11.59	6,830	6,830	6,728
Loan ID 2146	4/24/2017	9.20	1,967	1,967	1,890
Loan ID 2147	4/22/2019	13.50	22,191	22,191	21,501
Loan ID 2148	4/24/2017	11.19	4,441	4,441	4,268
Loan ID 2149	4/25/2017	13.05	7,121	7,121	6,687
Loan ID 2150	4/24/2017	14.85	2,066	2,066	1,941

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 2151	4/25/2019	15.70	10,807	10,807	10,061
Loan ID 2152	4/22/2017	12.24	14,142	14,142	13,281
Loan ID 2153	4/24/2017	13.50	4,104	4,104	3,854
Loan ID 2154	4/25/2017	14.50	1,924	1,924	1,806
Loan ID 2155	4/25/2019	17.90	11,469	11,469	10,678
Loan ID 2156	4/24/2019	11.59	11,953	11,953	11,775
Loan ID 2157	4/22/2017	8.74	7,834	7,834	7,529
Loan ID 2158	4/24/2017	12.24	4,041	4,041	3,794
Loan ID 2159	4/22/2019	23.44	14,916	14,916	13,816
Loan ID 2160	4/25/2019	18.90	18,050	18,050	16,805
Loan ID 2161	4/24/2017	12.24	2,020	2,020	1,897
Loan ID 2162	4/22/2017	18.25	4,253	4,253	3,824
Loan ID 2163	4/24/2019	16.35	9,220	9,220	8,584
Loan ID 2164	4/22/2019	9.80	10,770	10,770	10,609
Loan ID 2165	4/23/2017	11.59	3,571	3,571	3,432
Loan ID 2166	4/25/2019	17.45	15,792	15,792	14,703
Loan ID 2167	4/23/2017	11.19	2,002	2,002	1,924
Loan ID 2168	4/24/2019	17.45	17,862	17,862	16,630
Loan ID 2169	4/25/2017	12.64	2,420	2,420	2,273
Loan ID 2170	4/23/2017	10.29	3,964	3,964	3,810
Loan ID 2171	4/24/2017	8.74	4,701	4,701	4,518
Loan ID 2172	4/24/2017	14.85	6,199	6,199	5,822
Loan ID 2173	4/23/2019	13.50	24,271	24,271	23,518
Loan ID 2174	4/23/2017	10.29	1,192	1,192	1,145
Loan ID 2175	4/23/2017	21.85	1,752	1,752	1,547
Loan ID 2176	4/24/2017	14.85	12,398	12,398	11,643
Loan ID 2177	4/23/2019	18.55	5,697	5,697	5,304
Loan ID 2178	4/24/2017	12.24	5,009	5,009	4,704
Loan ID 2179	4/23/2017	13.05	4,069	4,069	3,821
Loan ID 2180	4/23/2019	18.90	8,895	8,895	8,281
Loan ID 2181	4/24/2019	14.15	4,182	4,182	4,052
Loan ID 2182	4/24/2017	14.85	1,033	1,033	970
Loan ID 2183	4/24/2017	9.80	11,863	11,863	11,402
Loan ID 2184	4/24/2019	12.64	9,643	9,643	9,344
Loan ID 2185	4/23/2017	8.74	2,236	2,236	2,149
Loan ID 2186	4/24/2019	21.00	12,455	12,455	11,537
Loan ID 2187	4/24/2017	14.50	1,236	1,236	1,161
Loan ID 2188	4/24/2019	14.15	24,394	24,394	23,636
Loan ID 2189	4/25/2017	9.20	5,900	5,900	5,670
Loan ID 2190	4/23/2017	9.20	5,440	5,440	5,229
Loan ID 2191	4/24/2017	19.20	1,243	1,243	1,118
Loan ID 2192	4/23/2019	16.75	11,101	11,101	10,335
Loan ID 2193	4/24/2017	13.50	2,859	2,859	2,685
Loan ID 2194	4/25/2017	8.74	5,876	5,876	5,647
Loan ID 2195	4/24/2017	11.59	6,428	6,428	6,178
Loan ID 2196	4/25/2019	17.90	7,941	7,941	7,394
Loan ID 2197	4/25/2017	14.85	4,422	4,422	4,153
Loan ID 2198	4/25/2019	13.50	24,271	24,271	23,517
Loan ID 2199	4/23/2017	15.70	2,081	2,081	1,871
Loan ID 2200	4/25/2019	19.20	9,405	9,405	8,757

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 2201	4/25/2017	10.29	6,355	6,355	6,107
Loan ID 2202	4/28/2017	28.00	920	920	773
Loan ID 2203	4/28/2017	22.54	1,762	1,762	1,555
Loan ID 2204	4/23/2017	10.89	2,396	2,396	2,303
Loan ID 2205	4/23/2017	24.24	2,679	2,679	2,251
Loan ID 2206	4/25/2019	18.55	17,961	17,961	16,722
Loan ID 2207	4/23/2017	18.55	1,705	1,705	1,533
Loan ID 2208	4/28/2017	11.99	7,257	7,257	6,975
Loan ID 2209	4/25/2017	11.99	1,613	1,613	1,550
Loan ID 2210	4/28/2017	17.90	6,361	6,361	5,720
Loan ID 2211	4/28/2019	16.05	10,607	10,607	9,875
Loan ID 2212	4/23/2017	22.54	1,762	1,762	1,555
Loan ID 2213	4/25/2019	14.85	8,406	8,406	8,145
Loan ID 2214	4/28/2017	13.50	1,021	1,021	959
Loan ID 2215	4/25/2017	21.00	10,877	10,877	9,600
Loan ID 2216	4/28/2019	15.35	8,441	8,441	7,859
Loan ID 2217	4/23/2017	16.35	3,767	3,767	3,387
Loan ID 2218	4/23/2017	19.60	4,301	4,301	3,796
Loan ID 2219	4/25/2019	15.70	17,632	17,632	16,415
Loan ID 2220	4/28/2019	13.85	10,483	10,483	10,157
Loan ID 2221	4/23/2017	14.15	10,270	10,270	9,645
Loan ID 2222	4/23/2019	11.99	445	445	438
Loan ID 2223	4/28/2017	14.15	9,038	9,038	8,487
Loan ID 2224	4/23/2017	10.89	9,982	9,982	9,594
Loan ID 2225	4/28/2017	8.74	3,917	3,917	3,765
Loan ID 2226	4/23/2019	12.64	17,220	17,220	16,685
Loan ID 2227	4/28/2017	8.74	1,959	1,959	1,882
Loan ID 2228	4/25/2017	19.20	1,250	1,250	1,124
Loan ID 2229	4/23/2019	15.70	17,632	17,632	16,415
Loan ID 2230	4/28/2017	12.64	9,733	9,733	9,140
Loan ID 2231	4/23/2019	13.05	10,365	10,365	10,043
Loan ID 2232	4/23/2019	14.15	21,606	21,606	20,935
Loan ID 2233	4/23/2019	21.85	18,377	18,377	17,022
Loan ID 2234	4/23/2019	15.70	21,158	21,158	19,698
Loan ID 2235	4/28/2019	9.80	10,639	10,639	10,480
Loan ID 2236	4/23/2017	27.24	4,572	4,572	3,841
Loan ID 2237	4/23/2019	18.55	10,803	10,803	10,058
Loan ID 2238	4/25/2017	27.24	4,572	4,572	3,841
Loan ID 2239	4/23/2017	15.70	4,163	4,163	3,743
Loan ID 2240	4/25/2019	17.45	21,434	21,434	19,956
Loan ID 2241	4/28/2017	10.89	11,997	11,997	11,530
Loan ID 2242	4/25/2019	16.05	7,071	7,071	6,583
Loan ID 2243	4/28/2017	10.89	15,079	15,079	14,492
Loan ID 2244	4/23/2017	20.30	2,469	2,469	2,179
Loan ID 2245	4/28/2019	17.90	5,735	5,735	5,339
Loan ID 2246	4/25/2017	10.89	7,986	7,986	7,675
Loan ID 2247	4/28/2019	28.00	3,083	3,083	2,724
Loan ID 2248	4/25/2017	17.45	4,225	4,225	3,799
Loan ID 2249	4/25/2019	18.90	10,830	10,830	10,083
Loan ID 2250	4/24/2019	16.75	12,333	12,333	11,483

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 2251	4/24/2017	8.74	4,769	4,769	4,584
Loan ID 2252	4/24/2017	26.44	1,817	1,817	1,527
Loan ID 2253	4/24/2017	21.00	6,526	6,526	5,760
Loan ID 2254	4/24/2017	10.29	7,149	7,149	6,871
Loan ID 2255	4/24/2019	13.05	2,764	2,764	2,678
Loan ID 2256	4/28/2019	11.99	20,557	20,557	20,250
Loan ID 2257	4/25/2017	19.60	10,802	10,802	9,534
Loan ID 2258	4/25/2017	8.74	6,548	6,548	6,293
Loan ID 2259	4/25/2019	13.85	20,861	20,861	20,213
Loan ID 2260	4/25/2019	15.70	14,105	14,105	13,132
Loan ID 2261	4/24/2019	15.70	10,579	10,579	9,849
Loan ID 2262	4/28/2019	14.50	10,483	10,483	10,157
Loan ID 2263	4/24/2017	10.29	7,670	7,670	7,371
Loan ID 2264	4/24/2017	19.20	6,430	6,430	5,782
Loan ID 2265	4/24/2017	8.74	7,833	7,833	7,529
Loan ID 2266	4/24/2017	18.25	3,403	3,403	3,059
Loan ID 2267	4/28/2017	12.24	14,142	14,142	13,281
Loan ID 2268	4/28/2017	24.24	1,786	1,786	1,501
Loan ID 2269	4/24/2019	22.54	18,509	18,509	17,145
Loan ID 2270	4/28/2017	10.89	11,978	11,978	11,513
Loan ID 2271	4/28/2019	21.00	6,228	6,228	5,769
Loan ID 2272	4/24/2019	11.99	20,557	20,557	20,250
Loan ID 2273	4/24/2017	10.29	9,929	9,929	9,543
Loan ID 2274	4/24/2017	22.54	4,258	4,258	3,758
Loan ID 2275	4/28/2017	17.15	1,686	1,686	1,516
Loan ID 2276	4/24/2017	12.24	1,733	1,733	1,627
Loan ID 2277	4/24/2017	10.89	3,196	3,196	3,072
Loan ID 2278	4/28/2019	12.24	6,866	6,866	6,653
Loan ID 2279	4/28/2019	12.64	17,220	17,220	16,685
Loan ID 2280	4/29/2017	9.20	3,118	3,118	2,996
Loan ID 2281	4/28/2019	13.50	22,191	22,191	21,501
Loan ID 2282	4/28/2017	10.89	13,998	13,998	13,454
Loan ID 2283	4/28/2017	10.89	7,986	7,986	7,675
Loan ID 2284	4/28/2017	13.05	5,290	5,290	4,968
Loan ID 2285	4/29/2017	11.59	5,988	5,988	5,755
Loan ID 2286	4/24/2019	9.80	13,461	13,461	13,260
Loan ID 2287	4/24/2019	15.70	12,695	12,695	11,819
Loan ID 2288	4/24/2019	19.60	7,257	7,257	6,722
Loan ID 2289	4/24/2017	12.24	5,253	5,253	4,933
Loan ID 2290	4/24/2017	15.35	3,320	3,320	2,985
Loan ID 2291	4/28/2017	19.20	6,430	6,430	5,782
Loan ID 2292	4/25/2017	18.55	4,264	4,264	3,834
Loan ID 2293	4/28/2019	14.15	13,784	13,784	13,356
Loan ID 2294	4/25/2017	11.99	8,063	8,063	7,750
Loan ID 2295	4/25/2019	14.85	10,511	10,511	10,184
Loan ID 2296	4/29/2017	11.19	7,206	7,206	6,926
Loan ID 2297	4/25/2019	14.15	13,940	13,940	13,507
Loan ID 2298	4/29/2017	10.89	7,983	7,983	7,672
Loan ID 2299	4/25/2019	11.99	13,705	13,705	13,500
Loan ID 2300	4/25/2019	14.15	15,352	15,352	14,875

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 2301	4/25/2017	11.99	6,048	6,048	5,812
Loan ID 2302	4/28/2019	13.85	8,189	8,189	7,935
Loan ID 2303	4/29/2019	14.15	12,545	12,545	12,156
Loan ID 2304	4/25/2019	23.44	14,896	14,896	13,798
Loan ID 2305	4/25/2019	13.85	9,387	9,387	9,096
Loan ID 2306	4/29/2017	14.50	6,181	6,181	5,804
Loan ID 2307	4/29/2017	9.20	6,293	6,293	6,048
Loan ID 2308	4/29/2019	17.45	16,075	16,075	14,967
Loan ID 2309	4/25/2019	14.15	22,303	22,303	21,611
Loan ID 2310	4/29/2017	11.59	13,948	13,948	13,405
Loan ID 2311	4/30/2017	11.19	4,003	4,003	3,847
Loan ID 2312	4/30/2017	8.74	3,917	3,917	3,764
Loan ID 2313	4/30/2019	13.05	17,275	17,275	16,738
Loan ID 2314	4/29/2017	8.74	9,402	9,402	9,037
Loan ID 2315	4/30/2017	14.85	4,876	4,876	4,579
Loan ID 2316	4/28/2019	14.15	10,455	10,455	10,130
Loan ID 2317	4/30/2017	11.59	10,043	10,043	9,652
Loan ID 2318	4/29/2019	27.24	7,630	7,630	6,741
Loan ID 2319	4/30/2017	20.30	1,964	1,964	1,734
Loan ID 2320	4/28/2017	18.25	5,242	5,242	4,713
Loan ID 2321	4/28/2019	13.85	17,384	17,384	16,844
Loan ID 2322	4/30/2017	11.59	1,607	1,607	1,544
Loan ID 2323	4/30/2017	10.29	1,589	1,589	1,527
Loan ID 2324	4/29/2017	13.05	5	5	4
Loan ID 2325	4/28/2017	14.85	6,199	6,199	5,822
Loan ID 2326	4/28/2019	11.19	8,579	8,579	8,450
Loan ID 2327	4/28/2017	11.99	8,063	8,063	7,750
Loan ID 2328	4/30/2019	17.45	14,289	14,289	13,303
Loan ID 2329	4/28/2017	22.54	1,762	1,762	1,555
Loan ID 2330	4/30/2017	9.80	3,559	3,559	3,420
Loan ID 2331	4/28/2017	10.89	12,777	12,777	12,280
Loan ID 2332	5/1/2017	11.59	4,308	4,308	4,140
Loan ID 2333	5/1/2019	15.35	17,961	17,961	16,722
Loan ID 2334	4/29/2019	17.15	17,822	17,822	16,593
Loan ID 2335	4/29/2019	25.74	2,244	2,244	1,983
Loan ID 2336	4/29/2019	11.59	11,612	11,612	11,438
Loan ID 2337	4/29/2019	13.05	17,275	17,275	16,738
Loan ID 2338	4/29/2017	8.74	1,763	1,763	1,694
Loan ID 2339	4/30/2019	13.85	17,383	17,383	16,843
Loan ID 2340	4/29/2017	9.80	9,197	9,197	8,840
Loan ID 2341	4/30/2017	23.44	4,439	4,439	3,918
Loan ID 2342	5/1/2017	11.99	4,322	4,322	4,154
Loan ID 2343	4/29/2019	19.60	10,883	10,883	10,081
Loan ID 2344	5/1/2017	23.44	3,271	3,271	2,887
Loan ID 2345	5/1/2019	19.60	18,503	18,503	17,139
Loan ID 2346	4/29/2017	14.50	10,227	10,227	9,604
Loan ID 2347	5/1/2019	15.70	18,023	18,023	16,780
Loan ID 2348	4/29/2017	11.19	14,012	14,012	13,467
Loan ID 2349	5/2/2019	18.90	11,049	11,049	10,287
Loan ID 2350	4/29/2019	17.15	21,387	21,387	19,912

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 2351	5/1/2017	16.75	6,743	6,743	6,063
Loan ID 2352	4/29/2019	13.05	8,292	8,292	8,035
Loan ID 2353	5/2/2019	23.44	4,627	4,627	4,286
Loan ID 2354	4/30/2017	11.59	6,026	6,026	5,792
Loan ID 2355	4/30/2017	10.89	4,593	4,593	4,414
Loan ID 2356	4/30/2019	18.25	6,680	6,680	6,219
Loan ID 2357	4/30/2017	16.05	6,262	6,262	5,630
Loan ID 2358	4/30/2019	16.35	10,647	10,647	9,913
Loan ID 2359	4/30/2019	26.44	7,592	7,592	6,707
Loan ID 2360	4/30/2019	13.85	13,559	13,559	13,138
Loan ID 2361	4/30/2019	17.15	10,913	10,913	10,160
Loan ID 2362	5/1/2017	16.05	3,516	3,516	3,162
Loan ID 2363	5/1/2017	8.74	8,426	8,426	8,098
Loan ID 2364	5/1/2019	19.20	18,453	18,453	17,180
Loan ID 2365	5/6/2017	13.85	6,585	6,585	6,184
Loan ID 2366	5/6/2019	13.50	7,107	7,107	6,886
Loan ID 2367	5/1/2017	17.90	6,806	6,806	6,120
Loan ID 2368	5/2/2017	9.80	2,121	2,121	2,039
Loan ID 2369	5/2/2017	12.24	4,332	4,332	4,068
Loan ID 2370	5/2/2017	12.24	3,032	3,032	2,847
Loan ID 2371	5/5/2017	8.74	5,045	5,045	4,849
Loan ID 2372	5/5/2019	17.15	21,832	21,832	20,326
Loan ID 2373	5/7/2019	18.55	18,371	18,371	17,104
			15,089,277	15,089,277	14,244,620