0001171843-16-011643.txt : 20160809 0001171843-16-011643.hdr.sgml : 20160809 20160809163032 ACCESSION NUMBER: 0001171843-16-011643 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160809 DATE AS OF CHANGE: 20160809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Garrison Capital Inc. CENTRAL INDEX KEY: 0001509892 IRS NUMBER: 900900145 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 814-00878 FILM NUMBER: 161818366 BUSINESS ADDRESS: STREET 1: 1290 AVENUE OF THE AMERICAS STREET 2: SUITE 914 CITY: NEW YORK STATE: NY ZIP: 10014 BUSINESS PHONE: 212 372 9500 MAIL ADDRESS: STREET 1: 1290 AVENUE OF THE AMERICAS STREET 2: SUITE 914 CITY: NEW YORK STATE: NY ZIP: 10014 FORMER COMPANY: FORMER CONFORMED NAME: Garrison Capital LLC DATE OF NAME CHANGE: 20110110 10-Q 1 f10q_080916.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒

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

For the Quarterly Period Ended June 30, 2016

☐

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

For the transition period from to

Commission File Number 814-00878

Garrison Capital Inc.

(Exact name of registrant as specified in its charter)

Delaware

90-0900145

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1290 Avenue of the Americas, Suite 914

New York, New York 10104

(Address of principal executive offices)

(212) 372-9590

(Registrant’s telephone number, including area code)

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

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

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

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

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

As of August 4, 2016 the Registrant had 16,058,552 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 June 30, 2016 (unaudited) and December 31, 2015	1

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

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

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

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

Notes to Consolidated Financial Statements (unaudited)	17

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

Item 3. Quantitative and Qualitative Disclosures About Market Risk	62

Item 4. Controls and Procedures	62

Part II. Other Information

Item 1. Legal Proceedings	63

Item 1A. Risk Factors	63

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	63

Item 3. Defaults Upon Senior Securities	63

Item 4. Mine Safety Disclosures	63

Item 5. Other Information	63

Item 6. Exhibits	63

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

	June 30, 2016			December 31, 2015
	(unaudited)
Assets
Cash	$	18,143		$	24,985
Restricted cash		7,253			11,833
Due from counterparties		2,283			1,564
Investments, at fair value
Non-control/non-affiliate investments (amortized cost of $422,764 and $437,053, respectively)		400,917			415,001
Non-control/affiliate investments (amortized cost of $3,677 and $0, respectively)		3,677			—
Accrued interest receivable		4,218			5,919
Deferred offering costs		503			503
Other assets		186			496
Total assets	$	437,180		$	460,301

Liabilities
Due to counterparties	$	2,089		$	368
Management fee payable		1,824			1,828
Administrator fee payable		213			—
GLC Trust 2013-2 Class A note (Note 7)		9,517			15,664
Senior secured revolving note (Note 7)		31,100			35,000
Senior secured term notes (Note 7)		156,686			156,439
SBIC borrowings (Note 7)		25,775			18,546
Interest payable		955			807
Accrued expenses and other payables		834			939
Total liabilities	$	228,993		$	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 16,091,392 shares outstanding as of June 30, 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		249,634			254,239
Underdistributed net investment income		9,056			8,782
Accumulated net realized (loss) from investments		(28,685	)		(10,275	)
Net unrealized (loss) from investments		(21,834	)		(22,053	)
Total net assets		208,187			230,710
Total liabilities and net assets	$	437,180		$	460,301

Shares of common stock outstanding		16,091,392			16,507,594
Net asset value per share	$	12.94		$	13.98

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

June 30, 2016 (unaudited)

($ in thousands, except share amounts)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments
Investments - United States
Common Equity
Apparel Products
Everyware Global, Inc., Common*		242,035	$	2,714	$	1,816		0.88	%
Total Apparel Products				2,714		1,816		0.88

Health Services
Juniper TGX Investment Partners, LLC, Common		3,146		671		1,024		0.49
Total Health Services				671		1,024		0.49

Miscellaneous Manufacturing
Valterra Products Holdings, LLC, Class A		185,847		186		456		0.22
Valterra Products Holdings, LLC, Class B		20,650		21		51		0.02
Total Miscellaneous Manufacturing				207		507		0.24

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	$	3,470		1.67	%

Preferred Equity
Consumer Finance Services
Prosper Marketplace Series B Preferred Stock⁽¹⁾⁽²⁾		912,865	$	551	$	2,513		1.21	%
Total Consumer Finance Services				551		2,513		1.21

Miscellaneous Services
SC Academy Holdings, Inc., Preferred Equity		25,000		1,250		300		0.14
Total Miscellaneous Services				1,250		300		0.14

Total Preferred Equity			$	1,801	$	2,813		1.35	%

Debt Investments
Agricultural Services
BFN Operations LLC, Term Loan*⁽³⁾⁽⁴⁾
LIBOR ("L") + 10.00% PIK, 1.00% L Floor, 8/31/2016		10,997	$	10,339	$	-		-	%
BFN Operations LLC, Fourth Amendment Term Loan⁽³⁾⁽⁴⁾
L + 8.00% Cash, 4.00% PIK, 1.00% L Floor, 8/31/2016		849		849		-		-
Total Agricultural Services				11,188		-		-

Automotive
Penda Corporation, Term Loan⁽³⁾
14.00% Cash, 2.75% PIK, 1/26/2019		7,561		7,493		7,561		3.63
Total Automotive				7,493		7,561		3.63

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

June 30, 2016 (unaudited)

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Broadcasting & Entertainment
CF Entertainment Inc. (Entertainment Studios), Term Loan*
L + 11.00%,1.00% L Floor, 6/26/2020		10,084	$	10,020	$	10,020		4.82	%
Sesac Holdco II, LLC, Term Loan (First Lien)*
L+ 4.25%,1.00% L Floor, 2/8/2019		1,095		1,093		1,092		0.52
Total Broadcasting & Entertainment				11,113		11,112		5.34

Building & Real Estate
ShelterLogic Corp., Term Loan*
L+ 9.50%,1.00% L Floor, 7/30/2019		9,980		9,857		9,779		4.70
Total Building & Real Estate				9,857		9,779		4.70

Business Services
Connexity, Inc., Term Loan*
L+ 10.00%,1.00% L Floor, 2/13/2020		9,914		9,757		9,757		4.69
Total Business Services				9,757		9,757		4.69

Chemicals
Aristech Surfaces LLC, Term Loan B*
L+ 8.00%,1.00% L Floor, 10/17/2019		9,721		9,609		9,608		4.62
Total Chemicals				9,609		9,608		4.62

Communications
HC Cable OpCo, LLC, Term Loan*
L+ 8.50%,1.00% L Floor, 7/17/2018		10,704		10,627		10,704		5.14
Sirva Worldwide, Loan*
L+ 6.25%,1.25% L Floor, 3/27/2019		7,982		7,966		7,523		3.61
TableTop Media, LLC, Lease**
10.00%, 10/15/2019		5,059		5,047		5,050		2.43
U.S. Telepacific Corp., Term Loan*
L+ 5.00%,1.00% L Floor, 11/25/2020		1,981		1,970		1,886		0.91
Total Communications				25,610		25,163		12.09

Computer Programming, Data Processing, & Other Computer Related Services
Emtec Global Services Holdings, LLC, Term Loan**
L+ 8.25%, 0.44% L, 11/30/2020		2,799		2,766		2,771		1.32
Emtec Global Services Holdings, LLC, Revolver
L+ 8.25%, 0.46% L, 11/30/2020		98		93		97		0.05
Total Computer Programming, Data Processing, & Other Computer Related Services				2,859		2,868		1.37

Consumer Finance Services
Affiliated Wealth Partners Holdings LLC, Term Loan*
L+ 8.00%,1.00% L Floor, 9/15/2020		3,829		3,781		3,782		1.82
PlanMember Financial Corporation, Term Loan*⁽¹⁾
6.50%,1.50% L Floor, 12/31/2020		1,191		1,174		1,191		0.57
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*⁽¹⁾
L+ 7.00%,1.00% L Floor, 9/23/2019		8,868		8,678		8,536		4.10
Total Consumer Finance Services				13,633		13,509		6.49

Cosmetics/Toiletries
ActivStyle, Inc., Term Loan**
L+ 9.00%, 0.69% L, 7/9/2020		9,914		9,774		9,774		4.69
Total Cosmetics/Toiletries				9,774		9,774		4.69

Electrical Equipment
AbelConn, LLC (Atrenne Computing), Term Loan*
L+ 8.50%,1.00% L Floor, 7/17/2019		10,000		9,878		9,900		4.76
Otter Products, LLC (OtterBox Holdings, Inc.), Term B Loan*
L+ 4.75%,1.00% L Floor, 6/3/2020		1,888		1,852		1,605		0.77
Total Electrical Equipment				11,730		11,505		5.53

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		6,993		6,975		3.35
Total Equipment Rental & Leasing, Not Elsewhere Classified				6,993		6,975		3.35

Food Stores - Retail
Specialty Bakers LLC, Term Loan*
L+ 7.50%,1.00% L Floor, 8/7/2019		9,818		9,686		9,707		4.66
Total Food Stores - Retail				9,686		9,707		4.66

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

June 30, 2016 (unaudited)

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Health Services
Aurora Diagnostics, LLC, Delayed Draw Term Loan*
L+ 7.13%,1.25% L Floor, 7/31/2019		850	$	846	$	846		0.41	%
Aurora Diagnostics, LLC, Delayed Draw Term Loan B*
L+ 7.13%,1.25% L Floor, 7/31/2019		598		594		594		0.29
Aurora Diagnostics, LLC, Term Loan*
L+ 7.13%,1.25% L Floor, 7/31/2019		5,540		5,504		5,504		2.64
Forest Park Medical Center at San Antonio, LLC, Lease⁽⁴⁾
13.00%, 2/11/2020		8,982		8,832		3,897		1.87
Forest Park Medical Center at San Antonio, LLC, Term Loan⁽⁴⁾
14.00%, on Demand		1,951		1,914		847		0.41
SCG Capital Corporation (Radiation Therapy), Term Note
12.00%, 5/1/2017		2,282		2,282		2,282		1.10
Theragenics Corporation, Term Loan**
L+ 12.00%,1.00% L Floor, 12/23/2020		6,158		6,063		6,035		2.90
Walnut Hill Physicians' Hospital, LLC, Lease
12.50%, 4/30/2019		6,765		6,765		6,765		3.25
Total Health Services				32,800		26,770		12.87

Insurance Agents
Worley Claims Services, LLC, Term Loan*
L+ 8.00%,1.00% L Floor, 10/31/2020		10,343		10,281		10,268		4.93
Total Insurance Agents				10,281		10,268		4.93

Metal Mining
Metal Services LLC (Phoenix), New Term Loans*
L+ 7.50%,1.00% L Floor, 6/30/2019		6,112		6,026		5,936		2.85
Total Metal Mining				6,026		5,936		2.85

Miscellaneous Manufacturing
AP Gaming I, LLC, Term B Loan*
L+ 8.25%,1.00% L Floor, 12/21/2020		10,170		10,035		9,521		4.56
A.S.V., Inc., Term Loan*
L+ 11.00%, 0.50% L Floor, 12/19/2019		7,951		7,841		7,841		3.77
CR Brands, Inc., Term Loan*
L+ 9.25%,1.00% L Floor, 8/23/2017		10,061		9,994		9,985		4.80
Gardner Denver, Inc., Initial Dollar Term Loan*
L+ 3.25%,1.00% L Floor, 7/30/2020		1,985		1,882		1,823		0.88
Kranos Acquisition Corp., Term Loan*
L+ 10.00%,1.00% L Floor, 6/15/2017		8,818		8,783		8,792		4.22
Lexmark Carpet Mills, Inc., Term Loan*
L+ 10.00%,1.00% L Floor, 12/19/2019		9,774		9,605		9,604		4.61
PCCR USA, Inc., Term Loan A*
L+ 8.00%,1.00% L Floor, 12/1/2019		6,738		6,646		6,646		3.19
PCCR USA, Inc., Term Loan B*
L+ 8.00%,1.00% L Floor, 12/1/2019		1,753		1,723		1,723		0.83
Pelican Products, Inc., Term Loan*
L+ 4.25%,1.00% L Floor, 4/10/2020		1,950		1,934		1,892		0.91
Profusion Industries, LLC, Term Loan*
L+ 9.00%, 0.50% L Floor, 6/19/2020		10,043		9,883		9,883		4.75
Texas Hydraulics Holding, Inc., Term Loan**
L+ 6.50%, 0.50% L Floor, 2/17/2021		8,200		8,048		8,048		3.87
Total Miscellaneous Manufacturing				76,374		75,758		36.39

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

June 30, 2016 (unaudited)

(in thousands)

							% of Net
Security Description	Par / Shares		Cost		Fair Value		Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Miscellaneous Retail
360 Holdings III Corp., Term Loan*
L+ 9.00%, 1.00% L Floor, 10/1/2021		7,345	$	7,077	$	7,077		3.40	%
Confluence Outdoor, LLC, Term Loan*
L+ 7.00%,1.00% L Floor, 4/18/2019		6,657		6,592		6,592		3.17
Confluence Outdoor, LLC, Delayed Draw Term Loan
L+ 7.00%,1.00% L Floor, 4/18/2019		999		989		989		0.47
HRI Holding Corp. (Houlihans Restaurants), Term Loan*
L+ 6.25%,1.00% L Floor, 12/17/2020		6,800		6,673		6,675		3.21
Interior Specialists, Inc., Term Loan*
L+ 8.00%,1.00% L Floor, 6/30/2020		10,144		9,982		9,982		4.79
League Collegiate Holdings, LLC, Term Loan*
L+ 8.00%, 0.50% L Floor, 6/28/2021		7,700		7,585		7,585		3.64
League Collegiate Holdings, LLC, Revolver*
L+ 8.00%,0.50% L Floor, 6/28/2021		154		121		152		0.07
PD Products, LLC, Term Loan*
L+ 10.50%,1.50% L Floor, 10/4/2018		9,379		9,295		9,378		4.50
PD Products, LLC, Revolver
L+ 10.50%,1.50% L Floor, 10/4/2018		180		166		180		0.09
Sears Holdings Corporation, Term Loan*
L+ 7.50%, 1.00% L Floor, 7/20/2020		1,600		1,555		1,593		0.77
Total Miscellaneous Retail				50,035		50,203		24.11

Miscellaneous Services
Simmons Research LLC, Term Loan*
L+ 10.50%, 0.69% L, 12/11/2020		3,860		3,791		3,791		1.82
Sprint Industrial Holdings, LLC, Term Loan (First Lien)*
L+ 5.75%,1.25% L Floor, 5/14/2019		4,799		4,781		3,527		1.69
YourMembership Holding Company, Term Loan A**
L+ 7.00%,1.00% L Floor, 9/12/2019		9,755		9,701		9,689		4.66
Total Miscellaneous Services				18,273		17,007		8.17

Oil & Gas
Badlands Production Company (fka Gasco), Term Loan*
L+ 17.50%,1.00% L Floor, 5/14/2018		10,500		10,367		9,975		4.80
Iracore International Holdings, Inc., Term Loan*
L+ 9.00%,1.00% L Floor, 7/10/2020		8,878		8,770		8,211		3.94
Rooster Energy Ltd., Term Loan*⁽³⁾
L+ 11.50%, Cash, 8.00% PIK, 1.50% L Floor, 6/25/2018		5,676		5,620		5,392		2.59
Total Oil & Gas				24,757		23,578		11.33

Printing & Publishing
Dodge Data & Analytics LLC, Term Loan*
L+ 8.75%,1.00% L Floor, 10/31/2019		9,154		9,032		9,032		4.34
Total Printing & Publishing				9,032		9,032		4.34

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

June 30, 2016 (unaudited)

(in thousands)

									% of Net
Security Description	Par / Shares		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Debt Investments (continued)
Specialty Services
Del Mar Recovery Solutions, Inc., Term Loan**
L+ 8.50%, 0.50% L Floor, 6/27/2021		8,580	$	8,430		$	8,430			4.05	%
Del Mar Recovery Solutions, Inc., Revolver
L+ 8.50%, 0.50% L Floor, 6/27/2021		165		142			162			0.08
Vistronix, LLC, Term Loan*
L+ 8.50%, 0.50% L Floor, 12/4/2018		9,383		9,337			9,337			4.46
Vistronix, LLC, Revolver
L+ 8.50%, 0.50% L Floor, 12/4/2018		875		871			871			0.42
Total Specialty Services				18,780			18,800			9.01

Transportation Services
Fleetgistics Holdings, Inc., Term Loan*
L+ 6.13%,2.00% L Floor, 12/31/2018		964		964			867			0.42
Gruden Acquisition, Inc., Term Loan (First Lien)*
L+ 4.75%,1.00% L Floor, 8/18/2022		1,990		1,954			1,827			0.87
MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*⁽³⁾
L+ 5.00% Cash, 8.00% PIK, 1.00% L Floor, 5/31/2018		14,915		14,807			14,160			6.80
Raymond Express International, LLC, Term Loan*
L+ 7.75%,1.75% L Floor, 2/28/2018		1,641		1,635			1,559			0.75
Total Transportation Services				19,360			18,413			8.84

Total Debt Investments			$	405,020		$	383,083			184.00	%

Financial Assets
Consumer Finance Services
GLC Trust 2013-2 Consumer Loan Pool⁽¹⁾⁽⁵⁾		11,982	$	11,982		$	11,626			5.58	%
Total Consumer Finance Services				11,982			11,626			5.58

Total Financial Assets			$	11,982		$	11,626			5.58	%

Unfunded Commitments
Communications
HC Cable OpCo, LLC, Revolver
0.50%, 7/17/2018		955	$	-		$	-			-	%
Total Communications				-			-			-

Computer Programming, Data Processing, & Other Computer Related Services
Emtec Global Services Holdings, LLC, Revolver⁽⁶⁾
0.00%, 11/30/2020		360		-			(4	)		-
Total Computer Programming, Data Processing, & Other Computer Related Services				-			(4	)		-

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

Miscellaneous Retail
League Collegiate Holdings, LLC, Revolver⁽⁶⁾
0.75%, 6/28/2021		2,046		-			(30	)		(0.01	)
PD Products, LLC, Revolver
0.50%, 10/4/2018		1,460		-			-			-
Total Miscellaneous Retail				-			(30	)		(0.01	)

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

June 30, 2016 (unaudited)

(in thousands)

									% of Net
Security Description	Par / Shares		Cost			Fair Value			Assets
Non-Control/Non-Affiliate Investments (continued)
Investments - United States (continued)
Unfunded Commitments (continued)
Miscellaneous Services
Del Mar Recovery Solutions, Inc., Revolver⁽⁶⁾
0.75%, 6/27/2021		1,155		-			(20	)		(0.01	)
YourMembership Holding Company, Revolver⁽⁶⁾
0.00%, 9/12/2019		441		(2	)		(3	)		-
Total Miscellaneous Services				(2	)		(23	)		(0.01	)

Transportation Services
Raymond Express International, LLC, Revolver ⁽⁶⁾
0.50%, 2/28/2018		215		-			(11	)		(0.01	)
Total Transportation Services				-			(11	)		(0.01	)

Total Unfunded Commitments			$	(9	)	$	(75	)		(0.03	)%

Total Non-Control/Non-Affiliate Investments			$	422,764		$	400,917			192.57	%

Non-Control/Affiliate Investments⁽⁸⁾
Investments - United States
Common Equity
Miscellaneous Services
Speed Commerce Investment Partners LLC, Class A Unit*		1,780	$	1,693		$	1,693			0.81	%
Total Miscellaneous Services				1,693			1,693			0.81

Total Common Equity			$	1,693		$	1,693			0.81	%

Debt Investments
Miscellaneous Services
Speed Commerce Operating Company LLC, Closing Date Term Loan B⁽³⁾
L+ 8.00% Cash, 3.00% PIK, 12/8/2017		1,784	$	1,784		$	1,784			0.86	%
Speed Commerce Operating Company LLC, Delayed Draw Term Loan B⁽³⁾
L+ 8.00% Cash, 3.00% PIK, 12/8/2017		200		200			200			0.10
Total Miscellaneous Services				1,984			1,984			0.96

Total Debt Investments			$	1,984		$	1,984			0.96	%

Unfunded Commitments
Miscellaneous Services
Speed Commerce Operating Company LLC, Delayed Draw Term Loan B
0.00%, 12/8/2017		1,016	$	-		$	-			-	%
Total Miscellaneous Services				-			-			-

Total Unfunded Commitments			$	-		$	-			-	%

Total Non-Control/Affiliate Investments			$	3,677		$	3,677			1.77	%

Total Investments - United States			$	426,441		$	404,594			194.34	%

_____________

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

(2)

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

(3)

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

(4)

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

(5)

GLC Trust 2013-2 includes 2,077 small balance consumer loans with an average par of $5,769, a weighted average rate of 15.7% and a weighted average maturity of August 2, 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 June 30, 2016 for detail on underlying loans.

(6)

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

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

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

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

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands, except share amounts)

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

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

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

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

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

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

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

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

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

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

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

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

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

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

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2015

(in thousands)

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

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

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

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

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

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

Unfunded 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.

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)

(3)

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

(4)

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

(5)

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

(6)

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

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

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

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

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Investment income
Interest income
Non-control/non-affiliate investments	$	10,974		$	12,277		$	21,849		$	25,235
Other income		163			875			344			1,396
Total investment income		11,137			13,152			22,193			26,631

Expenses
Interest expense		2,078			1,816			4,086			3,666
Management fee		1,824			1,983			3,674			3,973
Incentive fee		-			1,017			-			1,712
Professional fees		336			299			722			615
Directors' fees		107			101			214			208
Administrator expenses		445			272			714			513
Other expenses		547			531			1,071			1,083
Total expenses		5,337			6,019			10,481			11,770
Net investment income before excise taxes		5,800			7,133			11,712			14,861
Excise tax (expense)		(50	)		43			(100	)		(3	)
Net investment income		5,750			7,176			11,612			14,858

Realized and unrealized (loss)/gain on investments
Net realized (loss) from investments
Non-control/non-affiliate investments		(18,315	)		(8,521	)		(18,410	)		(9,011	)
Net change in unrealized gain from investments
Non-control/non-affiliate investments		8,681			5,221			219			1,001
Net realized and unrealized (loss) on investments		(9,634	)		(3,300	)		(18,191	)		(8,010	)

Net (decrease)/increase in net assets resulting from operations	$	(3,884	)	$	3,876		$	(6,579	)	$	6,848

Net investment income per common share	$	0.36		$	0.43		$	0.71		$	0.89
Net (decrease)/increase in net assets resulting from operations per common share	$	(0.24	)	$	0.23		$	(0.40	)	$	0.41
Basic weighted average common shares outstanding		16,173,091			16,758,779			16,246,272			16,758,779

Dividends and distributions declared per common share⁽¹⁾	$	0.35		$	0.35		$	0.70		$	0.70

____________

(1)

Calculated using basic weighted average common shares outstanding.

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

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

	Six Months Ended			Six Months Ended
	June 30, 2016			June 30, 2015

(Decrease)/increase in net assets from operations:
Net investment income	$	11,612		$	14,858
Net realized (loss) from investments		(18,410	)		(9,011	)
Net change in unrealized gain on investments		219			1,001
Net (decrease)/increase in net assets from operations		(6,579	)		6,848

Dividends and distributions to stockholders:
From net investment income		(11,340	)		(11,732	)
Total dividends and distributions to stockholders⁽¹⁾		(11,340	)		(11,732	)

Common share transactions
Repurchase of common stock (see Note 13)		(4,604	)		-
Net (decrease) in net assets from common share transactions		(4,604	)		-

Total (decrease) in net assets		(22,523	)		(4,884	)
Net assets at beginning of period		230,710			261,103
Net assets at end of period	$	208,187		$	256,219
Net asset value per common share	$	12.94		$	15.29
Common shares outstanding at end of period		16,091,392			16,758,779

Underdistributed net investment income included in net assets	$	9,056		$	3,127

____________

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

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

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

	Six Months Ended			Six Months Ended
	June 30, 2016			June 30, 2015
Cash flows from operating activities
Net (decrease)/increase in net assets resulting from operations	$	(6,579	)	$	6,848
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		(724	)		(831	)
Net realized loss from investments		18,410			9,011
Amortization of discount on senior secured notes payable		107			158
Amortization of deferred debt issuance costs		409			398
Net change in unrealized (gain) on investments		(219	)		(1,001	)
Payment-in-kind interest		(929	)		(1,211	)
Purchases of investments		(61,829	)		(88,573	)
Paydowns of investments		28,716			111,932
Sales of investments		26,983			3,371
Changes in operating assets and liabilities:
Decrease/(increase) in cash, restricted		4,580			(6,356	)
(Increase) in due from counterparties		(719	)		(167	)
Decrease/(increase) in accrued interest receivable		1,701			(900	)
(Increase) in deferred offering costs		-			(126	)
Decrease in prepaid administrator fee		-			74
Decrease/(increase) in other assets		214			(310	)
Increase in due to counterparties		1,721			1
Increase in payables to affiliates		210			1,138
Increase/(decrease) in interest payable on notes payable		147			(34	)
(Decrease) in accrued expenses and other payables		(105	)		(32	)
Net cash provided by operating activities		12,094			33,390

Cash flows from financing activities
Repurchase of common stock		(4,604	)		-
Distributions paid to stockholders		(11,340	)		(11,731	)
Payments for financing costs		(178	)		(435	)
(Repayment) of senior secured revolving notes		(3,900	)		(2,400	)
Repayment of GLC Trust 2013-2 Class A notes		(6,274	)		(7,848	)
Proceeds from Garrison SBIC borrowings		7,360			3,500
Net cash (used in) financing activities		(18,936	)		(18,914	)

Net (decrease)/increase in cash		(6,842	)		14,476
Cash at beginning of period		24,985			13,651
Cash at end of period	$	18,143		$	28,127

Supplemental disclosure of cash flow information
Cash paid for interest expense	$	3,348		$	3,145
Supplemental disclosure of non-cash activities
Restructuring of portfolio investment	$	840		$	2,735

See accompanying notes to consolidated financial statements.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

1. Organization

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

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

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

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

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

1. Organization – (continued)

On May 17, 2013, GARS formed GLC Trust 2013-2, a Delaware statutory trust (“GLC Trust 2013-2”). This entity is a wholly owned subsidiary of GARS created for the purpose of investing in a portfolio of small balance consumer loans. GLC Trust 2013-2 is 100% owned by GARS. 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 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 (the “GLC Trust 2013-2 Securitization” and the notes offered thereby, the “GLC Trust 2013-2 Notes”) collateralized by the GLC Trust 2013-2 consumer loan portfolio, to refinance the GLC Trust 2013-2 Revolver (see Note 7).

On September 25, 2013, Garrison Funding 2013-2 Ltd. (“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, Garrison Funding 2013-2 Manager LLC (“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 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.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

1. Organization – (continued)

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

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

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

Investment Classification

As of June 30, 2016, $400.9 million of the Company’s investments were Non-Control/Non-Affiliate Investments and $3.7 million were Non-Control/Affiliate Investments. As of December 31, 2015, all of the Company’s investments were Non-Control/Non-Affiliate Investments.

Use of Estimates

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

Cash and Cash Equivalents

As of June 30, 2016 and December 31, 2015, cash held in designated bank accounts with the Custodian was $11.8 million and $23.4 million, respectively. As of June 30, 2016 and December 31, 2015, cash held in designated bank accounts with other major financial institutions was $6.3 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 June 30, 2016 and December 31, 2015, the Company held no cash equivalents.

Cash and Cash Equivalents, Restricted

Restricted cash as of June 30, 2016 and December 31, 2015 included cash of $6.2 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 June 30, 2016 and December 31, 2015 also included cash of $1.1 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 June 30, 2016 and December 31, 2015, the Company held no restricted cash equivalents.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

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

Investment Transactions and Related Investment Income and Expense

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

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

The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. For consumer loans, any loan which is 120 days past due is considered defaulted and 100% of the principal is charged off with no expected recovery or sale of defaulted receivables. For the three and six months ended June 30, 2016, the Company recognized $0.3 million and $0.7 million in charge offs in realized losses from investments for consumer loans held by GLC Trust 2013-2, respectively. The Company had three investments that were on non-accrual status as of June 30, 2016 and four investments that were on non-accrual status as of December 31, 2015.

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

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

Interest Expense

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

Expenses

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

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

Loan Origination, Facility, Commitment and Amendment Fees

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

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

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

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

Valuation of Investments

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

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

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

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

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

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

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

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

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

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

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

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

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

•

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

•

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

•

The valuation committee of the Board reviews these preliminary valuations.

•

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

•

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

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

Deferred Financing Costs

Financing costs incurred in connection with the execution of the 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 June 30, 2016 and December 31, 2015, $0.5 million of expenses associated with the shelf registration statement initially filed with the SEC on April 3, 2014 (“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.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

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

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

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

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

Income Taxes

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

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

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

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

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

For the three and six months ended June 30, 2016, there was $50,000 and $0.1 million of U.S. federal excise tax expense recorded. For the three ended June 30, 2015, the Company reversed previously accrued U.S. federal excise tax in the amount of $(42,957). In addition, GARS has certain wholly owned taxable subsidiaries (the “Taxable Subsidiaries”), each of which holds a portion of one or more of our portfolio investments that are listed on the consolidated schedule of investments. The Taxable Subsidiaries are consolidated for financial reporting purposes in accordance with U.S. GAAP, so that our consolidated financial statements reflect our investments in the portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is, among other things, to permit GARS to hold certain interests in portfolio companies that are organized as limited liability companies (“LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross income for federal income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiaries, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of investment income, it could jeopardize GARS ability to qualify as a RIC and therefore cause GARS to incur significant amounts of corporate-level U.S. federal income taxes. Where interests in LLCs (or other pass-through entities) are owned by the Taxable Subsidiaries, however, the income from such interests is taxed to the Taxable Subsidiaries and does not flow through to the RIC, thereby helping GARS preserve its RIC status and resultant tax advantages. The Taxable Subsidiaries are not consolidated for U.S. federal income tax purposes and may generate income tax expense as a result of their ownership of the portfolio companies.

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

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

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

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

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

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

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

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

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

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

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

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

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

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

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

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

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

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

Recent Accounting Pronouncements

In 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.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

3. Investments – (continued)

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

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

The terms of the Debt Investments may provide for the Company to extend to a borrower additional credit or provide funding for any unfunded portion of such Debt Investments at the request of the borrower. This exposes the Company to potential liabilities that are not reflected on the consolidated statements of financial condition. As of June 30, 2016 and December 31, 2015, the Company had $8.7 million and $6.9 million of unfunded commitments with a fair value of $(0.1) million and $(0.1) million, respectively. The negative fair value is the result of the unfunded commitments being valued below par. These amounts may or may not be funded to the borrowing party now or in the future.

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

4. Fair Value of Financial Instruments

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

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

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

The inputs are summarized in three broad levels listed below:

•

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

•

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

•

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

4. Fair Value of Financial Instruments – (continued)

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

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

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

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

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

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

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

4. Fair Value of Financial Instruments – (continued)

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

	As of June 30, 2016
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior Secured ⁽¹⁾⁽²⁾	$	-	$	-	$	377,431	$	377,431
Mezzanine		-		-		7,561		7,561
Preferred Equity Investments		-		-		2,813		2,813
Common Equity Investments		-		-		5,163		5,163
Financial Assets		-		-		11,626		11,626
	$	-	$	-	$	404,594	$	404,594

______________

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

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

______________

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

The net change in unrealized gain attributable to the Company’s Level 3 assets for the six months ended June 30, 2016 included in the net change in unrealized gain from on investments in the Company’s consolidated statement of operations was $0.2 million. The net change in unrealized gain attributable to the Company’s Level 3 assets for the six months ended June 30, 2015 included in the net change in unrealized gain from investments in the Company’s consolidated statement of operations was $1.0 million.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

4. Fair Value of Financial Instruments – (continued)

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

	Six Months Ended June 30, 2016
	Senior Secured			Mezzanine			Preferred Equity			Common Equity			Financial
	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		(15,930	)		(14	)		(2,674	)		298			(72	)		(18,392	)
Total net accretion of discounts on investments		710			14			-			-			-			724
Purchases/issuances⁽¹⁾		61,018			49			-			1,693			-			62,760
Sales		(26,983	)		-			-			-			-			(26,983	)
Paydowns⁽¹⁾		(22,164	)		-			-			(296	)		(6,056	)		(28,516	)

Fair value, end of period	$	377,431		$	7,561		$	2,813		$	5,163		$	11,626		$	404,594

Net change in unrealized (loss)/ gain from investments in our Consolidated Statement of Operations attributable to our Level 3 assets still held at the reporting date	$	(9,409	)	$	(14	)	$	(2,674	)	$	-		$	579		$	(11,518	)

______________

(1)

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

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

	Six Months Ended June 30, 2015
	Senior Secured			Second Lien			Mezzanine			Subordinated		Preferred Equity		Common Equity		Financial
	Investments			Investments			Investments			Investments		Investments		Investments		Assets			Total
($ in thousands)
Fair value, beginning of period	$	399,188		$	13,652		$	7,361		$	4,067	$	5,791	$	1,380	$	36,330		$	467,769

Total net realized and unrealized (loss)/gain on investments		(7,603	)		284			(13	)		-		721		39		(1,358	)		(7,930	)
Total net accretion of discounts on investments		787			31			13			-		-		-		-			831
Purchases/issuances⁽¹⁾		89,622			-			74			-		-		2,825		-			92,521
Sales		127			(3,498	)		-			-		-		-		-			(3,371	)
Paydowns⁽¹⁾		(95,855	)		(10,470	)		-			-		-		-		(8,425	)		(114,750	)

Fair value, end of period	$	386,266		$	(1	)	$	7,435		$	4,067	$	6,512	$	4,244	$	26,547		$	435,070

Net change in unrealized (loss)/ gain from investments in our Consolidated Statement of Operations attributable to our Level 3 assets still held at the reporting date	$	(2,899	)	$	-		$	(13	)	$	-	$	722	$	39	$	(24	)	$	(2,175	)

______________

(1)

Includes non-cash restructuring of portfolio investments of $2.7 million. There were no transfers of investments between levels for the six months ended June 30, 2015.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

4. Fair Value of Financial Instruments – (continued)

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

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

($ in thousands)
Senior Secured Investments⁽¹⁾		377,431	Comparable yield approach	Market rate ⁽²⁾		5.4	%		25.4	%		10.5	%
			Market comparable companies	EBITDA multiple ⁽⁵⁾		2.5	x		11.8	x		6.0	x

Mezzanine Investments		7,561	Comparable yield approach	Market rate ⁽²⁾		16.7	%		16.7	%		16.7	%
			Market comparable companies	EBITDA multiple ⁽⁵⁾		6.1	x		6.1	x		6.1	x

Equity Investments⁽³⁾		7,976	Market comparable companies	EBITDA multiple ⁽⁵⁾		4.0	x		8.0	x		4.8	x
			Market comparable companies	Origination fees multiple		4.7	x		4.7	x		4.7	x

Financial Assets ⁽⁴⁾		11,626	Discounted cash flows	Interest rate		6.3	%		31.3	%		15.7	%
				Conditional prepayment rate ("CPR")		18.5	%		83.6	%		32.7	%
				Constant default rate ("CDR")		8.4	%		40.8	%		18.3	%
				Default rate multiplier		0.9	x		0.9	x		0.9	x
				Discount rate		7.3	%		7.3	%		7.3	%
Total	$	404,594

____________

(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 June 30, 2016, 21.1%, 33.6%, 34.1%, 8.1%, 3.0%, and 0.1%, of the total fair value of Financial Assets was comprised of A, B, C, D, E and F risk rated loans, respectively. See Exhibit 99.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 for detail on the underlying loans.

(5)		Excludes non-operating portfolio companies, which we define as those loans collateralized by proved developed producing, or PDP, value or other hard assets. PDPs are proven revenues that can be produced with existing wells. As of June 30, 2016, $31.9 million of par value and $31.1 million of fair value was excluded.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

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

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

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

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

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

Financial Assets ⁽⁴⁾		17,754	Discounted cash flows	Interest rate		6.3	%		31.3	%		15.6	%
				CPR		18.5	%		83.6	%		36.9	%
				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 fair value was excluded.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

4. Fair Value of Financial Instruments – (continued)

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

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

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

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

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

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

Industry	Cost of Investments				Fair Value of Investments
($ in thousands)
Miscellaneous Manufacturing	$	76,581	18.0	%	$	76,265	18.9	%
Miscellaneous Retail		50,145	11.8			50,296	12.5
Health Services		33,464	7.8			27,787	7.0
Consumer Finance Services		26,166	6.1			27,648	6.9
Communications		25,610	6.0			25,163	6.2
Oil & Gas		24,757	5.8			23,578	5.8
Miscellaneous Services		23,198	5.4			20,961	5.2
Transportation Services		19,628	4.6			18,402	4.5
Specialty Services		18,780	4.4			18,800	4.6
Electrical Equipment		11,730	2.8			11,505	2.8
Agricultural Services		11,188	2.6			-	-
Broadcasting & Entertainment		11,113	2.6			11,112	2.7
Insurance Agents		10,281	2.4			10,268	2.5
Building & Real Estate		9,857	2.3			9,779	2.4
Cosmetics/Toiletries		9,774	2.3			9,774	2.4
Business Services		9,757	2.3			9,757	2.4
Food Stores - Retail		9,686	2.3			9,707	2.4
Chemicals		9,609	2.3			9,608	2.4
Printing & Publishing		9,032	2.1			9,032	2.2
Automotive		7,493	1.8			7,561	1.9
Equipment Rental & Leasing, Not Elsewhere Classified		6,993	1.6			6,975	1.7
Metal Mining		6,026	1.4			5,936	1.5
Computer Programming, Data Processing, & Other Computer Related Services		2,859	0.7			2,864	0.7
Apparel Products		2,714	0.6			1,816	0.4
	$	426,441	100.0	%	$	404,594	100.0	%

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

4. Fair Value of Financial Instruments – (continued)

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

Industry	Cost of Investments				Fair Value of Investments
($ in thousands)
Miscellaneous Manufacturing	$	73,278	16.6	%	$	73,229	17.7	%
Health Services		46,794	10.7			41,472	10.0
Miscellaneous Retail		35,024	8.0			35,158	8.5
Consumer Finance Services		34,083	7.8			36,558	8.8
Miscellaneous Services		32,985	7.5			22,386	5.4
Communications		26,424	6.0			26,182	6.3
Oil & Gas		24,952	5.7			24,049	5.8
Transportation Services		19,125	4.4			18,111	4.4
Specialty Services		13,954	3.2			13,898	3.3
Electrical Equipment		12,185	2.8			12,136	2.9
Broadcasting & Entertainment		11,160	2.6			11,146	2.7
Agricultural Services		10,339	2.4			5,040	1.2
Insurance Agents		10,325	2.4			10,311	2.5
Chemicals		10,102	2.3			10,102	2.4
Cosmetics/Toiletries		10,010	2.3			10,010	2.4
Business Services		9,989	2.3			9,988	2.4
Building & Real Estate		9,962	2.3			9,962	2.4
Food Stores - Retail		9,290	2.1			9,290	2.2
Printing & Publishing		9,143	2.1			9,143	2.2
Automotive		7,431	1.7			7,512	1.8
Equipment Rental & Leasing, 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, unsettled purchases of common stock and principal paydowns receivable from the borrowers.

Amounts due to counterparties were $2.1 million and $0.4 million as of June 30, 2016 and December 31, 2015, respectively. Amounts due from counterparties were $2.3 million and $1.6 million as of June 30, 2016 and December 31, 2015, respectively.

7. Financing

As of June 30, 2016, the total carrying value of the Company’s aggregate debt outstanding was $223.1 million with a weighted average effective interest rate of 3.39%. The Company’s debt outstanding as of June 30, 2016 was comprised of notes issued by GF 2013-2 and GLC Trust 2013-2 as well as Garrison SBIC borrowings.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

7. Financing – (continued)

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

Amortized

Outstanding

June 30, 2016

Carrying Value

Principal at Par

Interest Rate

Rating⁽²⁾

Stated Maturity

($ in thousands)

Senior Secured Notes:

Class A-1R Notes

31,100

LIBOR + 1.90% ⁽¹⁾

AAA(sf)

9/25/2023

Class A-1T Notes

108,431

111,175

LIBOR + 1.80%

AAA(sf)

9/25/2023

Class A-2 Notes

23,698

24,150

LIBOR + 3.40%

AA(sf)

9/25/2023

Class B Notes

24,557

25,025

LIBOR + 4.65%

A (sf)

9/25/2023

Garrison SBIC Borrowings:

SBIC 2016-10 A

12,291

12,700

3.25% ⁽³⁾

N/A

3/1/2026

SBIC 2015-10 B

13,484

14,000

3.57% ⁽³⁾

N/A

9/1/2025

GLC Trust 2013-2 Notes:

Class A Notes

9,517

9,703

3.00%

N/A

7/15/2021

223,078

227,853

______________

(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

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. The maturity date of our interim financings was March 23, 2016.

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 June 30, 2016 and December 31, 2015, the Company’s asset coverage for borrowed amounts was 203.2% 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.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

7. Financing – (continued)

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

	June 30, 2016			December 31, 2015

Senior Secured Revolving Notes:
Weighted average interest rate		2.52	%		2.40	%
Weighted average effective interest rate⁽¹⁾		2.56			2.48
Senior Secured Term Notes:
Weighted average interest rate		3.10			2.86
Weighted average effective interest rate⁽¹⁾		3.47			3.26
GLC Trust 2013-2 Class A Notes:
Weighted average interest rate		3.00			3.00
Weighted average effective interest rate⁽¹⁾		3.38			3.09
SBIC Borrowings:
Weighted average interest rate		3.42			3.02
Weighted average effective interest rate⁽¹⁾		3.82			3.97
Total
Total weighted average interest rate		3.06			2.81
Total weighted average effective interest rate⁽¹⁾		3.39			3.20

__________

⁽¹⁾

Includes the effects of deferred debt issuance costs.

Senior Secured Notes

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 June 30, 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.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

7. Financing – (continued)

At June 30, 2016, $18.9 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 June 30, 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 June 30, 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.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

7. Financing – (continued)

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

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

As of June 30, 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 statements of financial condition as of June 30, 2016 and December 31, 2015. As of June 30, 2016, the Company had $8.3 million of available SBIC leverage capacity.

GLC Trust 2013-2 Notes

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

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

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

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

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

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

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 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 six months ended June 30, 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 $4.2 million and $4.4 million of deferred debt issuance costs remaining as of June 30, 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 and six months ended June 30, 2016, and June 30, 2015:

	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2016		2015		2016		2015
Management fees
Management fees	$	1,824	$	1,983	$	3,674	$	3,973
Total management fees	$	1,824	$	1,983	$	3,674	$	3,973

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

Incentive Fee Overview

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

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

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

•

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

•

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

•

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

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

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

8. Related Party Transactions – (continued)

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

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

Incentive Fee Cap and Deferral Mechanism

We have structured the calculation of these incentive fees to include a fee limitation such that no incentive fee will be paid to our Investment Adviser for any fiscal quarter if, after such payment, the cumulative incentive fees paid to our Investment Adviser for the period that includes such fiscal quarter and the 11 full preceding fiscal quarters (the “Incentive Fee Look-back Period”) would exceed 20.0% of our Cumulative Pre-incentive Fee Net Return during the applicable Incentive Fee Look-back Period. 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.

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

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

	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2016			2015			2016			2015
Incentive fees
Income-based incentive fees	$	1,151		$	1,639		$	2,323		$	3,314
Capital gains-based incentive fees⁽¹⁾		-			(622	)		-			(1,602	)
Incentive fees subject to cap & deferral mechanism⁽²⁾		(1,151	)		-			(2,323	)		-
Total incentive fees	$	-		$	1,017		$	-		$	1,712

__________

(1)

Capital Gains-Based Incentive Fee included the reversal of $(0.6) million and $(0.8) million of incentive fees on unrealized capital gains/(losses) as calculated under U.S. GAAP for the three and six months June 30, 2015, respectively.

(2)

As of June 30, 2016, the Investment Adviser had calculated an aggregate of $15.6 million (net of $0.3 million waiver) of income-based incentive fees since July 1, 2013, of which $10.6 million had been paid as of June 30, 2016. However, our cumulative Pre-Incentive Fee Net Return has been decreased by the aggregate cumulative net realized and unrealized capital losses, as calculated under U.S. GAAP, experienced through the Incentive Fee Look-back Period. As a result, as of June 30, 2016, aggregate incentive fees payable to the Investment Adviser during the Incentive Fee Look-back Period were capped by the Incentive Fee Cap and Deferral Mechanism at $7.6 million (i.e., 20% of our Cumulative Pre-Incentive Fee Net Return, net of waived fees, during the Incentive Fee Look-back Period).

Due to the fact that there is no clawback of amounts previously paid to the Investment Adviser in accordance with the Investment Advisory Agreement, the Company has not recorded a receivable for the $3.0 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 June 30, 2016.

The $3.0 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 June 30, 2016 are reversed within the applicable Incentive Fee Look-back Period, the corresponding increase in our Cumulative Pre-Incentive Fee Net Return may result in the Investment Adviser earning and being paid up to $5.2 million of income based incentive fees which are currently subject to the Incentive Fee Cap.

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

The Investment Adviser did not earn any aggregate incentive fees for the three and six months ended June 30, 2016. The Investment Adviser earned aggregate incentive fees of $1.0 million and $1.7 million for the three and six months ended June 30, 2015. No incentive fees were payable on the consolidated statements of financial condition as of June 30, 2016 and December 31, 2015, respectively.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

8. Related Party Transactions – (continued)

Administration Agreement

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

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

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

Administrator charges for the three and six months ended June 30, 2016 were $0.4 million and $0.7 million, respectively. Administrator charges for the three and six months ended June 30, 2015 were $0.3 million and $0.5 million, respectively. No charges were waived by the GARS Administrator for the three and six months ended June 30, 2016 and June 30, 2015. Administration fees of $0.2 million were payable to the GARS Administrator as of June 30, 2016. No administration fees were payable to the GARS Administrator as of December 31, 2015.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

8. Related Party Transactions – (continued)

Directors’ Fees

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

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

For the three and six months ended June 30, 2016, independent directors earned Directors’ Fees of $0.1 million and $0.2 million, respectively. For the three and six months ended June 30, 2015, independent directors earned Directors’ Fees of $0.1 million and $0.2 million, respectively. No Directors’ Fees were payable as of June 30, 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 June 30, 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 177,374, or 1.1%, of the total outstanding shares of GARS common stock, and the Garrison Offering Funds held zero shares of common stock.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

8. Related Party Transactions – (continued)

Other

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

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

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

9. Financial Highlights

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

Per share data	Six Months Ended June 30, 2016			Six Months Ended June 30, 2015
($ in thousands, except share and per share amounts)
Net asset value per common share at beginning of period	$	13.98		$	15.58
Increase in net assets from operations:
Net investment income		0.71			0.89
Net realized (loss)/gain on investments		(1.14	)		(0.54	)
Net unrealized gain on investments		0.03			0.06
Net (decrease)/increase in net assets from operations		(0.40	)		0.41
Stockholder transactions
Repurchase of common stock		0.06			-
Distributions from net investment income		(0.70	)		(0.70	)
Total stockholder transactions		(0.64	)		(0.70	)
Net asset value per common share at end of period		12.94			15.29

Per share market value at beginning of period	$	12.17		$	14.44
Per share market value at end of period		10.06			14.99
Total book return ⁽¹⁾		(2.36	)%		2.63	%
Total market return ⁽²⁾		(11.55	)%		8.70	%
Common shares outstanding at beginning of period		16,507,594			16,758,779
Common shares outstanding at end of period		16,091,392			16,758,779
Weighted average common shares outstanding		16,246,272			16,758,779
Net assets at beginning of period	$	230,710		$	261,103
Net assets at end of period	$	208,187		$	256,219
Average net assets ⁽³⁾	$	222,900		$	261,645
Ratio of net investment income to average net assets ⁽⁴⁾		10.47	%		10.75	%
Ratio of net expenses to average net assets ⁽⁴⁾		9.45	%		9.61	%
Ratio of portfolio turnover to average investments at fair value⁽⁵⁾		13.47	%		19.78	%
Asset coverage ratio ⁽⁶⁾		203.20	%		210.55	%
Average outstanding debt ⁽⁷⁾	$	230,055		$	234,880
Average debt per common share	$	14.30		$	14.02

_________

(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 six months ended June 30, 2016, $2.3 million of Income-based incentive fees were capped as a result of the Incentive Fee Cap and Deferral Mechanism. Had these incentive fees been earned, the ratio of net investment income to average net assets and the ratio of net expenses to average net assets would have been 8.38% and 11.53%, respectively.

(5)	Calculated based on monthly average investments at fair value.

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

(7)	Calculated based on monthly debt outstanding.

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

10. Earnings per Share

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

	Six Months Ended			Six Months Ended
($ in thousands, except per share data)	June 30, 2016			June 30, 2015
Net (decrease)/increase in net asset resulting from operations	$	(6,579	)	$	6,848
Basic weighted average shares outstanding		16,246,272			16,758,779
Basic (loss)/earnings per share	$	(0.40	)	$	0.41

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 six months ended June 30, 2016 and June 30, 2015:

Record Dates	Board Approval Date	Payment Date	Distribution Declared		Distribution Declared per Share
Six months ended June 30, 2016 ⁽¹⁾			($ in thousands)
June 10, 2016	May 2, 2016	June 24, 2016	$	5,655	$	0.35
March 8, 2016	February 24, 2016	March 28, 2016		5,685		0.35
			$	11,340	$	0.70

__________

(1)

Does not include any return of capital for tax purposes.

Record Dates	Board Approval Date	Payment Date	Distribution Declared		Distribution Declared per Share
Six months ended June 30, 2015 ⁽¹⁾			($ in thousands)
June 12, 2015	April 30, 2015	June 26, 2015	$	5,866	$	0.35
March 20, 2015	March 3, 2015	March 27, 2015		5,866		0.35
			$	11,732	$	0.70

__________

(1)

Does not include any return of capital for tax purposes.

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

Garrison Capital Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

June 30, 2016

12. Commitments and Contingencies

The Company had outstanding commitments to fund investments totaling $8.7 million and $6.9 million under various undrawn revolvers and other credit facilities as of June 30, 2016 and December 31, 2015, respectively.

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

13. Stock Repurchase Program

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

	Six Months Ended			Year Ended
($ in thousands, except per share data)	June 30, 2016			December 31, 2015
Dollar amount repurchased	$	4,604		$	3,314
Shares repurchased		416,202			251,185
Average price per share	$	11.06		$	13.19
Net asset per share increase	$	0.06		$	0.03
Weighted average discount to net asset value		(20.19	)%		(11.67	)%

14. Transactions with Non-control/Affiliate Investments

	Six Months Ended June 30, 2016
Portfolio Company	Fair value at December 31, 2015		Purchases (cost)		Redemptions (cost)		Sales (cost)		Transfer in (out) (cost)		Discount accretion		Net unrealized gains / (losses)		Fair value at June 30, 2016		Net realized gains / (losses)		Interest and fee income		Dividend income
Non-control/affiliate investments
Speed Commerce Operating Company LLC⁽¹⁾	$	-	$	1,984	$	-	$	-	$	-	$	-	$	-	$	1,984	$	-	$	-	$	-
Speed Commerce Investment Partners LLC		-		1,693		-		-		-		-		-		1,693		-		-		-

Total non-control/affiliate investments	$	-	$	3,677	$	-	$	-	$	-	$	-	$	-	$	3,677	$	-	$	-	$	-

__________

(1)

Comprised of two investments, including the Closing Date Term Loan and Delayed Draw Term Loan with both a cost and fair value of $1.8 million and $0.2 million, respectively.

15. Subsequent Events

On August 5, 2016, GARS entered into a new investment advisory agreement, which has the same material terms as the Investment Advisory Agreement, in connection with changes in the ownership of the Investment Adviser and certain of its affiliates which resulted in the assignment of the Investment Advisory Agreement and its termination under the 1940 Act. The new investment advisory agreement was previously approved by the Board and the Company’s stockholders in accordance with the requirements of the 1940 Act.

On August 2, 2016, the Board approved a distribution in the amount of $5.6 million, or $0.35 a share, which will be paid on September 23, 2016 to stockholders of record as of September 9, 2016.

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

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

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

Forward-Looking Statements

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

•

our future operating results;

•

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

•

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

•

the impact of investments that we expect to make;

•

the impact of increased competition;

•

our contractual arrangements and relationships with third parties;

•

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

•

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

•

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

•

our expected financings and investments;

•

the adequacy of our cash resources and working capital;

•		our ability to make distributions to our stockholders;

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

•

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

•

the impact of future acquisitions and divestitures.

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

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

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

Overview

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

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

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

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

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

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

As of June 30, 2016, we held investments in 59 portfolio companies with a fair value of $404.6 million, including investments in 47 portfolio companies held through the collateralized loan obligation, or the CLO. The investments held by the CLO as of June 30, 2016 consisted of senior secured loans fair valued at $299.8 million and related indebtedness of $191.0 million. The loans held by the CLO (held at fair value), together with cash and other assets held by the CLO, equaled approximately $313.7 million as of June 30, 2016. As of June 30, 2016, our portfolio had an average investment size of approximately $6.0 million, a weighted average yield on debt investments of 11.2% and a weighted average contractual maturity of 34 months. Weighted average yield is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future scheduled principal amortizations.

As of December 31, 2015, we held investments in 67 portfolio companies with a fair value of $415.0 million, including investments in 50 portfolio companies held through 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 payment-in-kind feature. The principal amount of the debt securities and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance and possibly consulting fees. Loan origination fees, original issue discount and market discount are recorded as a reduction of par value, and we then accrete such amounts into interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts.

Expenses

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

•

our organization;

•

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

•

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

•

offerings of our common stock and other securities;

•

distributions on our shares;

•

transfer agent and custody fees and expenses;

•

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

•

brokerage fees and commissions;

•

registration fees;

•

listing fees;

•

taxes;

•

independent director fees and expenses;

•

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

•

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

•

costs of holding stockholder meetings;

•

our fidelity bond;

•

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

•

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

•

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

•

fees and expenses associated with marketing efforts;

•

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

•

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

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

Recent Developments

On August 2, 2016, our board of directors, or the Board, approved a distribution in the amount of $5.6 million, or $0.35 a share, which will be paid on September 23, 2016 to stockholders of record as of September 9, 2016.

Consolidated Results of Operations

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

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

	Three Months Ended			Three Months Ended			Three Months			Six Months Ended			Six Months Ended			Six Months
($ in thousands, except per share data)	June 30, 2016			June 30, 2015			Variance			June 30, 2016			June 30, 2015			Variance
	(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Total investment income	$	11,137		$	13,152		$	(2,015	)	$	22,193		$	26,631		$	(4,438	)
Total expenses, including excise tax		5,387			5,976			(589	)		10,581			11,773			(1,192	)
Net investment income		5,750			7,176			(1,426	)		11,612			14,858			(3,246	)
Net realized (loss) on investments		(18,315	)		(8,521	)		(9,794	)		(18,410	)		(9,011	)		(9,399	)
Net change in unrealized gain on investments		8,681			5,221			3,460			219			1,001			(782	)
Net (decrease)/increase in net assets resulting from operations		(3,884	)		3,876			(7,760	)		(6,579	)		6,848			(13,427	)

Net investment income per share		0.36			0.43			(0.07	)		0.71			0.89			(0.18	)
Net realized/unrealized (loss) from investments per share		(0.60	)		(0.20	)		(0.40	)		(1.11	)		(0.48	)		(0.63	)
Net (loss)/earnings per share		(0.24	)		0.23			(0.47	)		(0.40	)		0.41			(0.81	)
Net asset value per share		12.94			15.29			(2.35	)		12.94			15.29			(2.35	)

Net Investment Income

Net investment income for the three and six months ended June 30, 2016 was $5.8 million and $11.6 million, respectively. Net investment income for the three and six months ended June 30, 2015 was $7.2 million and $14.9 million, respectively.

Net investment income decreased by $(1.4) million for the three months ended June 30, 2016 from the three months ended June 30, 2015 and decreased by $(3.3) million for the six months ended June 30, 2016 from the six months ended June 30, 2015, as described below under “Investment Income” and “Expenses.”

Investment Income

Investment income for the three and six months ended June 30, 2016 was $11.1 million and $22.2 million, respectively. Investment income for the three and six months ended June 30, 2015 was $13.1 million and $26.6 million, respectively.

Investment income decreased by ($2.0) million for the three months ended June 30, 2016 from the three months ended June 30, 2015 due to a decrease in interest income in the amount of $(1.3) million and a decrease in other income of $(0.7) million. The decrease in interest income was largely driven by our non-performing assets and lower investment balances during the three months ended June 30, 2016 as compared to June 30, 2015. The decrease in other income was primarily driven by lower loan amendment and prepayment fees recognized during the three months ended June 30, 2016.

Investment income decreased by $(4.4) million for the six months ended June 30, 2016 from the six months ended June 30, 2015 due to a decrease in interest income in the amount of $(3.3) million and a decrease in other income of $(1.1) million. The decrease in interest income was largely driven by our non-performing assets and lower investment balances during the six months ended June 30, 2016 as compared to six months ended June 30, 2015. The decrease in other income was primarily driven by lower loan amendment and prepayment fees received during the six months ended June 30, 2016.

Expenses

Total expenses for the three and six months ended June 30, 2016 were $5.4 million and $10.6 million, respectively. Total expenses for the three and six months ended June 30, 2015 were $6.0 million and $11.8 million, respectively.

The following table summarizes our expenses for the three and six months ended June 30, 2016 and June 30, 2015:

	Three Months Ended		Three Months Ended		Three Months			Six Months Ended		Six Months Ended		Six Months
($ in thousands)	June 30, 2016		June 30, 2015		Variance			June 30, 2016		June 30, 2015		Variance
Interest	$	2,078	$	1,816	$	262		$	4,086	$	3,666	$	420
Management fees		1,824		1,983		(159	)		3,674		3,973		(299	)
Incentive fees		-		1,017		(1,017	)		-		1,712		(1,712	)
Professional fees		336		299		37			722		615		107
Directors fees		107		101		6			214		208		6
Administrator expenses		445		272		173			714		513		201
Other expenses		597		488		109			1,171		1,086		85
Total expenses	$	5,387	$	5,976	$	(589	)	$	10,581	$	11,773	$	(1,192	)

Interest expense increased $0.3 million and $0.4 million for the three and six months ended June 30, 2016, respectively, from the three and six months ended June 30, 2015, primarily due to an increase in the average effective interest rate on debt outstanding. As of June 30, 2016 and June 30, 2015, the weighted average effective interest rate for total debt outstanding was 3.39% and 2.97%, respectively.

Management fees decreased by $(0.2) and $(0.3) million for the three and six months ended June 30, 2016, respectively, from the three and six months ended June 30, 2015, primarily due to lower average gross asset balances.

Incentive fees decreased by $(1.0) million and $(1.7) million for the three and six months ended June 30, 2016, respectively, from the three and six months ended June 30, 2015. The decrease in incentive fees during the three and six months ending June 30, 2016 was a result of the reversal of Income-based incentive fees that were subject to the Incentive Fee Cap and Deferral Mechanism. These reversals were driven by realized and unrealized losses on investments. Refer to Note 8 of our consolidated financial statements for additional discussion of our incentive fee.

Professional fees increased by $0.1 million for the six months ended June 30, 2016, from the six months ended June 30, 2015 primarily driven by higher audit and consulting fees.

Administrator expenses increased by $0.2 million for the three and six months ended June 30, 2016, from the three and six months ended June 30, 2015 primarily driven by higher overhead costs.

Other expenses increased by $0.1 million for the three and six months ended June 30, 2016, from the three and six months ended June 30, 2015 primarily due to higher excise tax expense recorded.

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

For the three and six months ended June 30, 2016 we realized a net loss on investments of $(18.3) million and $(18.4) million, respectively.

Net realized losses for the three months ended June 30, 2016 were primarily driven by a $(12.6) million loss on Speed Commerce, Inc., a $(5.8) million loss on Forest Park Medical Center at Fort Worth and $(0.3) of realized losses in the GLC Trust 2013-2’s consumer loan portfolio. This was partially offset by a $0.3 million gain on Ellman International, Inc. and $0.1 million of gains from the partial and full repayment and sales of other portfolio investments.

Net realized losses for the six months ended June 30, 2016 were primarily driven by a $(12.6) million loss on Speed Commerce, Inc., a $(5.8) million loss on Forest Park Medical Center at Fort Worth and $(0.7) of realized losses in the GLC Trust 2013-2’s consumer loan portfolio. This was partially offset by a $0.3 million gain on Ellman International, Inc. and $0.4 million of gains from the partial and full repayment and sales of other portfolio investments.

For the three and six months ended June 30, 2015 we realized a net loss on investments of $(8.5) million and $(9.0) million, respectively.

Net realized losses for the three months ended June 30, 2015 were primarily driven by a $(4.4) million loss incurred from the early full repayment of Midwest Technical Institute, Inc., a $(4.1) million loss incurred from the significant restructuring of Anchor Hocking, LLC and $(0.6) million of realized losses in GLC Trust 2013-2’s consumer loan portfolio, offset by $0.6 million of realized gains on the early full repayment of eight portfolio investments, the sale of one portfolio investment and other partial repayments.

Net realized losses for the six months ended June 30, 2015 were primarily driven by a $(4.4) million loss incurred from the early full repayment of Midwest Technical Institute, Inc., a $(4.1) million loss incurred from the significant restructuring of Anchor Hocking, LLC and $(1.3) million of realized losses in GLC Trust 2013-2’s consumer loan portfolio, offset by $0.8 million of realized gains on the early full repayment of eleven portfolio investments, the sale of one portfolio investment and other partial repayments.

For the three and six months ended June 30, 2016, the net change in unrealized gain on investments was $8.7 million and $0.2 million, respectively.

The net change in unrealized gain for the three months ended June 30, 2016 was primarily driven by the reversal of prior period unrealized losses on the Speed Commerce, Inc and Forest Park Medical Center at Fort Worth investments in the amounts of $11.1 million and $5.3 million, respectively. In addition, we recognized positive fair value adjustments of $0.6 million and $0.5 million on our syndicated credits and on our GLC Trust 2013-2’s consumer loan portfolio, respectively. This was offset by $(7.1) million of negative credit-related adjustments on our investments in BFN Operations LLC, SC Academy Holdings, Inc., and Forest Park Medical Center at San Antonio and a $(1.7) million of negative market-related markdown on our preferred equity investment in Prosper Marketplace.

The net change in unrealized gain for the six months ended June 30, 2016 was primarily driven by the reversal of prior period unrealized losses on the Speed Commerce, Inc and Forest Park Medical Center at Fort Worth investments in the amounts of $9.8 million and $1.7 million, respectively. This was offset by a $(9.0) million of negative credit-related adjustments on our investments in BFN Operations LLC, SC Academy Holdings, Inc., and Forest Park Medical Center at San Antonio and a net $(2.3) million of negative market-related adjustments. These market-related adjustments were primarily driven by our preferred equity investment in Prosper Marketplace and our syndicated loan credits.

For the three and six months ended June 30, 2015 the net change in unrealized gain on investments was $5.2 million and $1.0 million, respectively.

The net change in unrealized gain for the three months ended June 30, 2015 was driven primarily by the reversal of prior period unrealized losses in the amount of $6.5 million offset by $(1.3) million of unrealized losses in the value of the remaining portfolio. Reversal of prior period unrealized losses were as a result of the early full repayment of two portfolio investments in the amount of $3.2 million and the significant restructuring of one portfolio investment in the amount of $3.3 million. Decreases in the value of the remaining portfolio were primarily as a result of the negative credit related adjustment of one portfolio investment in the amount of $(1.1) million and $(0.2) million of losses in the market value of the remaining portfolio.

The net change in unrealized gain for the six months ended June 30, 2015 was driven primarily by the reversal of prior period unrealized losses in the amount of $3.2 million offset by $(2.2) million of unrealized losses in the value of the remaining portfolio. Reversal of prior period unrealized losses were as a result of the early full repayment of one portfolio investment in the amount of $1.0 million and the significant restructuring of one portfolio investment in the amount of $2.7 million offset by repayments of $(0.5) million. Decreases in the value of the remaining portfolio were primarily as a result of the negative credit related adjustment of two portfolio investments in the amount of $(2.8) million offset by $0.6 million of gains in the market value of the remaining portfolio.

Net Increase/(Decrease) in Net Assets from Operations

We had a net asset value per common share outstanding on June 30, 2016 of $12.94. We had a net asset value per common share outstanding on December 31, 2015 of $13.98.

Based on 16,246,272 basic weighted average shares outstanding, the net decrease in net assets from operations per share for the six months ended June 30, 2016 was $(0.40).

Based on 16,758,779 basic weighted average shares outstanding, the net increase in net assets from operations per share for the six months ended June 30, 2015 was $0.41.

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 Capital SBIC LP, or Garrison SBIC, other borrowings we may incur, and cash flows from operations, including interest earned from the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less.

As of June 30, 2016 and December 31, 2015, we had cash of $18.1 million and $25.0 million, respectively. Also, as of June 30, 2016 and December 31, 2015, we had restricted cash of $7.3 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 June 30, 2016 we have identified eight portfolio companies with a total par value of $25.0 million and a fair value of $23.6 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 June 30, 2016 will be sufficient to fund our anticipated funding requirements through at least June 30, 2017.

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

During the six months ended June 30, 2016, cash decreased by $(6.8) million as a result of net cash used by financing activities in the amount of $(18.9) million offset by net cash provided by operating activities of $12.1 million.

During the six months ended June 30, 2016, cash provided by operating activities resulted mainly from net investment income in the amount of $5.8 million, repayments and sales of investments in the amount of $28.7 million and $27.0 million, respectively, offset by purchases of investments of $(61.8) million, and realized losses from investments in the amount of $(18.4) million. Net cash used in financing activities resulted from cash distributions in the amount of $(11.3) million, repurchases of common stock in the amount of $(4.6) million, repayment of the GLC Trust 2013-2 Class A notes in the amount of $(6.3) million and debt issuance costs of $(0.2) million, repayment of the senior secured revolving notes in the amount of $(3.9) million, offset by proceeds from the Garrison SBIC borrowings in the amount of $7.4 million.

During the six months ended June 30, 2015, cash increased by $14.5 million as a result of net cash provided by operating activities of $33.4 million offset by net cash used in financing activities in the amount of $(18.9) million.

During the six months ended June 30, 2015, cash provided by operating activities resulted mainly from $14.9 million of net investment income and $26.7 million of net repayments and sales of investments. This was offset by a $(6.4) million change in restricted cash. Net cash used in financing activities resulted from $(11.7) million in cash distributions, $(7.8) million in repayments of the GLC Trust 2013-2 Class A notes and $(2.4) million in repayments of the CLO revolving notes, offset by proceeds from Garrison SBIC borrowing in the amount of $3.5 million.

As of June 30, 2016 and December 31, 2015, we had $8.7 million and $6.9 million, respectively, of unfunded commitments with a fair value of $(0.1) million and $(0.1) million, respectively. These amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of June 30, 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 June 30, 2016, we had approximately $18.9 million available for additional borrowings under the CLO and $8.3 million of available small business investment company, or SBIC, leverage. As of December 31, 2015, we had approximately $15.0 million available for additional borrowings under the CLO and $15.7 million of available SBIC leverage.

Portfolio Composition and Select Portfolio Information

As of June 30, 2016, we held investments in 59 portfolio companies with a fair value of $404.6 million. As of June 30, 2016, our portfolio had an average investment size of approximately $6.0 million, a weighted average yield on debt investments of 11.2% and a weighted average contractual maturity of 34 months.

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

	June 30,			March 31,			December 31,			September 30,			June 30,
Portfolio characteristics ($ in thousands, % based on market value)*	2016			2016			2015			2015			2015
Total Market Value	$	404,594		$	405,554		$	415,001		$	407,757		$	435,072
Number of portfolio companies		59			63			65			50			52
Average investment size ⁽¹⁾	$	5,977		$	6,188		$	6,240		$	7,794		$	7,361
Weighted average yield ⁽²⁾		11.2	%		11.2	%		10.8	%		10.9	%		11.0	%
Weighted average price ⁽¹⁾		96.1			90.9			92.9			97.3			97.1
First lien		93.2	%		92.4	%		91.8	%		90.6	%		88.8	%
Second lien & mezzanine/subordinated		1.9	%		1.9	%		1.8	%		1.8	%		2.6	%
Consumer loans		2.9	%		3.5	%		4.2	%		5.4	%		6.1	%
Equity & other		2.0	%		2.2	%		2.2	%		2.2	%		2.5	%
Core⁽³⁾		94.1	%		94.6	%		91.2	%		96.9	%		97.1	%
Transitory⁽³⁾		5.9	%		5.4	%		8.8	%		3.1	%		2.9	%
Originated ⁽⁴⁾		57.8	%		57.5	%		56.4	%		61.1	%		55.3	%
Club ⁽⁵⁾		26.3	%		27.3	%		26.1	%		27.6	%		28.7	%
Purchased		15.9	%		15.2	%		17.5	%		11.3	%		16.0	%
Fixed ⁽¹⁾		5.3	%		5.9	%		6.8	%		8.0	%		9.0	%
Floating ⁽¹⁾		94.7	%		94.1	%		93.2	%		92.0	%		91.0	%
Performing ⁽¹⁾		98.8	%		95.9	%		94.1	%		95.6	%		99.0	%
Non-accrual ⁽¹⁾		1.2	%		4.1	%		5.9	%		4.4	%		1.0	%
Weighted average debt/EBITDA ^{(1) (2) (6)}		3.7	x		3.7	x		3.6	x		3.7	x		3.7	x
Weighted average risk rating ⁽¹⁾		2.52			2.66			2.66			2.66			2.51

__________

* Table excludes positions with a market value of zero.

(1)

Excludes consumer loans and equity investments.

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

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

(4)

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

(5)

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

(6)

Excludes non-operating portfolio companies, which we define as those investments collateralized by real estate, proved developed producing value, or PDP, or other hard assets. PDPs are proven revenues that can be produced with existing wells. As of June 30, 2016, $31.9 million of par value and $31.1 million of market value was excluded.

Ongoing Monitoring

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

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

•

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

•

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

•

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

•

attendance at and participation in board meetings; and

•

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

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

•

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

•

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

•

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

•

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

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

	As of June 30, 2016					As of December 31, 2015
($ in thousands)	Investments at Fair Value		Percentage of Total Investments			Investments at Fair Value		Percentage of Total Investments
Risk Rating 1	$	28,116		7.3	%	$	20,455		5.3	%
Risk Rating 2		140,791		36.6			139,048		35.8
Risk Rating 3		211,342		54.9			205,995		53.0
Risk Rating 4		4,744		1.2			22,826		5.9
	$	384,993		100.0	%	$	388,324		100.0	%

The weighted average risk rating of the portfolio was 2.52 and 2.66 as of June 30, 2016 and December 31, 2015, respectively.

Inflation

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

Off-Balance Sheet Arrangements

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of June 30, 2016 and December 31, 2015, we had $8.7 million and $6.9 million of outstanding commitments to fund such investments, respectively.

Contractual Obligations

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

	Payments Due by Period
	Less Than		1 - 3		3 - 5		More Than
($ in thousands)	1 Year		Years		Years		5 Years		Total
CLO Facility II	$	-	$	-	$	-	$	191,450	$	191,450
GLC Trust 2013-2 Class A Notes		-		-		-		9,703		9,703
SBIC Borrowings		-		-		-		26,700		26,700
Total contractual obligations	$	-	$	-	$	-	$	227,853	$	227,853

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

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

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

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

Critical Accounting Policies

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

Basis for Consolidation

Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in Topic 946, Financial Services-Investment Companies, or ASC Topic 946, we are precluded from consolidating any entity other than another investment company. We generally consolidate any investment company when we own 100% of its partners’ or members’ capital or equity units. ASC Topic 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. Garrison Funding 2013-2 Manager owns a 100% equity interest in the 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 the Financial Accounting Standards Board’s Accounting Standards Codification Topic 820 Fair Value Measurements and Disclosures (formerly FASB Statement No. 157), or ASC Topic 820. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about assets and liabilities measured at fair value. ASC Topic 820’s definition of fair value focuses on exit price in the principal, or most advantageous, market and prioritizes the use of market-based inputs over entity-specific inputs within a measurement of fair value. ASC Topic 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1 —

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

Level 2 —

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

Level 3 —

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

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

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

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

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

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

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

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

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

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

•

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

•

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

•

The valuation committee of the Board reviews these preliminary valuations.

•

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

Investment Transactions and Related Investment Income and Expense

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

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

Interest Expense

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

Other Expenses

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

Loan Origination, Facility, Commitment and Amendment Fees

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

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

Share Repurchase

Distributions

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

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

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

Income Tax

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

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

Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions, and would distribute such taxable income in the next tax year. We would then pay a 4% excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended June 30, 2016, $50,000 and $0.1 million was recorded for U.S. federal excise tax, respectively. For the three months ended June 30, 2015, the Company reversed previously accrued U.S. federal excise tax in the amount of $(42,957).

Item 3: Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. During the period covered by our financial statements, the majority of the loans in our portfolio had floating interest rates, and we expect that our loans in the future will also have floating interest rates. These loans usually have floating interest rates based on the London Interbank Offer Rate, or LIBOR, and typically have interest rate re-set provisions that adjust applicable LIBOR under such loans to current market rates on a regular basis. In addition, the 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 June 30, 2016 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

	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	$	(44	)	$	(441	)	$	397
Up 50 basis points		745			957			(212	)
Up 100 basis points		2,487			1,915			572
Up 200 basis points		6,163			3,829			2,334
Up 300 basis points		9,844			5,744			4,100

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.

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 June 30, 2016:

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs⁽¹⁾		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
($ in thousands, except share and per share amounts)
As of March 31, 2016							$	3,546
April 1, 2016 through April 30, 2016		41,222	$	10.59		41,222		3,109
May 1, 2016 through May 31, 2016		37,123		10.34		78,345		2,726
June 1, 2016 through June 30, 2016		65,077		9.89		143,422		2,082
		143,422	$	10.20		143,422	$	2,082

__________

(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 the Board, 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

None.

Item 6: Exhibits

EXHIBIT INDEX

Number		Description
10.1*		Third Amended and Restated Investment Advisory Agreement dated as of August 5, 2016, by and between the Registrant and Garrison Capital Advisers LLC.
31.1*		Certifications by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certifications by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1*		GLC Trust 2013-2 Consumer Loan Pool Schedule of Investments.

Filed herewith.

SIGNATURES

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

		Garrison Capital Inc.

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

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

EX-10.1 2 exh_101.htm EXHIBIT 10.1

EXHIBIT 10.1

Third AMENDED AND RESTATED INVESTMENT ADVISORY aGREEMENT

by and BETWEEN

Garrison capital Inc.

AND

garrison capital advisers LLC

This Third Amended and Restated Investment Advisory Agreement made this 5^th day of August 2016 (this “Agreement”), by and between GARRISON CAPITAL INC., a Delaware corporation (the “Corporation”), and GARRISON CAPITAL ADVISERS LLC, a Delaware limited liability company (the “Adviser”).

WHEREAS, the Corporation operates as a closed-end, non-diversified management investment company;

WHEREAS, the Corporation has elected to be treated as a business development company under the Investment Company Act of 1940, as amended (the “Investment Company Act”);

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”);

WHEREAS, the Corporation and the Adviser are party to that certain second amended and restated investment advisory agreement dated May 6, 2014 by and between the Corporation and the Adviser (the “Prior Agreement”); and

WHEREAS, the Corporation and the Adviser desire to amend and restate the Prior Agreement to set forth the terms and conditions for the continued provision by the Adviser of investment advisory services to the Corporation, and the stockholders of the Corporation approved this Agreement at a meeting held on May 1, 2015.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

1. Duties of the Adviser.

(a) The Corporation hereby employs the Adviser to act as the investment adviser to the Corporation and to manage the investment and reinvestment of the assets of the Corporation, subject to the supervision of the board of directors of the Corporation (the “Board of Directors”), for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions that are set forth in the Corporation’s filings with the Securities and Exchange Commission, as the same may be amended from time to time, (ii) in accordance with the Investment Company Act, the Investment Advisers Act and all other applicable federal and state law and (iii) in accordance with the Corporation’s certificate of incorporation and bylaws, each as amended from time to time.

Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Corporation, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Corporation (including performing due diligence on prospective portfolio companies); (iii) execute, close, service and monitor the Corporation’s investments; (iv) determine the securities and other assets that the Corporation will purchase, retain or sell; and (v) provide the Corporation with such other investment advisory, research and related services as the Corporation may, from time to time, reasonably require for the investment of its funds. The Adviser shall have the power and authority on behalf of the Corporation to effectuate its investment decisions for the Corporation, including the execution and delivery of all documents relating to the Corporation’s investments and the placing of orders for other purchase or sale transactions on behalf of the Corporation.

In the event that the Corporation determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Corporation’s behalf, subject to the oversight and approval of the Board of Directors.

If it is necessary for the Adviser to make investments on behalf of the Corporation through a subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle and to make such investments through such subsidiary or special purpose vehicle in accordance with the Investment Company Act.

(b) The Adviser hereby accepts such employment and agrees during the term hereof to render the services described herein for the amounts of compensation provided herein.

(c) Subject to the requirements of the Investment Company Act, the Adviser is hereby authorized, but not required, to enter into one or more sub-advisory agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Corporation’s investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Corporation, subject in all cases to the oversight of the Adviser and the Corporation. The Adviser, and not the Corporation, shall be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act, the Investment Advisers Act and other applicable federal and state law.

(d) For all purposes herein provided, the Adviser shall be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Corporation in any way or otherwise be deemed an agent of the Corporation.

(e) The Adviser shall keep and preserve, in the manner and for the period that would be applicable to investment companies registered under the Investment Company Act, any books and records relevant to the provision of its investment advisory services to the Corporation, shall specifically maintain all books and records with respect to the Corporation’s portfolio transactions and shall render to the Board of Directors such periodic and special reports as the Board of Directors may reasonably request. The Adviser agrees that all records that it maintains for the Corporation are the property of the Corporation and shall surrender promptly to the Corporation any such records upon the Corporation’s request, provided that the Adviser may retain a copy of such records.

2. Corporation’s Responsibilities and Expenses Payable by the Corporation. All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Corporation.

The Corporation shall bear all other costs and expenses of its operations and transactions, including those relating to: (a) organization; (b) calculating the Corporation’s net asset value (including the cost and expenses of any independent valuation firm); (c) fees and expenses, including travel expenses, incurred by the Adviser or payable to third parties in performing due diligence on prospective portfolio companies, monitoring the Corporation’s investments and, if necessary, enforcing the Corporation’s rights; (d) interest payable on debt, if any, incurred to finance the Corporation’s investments; (e) costs of offerings of the Corporation’s common stock and other securities; (f) the base management fee and any incentive fee; (g) distributions on the Corporation’s common stock; (h) administration fees payable to the Garrison Capital Administrator LLC (the “Administrator”) under the administration agreement dated as of October 9, 2012 (as amended from time to time, the “Administration Agreement”); (i) transfer agent and custody fees and expenses; (j) the allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that request it; (k) amounts payable to third parties relating to, or associated with, evaluating, making and disposing of investments; (l) brokerage fees and commissions; (m) registration fees; (n) listing fees; (o) taxes; (p) independent director fees and expenses; (q) costs associated with the Corporation’s reporting and compliance obligations under the Investment Company Act and applicable U.S. federal and state securities laws; (r) the costs of any reports, proxy statements or other notices to the Corporation’s stockholders, including printing costs; (s) costs of holding stockholder meetings; (t) the Corporation’s fidelity bond; (u) directors and officers/errors and omissions liability insurance, and any other insurance premiums; (v) litigation, indemnification and other non-recurring or extraordinary expenses; (w) direct costs and expenses of administration and operation, including audit and legal costs; (x) fees and expenses associated with marketing efforts; (y) dues, fees and charges of any trade association of which the Corporation is a member; and (z) all other expenses reasonably incurred by the Corporation or the Administrator in connection with administering the Corporation’s business, such as the allocable portion of overhead under the Administration Agreement, including rent and the Corporation’s allocable portion of the costs and expenses of its chief compliance officer, chief financial officer and their respective staffs.

3. Compensation of the Adviser. The Corporation agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and management services provided by the Adviser hereunder, a fee consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”), each as hereinafter set forth. The Corporation shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect, or adopt a deferred compensation plan pursuant to which it may elect to defer all or a portion of its fees hereunder for a specified period of time.

(a) The Base Management Fee shall be calculated at an annual rate equal to 1.75% of the gross assets of the Corporation, excluding cash and cash equivalents but including assets purchased with borrowed funds. For services rendered under this Agreement, the Base Management Fee shall be payable quarterly in arrears. The Base Management Fee shall be calculated based on the average carrying value of the gross assets of the Corporation at the end of the two most recently completed calendar quarters. Such amount shall be appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. The Base Management Fee for any partial month or quarter shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such partial month or quarter relative to the total number of days in such month or quarter). For purposes of this Agreement, cash equivalents shall mean U.S. government securities and commercial paper instruments maturing within 270 days of the date of purchase of such instrument by the Corporation. Notwithstanding anything herein to the contrary, to the extent that the Adviser or an affiliate of the Adviser provides investment advisory, collateral management or other similar services to a subsidiary of the Corporation, the Base Management Fee shall be reduced by an amount equal to the product of (a) the total fees paid to the Adviser by such subsidiary for such services and (b) the percentage of such subsidiary’s total equity that is owned, directly or indirectly, by the Corporation.

(b) The Incentive Fee, which is subject to the Incentive Fee Cap and Deferral Mechanism (as defined under Section 3(c) below), shall consist of two parts, as follows:

(i)

One part will be calculated and payable quarterly in arrears based on the Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter, subject to the Incentive Fee Cap and Deferral Mechanism. For this purpose, Pre-Incentive Fee Net Investment Income means interest income, distribution income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees and fees for providing significant managerial assistance or other fees that the Corporation receives from portfolio companies) accrued during the calendar quarter, minus the Corporation’s operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments payment-in-kind interest and zero coupon securities), accrued income that the Corporation has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Corporation’s net assets at the end of the immediately preceding calendar quarter, will be compared to a “hurdle rate” of 2.00% per quarter (8.00% annualized). The Corporation will pay the Adviser an Incentive Fee with respect to the Corporation’s Pre-Incentive Fee Net Investment Income in each calendar quarter as follows; (1) no Incentive Fee in any calendar quarter in which the Corporation’s Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate; (2) 100% of the Corporation’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.50% in any calendar quarter; and (3) 20% of the amount of the Corporation’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.50% in any calendar quarter.

The portion of such Incentive Fee that is attributable to deferred interest (such as payment-in-kind interest or original issue discount) will be paid to the 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 Corporation 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.

These calculations will be appropriately pro rated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter.

(ii)

The second part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), commencing on December 31, 2013, and will equal 20.0% of the Corporation’s cumulative aggregate realized capital gains from April 1, 2013 through the end of that calendar year, computed net of the Corporation’s aggregate cumulative realized capital losses and the Corporation’s aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees and subject to the Incentive Fee Cap and Deferral Mechanism. In the event that this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.

The Corporation shall accrue the Capital Gains Fee if, on a cumulative basis, the sum of net realized gains/(losses) plus net unrealized appreciation/ (depreciation) is positive. The Capital Gains Fee excludes any portion of realized gains/(losses) that are associated with the reversal of any portion of unrealized appreciation/depreciation attributable to periods prior to April 1, 2013.

(c) No Incentive Fee shall be paid to the Adviser for any fiscal quarter if, after such payment, the cumulative incentive fees paid to the Adviser for the period that includes the such quarter and the 11 full preceding fiscal quarters (the “Incentive Fee Look-back Period”) would exceed 20.0% of the Corporation’s Cumulative Pre-Incentive Fee Net Return (as defined below) during the Incentive Fee Look-back Period. Each quarterly Incentive Fee is subject to a cap (the “Incentive Fee Cap”) and a deferral mechanism through which the Adviser may recoup a portion of such deferred incentive fees (collectively, the “Incentive Fee Cap and Deferral Mechanism”). The Incentive Fee Look-back Period will commence on April 1, 2013 and may be a total of less than 12 full fiscal quarters. The “Incentive Fee Cap” is equal to (a) 20.0% of Cumulative Pre-Incentive Fee Net Return during the Incentive Fee Look-back Period less (b) cumulative incentive fees of any kind paid to the Adviser during the Incentive Fee Look-back Period. To the extent the Incentive Fee Cap is zero or a negative value in any quarter, the Corporation shall pay no Incentive Fee to the Adviser in that quarter. To the extent that the payment of Incentive Fees is limited by the Incentive Fee Cap, the payment of such fees shall be deferred and paid in subsequent quarters up to three years after their date of deferment, subject to applicable limitations included herein. The Corporation shall only pay Incentive Fees to the extent allowed by the Incentive Fee Cap and Deferral Mechanism. “Cumulative Pre-Incentive Fee Net Return” during any Incentive Fee Look-back Period means the sum of (a) Pre-Incentive Fee Net Investment Income for each quarter during the Incentive Fee Look-back Period and (b) the sum of cumulative realized capital gains, cumulative realized capital losses, cumulative unrealized capital depreciation and cumulative unrealized capital appreciation during the applicable Incentive Fee Look-back Period.

4. Covenants of the Adviser. The Adviser hereby covenants that it is registered as an investment adviser under the Investment Advisers Act. The Adviser hereby agrees that its activities shall at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments.

5. Excess Brokerage Commissions. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Corporation to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting such transaction if the Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that the amount of such commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Corporation’s portfolio, and constitutes the best net result for the Corporation.

6. Proxy Voting. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Corporation in the best interest of the Corporation and in accordance with the Adviser’s proxy voting policies and procedures, as any such proxy voting policies and procedures may be amended from time to time. The Corporation has been provided with a copy of the Adviser’s proxy voting policies and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken on behalf of the Corporation. The Adviser shall be responsible for reporting the Corporation’s proxy voting activities, as required, through periodic filings on Form N-PX.

7. Limitations on the Employment of the Adviser. The services of the Adviser to the Corporation are not, and shall not be, exclusive. The Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Corporation; provided that its services to the Corporation hereunder are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the portfolio companies of the Corporation, subject at all times to applicable law). So long as this Agreement or any extension, renewal or amendment hereof remains in effect, the Adviser shall be the only investment adviser for the Corporation, subject to the Adviser’s right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees and stockholders of the Corporation are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Corporation as stockholders or otherwise.

Subject to any restrictions prescribed by law, by the provisions of the Code of Ethics of the Corporation and the Adviser and by the Adviser’s Allocation Policy, the Adviser and its members, officers, employees and agents shall be free from time to time to acquire, possess, manage and dispose of securities or other investment assets for their own accounts, for the accounts of their family members, for the account of any entity in which they have a beneficial interest or for the accounts of others for whom they may provide investment advisory, brokerage or other services (collectively, “Managed Accounts”), in transactions that may or may not correspond with transactions effected or positions held by the Corporation or to give advice and take action with respect to Managed Accounts that differs from advice given to, or action taken on behalf of, the Corporation; provided that the Adviser allocates investment opportunities to the Corporation, over a period of time on a fair and equitable basis compared to investment opportunities extended to other Managed Accounts. The Adviser is not, and shall not be, obligated to initiate the purchase or sale for the Corporation of any security that the Adviser and its members, officers, employees or agents may purchase or sell for its or their own accounts or for the account of any other client if, in the opinion of the Adviser, such transaction or investment appears unsuitable or undesirable for the Corporation. Moreover, it is understood that when the Adviser determines that it would be appropriate for the Corporation and one or more Managed Accounts to participate in the same investment opportunity, the Adviser shall seek to execute orders for the Corporation and for such Managed Account(s) on a basis that the Adviser considers to be fair and equitable over time. In such situations, the Adviser may (but is not required to) place orders for the Corporation and each Managed Account simultaneously or on an aggregated basis. If all such orders are not filled at the same price, the Adviser may cause the Corporation and each Managed Account to pay or receive the average of the prices at which the orders were filled for the Corporation and all relevant Managed Accounts on each applicable day. If all such orders cannot be fully executed under prevailing market conditions, the Adviser may allocate the investment opportunities among participating accounts in a manner that the Adviser considers equitable, taking into account, among other things, the size of each account, the size of the order placed for each account and any other factors that the Adviser deems relevant.

8. Responsibility of Dual Directors, Officers and/or Employees. If any person who is a manager, member, partner, officer or employee of the Adviser or the Administrator is or becomes a director, officer and/or employee of the Corporation and acts as such in any business of the Corporation, then such manager, member, partner, officer and/or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity solely for the Corporation and not as a manager, member, partner, officer and/or employee of the Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.

9. Limitation of Liability of the Adviser; Indemnification. The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including its managing member and the Administrator) shall not be liable to the Corporation for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Corporation, except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Corporation shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its managing member and the Administrator, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Corporation or its security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Corporation. Notwithstanding the preceding sentence of this Section 9 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Corporation or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the Securities and Exchange Commission or its staff thereunder).

10. Effectiveness, Duration and Termination of Agreement. This Agreement shall become effective as of the first date above written. This Agreement shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Corporation’s Board of Directors, or by the vote of a majority of the outstanding voting securities of the Corporation and (b) the vote of a majority of the Corporation’s Directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act.

This Agreement may be terminated at any time, without the payment of any penalty, upon not less than 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Corporation, or by the vote of the Corporation’s Directors or by the Adviser.

This Agreement shall automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act). The provisions of Section 9 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and Section 9 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

11. Notices. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

12. Amendments. This Agreement may be amended by mutual consent, but the consent of the Corporation must be obtained in conformity with the requirements of the Investment Company Act.

13. Entire Agreement; Governing Law. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.

* * * *

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

		GARRISON CAPITAL Inc.


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

GARRISON CAPITAL ADVISERS LLC

By: Garrison Capital Advisers MM LLC,
its managing member

By:	/s/ Michael Butler
	Name: Michael Butler
	Title: Authorized Signatory

[Signature Page to Third Amended and Restated Investment Advisory Agreement]

EX-31.1 3 exh_311.htm EXHIBIT 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:

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

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

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

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

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

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

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

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

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

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: August 9, 2016

By:	/s/ Joseph Tansey
	Chief Executive Officer

EX-31.2 4 exh_312.htm EXHIBIT 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:

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

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: August 9, 2016

By:	/s/ Brian Chase
	Chief Financial Officer

EX-32.1 5 exh_321.htm EXHIBIT 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 June 30, 2016 (the "Report") of Garrison Capital Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Joseph Tansey, Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)

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

(2)

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

/s/ Joseph Tansey

Joseph Tansey

Chief Executive Officer

August 9, 2016

EX-32.2 6 exh_322.htm EXHIBIT 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 June 30, 2016 (the "Report") of Garrison Capital Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Brian Chase, Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)

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

(2)

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

/s/ Brian Chase

Brian Chase

Chief Financial Officer

August 9, 2016

EX-99.1 7 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

Garrison Capital Inc. and Subsidiaries

GLC Trust 2013-2-Schedule of Investments

June 30, 2016

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1	5/22/2018	14.74%	1,737	1,737	1,735
Loan ID 2	5/22/2018	10.99%	923	922	900
Loan ID 3	5/24/2018	9.49%	11,001	11,000	10,739
Loan ID 4	5/24/2018	13.34%	4,637	4,636	4,526
Loan ID 5	5/24/2018	25.79%	6,459	6,458	6,098
Loan ID 6	5/28/2018	13.34%	209	208	203
Loan ID 7	5/22/2018	10.49%	11,161	11,160	10,895
Loan ID 8	5/29/2018	19.84%	7,572	7,571	7,285
Loan ID 9	5/29/2018	29.16%	2,232	2,231	2,135
Loan ID 10	5/29/2018	20.99%	5,097	5,096	4,903
Loan ID 11	5/29/2018	9.99%	8,062	8,061	7,870
Loan ID 12	5/22/2018	12.19%	11,418	11,417	11,146
Loan ID 13	5/29/2018	23.59%	5,252	5,251	4,959
Loan ID 14	5/29/2018	12.19%	4,567	4,566	4,458
Loan ID 15	5/30/2018	13.34%	1,855	1,854	1,810
Loan ID 16	5/30/2018	29.16%	2,231	2,230	2,134
Loan ID 17	5/24/2018	15.79%	11,962	11,961	11,765
Loan ID 18	5/24/2018	30.96%	2,274	2,273	2,175
Loan ID 19	5/24/2018	16.49%	7,241	7,240	7,121
Loan ID 20	5/24/2018	18.19%	7,395	7,394	7,273
Loan ID 21	5/24/2018	15.19%	5,698	5,697	5,604
Loan ID 22	5/24/2018	13.34%	6,955	6,954	6,789
Loan ID 23	5/24/2018	25.06%	5,339	5,338	5,041
Loan ID 24	5/24/2018	15.79%	16,747	16,746	16,471
Loan ID 25	6/3/2018	21.39%	4,235	4,234	4,074
Loan ID 26	5/24/2018	22.09%	7,745	7,744	7,451
Loan ID 27	6/3/2018	16.49%	5,500	5,499	5,409
Loan ID 28	5/28/2018	30.96%	2,182	2,181	2,087
Loan ID 29	6/3/2018	15.19%	5,660	5,659	5,566
Loan ID 30	5/28/2018	16.99%	4,857	4,856	4,776
Loan ID 31	5/28/2018	9.99%	7,759	7,758	7,574
Loan ID 32	5/28/2018	19.84%	720	719	692
Loan ID 33	5/28/2018	18.19%	7,395	7,394	7,273
Loan ID 34	5/28/2018	21.79%	9,777	9,776	9,406
Loan ID 35	5/28/2018	19.14%	5,236	5,235	5,037
Loan ID 36	6/4/2018	21.79%	3,740	3,739	3,598
Loan ID 37	5/28/2018	23.59%	4,728	4,728	4,465
Loan ID 38	5/28/2018	19.84%	10,057	10,057	9,677
Loan ID 39	5/29/2018	12.19%	6,889	6,889	6,726
Loan ID 40	5/29/2018	15.19%	1,187	1,187	1,168
Loan ID 41	5/29/2018	16.49%	3,138	3,138	3,087
Loan ID 42	5/29/2016	24.92%	462	462	441
Loan ID 43	5/29/2018	17.69%	9,798	9,798	9,637
Loan ID 44	5/29/2018	21.39%	4,743	4,743	4,564
Loan ID 45	6/5/2018	20.59%	5,246	5,246	5,048
Loan ID 46	6/5/2018	18.19%	3,996	3,996	3,930
Loan ID 47	5/29/2018	19.14%	3,241	3,241	3,118
Loan ID 48	5/30/2018	16.99%	1,943	1,943	1,911
Loan ID 49	5/30/2018	29.69%	1,122	1,122	1,074
Loan ID 50	5/30/2018	16.49%	7,240	7,240	7,121

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 51	5/30/2018	13.34%	4,636	4,636	4,526
Loan ID 52	5/31/2018	13.34%	9,266	9,266	9,046
Loan ID 53	6/3/2018	15.19%	4,921	4,921	4,840
Loan ID 54	6/3/2018	12.19%	4,740	4,740	4,628
Loan ID 55	5/31/2018	21.79%	2,569	2,569	2,472
Loan ID 56	6/3/2018	10.49%	6,027	6,027	5,884
Loan ID 57	5/31/2018	11.69%	11,334	11,334	11,065
Loan ID 58	5/31/2018	10.99%	11,229	11,229	10,963
Loan ID 59	6/7/2018	18.19%	12,756	12,756	12,547
Loan ID 60	6/7/2018	19.14%	1,786	1,786	1,718
Loan ID 61	6/3/2018	14.19%	7,778	7,778	7,650
Loan ID 62	6/3/2018	16.49%	7,500	7,500	7,377
Loan ID 63	6/3/2018	29.16%	2,299	2,299	2,200
Loan ID 64	6/3/2018	18.19%	5,102	5,102	5,018
Loan ID 65	6/3/2018	18.19%	10,205	10,205	10,038
Loan ID 66	6/3/2016	31.34%	542	542	511
Loan ID 67	6/3/2018	21.39%	13,234	13,234	12,733
Loan ID 68	6/3/2018	15.79%	4,958	4,958	4,877
Loan ID 69	6/3/2018	29.69%	2,312	2,312	2,212
Loan ID 70	6/3/2018	12.19%	11,871	11,871	11,590
Loan ID 71	6/3/2018	23.59%	4,627	4,627	4,369
Loan ID 72	6/3/2018	18.19%	5,102	5,102	5,018
Loan ID 73	6/4/2018	19.14%	5,159	5,159	4,964
Loan ID 74	6/4/2018	14.74%	3,181	3,181	3,129
Loan ID 75	6/10/2018	16.99%	5,030	5,030	4,948
Loan ID 76	6/5/2018	14.19%	4,861	4,861	4,781
Loan ID 77	6/5/2018	13.34%	7,214	7,214	7,043
Loan ID 78	6/11/2018	15.19%	1,230	1,230	1,210
Loan ID 79	6/11/2018	15.79%	7,437	7,437	7,315
Loan ID 80	6/13/2018	19.84%	3,909	3,909	3,761
Loan ID 81	6/13/2018	9.49%	9,151	9,151	8,934
Loan ID 82	6/13/2018	12.19%	7,110	7,110	6,941
Loan ID 83	6/14/2018	21.79%	3,722	3,722	3,581
Loan ID 84	6/7/2018	24.32%	8,200	8,200	7,743
Loan ID 85	6/7/2018	15.79%	7,654	7,654	7,529
Loan ID 86	6/10/2018	14.19%	5,591	5,591	5,499
Loan ID 87	6/11/2018	25.79%	2,221	2,221	2,097
Loan ID 88	6/11/2018	27.36%	5,644	5,644	5,330
Loan ID 89	6/18/2018	12.69%	12,402	12,402	12,108
Loan ID 90	6/11/2018	14.74%	27	27	27
Loan ID 91	6/11/2018	27.36%	8,467	8,467	7,995
Loan ID 92	6/19/2018	18.19%	5,103	5,103	5,019
Loan ID 93	6/19/2018	9.49%	6,864	6,864	6,701
Loan ID 94	6/19/2016	16.39%	22	22	21
Loan ID 95	6/14/2018	14.74%	17,130	17,130	16,849
Loan ID 96	6/21/2018	12.19%	1,896	1,896	1,851
Loan ID 97	6/18/2018	20.59%	5,246	5,246	5,048
Loan ID 98	6/18/2018	19.84%	9,572	9,572	9,210
Loan ID 99	6/19/2018	20.99%	2,635	2,635	2,535
Loan ID 100	6/19/2018	30.32%	2,326	2,326	2,226

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 101	6/19/2018	17.69%	8,781	8,781	8,637
Loan ID 102	6/20/2016	20.49%	26	26	25
Loan ID 103	6/21/2018	18.74%	3,595	3,595	3,459
Loan ID 104	6/20/2018	18.19%	7,654	7,654	7,529
Loan ID 105	6/26/2018	14.74%	8,000	8,000	7,869
Loan ID 106	6/27/2018	16.99%	7,545	7,545	7,421
Loan ID 107	6/21/2016	17.34%	550	550	528
Loan ID 108	6/21/2018	13.34%	7,716	7,716	7,533
Loan ID 109	6/28/2018	10.99%	4,667	4,667	4,556
Loan ID 110	6/26/2018	15.19%	4,921	4,921	4,840
Loan ID 111	6/27/2018	20.24%	5,225	5,225	5,027
Loan ID 112	6/27/2016	19.79%	246	246	236
Loan ID 113	6/26/2018	16.49%	7,500	7,500	7,377
Loan ID 114	6/27/2018	24.32%	1,958	1,958	1,849
Loan ID 115	6/27/2018	16.99%	12,576	12,576	12,370
Loan ID 116	6/27/2018	18.19%	2,551	2,551	2,509
Loan ID 117	6/27/2016	28.59%	1,450	1,450	1,381
Loan ID 118	7/5/2018	22.84%	3,336	3,336	3,210
Loan ID 119	6/27/2018	12.19%	7,109	7,109	6,940
Loan ID 120	6/28/2018	10.49%	8,113	8,113	7,921
Loan ID 121	7/9/2018	30.96%	2,414	2,414	2,310
Loan ID 122	6/28/2016	18.99%	538	538	516
Loan ID 123	7/9/2018	16.49%	3,625	3,625	3,566
Loan ID 124	7/9/2018	25.06%	2,653	2,653	2,505
Loan ID 125	7/10/2018	26.72%	2,156	2,156	2,036
Loan ID 126	7/10/2018	20.24%	8,107	8,107	7,800
Loan ID 127	7/12/2016	20.99%	303	303	291
Loan ID 128	7/9/2016	27.12%	82	82	78
Loan ID 129	7/10/2018	23.19%	4,476	4,476	4,307
Loan ID 130	7/10/2018	14.74%	12,678	12,678	12,470
Loan ID 131	7/10/2018	14.74%	7,608	7,608	7,483
Loan ID 132	7/10/2018	19.14%	5,338	5,338	5,136
Loan ID 133	7/15/2016	14.59%	346	346	335
Loan ID 134	7/10/2018	12.19%	6,881	6,881	6,718
Loan ID 135	7/9/2016	16.79%	125	125	121
Loan ID 136	7/11/2016	23.46%	315	315	301
Loan ID 137	7/16/2018	12.19%	7,373	7,373	7,198
Loan ID 138	7/10/2016	11.53%	99	99	97
Loan ID 139	7/10/2018	23.59%	3,924	3,924	3,705
Loan ID 140	7/15/2016	21.24%	380	380	365
Loan ID 141	7/10/2018	10.99%	7,263	7,263	7,091
Loan ID 142	7/10/2018	23.59%	5,605	5,605	5,293
Loan ID 143	7/11/2018	15.79%	7,703	7,703	7,577
Loan ID 144	7/11/2016	18.99%	147	147	141
Loan ID 145	7/16/2018	18.19%	10,562	10,562	10,389
Loan ID 146	7/11/2018	16.99%	4,948	4,948	4,867
Loan ID 147	7/11/2018	24.32%	5,648	5,648	5,333
Loan ID 148	7/18/2018	20.24%	8,108	8,108	7,801
Loan ID 149	7/16/2018	25.79%	3,211	3,211	3,032
Loan ID 150	7/16/2018	14.74%	16,228	16,228	15,962

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 151	7/16/2018	22.09%	2,758	2,758	2,654
Loan ID 152	7/18/2016	27.86%	123	123	117
Loan ID 153	7/18/2016	24.19%	390	390	372
Loan ID 154	7/12/2018	14.74%	10,143	10,143	9,977
Loan ID 155	7/15/2018	15.19%	12,747	12,747	12,538
Loan ID 156	7/19/2018	28.62%	2,362	2,362	2,260
Loan ID 157	7/18/2018	14.19%	5,105	5,105	5,021
Loan ID 158	7/22/2018	10.49%	7,217	7,217	7,046
Loan ID 159	7/19/2016	20.99%	75	75	72
Loan ID 160	7/24/2016	19.79%	147	147	141
Loan ID 161	7/18/2018	15.19%	7,648	7,648	7,523
Loan ID 162	7/22/2018	17.69%	1,936	1,936	1,904
Loan ID 163	7/19/2018	28.62%	1,770	1,770	1,694
Loan ID 164	7/23/2016	12.49%	66	66	65
Loan ID 165	7/19/2018	18.19%	5,281	5,281	5,194
Loan ID 166	7/25/2016	16.39%	141	141	136
Loan ID 167	7/22/2018	15.19%	4,079	4,079	4,012
Loan ID 168	7/24/2018	19.84%	4,323	4,323	4,160
Loan ID 169	7/23/2018	18.74%	5,846	5,846	5,625
Loan ID 170	7/24/2016	27.86%	191	191	182
Loan ID 171	8/1/2016	15.59%	309	309	299
Loan ID 172	8/1/2018	14.74%	13,100	13,100	12,885
Loan ID 173	8/2/2018	15.19%	10,535	10,535	10,362
Loan ID 174	8/2/2018	18.19%	9,173	9,173	9,023
Loan ID 175	7/31/2016	16.79%	353	353	341
Loan ID 176	8/2/2016	21.99%	149	149	142
Loan ID 177	8/1/2018	9.99%	6,929	6,929	6,765
Loan ID 178	7/30/2016	15.59%	123	123	119
Loan ID 179	8/5/2016	17.34%	176	176	169
Loan ID 180	8/1/2016	12.99%	997	997	980
Loan ID 181	8/1/2018	22.84%	5,725	5,725	5,508
Loan ID 182	8/1/2016	12.49%	726	726	714
Loan ID 183	8/1/2018	12.19%	6,864	6,864	6,701
Loan ID 184	8/2/2018	11.69%	5,054	5,054	4,934
Loan ID 185	8/1/2016	12.49%	759	759	746
Loan ID 186	8/1/2018	22.84%	8,588	8,588	8,263
Loan ID 187	8/8/2016	24.92%	155	155	148
Loan ID 188	8/2/2018	16.49%	8,019	8,019	7,888
Loan ID 189	8/5/2018	25.06%	2,604	2,604	2,459
Loan ID 190	8/2/2016	27.86%	160	160	152
Loan ID 191	8/5/2018	14.19%	18,223	18,223	17,924
Loan ID 192	8/5/2016	12.99%	664	664	653
Loan ID 193	8/5/2018	13.34%	7,732	7,732	7,549
Loan ID 194	8/5/2018	10.49%	4,980	4,980	4,862
Loan ID 195	8/6/2018	10.99%	2,015	2,015	1,967
Loan ID 196	8/7/2018	10.99%	5,011	5,011	4,892
Loan ID 197	8/6/2018	21.39%	3,948	3,948	3,799
Loan ID 198	8/7/2016	23.46%	1,488	1,488	1,420
Loan ID 199	8/13/2016	21.24%	1,869	1,869	1,794

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 200	8/7/2018	19.84%	8,322	8,322	8,007
Loan ID 201	8/16/2016	27.12%	318	318	303
Loan ID 202	8/16/2016	24.19%	307	307	293
Loan ID 203	8/19/2018	12.69%	12,788	12,788	12,485
Loan ID 204	8/19/2018	15.79%	8,959	8,959	8,812
Loan ID 205	8/19/2016	15.59%	688	688	666
Loan ID 206	8/19/2016	16.79%	140	140	135
Loan ID 207	8/19/2018	15.79%	8,003	8,003	7,872
Loan ID 208	8/20/2018	12.69%	6,649	6,649	6,491
Loan ID 209	8/20/2018	15.79%	7,956	7,956	7,826
Loan ID 210	8/21/2016	10.34%	962	962	946
Loan ID 211	8/16/2018	23.59%	5,770	5,770	5,449
Loan ID 212	8/21/2018	21.39%	7,614	7,614	7,326
Loan ID 213	8/19/2018	25.06%	5,320	5,320	5,024
Loan ID 214	8/19/2016	16.39%	834	834	807
Loan ID 215	8/19/2018	13.34%	5,155	5,155	5,033
Loan ID 216	8/16/2018	14.19%	7,810	7,810	7,682
Loan ID 217	8/19/2018	24.32%	1,893	1,893	1,788
Loan ID 218	8/19/2018	17.69%	9,318	9,318	9,165
Loan ID 219	8/21/2016	14.59%	1,697	1,697	1,642
Loan ID 220	8/19/2016	14.59%	407	407	394
Loan ID 221	8/23/2018	9.99%	7,424	7,424	7,248
Loan ID 222	8/21/2016	15.59%	1,375	1,375	1,330
Loan ID 223	8/26/2018	29.16%	2,495	2,495	2,387
Loan ID 224	8/22/2016	24.92%	310	310	296
Loan ID 225	8/29/2018	15.19%	6,329	6,329	6,225
Loan ID 226	8/30/2016	12.49%	330	330	324
Loan ID 227	8/30/2016	23.46%	303	303	289
Loan ID 228	8/23/2018	20.24%	5,902	5,902	5,679
Loan ID 229	8/30/2016	10.89%	968	968	952
Loan ID 230	8/30/2018	17.69%	5,418	5,418	5,329
Loan ID 231	8/30/2016	23.46%	667	667	637
Loan ID 232	8/28/2018	16.99%	5,377	5,377	5,289
Loan ID 233	9/3/2018	23.59%	2,373	2,373	2,241
Loan ID 234	9/4/2018	22.84%	7,654	7,654	7,365
Loan ID 235	8/29/2016	14.14%	1,349	1,349	1,305
Loan ID 236	9/4/2016	18.99%	1,302	1,302	1,250
Loan ID 237	9/4/2018	12.69%	8,980	8,980	8,767
Loan ID 238	8/30/2016	21.99%	298	298	284
Loan ID 239	8/30/2018	19.84%	8,320	8,320	8,005
Loan ID 240	8/30/2016	17.74%	847	847	813
Loan ID 241	8/30/2018	17.69%	15,205	15,205	14,956
Loan ID 242	8/30/2016	19.79%	290	290	278
Loan ID 243	8/28/2018	22.59%	14,694	14,694	14,138
Loan ID 244	9/3/2018	25.06%	1,203	1,203	1,136
Loan ID 245	8/29/2016	20.19%	1,134	1,134	1,088
Loan ID 246	9/4/2016	22.72%	1,111	1,111	1,061
Loan ID 247	8/29/2016	12.49%	1,781	1,781	1,751
Loan ID 248	8/30/2018	13.34%	12,885	12,885	12,580
Loan ID 249	8/30/2016	18.99%	287	287	275
Loan ID 250	8/30/2018	10.49%	7,470	7,470	7,293

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 251	8/30/2016	10.34%	385	385	379
Loan ID 252	8/30/2016	21.99%	470	470	449
Loan ID 253	9/6/2018	22.09%	7,684	7,684	7,393
Loan ID 254	8/30/2016	27.86%	320	320	305
Loan ID 255	9/13/2018	16.95%	5,541	5,541	5,331
Loan ID 256	9/5/2018	13.34%	7,983	7,983	7,794
Loan ID 257	9/17/2018	23.79%	1,189	1,189	1,123
Loan ID 258	9/13/2018	29.69%	2,511	2,511	2,403
Loan ID 259	9/16/2018	17.30%	8,349	8,349	8,033
Loan ID 260	9/17/2018	19.80%	11,438	11,438	11,005
Loan ID 261	9/19/2016	19.50%	535	535	513
Loan ID 262	9/12/2016	13.99%	2,500	2,500	2,418
Loan ID 263	9/12/2018	19.14%	2,268	2,268	2,182
Loan ID 264	9/19/2016	15.50%	1,529	1,529	1,479
Loan ID 265	9/20/2016	12.99%	988	988	971
Loan ID 266	9/20/2018	16.95%	11,080	11,080	10,661
Loan ID 267	9/16/2016	19.15%	373	373	358
Loan ID 268	9/20/2016	20.15%	1,613	1,613	1,548
Loan ID 269	9/16/2018	17.30%	7,785	7,785	7,491
Loan ID 270	9/16/2018	13.99%	5,093	5,093	5,009
Loan ID 271	9/16/2018	19.50%	5,692	5,692	5,477
Loan ID 272	9/23/2016	23.10%	552	552	527
Loan ID 273	9/23/2016	11.99%	744	744	731
Loan ID 274	9/17/2016	16.60%	1,343	1,343	1,289
Loan ID 275	9/17/2016	29.25%	359	359	342
Loan ID 276	9/17/2018	13.49%	6,930	6,930	6,816
Loan ID 277	9/24/2016	11.59%	388	388	381
Loan ID 278	9/18/2018	25.49%	6,041	6,041	5,780
Loan ID 279	9/19/2018	20.45%	5,173	5,173	4,977
Loan ID 280	9/24/2018	15.85%	4,379	4,379	4,307
Loan ID 281	9/19/2016	18.64%	440	440	422
Loan ID 282	9/19/2016	11.59%	291	291	286
Loan ID 283	9/20/2016	26.29%	316	316	301
Loan ID 284	9/25/2016	14.85%	1,516	1,516	1,467
Loan ID 285	9/23/2018	20.85%	5,762	5,762	5,441
Loan ID 286	9/20/2018	22.25%	5,585	5,585	5,274
Loan ID 287	9/20/2018	27.69%	2,466	2,466	2,360
Loan ID 288	9/24/2016	12.49%	981	981	964
Loan ID 289	9/20/2018	17.30%	1,160	1,160	1,116
Loan ID 290	9/23/2018	16.20%	3,293	3,293	3,239
Loan ID 291	9/26/2018	20.45%	3,621	3,621	3,484
Loan ID 292	9/25/2016	15.20%	507	507	490
Loan ID 293	9/27/2018	25.49%	6,040	6,040	5,779
Loan ID 294	9/27/2018	19.80%	8,812	8,812	8,479
Loan ID 295	9/27/2016	31.34%	838	838	791
Loan ID 296	9/27/2018	28.49%	2,484	2,484	2,377
Loan ID 297	9/27/2018	15.50%	10,905	10,905	10,726
Loan ID 298	9/27/2016	9.49%	655	655	644
Loan ID 299	9/24/2018	16.60%	8,017	8,017	7,714
Loan ID 300	9/27/2018	17.30%	2,780	2,780	2,675

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 301	9/27/2018	24.69%	5,994	5,994	5,660
Loan ID 302	9/30/2016	26.99%	466	466	444
Loan ID 303	9/26/2016	16.95%	1,556	1,556	1,493
Loan ID 304	9/26/2018	20.45%	4,598	4,598	4,424
Loan ID 305	9/26/2016	16.60%	826	826	793
Loan ID 306	9/30/2016	23.79%	590	590	563
Loan ID 307	9/25/2018	23.10%	4,970	4,970	4,693
Loan ID 308	9/26/2018	24.69%	922	922	871
Loan ID 309	9/30/2016	29.99%	241	241	227
Loan ID 310	9/30/2018	16.95%	2,216	2,216	2,132
Loan ID 311	10/1/2016	22.25%	1,099	1,099	1,049
Loan ID 312	10/1/2018	11.59%	8,078	8,078	7,887
Loan ID 313	10/1/2018	16.60%	5,690	5,690	5,475
Loan ID 314	9/27/2016	11.99%	1,951	1,951	1,918
Loan ID 315	9/26/2016	20.45%	433	433	416
Loan ID 316	9/27/2016	15.50%	1,528	1,528	1,478
Loan ID 317	9/27/2016	27.69%	1,943	1,943	1,850
Loan ID 318	9/27/2016	29.99%	483	483	456
Loan ID 319	9/30/2016	31.34%	488	488	460
Loan ID 320	9/30/2018	19.50%	149	149	143
Loan ID 321	10/2/2018	12.99%	5,471	5,471	5,341
Loan ID 322	9/26/2018	18.70%	1,926	1,926	1,853
Loan ID 323	9/30/2016	26.99%	486	486	463
Loan ID 324	9/27/2016	10.99%	1,445	1,445	1,421
Loan ID 325	9/30/2018	18.40%	14,064	14,064	13,532
Loan ID 326	10/2/2018	24.69%	6,165	6,165	5,822
Loan ID 327	9/27/2016	11.99%	2,926	2,926	2,877
Loan ID 328	9/27/2016	19.80%	966	966	927
Loan ID 329	9/30/2016	19.15%	1,596	1,596	1,532
Loan ID 330	10/1/2016	22.25%	1,466	1,466	1,399
Loan ID 331	9/27/2016	15.85%	1,535	1,535	1,485
Loan ID 332	9/27/2018	20.45%	5,710	5,710	5,494
Loan ID 333	9/27/2018	16.60%	10,305	10,305	9,915
Loan ID 334	10/3/2018	19.50%	8,793	8,793	8,460
Loan ID 335	9/30/2016	22.25%	331	331	316
Loan ID 336	9/30/2018	12.99%	3,975	3,975	3,881
Loan ID 337	9/30/2016	20.85%	1,085	1,085	1,036
Loan ID 338	10/1/2018	18.40%	2,319	2,319	2,231
Loan ID 339	9/30/2016	13.49%	993	993	961
Loan ID 340	9/30/2016	10.50%	2,870	2,870	2,822
Loan ID 341	10/2/2018	17.30%	7,451	7,451	7,169
Loan ID 342	10/3/2016	17.30%	968	968	929
Loan ID 343	10/8/2016	16.60%	2,057	2,057	1,974
Loan ID 344	10/8/2018	12.99%	3,009	3,009	2,938
Loan ID 345	10/8/2016	27.69%	1,559	1,559	1,484
Loan ID 346	10/9/2018	29.25%	3,211	3,211	3,072
Loan ID 347	10/4/2016	26.99%	281	281	268
Loan ID 348	10/10/2018	23.10%	2,429	2,429	2,294
Loan ID 349	10/10/2018	18.00%	8,654	8,654	8,327
Loan ID 350	10/10/2016	12.49%	913	913	898

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 351	10/4/2016	22.25%	3,875	3,875	3,699
Loan ID 352	10/4/2016	17.60%	666	666	639
Loan ID 353	10/8/2018	17.60%	2,141	2,141	2,060
Loan ID 354	10/10/2016	15.20%	1,349	1,349	1,305
Loan ID 355	10/10/2016	23.10%	646	646	617
Loan ID 356	10/8/2016	15.85%	1,359	1,359	1,315
Loan ID 357	10/8/2018	15.20%	5,605	5,605	5,513
Loan ID 358	10/10/2018	27.69%	6,335	6,335	6,061
Loan ID 359	10/7/2016	20.15%	2,145	2,145	2,059
Loan ID 360	10/8/2016	26.99%	619	619	589
Loan ID 361	10/11/2016	18.40%	1,389	1,389	1,333
Loan ID 362	10/9/2018	22.25%	6,024	6,024	5,688
Loan ID 363	10/8/2016	29.99%	320	320	302
Loan ID 364	10/8/2016	23.10%	385	385	368
Loan ID 365	10/8/2018	20.15%	8,862	8,862	8,527
Loan ID 366	10/10/2016	22.25%	586	586	559
Loan ID 367	10/8/2016	19.80%	3,161	3,161	3,034
Loan ID 368	10/16/2018	12.99%	9,848	9,848	9,615
Loan ID 369	10/16/2018	20.15%	5,864	5,864	5,642
Loan ID 370	10/15/2016	16.20%	1,365	1,365	1,320
Loan ID 371	10/15/2016	31.34%	432	432	408
Loan ID 372	10/16/2018	18.70%	8,722	8,722	8,392
Loan ID 373	10/15/2018	23.10%	1,518	1,518	1,433
Loan ID 374	10/17/2016	14.40%	2,003	2,003	1,938
Loan ID 375	10/17/2018	23.10%	1,822	1,822	1,721
Loan ID 376	10/17/2018	11.59%	8,078	8,078	7,887
Loan ID 377	10/17/2016	12.99%	656	656	645
Loan ID 378	10/17/2018	16.20%	6,515	6,515	6,408
Loan ID 379	10/17/2018	18.40%	8,696	8,696	8,367
Loan ID 380	10/16/2016	9.49%	1,005	1,005	988
Loan ID 381	10/17/2016	9.90%	1,074	1,074	1,056
Loan ID 382	10/18/2018	17.60%	11,499	11,499	11,064
Loan ID 383	10/18/2016	19.15%	2,121	2,121	2,036
Loan ID 384	10/18/2016	21.55%	1,454	1,454	1,388
Loan ID 385	10/18/2018	19.50%	3,803	3,803	3,659
Loan ID 386	10/16/2018	24.69%	2,468	2,468	2,331
Loan ID 387	10/16/2018	11.59%	10,770	10,770	10,515
Loan ID 388	10/16/2018	19.15%	2,375	2,375	2,285
Loan ID 389	10/22/2018	16.20%	5,666	5,666	5,573
Loan ID 390	10/18/2016	18.00%	2,092	2,092	2,008
Loan ID 391	10/18/2018	20.45%	4,735	4,735	4,556
Loan ID 392	10/17/2016	13.49%	660	660	638
Loan ID 393	10/23/2018	11.99%	10,819	10,819	10,563
Loan ID 394	10/17/2018	18.40%	8,696	8,696	8,367
Loan ID 395	10/17/2018	20.45%	14,796	14,796	14,236
Loan ID 396	10/17/2018	12.99%	6,565	6,565	6,409
Loan ID 397	10/22/2016	12.99%	7	7	7
Loan ID 398	10/22/2016	20.85%	1,442	1,442	1,377
Loan ID 399	10/22/2016	18.40%	3,503	3,503	3,362
Loan ID 400	10/18/2018	17.30%	8,612	8,612	8,286

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 401	10/18/2016	16.60%	2,743	2,743	2,632
Loan ID 402	10/18/2018	20.15%	6,837	6,837	6,578
Loan ID 403	10/24/2018	20.85%	6,052	6,052	5,715
Loan ID 404	10/28/2018	23.79%	4,279	4,279	4,041
Loan ID 405	10/29/2018	23.79%	2,445	2,445	2,309
Loan ID 406	10/22/2016	20.45%	431	431	414
Loan ID 407	10/22/2018	18.40%	8,696	8,696	8,367
Loan ID 408	10/29/2016	10.50%	1,145	1,145	1,126
Loan ID 409	10/29/2018	20.15%	6,196	6,196	5,962
Loan ID 410	10/28/2018	16.20%	14,165	14,165	13,933
Loan ID 411	10/28/2016	13.99%	1,993	1,993	1,928
Loan ID 412	10/28/2016	20.45%	588	588	564
Loan ID 413	10/28/2016	9.49%	1,257	1,257	1,236
Loan ID 414	10/28/2016	19.50%	1,845	1,845	1,771
Loan ID 415	10/29/2016	13.99%	1,793	1,793	1,734
Loan ID 416	11/1/2016	24.69%	1,921	1,921	1,834
Loan ID 417	10/29/2016	19.15%	565	565	542
Loan ID 418	11/1/2016	26.29%	756	756	720
Loan ID 419	11/4/2016	26.99%	761	761	725
Loan ID 420	10/31/2016	20.45%	572	572	549
Loan ID 421	10/28/2016	13.99%	532	532	515
Loan ID 422	10/29/2016	29.25%	332	332	316
Loan ID 423	11/1/2016	10.50%	1,127	1,127	1,108
Loan ID 424	10/29/2016	12.99%	2,625	2,625	2,581
Loan ID 425	10/30/2016	16.20%	546	546	528
Loan ID 426	11/4/2018	16.60%	14,818	14,818	14,258
Loan ID 427	11/4/2018	14.85%	8,620	8,620	8,479
Loan ID 428	10/30/2018	19.15%	5,841	5,841	5,620
Loan ID 429	11/5/2018	18.70%	8,962	8,962	8,623
Loan ID 430	10/31/2018	26.99%	6,285	6,285	6,014
Loan ID 431	10/31/2016	19.15%	2,195	2,195	2,107
Loan ID 432	11/6/2018	23.79%	10,233	10,233	9,663
Loan ID 433	11/8/2016	29.25%	1,949	1,949	1,856
Loan ID 434	11/8/2016	19.50%	2,632	2,632	2,526
Loan ID 435	11/4/2018	23.79%	4,388	4,388	4,144
Loan ID 436	11/12/2016	11.59%	4,784	4,784	4,703
Loan ID 437	11/4/2016	16.60%	3,396	3,396	3,259
Loan ID 438	11/12/2016	19.15%	1,615	1,615	1,550
Loan ID 439	11/12/2016	29.25%	779	779	742
Loan ID 440	11/13/2018	16.60%	5,851	5,851	5,630
Loan ID 441	11/6/2016	12.49%	3,805	3,805	3,741
Loan ID 442	11/6/2016	20.15%	1,154	1,154	1,107
Loan ID 443	11/12/2016	14.85%	4,161	4,161	4,025
Loan ID 444	11/12/2016	20.45%	621	621	596
Loan ID 445	11/13/2018	17.30%	8,249	8,249	7,937
Loan ID 446	11/14/2018	16.20%	14,581	14,581	14,342
Loan ID 447	11/7/2016	18.70%	1,672	1,672	1,605
Loan ID 448	11/7/2016	29.25%	779	779	742
Loan ID 449	11/7/2016	16.95%	2,557	2,557	2,454
Loan ID 450	11/13/2016	18.00%	2,588	2,588	2,484

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 451	11/8/2018	20.45%	3,646	3,646	3,508
Loan ID 452	11/15/2016	9.90%	2,356	2,356	2,316
Loan ID 453	11/15/2016	24.69%	929	929	887
Loan ID 454	11/14/2018	17.60%	5,910	5,910	5,686
Loan ID 455	11/18/2016	14.85%	2,429	2,429	2,350
Loan ID 456	11/12/2016	29.25%	1,949	1,949	1,856
Loan ID 457	11/12/2016	13.99%	1,318	1,318	1,275
Loan ID 458	11/18/2016	10.99%	595	595	585
Loan ID 459	11/12/2018	15.50%	8,678	8,678	8,536
Loan ID 460	11/12/2016	16.20%	1,194	1,194	1,155
Loan ID 461	11/18/2016	9.90%	2,356	2,356	2,316
Loan ID 462	11/12/2018	14.85%	5,746	5,746	5,652
Loan ID 463	11/12/2016	11.99%	1,774	1,774	1,744
Loan ID 464	11/13/2016	17.60%	688	688	660
Loan ID 465	11/13/2016	29.25%	390	390	371
Loan ID 466	11/13/2016	16.20%	2,113	2,113	2,044
Loan ID 467	11/13/2018	12.49%	10,085	10,085	9,846
Loan ID 468	11/13/2018	13.99%	8,376	8,376	8,239
Loan ID 469	11/13/2018	13.99%	18,085	18,085	17,788
Loan ID 470	11/13/2016	14.40%	2,318	2,318	2,242
Loan ID 471	11/15/2016	10.99%	2,386	2,386	2,346
Loan ID 472	11/15/2016	10.99%	155	155	152
Loan ID 473	11/19/2018	14.85%	5,747	5,747	5,653
Loan ID 474	11/20/2018	20.85%	2,440	2,440	2,304
Loan ID 475	11/20/2018	18.70%	8,962	8,962	8,623
Loan ID 476	11/14/2018	20.85%	6,100	6,100	5,760
Loan ID 477	11/22/2016	17.60%	1,718	1,718	1,649
Loan ID 478	11/20/2018	12.49%	4,483	4,483	4,377
Loan ID 479	11/20/2018	23.79%	9,309	9,309	8,790
Loan ID 480	11/15/2016	16.20%	1,690	1,690	1,635
Loan ID 481	11/26/2016	13.99%	1,648	1,648	1,594
Loan ID 482	11/25/2018	17.60%	8,865	8,865	8,530
Loan ID 483	11/25/2018	10.99%	3,285	3,285	3,207
Loan ID 484	11/25/2018	15.50%	7,521	7,521	7,398
Loan ID 485	11/26/2016	10.50%	1,186	1,186	1,166
Loan ID 486	11/26/2016	9.49%	5,469	5,469	5,377
Loan ID 487	11/26/2016	17.25%	2,566	2,566	2,463
Loan ID 488	11/26/2018	16.60%	3,826	3,826	3,681
Loan ID 489	11/27/2016	10.50%	2,372	2,372	2,332
Loan ID 490	11/27/2016	12.49%	1,134	1,134	1,115
Loan ID 491	11/27/2016	16.20%	2,029	2,029	1,947
Loan ID 492	11/29/2018	16.85%	8,798	8,798	8,465
Loan ID 493	11/29/2016	13.14%	2,726	2,726	2,637
Loan ID 494	11/29/2018	14.65%	11,468	11,468	11,280
Loan ID 495	11/26/2018	18.40%	8,936	8,936	8,598
Loan ID 496	11/26/2018	13.14%	7,337	7,337	7,217
Loan ID 497	12/2/2016	15.35%	800	800	774
Loan ID 498	11/26/2016	14.00%	1,978	1,978	1,913
Loan ID 499	12/3/2016	8.79%	1,854	1,854	1,823
Loan ID 500	11/26/2018	18.40%	8,936	8,936	8,598

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 501	12/3/2018	20.10%	9,332	9,332	8,812
Loan ID 502	12/4/2018	19.40%	9,271	9,271	8,920
Loan ID 503	11/27/2016	11.89%	4,020	4,020	3,952
Loan ID 504	11/26/2016	10.99%	3,182	3,182	3,128
Loan ID 505	11/26/2018	16.20%	8,740	8,740	8,409
Loan ID 506	11/26/2016	13.49%	3,277	3,277	3,170
Loan ID 507	11/29/2018	19.70%	7,860	7,860	7,563
Loan ID 508	12/4/2016	14.65%	2,976	2,976	2,879
Loan ID 509	11/27/2016	15.00%	2,501	2,501	2,419
Loan ID 510	12/4/2018	15.35%	11,291	11,291	11,106
Loan ID 511	11/27/2018	16.20%	9,001	9,001	8,661
Loan ID 512	11/27/2016	11.99%	1,610	1,610	1,583
Loan ID 513	11/29/2016	10.99%	1,591	1,591	1,564
Loan ID 514	11/27/2016	10.99%	2,386	2,386	2,346
Loan ID 515	11/27/2016	11.89%	2,412	2,412	2,371
Loan ID 516	11/29/2016	16.20%	1,183	1,183	1,135
Loan ID 517	12/5/2016	18.40%	1,265	1,265	1,214
Loan ID 518	12/5/2016	22.35%	972	972	928
Loan ID 519	11/27/2016	10.50%	633	633	622
Loan ID 520	12/5/2018	14.35%	20,590	20,590	20,252
Loan ID 521	11/27/2016	17.95%	1,725	1,725	1,655
Loan ID 522	12/2/2018	13.55%	5,835	5,835	5,739
Loan ID 523	12/5/2016	13.55%	1,665	1,665	1,611
Loan ID 524	11/29/2016	11.89%	2,411	2,411	2,370
Loan ID 525	12/3/2018	19.40%	15,452	15,452	14,868
Loan ID 526	12/3/2016	19.70%	839	839	805
Loan ID 527	12/4/2018	17.25%	9,084	9,084	8,740
Loan ID 528	12/6/2018	16.20%	4,195	4,195	4,036
Loan ID 529	12/4/2018	16.20%	5,993	5,993	5,766
Loan ID 530	12/4/2016	10.99%	4,756	4,756	4,676
Loan ID 531	12/4/2018	15.35%	20,799	20,799	20,458
Loan ID 532	12/2/2018	14.35%	6,177	6,177	6,076
Loan ID 533	12/2/2016	14.00%	6,418	6,418	6,208
Loan ID 534	12/4/2016	16.85%	829	829	796
Loan ID 535	12/6/2018	19.70%	9,326	9,326	8,973
Loan ID 536	12/9/2018	22.35%	1,270	1,270	1,199
Loan ID 537	12/5/2018	11.39%	9,697	9,697	9,467
Loan ID 538	12/5/2016	14.35%	2,966	2,966	2,869
Loan ID 539	12/3/2016	12.49%	531	531	522
Loan ID 540	12/9/2018	13.14%	11,620	11,620	11,429
Loan ID 541	12/4/2018	16.55%	9,060	9,060	8,717
Loan ID 542	12/5/2016	19.80%	232	232	223
Loan ID 543	12/5/2016	12.74%	6,794	6,794	6,572
Loan ID 544	12/4/2018	16.55%	9,021	9,021	8,680
Loan ID 545	12/5/2016	13.14%	1,986	1,986	1,921
Loan ID 546	12/10/2018	14.65%	8,851	8,851	8,706
Loan ID 547	12/4/2018	19.70%	16	16	15
Loan ID 548	12/10/2016	10.39%	378	378	372
Loan ID 549	12/4/2016	19.05%	3,125	3,125	2,999
Loan ID 550	12/6/2016	11.39%	1,911	1,911	1,879

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 551	12/6/2016	19.40%	4,182	4,182	4,013
Loan ID 552	12/5/2018	22.35%	2,540	2,540	2,399
Loan ID 553	12/5/2018	15.35%	14,857	14,857	14,613
Loan ID 554	12/11/2016	26.24%	902	902	859
Loan ID 555	12/11/2016	13.14%	2,925	2,925	2,830
Loan ID 556	12/9/2018	16.20%	8,990	8,990	8,650
Loan ID 557	12/11/2016	10.39%	2,173	2,173	2,136
Loan ID 558	12/11/2016	20.10%	1,686	1,686	1,609
Loan ID 559	12/12/2018	19.40%	6,181	6,181	5,947
Loan ID 560	12/6/2018	15.35%	14,857	14,857	14,613
Loan ID 561	12/6/2016	10.39%	2,645	2,645	2,600
Loan ID 562	12/6/2016	15.85%	1,005	1,005	964
Loan ID 563	12/6/2016	22.35%	2,159	2,159	2,061
Loan ID 564	12/10/2018	18.40%	6,122	6,122	5,890
Loan ID 565	12/10/2016	10.99%	1,712	1,712	1,683
Loan ID 566	12/9/2018	11.89%	11,469	11,469	11,197
Loan ID 567	12/10/2018	21.50%	6,302	6,302	5,951
Loan ID 568	12/9/2016	11.39%	3,787	3,787	3,723
Loan ID 569	12/11/2018	15.85%	6,868	6,868	6,608
Loan ID 570	12/13/2018	22.35%	6,351	6,351	5,997
Loan ID 571	12/16/2016	11.89%	3,798	3,798	3,734
Loan ID 572	12/10/2018	13.14%	14,742	14,742	14,500
Loan ID 573	12/10/2018	13.55%	14,587	14,587	14,348
Loan ID 574	12/17/2016	11.89%	3,845	3,845	3,780
Loan ID 575	12/17/2018	12.74%	5,786	5,786	5,691
Loan ID 576	12/10/2016	16.85%	3,050	3,050	2,927
Loan ID 577	12/11/2016	28.50%	1,381	1,381	1,315
Loan ID 578	12/17/2018	19.70%	9,298	9,298	8,946
Loan ID 579	12/13/2016	14.65%	942	942	911
Loan ID 580	12/12/2018	9.90%	8,982	8,982	8,769
Loan ID 581	12/13/2016	12.74%	679	679	657
Loan ID 582	12/13/2018	18.40%	9,207	9,207	8,859
Loan ID 583	12/16/2018	12.39%	2,882	2,882	2,814
Loan ID 584	12/16/2018	18.00%	8,539	8,539	8,216
Loan ID 585	12/16/2016	11.39%	3,345	3,345	3,289
Loan ID 586	12/19/2018	16.85%	6,032	6,032	5,804
Loan ID 587	12/19/2018	19.05%	9,241	9,241	8,892
Loan ID 588	12/19/2018	12.39%	2,883	2,883	2,815
Loan ID 589	12/16/2016	24.74%	886	886	844
Loan ID 590	12/16/2016	20.80%	1,168	1,168	1,115
Loan ID 591	12/16/2016	19.70%	486	486	466
Loan ID 592	12/17/2018	11.39%	57	57	56
Loan ID 593	12/16/2016	9.90%	3,757	3,757	3,694
Loan ID 594	12/16/2018	23.04%	9,585	9,585	9,051
Loan ID 595	12/18/2018	12.39%	10,954	10,954	10,694
Loan ID 596	12/18/2016	12.39%	2,900	2,900	2,851
Loan ID 597	12/17/2018	15.00%	15,436	15,436	15,183
Loan ID 598	12/18/2018	17.95%	9,589	9,589	9,226
Loan ID 599	12/23/2016	16.85%	2,033	2,033	1,951
Loan ID 600	12/17/2016	19.70%	2,098	2,098	2,013

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 601	12/19/2018	16.55%	9,021	9,021	8,680
Loan ID 602	12/19/2016	18.75%	3,115	3,115	2,989
Loan ID 603	12/24/2016	12.74%	44	44	43
Loan ID 604	12/17/2016	9.30%	931	931	915
Loan ID 605	12/19/2016	28.50%	921	921	877
Loan ID 606	12/24/2016	10.99%	3,425	3,425	3,367
Loan ID 607	12/18/2018	23.94%	6,441	6,441	6,082
Loan ID 608	12/20/2018	15.00%	14,804	14,804	14,561
Loan ID 609	12/20/2016	14.65%	1,349	1,349	1,305
Loan ID 610	12/20/2016	18.40%	827	827	794
Loan ID 611	12/20/2018	17.65%	10,571	10,571	10,171
Loan ID 612	12/26/2018	17.95%	9,145	9,145	8,799
Loan ID 613	12/18/2016	16.85%	2,056	2,056	1,973
Loan ID 614	12/19/2018	15.35%	8,914	8,914	8,768
Loan ID 615	12/20/2018	18.40%	9,184	9,184	8,837
Loan ID 616	12/19/2016	26.94%	946	946	901
Loan ID 617	12/19/2018	12.74%	8,679	8,679	8,537
Loan ID 618	12/27/2016	14.65%	992	992	960
Loan ID 619	12/23/2018	19.70%	6,198	6,198	5,964
Loan ID 620	12/24/2018	15.85%	14,931	14,931	14,366
Loan ID 621	12/20/2018	19.40%	15,494	15,494	14,908
Loan ID 622	12/30/2016	11.39%	972	972	956
Loan ID 623	12/30/2016	17.65%	2,050	2,050	1,967
Loan ID 624	12/30/2016	25.54%	892	892	849
Loan ID 625	12/30/2018	21.50%	4,716	4,716	4,453
Loan ID 626	12/23/2018	16.55%	9,021	9,021	8,680
Loan ID 627	12/31/2018	10.99%	5,677	5,677	5,542
Loan ID 628	12/23/2016	12.39%	967	967	951
Loan ID 629	12/31/2016	14.65%	2,970	2,970	2,873
Loan ID 630	12/23/2016	6.29%	1,800	1,800	1,773
Loan ID 631	12/31/2018	17.95%	12,181	12,181	11,720
Loan ID 632	12/31/2016	9.30%	932	932	916
Loan ID 633	12/24/2016	9.90%	2,818	2,818	2,771
Loan ID 634	12/24/2018	19.70%	6,198	6,198	5,964
Loan ID 635	12/31/2018	15.35%	8,907	8,907	8,761
Loan ID 636	12/27/2016	23.04%	870	870	830
Loan ID 637	12/31/2016	11.89%	4,259	4,259	4,187
Loan ID 638	12/31/2016	12.39%	1,919	1,919	1,887
Loan ID 639	12/31/2018	13.55%	5,831	5,831	5,735
Loan ID 640	1/2/2017	26.94%	1,043	1,043	993
Loan ID 641	12/30/2018	16.55%	5,998	5,998	5,771
Loan ID 642	12/30/2016	8.79%	2,781	2,781	2,734
Loan ID 643	12/24/2016	9.30%	5,596	5,596	5,502
Loan ID 644	1/2/2019	14.00%	12,042	12,042	11,845
Loan ID 645	12/26/2018	16.20%	15,514	15,514	14,927
Loan ID 646	1/2/2019	12.39%	3,374	3,374	3,294
Loan ID 647	12/26/2018	19.05%	9,296	9,296	8,944
Loan ID 648	1/2/2019	19.70%	6,352	6,352	6,112
Loan ID 649	12/30/2016	20.80%	2,122	2,122	2,026
Loan ID 650	12/30/2016	8.79%	1,298	1,298	1,276

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 651	1/3/2017	13.55%	2,270	2,270	2,196
Loan ID 652	12/31/2016	10.99%	760	760	747
Loan ID 653	12/31/2016	15.85%	3,010	3,010	2,889
Loan ID 654	1/3/2017	10.99%	2,802	2,802	2,755
Loan ID 655	12/31/2018	14.00%	15,981	15,981	15,719
Loan ID 656	1/3/2019	18.75%	15,759	15,759	15,163
Loan ID 657	12/31/2016	13.55%	780	780	755
Loan ID 658	1/6/2017	11.39%	4,434	4,434	4,359
Loan ID 659	12/31/2016	11.39%	1,107	1,107	1,088
Loan ID 660	12/31/2016	8.79%	2,315	2,315	2,276
Loan ID 661	12/31/2016	14.00%	2,949	2,949	2,853
Loan ID 662	12/31/2016	10.99%	5,225	5,225	5,137
Loan ID 663	1/6/2019	19.40%	8,009	8,009	7,706
Loan ID 664	1/2/2019	17.95%	6,250	6,250	6,014
Loan ID 665	1/2/2019	16.85%	9,282	9,282	8,931
Loan ID 666	1/6/2017	6.59%	1,786	1,786	1,760
Loan ID 667	1/6/2017	12.74%	4,725	4,725	4,571
Loan ID 668	1/2/2019	24.74%	5,810	5,810	5,559
Loan ID 669	1/2/2019	16.55%	5,554	5,554	5,344
Loan ID 670	1/2/2019	12.39%	16,970	16,970	16,568
Loan ID 671	1/7/2017	16.20%	1,518	1,518	1,457
Loan ID 672	1/2/2017	9.90%	2,181	2,181	2,144
Loan ID 673	1/2/2017	9.30%	3,249	3,249	3,194
Loan ID 674	1/2/2017	14.65%	3,446	3,446	3,334
Loan ID 675	1/2/2019	15.35%	9,172	9,172	9,022
Loan ID 676	1/2/2017	19.05%	1,805	1,805	1,732
Loan ID 677	1/7/2017	15.85%	2,419	2,419	2,321
Loan ID 678	12/31/2018	15.85%	5,968	5,968	5,742
Loan ID 679	12/31/2016	26.24%	1,568	1,568	1,493
Loan ID 680	1/3/2017	15.85%	3,490	3,490	3,349
Loan ID 681	12/31/2018	13.55%	13,120	13,120	12,905
Loan ID 682	1/2/2019	18.75%	6,298	6,298	6,060
Loan ID 683	1/3/2019	20.80%	9,684	9,684	9,145
Loan ID 684	1/3/2019	24.74%	6,633	6,633	6,347
Loan ID 685	1/6/2017	14.00%	799	799	773
Loan ID 686	1/2/2017	11.39%	776	776	763
Loan ID 687	1/6/2017	15.85%	1,163	1,163	1,116
Loan ID 688	1/2/2019	18.75%	6,298	6,298	6,060
Loan ID 689	1/9/2019	18.40%	9,417	9,417	9,061
Loan ID 690	1/6/2019	12.74%	14,866	14,866	14,622
Loan ID 691	1/3/2019	16.20%	12,301	12,301	11,836
Loan ID 692	1/7/2019	12.74%	7,730	7,730	7,603
Loan ID 693	1/7/2017	27.74%	2,627	2,627	2,501
Loan ID 694	1/3/2017	26.94%	1,090	1,090	1,038
Loan ID 695	1/7/2019	23.94%	10,041	10,041	9,482
Loan ID 696	1/6/2019	14.65%	15,149	15,149	14,901
Loan ID 697	1/6/2017	30.59%	1,080	1,080	1,019
Loan ID 698	1/8/2019	16.55%	4,628	4,628	4,453
Loan ID 699	1/6/2017	10.39%	2,075	2,075	2,040
Loan ID 700	1/7/2017	16.85%	2,396	2,396	2,299

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 701	1/7/2017	9.30%	1,083	1,083	1,065
Loan ID 702	1/7/2017	12.39%	2,614	2,614	2,570
Loan ID 703	1/7/2017	22.35%	3,754	3,754	3,584
Loan ID 704	1/8/2017	17.95%	952	952	914
Loan ID 705	1/7/2017	17.95%	2,379	2,379	2,283
Loan ID 706	1/7/2017	16.20%	3,504	3,504	3,363
Loan ID 707	1/13/2017	15.00%	5,765	5,765	5,577
Loan ID 708	1/8/2017	28.50%	1,058	1,058	1,007
Loan ID 709	1/14/2017	11.89%	5,573	5,573	5,479
Loan ID 710	1/8/2019	15.85%	5,210	5,210	5,013
Loan ID 711	1/14/2019	15.35%	4,881	4,881	4,801
Loan ID 712	1/9/2019	16.85%	6,173	6,173	5,940
Loan ID 713	1/14/2017	15.85%	387	387	371
Loan ID 714	1/15/2019	14.00%	6,180	6,180	6,079
Loan ID 715	1/16/2019	16.85%	3,094	3,094	2,977
Loan ID 716	1/14/2019	16.20%	15,442	15,442	14,858
Loan ID 717	1/15/2017	22.35%	2,475	2,475	2,363
Loan ID 718	1/16/2017	11.39%	2,987	2,987	2,937
Loan ID 719	1/15/2019	17.65%	8,731	8,731	8,401
Loan ID 720	1/14/2019	14.00%	2,107	2,107	2,072
Loan ID 721	1/15/2017	12.39%	897	897	882
Loan ID 722	1/14/2019	18.75%	9,447	9,447	9,090
Loan ID 723	1/15/2017	11.39%	1,441	1,441	1,417
Loan ID 724	1/15/2019	19.05%	9,473	9,473	9,115
Loan ID 725	1/14/2017	16.85%	1,411	1,411	1,354
Loan ID 726	1/14/2019	11.39%	7,625	7,625	7,444
Loan ID 727	1/16/2017	8.79%	646	646	635
Loan ID 728	1/14/2017	15.85%	3,568	3,568	3,424
Loan ID 729	1/16/2017	13.55%	1,766	1,766	1,708
Loan ID 730	1/15/2019	13.14%	5,369	5,369	5,281
Loan ID 731	1/17/2019	17.25%	9,316	9,316	8,964
Loan ID 732	1/22/2019	16.85%	2,475	2,475	2,381
Loan ID 733	1/22/2017	16.20%	3,504	3,504	3,363
Loan ID 734	1/22/2017	8.79%	2,046	2,046	2,012
Loan ID 735	1/22/2019	22.35%	6,734	6,734	6,359
Loan ID 736	1/22/2017	8.79%	1,615	1,615	1,588
Loan ID 737	1/16/2017	9.30%	2,599	2,599	2,555
Loan ID 738	1/21/2017	18.40%	2,869	2,869	2,753
Loan ID 739	1/21/2019	19.70%	6,507	6,507	6,261
Loan ID 740	1/22/2017	14.00%	3,435	3,435	3,323
Loan ID 741	1/22/2017	11.89%	4,088	4,088	4,019
Loan ID 742	1/23/2019	15.35%	6,101	6,101	6,001
Loan ID 743	1/17/2017	15.00%	5,765	5,765	5,577
Loan ID 744	1/21/2017	16.20%	2,336	2,336	2,242
Loan ID 745	1/23/2017	18.75%	3,599	3,599	3,454
Loan ID 746	1/24/2019	14.35%	9,063	9,063	8,914
Loan ID 747	1/22/2017	20.80%	3,719	3,719	3,550
Loan ID 748	1/24/2017	10.99%	2,870	2,870	2,822
Loan ID 749	1/22/2017	8.79%	2,783	2,783	2,736
Loan ID 750	1/22/2017	8.79%	861	861	846

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 751	1/22/2017	8.79%	3,231	3,231	3,177
Loan ID 752	1/23/2017	10.99%	3,311	3,311	3,255
Loan ID 753	1/22/2019	23.04%	1,996	1,996	1,885
Loan ID 754	1/27/2017	14.35%	1,580	1,580	1,528
Loan ID 755	1/24/2017	10.39%	1,096	1,096	1,078
Loan ID 756	1/24/2019	9.90%	8,664	8,664	8,459
Loan ID 757	1/28/2017	12.39%	2,017	2,017	1,983
Loan ID 758	1/28/2017	15.85%	987	987	947
Loan ID 759	1/28/2017	9.30%	2,166	2,166	2,130
Loan ID 760	1/24/2017	29.24%	1,066	1,066	1,006
Loan ID 761	1/28/2017	18.40%	1,912	1,912	1,835
Loan ID 762	1/24/2017	11.39%	7,760	7,760	7,629
Loan ID 763	1/28/2019	12.74%	8,923	8,923	8,777
Loan ID 764	1/29/2017	16.55%	2,831	2,831	2,717
Loan ID 765	1/29/2017	15.85%	931	931	893
Loan ID 766	1/28/2017	28.50%	2,381	2,381	2,267
Loan ID 767	1/27/2019	14.35%	8,459	8,459	8,320
Loan ID 768	1/29/2019	11.39%	11,731	11,731	11,453
Loan ID 769	1/29/2017	10.99%	1,604	1,604	1,577
Loan ID 770	1/29/2019	15.00%	9,120	9,120	8,970
Loan ID 771	1/30/2017	21.50%	2,467	2,467	2,355
Loan ID 772	1/28/2019	17.65%	9,694	9,694	9,327
Loan ID 773	1/28/2017	12.74%	2,025	2,025	1,959
Loan ID 774	1/28/2017	12.74%	305	305	295
Loan ID 775	1/28/2017	11.39%	1,374	1,374	1,351
Loan ID 776	1/29/2019	26.94%	2,647	2,647	2,533
Loan ID 777	1/31/2019	19.40%	7,595	7,595	7,308
Loan ID 778	1/30/2017	15.85%	782	782	750
Loan ID 779	2/7/2017	11.39%	3,817	3,817	3,753
Loan ID 780	2/3/2017	12.74%	3,834	3,834	3,709
Loan ID 781	2/6/2017	11.39%	959	959	943
Loan ID 782	2/10/2019	16.85%	6,343	6,343	6,103
Loan ID 783	2/10/2017	9.90%	864	864	849
Loan ID 784	2/7/2017	11.39%	1,260	1,260	1,239
Loan ID 785	2/11/2017	12.39%	764	764	751
Loan ID 786	2/13/2017	15.35%	3,939	3,939	3,810
Loan ID 787	2/7/2019	17.65%	9,583	9,583	9,221
Loan ID 788	2/11/2019	15.85%	9,428	9,428	9,071
Loan ID 789	2/7/2019	15.00%	6,237	6,237	6,135
Loan ID 790	2/11/2017	19.05%	494	494	474
Loan ID 791	2/11/2019	17.25%	8,528	8,528	8,205
Loan ID 792	2/7/2019	16.85%	12,686	12,686	12,206
Loan ID 793	2/12/2017	28.50%	366	366	349
Loan ID 794	2/10/2019	11.89%	8,906	8,906	8,695
Loan ID 795	2/12/2017	18.75%	4,076	4,076	3,912
Loan ID 796	2/18/2017	14.65%	1,890	1,890	1,828
Loan ID 797	2/18/2017	20.10%	4,131	4,131	3,943
Loan ID 798	2/13/2017	9.30%	6,161	6,161	6,057
Loan ID 799	2/11/2017	9.90%	992	992	975
Loan ID 800	2/19/2017	9.90%	3,225	3,225	3,171

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 801	2/19/2017	11.89%	3,800	3,800	3,736
Loan ID 802	2/12/2019	14.00%	439	439	432
Loan ID 803	2/19/2019	12.74%	6,105	6,105	6,005
Loan ID 804	2/12/2019	23.94%	10,103	10,103	9,540
Loan ID 805	2/18/2017	13.55%	1,804	1,804	1,745
Loan ID 806	2/18/2017	12.39%	7,640	7,640	7,511
Loan ID 807	2/18/2019	24.74%	5,289	5,289	5,061
Loan ID 808	2/20/2017	15.85%	1,056	1,056	1,013
Loan ID 809	2/18/2017	19.05%	954	954	916
Loan ID 810	2/18/2019	16.55%	4,428	4,428	4,261
Loan ID 811	2/20/2017	14.35%	3,898	3,898	3,771
Loan ID 812	2/14/2017	28.50%	3,047	3,047	2,901
Loan ID 813	2/19/2017	15.85%	6,598	6,598	6,332
Loan ID 814	2/19/2017	8.79%	2,451	2,451	2,410
Loan ID 815	2/21/2017	17.95%	2,291	2,291	2,199
Loan ID 816	2/18/2017	8.79%	3,677	3,677	3,615
Loan ID 817	2/18/2017	10.39%	4,239	4,239	4,168
Loan ID 818	2/19/2017	14.00%	3,885	3,885	3,758
Loan ID 819	2/18/2017	16.20%	1,189	1,189	1,141
Loan ID 820	2/19/2017	16.55%	3,987	3,987	3,826
Loan ID 821	2/25/2019	20.30%	2,517	2,517	2,377
Loan ID 822	2/25/2017	10.89%	1,504	1,504	1,479
Loan ID 823	2/25/2017	11.39%	8,820	8,820	8,671
Loan ID 824	2/20/2017	12.39%	6,366	6,366	6,259
Loan ID 825	2/25/2017	18.55%	2,712	2,712	2,603
Loan ID 826	2/25/2017	10.39%	2,493	2,493	2,451
Loan ID 827	2/19/2019	19.05%	9,701	9,701	9,334
Loan ID 828	2/21/2019	23.94%	5,573	5,573	5,263
Loan ID 829	2/21/2019	14.65%	6,216	6,216	6,114
Loan ID 830	2/21/2017	19.05%	1,090	1,090	1,046
Loan ID 831	2/26/2017	12.64%	3,830	3,830	3,705
Loan ID 832	2/20/2017	13.14%	1,043	1,043	1,009
Loan ID 833	2/24/2017	10.39%	3,740	3,740	3,677
Loan ID 834	2/25/2017	9.90%	8,681	8,681	8,535
Loan ID 835	2/20/2017	13.14%	3,850	3,850	3,724
Loan ID 836	2/20/2017	8.79%	6,128	6,128	6,025
Loan ID 837	2/27/2017	13.05%	2,565	2,565	2,481
Loan ID 838	2/21/2017	8.79%	3,677	3,677	3,615
Loan ID 839	2/26/2019	19.70%	9,755	9,755	9,386
Loan ID 840	2/26/2017	19.05%	1,238	1,238	1,188
Loan ID 841	2/24/2019	14.35%	9,298	9,298	9,146
Loan ID 842	2/28/2019	10.29%	7,748	7,748	7,564
Loan ID 843	2/28/2019	13.85%	8,036	8,036	7,904
Loan ID 844	2/25/2017	11.89%	3,293	3,293	3,238
Loan ID 845	2/27/2017	26.24%	2,920	2,920	2,780
Loan ID 846	2/27/2017	14.65%	3,911	3,911	3,783
Loan ID 847	2/25/2019	15.85%	9,428	9,428	9,071
Loan ID 848	2/25/2019	13.14%	7,783	7,783	7,655
Loan ID 849	2/25/2019	16.05%	4,660	4,660	4,484
Loan ID 850	2/28/2019	19.60%	6,498	6,498	6,136

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 851	2/25/2019	14.65%	9,324	9,324	9,171
Loan ID 852	2/28/2019	13.85%	2,591	2,591	2,549
Loan ID 853	2/25/2017	29.24%	1,201	1,201	1,133
Loan ID 854	3/3/2017	17.15%	1,243	1,243	1,193
Loan ID 855	2/28/2017	10.29%	2,391	2,391	2,351
Loan ID 856	2/26/2019	10.89%	8,994	8,994	8,781
Loan ID 857	2/26/2019	12.24%	9,113	9,113	8,964
Loan ID 858	3/4/2019	17.15%	9,799	9,799	9,428
Loan ID 859	2/28/2019	16.05%	9,446	9,446	9,089
Loan ID 860	2/26/2019	14.65%	10,878	10,878	10,700
Loan ID 861	3/5/2019	15.70%	9,668	9,668	9,302
Loan ID 862	3/5/2017	10.29%	840	840	826
Loan ID 863	3/5/2017	10.29%	1,416	1,416	1,392
Loan ID 864	3/6/2019	13.50%	7,585	7,585	7,461
Loan ID 865	2/28/2017	17.25%	1,071	1,071	1,028
Loan ID 866	3/5/2019	16.75%	16,275	16,275	15,659
Loan ID 867	3/5/2019	13.50%	12,641	12,641	12,434
Loan ID 868	3/5/2019	20.30%	8,725	8,725	8,239
Loan ID 869	3/5/2017	9.80%	5,562	5,562	5,468
Loan ID 870	3/3/2017	13.55%	7,242	7,242	7,006
Loan ID 871	3/5/2017	11.19%	4,239	4,239	4,168
Loan ID 872	3/6/2019	24.24%	3,811	3,811	3,646
Loan ID 873	3/7/2019	17.45%	14,121	14,121	13,587
Loan ID 874	3/4/2019	26.44%	7,047	7,047	6,743
Loan ID 875	3/10/2017	18.55%	2,134	2,134	2,048
Loan ID 876	3/10/2017	12.64%	2,295	2,295	2,220
Loan ID 877	3/5/2017	12.64%	4,304	4,304	4,163
Loan ID 878	3/5/2017	13.50%	2,895	2,895	2,800
Loan ID 879	3/7/2019	17.45%	16,375	16,375	15,756
Loan ID 880	3/5/2019	15.35%	9,643	9,643	9,278
Loan ID 881	3/10/2017	21.00%	3,156	3,156	3,013
Loan ID 882	3/5/2017	12.24%	1,143	1,143	1,106
Loan ID 883	3/10/2019	15.70%	9,674	9,674	9,308
Loan ID 884	3/10/2017	20.30%	1,242	1,242	1,186
Loan ID 885	3/10/2017	8.74%	6,058	6,058	5,956
Loan ID 886	3/5/2019	18.90%	9,949	9,949	9,573
Loan ID 887	3/10/2017	13.50%	1,158	1,158	1,120
Loan ID 888	3/11/2017	25.74%	3,300	3,300	3,142
Loan ID 889	3/11/2019	20.30%	6,712	6,712	6,338
Loan ID 890	3/11/2017	11.19%	5,652	5,652	5,557
Loan ID 891	3/11/2019	19.20%	7,006	7,006	6,741
Loan ID 892	3/11/2019	14.15%	12,718	12,718	12,509
Loan ID 893	3/11/2017	12.24%	1,528	1,528	1,478
Loan ID 894	3/11/2017	11.59%	4,258	4,258	4,186
Loan ID 895	3/11/2019	17.15%	7,881	7,881	7,583
Loan ID 896	3/6/2019	17.45%	16,375	16,375	15,756
Loan ID 897	3/6/2017	28.00%	3,340	3,340	3,180
Loan ID 898	3/7/2017	28.00%	668	668	636
Loan ID 899	3/11/2019	16.05%	16,132	16,132	15,522
Loan ID 900	3/12/2017	10.29%	2,799	2,799	2,752

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 901	3/12/2017	12.64%	2,869	2,869	2,775
Loan ID 902	3/12/2019	13.85%	22,194	22,194	21,830
Loan ID 903	3/7/2017	13.85%	1,162	1,162	1,124
Loan ID 904	3/7/2017	13.05%	2,450	2,450	2,370
Loan ID 905	3/7/2019	18.90%	9,949	9,949	9,573
Loan ID 906	3/12/2019	22.54%	10,254	10,254	9,683
Loan ID 907	3/13/2017	10.29%	6,999	6,999	6,881
Loan ID 908	3/10/2017	15.35%	1,988	1,988	1,908
Loan ID 909	3/13/2019	19.60%	2,745	2,745	2,592
Loan ID 910	3/13/2017	11.99%	2,565	2,565	2,522
Loan ID 911	3/10/2019	12.39%	2,518	2,518	2,458
Loan ID 912	3/10/2017	9.80%	6,962	6,962	6,845
Loan ID 913	3/11/2019	16.05%	9,704	9,704	9,337
Loan ID 914	3/13/2017	8.74%	5,232	5,232	5,144
Loan ID 915	3/13/2019	13.05%	10,140	10,140	9,974
Loan ID 916	3/11/2017	14.50%	4,590	4,590	4,440
Loan ID 917	3/14/2017	14.15%	2,186	2,186	2,115
Loan ID 918	3/11/2019	12.64%	9,405	9,405	9,251
Loan ID 919	3/11/2019	17.90%	9,940	9,940	9,564
Loan ID 920	3/11/2017	11.19%	9,892	9,892	9,725
Loan ID 921	3/11/2017	9.80%	2,506	2,506	2,464
Loan ID 922	3/14/2017	10.29%	1,491	1,491	1,466
Loan ID 923	3/14/2019	11.59%	12,415	12,415	12,121
Loan ID 924	3/14/2019	15.35%	3,886	3,886	3,739
Loan ID 925	3/17/2017	10.29%	3,359	3,359	3,302
Loan ID 926	3/14/2019	16.75%	9,765	9,765	9,396
Loan ID 927	3/12/2019	12.24%	9,369	9,369	9,215
Loan ID 928	3/12/2019	13.85%	8,244	8,244	8,109
Loan ID 929	3/14/2017	26.44%	1,316	1,316	1,253
Loan ID 930	3/13/2017	11.99%	4,275	4,275	4,203
Loan ID 931	3/18/2019	11.59%	11,843	11,843	11,562
Loan ID 932	3/13/2017	12.24%	4,286	4,286	4,146
Loan ID 933	3/18/2017	12.24%	7,138	7,138	6,905
Loan ID 934	3/17/2017	22.54%	3,171	3,171	3,027
Loan ID 935	3/18/2017	10.29%	5,866	5,866	5,767
Loan ID 936	3/18/2017	15.35%	2,951	2,951	2,832
Loan ID 937	3/18/2017	9.80%	4,178	4,178	4,108
Loan ID 938	3/13/2017	19.60%	4,006	4,006	3,824
Loan ID 939	3/14/2019	14.50%	3,190	3,190	3,138
Loan ID 940	3/19/2017	12.24%	1,715	1,715	1,659
Loan ID 941	3/19/2019	13.85%	7,610	7,610	7,485
Loan ID 942	3/19/2019	13.05%	12,589	12,589	12,383
Loan ID 943	3/19/2017	16.35%	3,097	3,097	2,972
Loan ID 944	3/17/2019	25.74%	6,309	6,309	6,037
Loan ID 945	3/17/2017	28.00%	1,994	1,994	1,899
Loan ID 946	3/19/2017	9.80%	4,178	4,178	4,108
Loan ID 947	3/19/2019	17.90%	9,864	9,864	9,491
Loan ID 948	3/19/2017	11.99%	3,097	3,097	3,045
Loan ID 949	3/17/2019	16.35%	7,784	7,784	7,490
Loan ID 950	3/20/2017	8.74%	4,130	4,130	4,060

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 951	3/19/2019	11.59%	9,312	9,312	9,091
Loan ID 952	3/19/2017	9.20%	9,685	9,685	9,522
Loan ID 953	3/19/2019	17.15%	9,473	9,473	9,115
Loan ID 954	3/18/2017	12.64%	1,316	1,316	1,273
Loan ID 955	3/20/2017	14.15%	4,372	4,372	4,229
Loan ID 956	3/20/2017	14.15%	7,310	7,310	7,071
Loan ID 957	3/19/2019	16.35%	4,865	4,865	4,681
Loan ID 958	3/18/2019	15.70%	7,403	7,403	7,123
Loan ID 959	3/21/2017	11.99%	1,425	1,425	1,401
Loan ID 960	3/21/2017	11.99%	4,313	4,313	4,240
Loan ID 961	3/20/2019	15.35%	9,643	9,643	9,278
Loan ID 962	3/19/2019	11.59%	4,966	4,966	4,848
Loan ID 963	3/20/2017	11.59%	1,987	1,987	1,954
Loan ID 964	3/19/2017	15.35%	4,427	4,427	4,249
Loan ID 965	3/19/2017	13.50%	2,896	2,896	2,801
Loan ID 966	3/21/2017	12.24%	2,000	2,000	1,935
Loan ID 967	3/19/2017	8.74%	4,131	4,131	4,061
Loan ID 968	3/19/2017	8.74%	5,882	5,882	5,783
Loan ID 969	3/19/2017	14.50%	3,511	3,511	3,396
Loan ID 970	3/25/2019	18.90%	9,949	9,949	9,573
Loan ID 971	3/20/2019	14.50%	9,569	9,569	9,412
Loan ID 972	3/25/2017	19.20%	1,318	1,318	1,265
Loan ID 973	3/25/2017	11.99%	5,148	5,148	5,061
Loan ID 974	3/25/2019	11.99%	12,463	12,463	12,168
Loan ID 975	3/25/2017	9.20%	2,075	2,075	2,040
Loan ID 976	3/24/2017	18.25%	4,558	4,558	4,374
Loan ID 977	3/21/2017	9.80%	3,529	3,529	3,470
Loan ID 978	3/25/2017	25.74%	2,288	2,288	2,179
Loan ID 979	3/25/2017	12.64%	8,592	8,592	8,312
Loan ID 980	3/25/2017	22.54%	1,268	1,268	1,210
Loan ID 981	3/25/2017	17.90%	3,544	3,544	3,401
Loan ID 982	3/26/2019	13.85%	15,853	15,853	15,593
Loan ID 983	3/26/2019	13.85%	9,512	9,512	9,356
Loan ID 984	3/24/2019	13.50%	9,481	9,481	9,326
Loan ID 985	3/26/2019	15.35%	16,072	16,072	15,464
Loan ID 986	3/26/2019	12.24%	22,647	22,647	22,276
Loan ID 987	3/24/2019	21.85%	6,798	6,798	6,419
Loan ID 988	3/26/2017	8.74%	5,507	5,507	5,414
Loan ID 989	3/27/2017	16.75%	604	604	580
Loan ID 990	3/26/2017	14.50%	4,388	4,388	4,245
Loan ID 991	3/25/2017	15.35%	2,210	2,210	2,121
Loan ID 992	3/27/2019	13.50%	12,641	12,641	12,434
Loan ID 993	3/27/2019	11.99%	12,463	12,463	12,168
Loan ID 994	3/26/2017	16.35%	1,341	1,341	1,287
Loan ID 995	3/25/2017	19.20%	3,068	3,068	2,944
Loan ID 996	3/27/2019	21.85%	6,798	6,798	6,419
Loan ID 997	3/25/2019	13.05%	3,165	3,165	3,113
Loan ID 998	3/27/2017	19.20%	4,602	4,602	4,417
Loan ID 999	3/28/2019	14.50%	15,820	15,820	15,561
Loan ID 1000	3/27/2017	18.55%	7,620	7,620	7,313

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1001	3/27/2017	14.15%	1,749	1,749	1,692
Loan ID 1002	3/27/2017	13.50%	3,764	3,764	3,641
Loan ID 1003	3/28/2019	16.75%	9,765	9,765	9,396
Loan ID 1004	3/26/2017	28.00%	3,988	3,988	3,797
Loan ID 1005	3/28/2017	15.35%	2,509	2,509	2,408
Loan ID 1006	3/27/2019	16.35%	4,216	4,216	4,057
Loan ID 1007	3/28/2019	14.85%	9,600	9,600	9,443
Loan ID 1008	3/26/2019	23.44%	6,885	6,885	6,502
Loan ID 1009	3/28/2019	15.35%	6,429	6,429	6,186
Loan ID 1010	3/26/2017	22.54%	1,268	1,268	1,210
Loan ID 1011	3/31/2017	16.05%	3,562	3,562	3,418
Loan ID 1012	3/31/2019	10.89%	12,326	12,326	12,034
Loan ID 1013	3/27/2017	11.19%	4,239	4,239	4,168
Loan ID 1014	3/27/2017	18.25%	1,860	1,860	1,785
Loan ID 1015	3/27/2017	23.44%	3,577	3,577	3,415
Loan ID 1016	3/31/2019	17.45%	6,872	6,872	6,612
Loan ID 1017	4/1/2017	16.35%	1,337	1,337	1,283
Loan ID 1018	4/1/2019	14.85%	9,829	9,829	9,668
Loan ID 1019	4/1/2019	18.90%	9,153	9,153	8,807
Loan ID 1020	4/1/2019	14.50%	13,102	13,102	12,887
Loan ID 1021	3/31/2017	11.19%	4,236	4,236	4,165
Loan ID 1022	4/1/2019	14.15%	13,025	13,025	12,811
Loan ID 1023	4/1/2017	13.85%	3,848	3,848	3,722
Loan ID 1024	4/1/2017	17.15%	4,968	4,968	4,768
Loan ID 1025	4/2/2019	14.50%	12,805	12,805	12,595
Loan ID 1026	4/1/2019	19.60%	2,312	2,312	2,183
Loan ID 1027	4/1/2017	25.74%	2,152	2,152	2,049
Loan ID 1028	4/1/2019	19.20%	10,196	10,196	9,810
Loan ID 1029	4/2/2017	14.50%	4,842	4,842	4,684
Loan ID 1030	4/1/2017	9.20%	7,653	7,653	7,524
Loan ID 1031	3/28/2019	12.64%	19,437	19,437	19,118
Loan ID 1032	4/2/2017	12.24%	852	852	824
Loan ID 1033	4/2/2019	13.85%	6,112	6,112	6,012
Loan ID 1034	4/2/2017	15.70%	751	751	721
Loan ID 1035	4/2/2019	19.20%	13,594	13,594	13,080
Loan ID 1036	4/2/2017	8.74%	3,047	3,047	2,996
Loan ID 1037	4/2/2017	10.89%	4,671	4,671	4,592
Loan ID 1038	4/2/2017	11.59%	7,840	7,840	7,708
Loan ID 1039	4/1/2017	12.64%	3,803	3,803	3,679
Loan ID 1040	4/1/2017	18.55%	3,356	3,356	3,221
Loan ID 1041	4/2/2017	8.74%	3,315	3,315	3,259
Loan ID 1042	4/1/2019	13.05%	22,573	22,573	22,203
Loan ID 1043	4/1/2019	18.25%	6,744	6,744	6,489
Loan ID 1044	4/2/2017	8.74%	3,047	3,047	2,996
Loan ID 1045	4/1/2019	15.70%	13,202	13,202	12,703
Loan ID 1046	4/1/2017	16.35%	3,944	3,944	3,785
Loan ID 1047	4/3/2019	28.00%	2,944	2,944	2,817
Loan ID 1048	4/3/2019	16.75%	16,651	16,651	16,021
Loan ID 1049	4/3/2017	12.24%	3,157	3,157	3,054
Loan ID 1050	4/2/2019	18.90%	16,951	16,951	16,310

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1051	4/3/2019	22.54%	6,978	6,978	6,589
Loan ID 1052	4/2/2019	18.90%	2,712	2,712	2,609
Loan ID 1053	4/3/2017	16.35%	1,203	1,203	1,155
Loan ID 1054	4/3/2019	13.05%	6,449	6,449	6,343
Loan ID 1055	4/3/2017	15.35%	7,323	7,323	7,028
Loan ID 1056	4/3/2017	9.80%	4,620	4,620	4,542
Loan ID 1057	4/2/2019	15.70%	16,503	16,503	15,879
Loan ID 1058	3/31/2019	14.85%	9,593	9,593	9,436
Loan ID 1059	4/3/2017	15.35%	1,437	1,437	1,379
Loan ID 1060	3/31/2017	11.19%	2,824	2,824	2,776
Loan ID 1061	4/3/2019	12.64%	13,776	13,776	13,550
Loan ID 1062	4/2/2017	14.15%	8,041	8,041	7,779
Loan ID 1063	4/2/2017	12.24%	2,278	2,278	2,204
Loan ID 1064	4/3/2017	8.74%	1,218	1,218	1,197
Loan ID 1065	4/3/2017	8.74%	6,093	6,093	5,990
Loan ID 1066	4/2/2019	11.59%	5,728	5,728	5,592
Loan ID 1067	3/31/2017	9.80%	5,009	5,009	4,925
Loan ID 1068	4/3/2019	21.85%	6,960	6,960	6,572
Loan ID 1069	4/2/2019	12.24%	1,281	1,281	1,260
Loan ID 1070	4/3/2017	14.85%	1,295	1,295	1,253
Loan ID 1071	4/2/2017	16.05%	3,880	3,880	3,724
Loan ID 1072	4/2/2017	14.50%	3,246	3,246	3,140
Loan ID 1073	4/3/2017	23.44%	1,230	1,230	1,174
Loan ID 1074	4/3/2017	11.19%	3,123	3,123	3,070
Loan ID 1075	4/3/2019	19.20%	4,758	4,758	4,578
Loan ID 1076	4/3/2017	8.74%	4,570	4,570	4,493
Loan ID 1077	4/2/2017	16.35%	1,643	1,643	1,577
Loan ID 1078	4/2/2019	17.45%	11,389	11,389	10,958
Loan ID 1079	4/3/2017	28.00%	1,464	1,464	1,394
Loan ID 1080	4/2/2017	8.74%	1,523	1,523	1,497
Loan ID 1081	4/3/2019	11.19%	13,617	13,617	13,294
Loan ID 1082	4/3/2017	13.85%	4,811	4,811	4,654
Loan ID 1083	4/3/2019	16.05%	10,456	10,456	10,061
Loan ID 1084	4/4/2017	11.99%	3,148	3,148	3,095
Loan ID 1085	4/3/2017	13.85%	8,018	8,018	7,756
Loan ID 1086	3/31/2019	25.74%	7,000	7,000	6,698
Loan ID 1087	4/3/2019	21.85%	6,894	6,894	6,510
Loan ID 1088	4/4/2017	15.35%	3,255	3,255	3,124
Loan ID 1089	4/4/2019	17.15%	10,055	10,055	9,675
Loan ID 1090	4/3/2017	13.50%	4,092	4,092	3,958
Loan ID 1091	4/4/2019	18.25%	10,117	10,117	9,734
Loan ID 1092	4/4/2017	19.60%	2,542	2,542	2,427
Loan ID 1093	4/4/2017	11.99%	4,751	4,751	4,671
Loan ID 1094	4/3/2017	28.00%	732	732	697
Loan ID 1095	4/4/2017	16.75%	5,608	5,608	5,382
Loan ID 1096	4/3/2017	8.74%	3,047	3,047	2,996
Loan ID 1097	4/1/2017	23.44%	1,475	1,475	1,408
Loan ID 1098	4/1/2019	19.20%	16,993	16,993	16,350
Loan ID 1099	4/3/2017	13.05%	4,773	4,773	4,617
Loan ID 1100	4/3/2019	17.90%	10,087	10,087	9,706

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1101	4/4/2019	18.25%	4,384	4,384	4,218
Loan ID 1102	4/1/2017	14.15%	1,126	1,126	1,089
Loan ID 1103	4/1/2019	18.90%	16,951	16,951	16,310
Loan ID 1104	4/3/2017	11.59%	7,840	7,840	7,708
Loan ID 1105	4/3/2019	12.24%	10,884	10,884	10,706
Loan ID 1106	4/4/2017	8.74%	4,875	4,875	4,793
Loan ID 1107	4/4/2017	15.35%	2,929	2,929	2,811
Loan ID 1108	4/1/2019	10.29%	12,576	12,576	12,278
Loan ID 1109	4/4/2019	15.35%	16,453	16,453	15,831
Loan ID 1110	4/3/2017	12.64%	4,753	4,753	4,598
Loan ID 1111	4/7/2017	10.89%	4,671	4,671	4,592
Loan ID 1112	4/1/2019	23.44%	7,027	7,027	6,636
Loan ID 1113	4/7/2019	26.44%	7,183	7,183	6,873
Loan ID 1114	4/7/2019	11.59%	324	324	316
Loan ID 1115	4/3/2019	27.24%	7,249	7,249	6,936
Loan ID 1116	4/3/2017	24.24%	2,477	2,477	2,359
Loan ID 1117	4/1/2019	11.19%	12,682	12,682	12,381
Loan ID 1118	4/7/2017	21.00%	3,435	3,435	3,279
Loan ID 1119	4/3/2019	12.24%	22,408	22,408	22,041
Loan ID 1120	4/2/2017	10.29%	2,012	2,012	1,978
Loan ID 1121	4/3/2019	13.50%	10,010	10,010	9,846
Loan ID 1122	4/3/2019	14.15%	6,513	6,513	6,406
Loan ID 1123	4/7/2019	19.20%	4,418	4,418	4,251
Loan ID 1124	4/7/2019	11.59%	10,183	10,183	9,942
Loan ID 1125	4/4/2017	28.74%	1,481	1,481	1,397
Loan ID 1126	4/2/2019	17.15%	10,044	10,044	9,664
Loan ID 1127	4/7/2017	12.24%	2,157	2,157	2,087
Loan ID 1128	4/7/2017	18.25%	2,678	2,678	2,570
Loan ID 1129	4/4/2019	15.70%	16,503	16,503	15,879
Loan ID 1130	4/2/2017	19.60%	5,085	5,085	4,854
Loan ID 1131	4/7/2019	24.24%	4,003	4,003	3,830
Loan ID 1132	4/2/2019	13.50%	22,647	22,647	22,276
Loan ID 1133	4/4/2017	9.20%	3,061	3,061	3,009
Loan ID 1134	4/7/2019	22.54%	10,468	10,468	9,885
Loan ID 1135	4/7/2019	12.64%	4,819	4,819	4,740
Loan ID 1136	4/7/2019	26.44%	7,183	7,183	6,873
Loan ID 1137	4/4/2019	14.85%	16,382	16,382	16,113
Loan ID 1138	4/4/2017	11.59%	2,509	2,509	2,467
Loan ID 1139	4/4/2017	12.24%	3,480	3,480	3,366
Loan ID 1140	4/4/2019	16.05%	9,931	9,931	9,555
Loan ID 1141	4/7/2017	15.70%	1,045	1,045	1,003
Loan ID 1142	4/2/2019	24.24%	7,069	7,069	6,764
Loan ID 1143	4/4/2017	14.50%	4,842	4,842	4,684
Loan ID 1144	4/2/2019	18.25%	2,698	2,698	2,596
Loan ID 1145	4/4/2019	15.70%	8,686	8,686	8,358
Loan ID 1146	4/2/2019	10.29%	4,402	4,402	4,298
Loan ID 1147	4/7/2019	14.85%	1,523	1,523	1,498
Loan ID 1148	4/4/2017	12.64%	1,901	1,901	1,839
Loan ID 1149	4/7/2019	18.25%	16,861	16,861	16,223
Loan ID 1150	4/8/2017	20.30%	3,412	3,412	3,257

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1151	4/2/2017	23.44%	3,513	3,513	3,353
Loan ID 1152	4/8/2017	13.05%	1,591	1,591	1,539
Loan ID 1153	4/8/2017	19.60%	5,085	5,085	4,854
Loan ID 1154	4/4/2019	11.99%	7,346	7,346	7,172
Loan ID 1155	4/4/2017	20.30%	2,940	2,940	2,806
Loan ID 1156	4/8/2017	8.74%	3,960	3,960	3,893
Loan ID 1157	4/4/2019	17.15%	3,508	3,508	3,375
Loan ID 1158	4/2/2019	16.35%	9,957	9,957	9,580
Loan ID 1159	4/8/2017	15.70%	653	653	627
Loan ID 1160	4/8/2017	13.05%	2,000	2,000	1,935
Loan ID 1161	4/2/2017	25.74%	1,435	1,435	1,366
Loan ID 1162	4/4/2017	14.15%	4,825	4,825	4,667
Loan ID 1163	4/8/2017	13.05%	3,182	3,182	3,078
Loan ID 1164	4/8/2019	21.00%	6,896	6,896	6,512
Loan ID 1165	4/8/2017	16.35%	1,315	1,315	1,262
Loan ID 1166	4/7/2019	19.20%	4,078	4,078	3,924
Loan ID 1167	4/8/2017	12.24%	4,245	4,245	4,106
Loan ID 1168	4/8/2019	17.15%	16,707	16,707	16,075
Loan ID 1169	4/3/2019	18.90%	10,171	10,171	9,786
Loan ID 1170	4/7/2019	18.90%	4,834	4,834	4,651
Loan ID 1171	4/8/2017	18.55%	1,569	1,569	1,506
Loan ID 1172	4/3/2019	18.90%	10,171	10,171	9,786
Loan ID 1173	4/8/2019	11.99%	15,969	15,969	15,590
Loan ID 1174	4/8/2017	17.45%	1,328	1,328	1,274
Loan ID 1175	4/8/2017	14.15%	4,840	4,840	4,682
Loan ID 1176	4/7/2017	11.19%	4,685	4,685	4,606
Loan ID 1177	4/8/2019	21.00%	2,758	2,758	2,604
Loan ID 1178	4/7/2019	17.15%	6,349	6,349	6,109
Loan ID 1179	4/8/2019	13.05%	19,348	19,348	19,031
Loan ID 1180	4/7/2017	9.20%	10,713	10,713	10,533
Loan ID 1181	4/8/2019	14.50%	9,799	9,799	9,638
Loan ID 1182	4/3/2017	17.15%	5,502	5,502	5,280
Loan ID 1183	4/8/2017	11.59%	1,568	1,568	1,542
Loan ID 1184	4/8/2017	22.54%	1,394	1,394	1,331
Loan ID 1185	4/3/2019	21.85%	4,165	4,165	3,933
Loan ID 1186	4/7/2017	8.74%	4,570	4,570	4,493
Loan ID 1187	4/3/2019	18.25%	6,744	6,744	6,489
Loan ID 1188	4/3/2017	9.20%	1,224	1,224	1,203
Loan ID 1189	4/3/2017	18.55%	2,074	2,074	1,990
Loan ID 1190	4/7/2019	13.85%	8,265	8,265	8,129
Loan ID 1191	4/8/2019	18.55%	16,927	16,927	16,287
Loan ID 1192	4/7/2017	9.20%	3,022	3,022	2,971
Loan ID 1193	4/7/2019	20.30%	6,904	6,904	6,519
Loan ID 1194	4/8/2017	21.00%	2,404	2,404	2,295
Loan ID 1195	4/3/2017	23.44%	1,230	1,230	1,174
Loan ID 1196	4/3/2019	11.19%	12,702	12,702	12,401
Loan ID 1197	4/7/2019	16.35%	1,659	1,659	1,596
Loan ID 1198	4/3/2017	8.74%	2,742	2,742	2,696
Loan ID 1199	4/7/2017	28.00%	2,584	2,584	2,461
Loan ID 1200	4/9/2017	11.99%	9,483	9,483	9,323

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1201	4/9/2017	9.20%	918	918	903
Loan ID 1202	4/7/2019	14.15%	9,769	9,769	9,609
Loan ID 1203	4/9/2017	8.74%	4,570	4,570	4,493
Loan ID 1204	4/8/2017	10.29%	4,643	4,643	4,565
Loan ID 1205	4/8/2017	13.05%	1,018	1,018	985
Loan ID 1206	4/9/2019	16.05%	16,552	16,552	15,926
Loan ID 1207	4/8/2019	13.85%	4,547	4,547	4,472
Loan ID 1208	4/8/2017	17.90%	1,334	1,334	1,280
Loan ID 1209	4/3/2017	17.90%	2,001	2,001	1,920
Loan ID 1210	4/8/2017	12.64%	4,753	4,753	4,598
Loan ID 1211	4/9/2017	14.15%	2,573	2,573	2,489
Loan ID 1212	4/3/2019	17.15%	2,673	2,673	2,572
Loan ID 1213	4/8/2019	13.85%	8,444	8,444	8,306
Loan ID 1214	4/4/2019	14.15%	7,815	7,815	7,687
Loan ID 1215	4/4/2017	21.00%	3,435	3,435	3,279
Loan ID 1216	4/8/2017	22.54%	2,462	2,462	2,350
Loan ID 1217	4/4/2017	15.35%	2,278	2,278	2,186
Loan ID 1218	4/8/2019	12.24%	22,408	22,408	22,041
Loan ID 1219	4/4/2017	11.99%	4,723	4,723	4,643
Loan ID 1220	4/8/2019	21.00%	6,682	6,682	6,310
Loan ID 1221	4/8/2017	12.24%	1,105	1,105	1,069
Loan ID 1222	4/8/2017	16.75%	1,232	1,232	1,182
Loan ID 1223	4/9/2017	9.20%	10,713	10,713	10,533
Loan ID 1224	4/9/2017	13.05%	7,955	7,955	7,695
Loan ID 1225	4/8/2019	17.90%	6,725	6,725	6,471
Loan ID 1226	4/9/2019	15.70%	6,267	6,267	6,030
Loan ID 1227	4/8/2019	15.35%	16,453	16,453	15,831
Loan ID 1228	4/9/2017	12.24%	3,156	3,156	3,053
Loan ID 1229	4/4/2019	17.90%	10,028	10,028	9,649
Loan ID 1230	4/8/2017	18.25%	5,020	5,020	4,818
Loan ID 1231	4/9/2019	13.85%	16,238	16,238	15,972
Loan ID 1232	4/4/2017	14.50%	2,259	2,259	2,185
Loan ID 1233	4/8/2017	17.90%	3,336	3,336	3,202
Loan ID 1234	4/8/2019	16.35%	9,957	9,957	9,580
Loan ID 1235	4/9/2019	16.05%	9,931	9,931	9,555
Loan ID 1236	4/9/2019	20.30%	6,857	6,857	6,475
Loan ID 1237	4/9/2017	18.55%	982	982	942
Loan ID 1238	4/8/2019	17.45%	6,700	6,700	6,447
Loan ID 1239	4/8/2017	13.05%	2,227	2,227	2,154
Loan ID 1240	4/4/2019	18.25%	18,201	18,201	17,513
Loan ID 1241	4/8/2017	26.44%	2,874	2,874	2,737
Loan ID 1242	4/4/2017	13.50%	959	959	928
Loan ID 1243	4/8/2019	17.45%	17,021	17,021	16,377
Loan ID 1244	4/10/2017	9.20%	2,099	2,099	2,064
Loan ID 1245	4/8/2019	18.90%	10,297	10,297	9,908
Loan ID 1246	4/10/2019	18.25%	5	5	5
Loan ID 1247	4/10/2017	9.80%	3,990	3,990	3,923
Loan ID 1248	4/4/2019	13.05%	7,417	7,417	7,295
Loan ID 1249	4/4/2017	11.99%	787	787	774
Loan ID 1250	4/8/2019	19.60%	6,819	6,819	6,439

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1251	4/4/2017	13.50%	3,675	3,675	3,555
Loan ID 1252	4/8/2019	13.05%	3,116	3,116	3,065
Loan ID 1253	4/10/2019	13.50%	22,669	22,669	22,297
Loan ID 1254	4/9/2017	15.70%	1,633	1,633	1,567
Loan ID 1255	4/4/2019	11.19%	9,511	9,511	9,286
Loan ID 1256	4/10/2017	10.89%	4,102	4,102	4,033
Loan ID 1257	4/10/2019	12.64%	16,841	16,841	16,565
Loan ID 1258	4/10/2017	12.64%	7,922	7,922	7,663
Loan ID 1259	4/10/2017	15.70%	1,633	1,633	1,567
Loan ID 1260	4/7/2017	21.85%	936	936	893
Loan ID 1261	4/10/2019	13.05%	9,674	9,674	9,515
Loan ID 1262	4/10/2019	16.75%	6,668	6,668	6,416
Loan ID 1263	4/7/2019	19.20%	10,195	10,195	9,809
Loan ID 1264	4/7/2019	19.60%	10,317	10,317	9,742
Loan ID 1265	4/9/2019	18.90%	8,815	8,815	8,482
Loan ID 1266	4/10/2017	9.20%	4,592	4,592	4,515
Loan ID 1267	4/7/2017	17.90%	2,835	2,835	2,721
Loan ID 1268	4/7/2019	12.24%	22,408	22,408	22,041
Loan ID 1269	4/7/2017	11.99%	6,297	6,297	6,191
Loan ID 1270	4/9/2017	25.74%	3,587	3,587	3,416
Loan ID 1271	4/9/2017	20.30%	5,044	5,044	4,815
Loan ID 1272	4/7/2017	30.09%	1,491	1,491	1,407
Loan ID 1273	4/10/2019	19.20%	6,784	6,784	6,527
Loan ID 1274	4/7/2019	10.89%	12,425	12,425	12,130
Loan ID 1275	4/7/2019	11.19%	4,122	4,122	4,024
Loan ID 1276	4/9/2017	13.85%	2,886	2,886	2,792
Loan ID 1277	4/9/2017	11.19%	4,685	4,685	4,606
Loan ID 1278	4/7/2017	8.74%	1,218	1,218	1,197
Loan ID 1279	4/10/2019	16.05%	6,545	6,545	6,297
Loan ID 1280	4/10/2017	12.24%	4,738	4,738	4,583
Loan ID 1281	4/7/2017	10.29%	6,174	6,174	6,070
Loan ID 1282	4/9/2019	14.15%	16,281	16,281	16,014
Loan ID 1283	4/9/2017	14.15%	3,377	3,377	3,267
Loan ID 1284	4/10/2019	14.50%	6,525	6,525	6,418
Loan ID 1285	4/7/2017	30.09%	1,491	1,491	1,407
Loan ID 1286	4/9/2017	20.30%	2,902	2,902	2,770
Loan ID 1287	4/9/2019	13.50%	7,770	7,770	7,643
Loan ID 1288	4/8/2017	22.54%	3,484	3,484	3,326
Loan ID 1289	4/8/2017	14.85%	4,858	4,858	4,699
Loan ID 1290	4/9/2017	17.45%	996	996	956
Loan ID 1291	4/11/2017	13.05%	1,273	1,273	1,231
Loan ID 1292	4/9/2019	18.25%	10,117	10,117	9,734
Loan ID 1293	4/11/2017	19.20%	3,377	3,377	3,241
Loan ID 1294	4/9/2017	14.15%	3,216	3,216	3,111
Loan ID 1295	4/11/2017	17.90%	3,336	3,336	3,202
Loan ID 1296	4/10/2017	16.35%	2,955	2,955	2,836
Loan ID 1297	4/8/2019	21.85%	6,247	6,247	5,899
Loan ID 1298	4/11/2017	16.35%	1,315	1,315	1,262
Loan ID 1299	4/10/2019	15.35%	9,872	9,872	9,499
Loan ID 1300	4/10/2019	17.15%	3,341	3,341	3,215

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1301	4/11/2017	13.05%	1,432	1,432	1,385
Loan ID 1302	4/10/2017	8.74%	7,617	7,617	7,489
Loan ID 1303	4/11/2017	11.19%	1,562	1,562	1,536
Loan ID 1304	4/10/2019	16.35%	5,974	5,974	5,748
Loan ID 1305	4/10/2019	17.90%	10,128	10,128	9,745
Loan ID 1306	4/10/2019	15.70%	3,961	3,961	3,811
Loan ID 1307	4/11/2017	17.90%	5,004	5,004	4,802
Loan ID 1308	4/11/2019	15.35%	6,581	6,581	6,332
Loan ID 1309	4/8/2019	10.29%	11,319	11,319	11,051
Loan ID 1310	4/10/2017	13.05%	3,182	3,182	3,078
Loan ID 1311	4/10/2019	24.24%	7,069	7,069	6,764
Loan ID 1312	4/11/2019	17.15%	2,673	2,673	2,572
Loan ID 1313	4/10/2017	10.89%	4,671	4,671	4,592
Loan ID 1314	4/10/2019	14.50%	15,025	15,025	14,779
Loan ID 1315	4/11/2017	11.59%	4,704	4,704	4,625
Loan ID 1316	4/10/2019	14.15%	16,281	16,281	16,014
Loan ID 1317	4/11/2017	9.20%	6,122	6,122	6,019
Loan ID 1318	4/8/2017	16.35%	3,286	3,286	3,154
Loan ID 1319	4/10/2019	13.85%	13,007	13,007	12,794
Loan ID 1320	4/11/2017	23.44%	1,584	1,584	1,512
Loan ID 1321	4/8/2019	18.55%	13,961	13,961	13,433
Loan ID 1322	4/8/2017	19.20%	5,066	5,066	4,862
Loan ID 1323	4/10/2019	17.15%	3,676	3,676	3,537
Loan ID 1324	4/8/2017	16.35%	3,122	3,122	2,996
Loan ID 1325	4/11/2019	18.90%	10,171	10,171	9,786
Loan ID 1326	4/8/2019	15.70%	17,197	17,197	16,547
Loan ID 1327	4/8/2017	11.59%	4,704	4,704	4,625
Loan ID 1328	4/11/2017	11.19%	2,624	2,624	2,580
Loan ID 1329	4/10/2017	9.20%	4,592	4,592	4,515
Loan ID 1330	4/10/2019	10.89%	6,323	6,323	6,173
Loan ID 1331	4/8/2017	11.19%	2,342	2,342	2,303
Loan ID 1332	4/11/2019	15.35%	9,872	9,872	9,499
Loan ID 1333	4/8/2017	9.20%	796	796	783
Loan ID 1334	4/11/2017	26.44%	1,783	1,783	1,698
Loan ID 1335	4/11/2017	17.90%	5,004	5,004	4,802
Loan ID 1336	4/10/2019	12.64%	9,639	9,639	9,481
Loan ID 1337	4/8/2019	16.75%	10,046	10,046	9,666
Loan ID 1338	4/10/2017	12.24%	2,367	2,367	2,290
Loan ID 1339	4/10/2019	26.44%	5,388	5,388	5,155
Loan ID 1340	4/8/2019	24.24%	7,069	7,069	6,764
Loan ID 1341	4/10/2017	28.00%	1,464	1,464	1,394
Loan ID 1342	4/14/2017	15.35%	4,882	4,882	4,685
Loan ID 1343	4/14/2017	11.19%	3,807	3,807	3,743
Loan ID 1344	4/8/2017	12.24%	3,156	3,156	3,053
Loan ID 1345	4/14/2019	14.50%	9,800	9,800	9,639
Loan ID 1346	4/9/2017	16.75%	990	990	950
Loan ID 1347	4/10/2017	15.35%	4,882	4,882	4,685
Loan ID 1348	4/9/2017	26.44%	1,571	1,571	1,496
Loan ID 1349	4/9/2017	10.29%	4,643	4,643	4,565
Loan ID 1350	4/14/2017	11.99%	1,259	1,259	1,238

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1351	4/10/2019	10.89%	9,485	9,485	9,260
Loan ID 1352	4/14/2017	17.45%	8,303	8,303	7,968
Loan ID 1353	4/9/2017	11.59%	1,432	1,432	1,408
Loan ID 1354	4/10/2019	21.85%	6,941	6,941	6,554
Loan ID 1355	4/10/2017	17.45%	530	530	509
Loan ID 1356	4/9/2019	18.25%	10,117	10,117	9,734
Loan ID 1357	4/11/2017	9.80%	4,620	4,620	4,542
Loan ID 1358	4/14/2019	11.99%	6,707	6,707	6,548
Loan ID 1359	4/11/2019	17.90%	13,483	13,483	12,973
Loan ID 1360	4/14/2019	14.85%	10,511	10,511	10,339
Loan ID 1361	4/14/2019	15.35%	9,892	9,892	9,518
Loan ID 1362	4/11/2019	17.45%	10,720	10,720	10,315
Loan ID 1363	4/11/2019	14.85%	4,587	4,587	4,512
Loan ID 1364	4/14/2019	21.00%	6,896	6,896	6,512
Loan ID 1365	4/14/2017	23.44%	1,728	1,728	1,650
Loan ID 1366	4/9/2017	12.24%	2,367	2,367	2,290
Loan ID 1367	4/11/2017	12.24%	3,109	3,109	3,008
Loan ID 1368	4/11/2019	18.55%	16,902	16,902	16,263
Loan ID 1369	4/9/2017	17.15%	4,968	4,968	4,768
Loan ID 1370	4/11/2017	18.90%	3,368	3,368	3,232
Loan ID 1371	4/14/2017	16.35%	1,150	1,150	1,104
Loan ID 1372	4/11/2017	10.29%	2,910	2,910	2,861
Loan ID 1373	4/9/2017	12.24%	4,734	4,734	4,579
Loan ID 1374	4/11/2017	28.00%	1,464	1,464	1,394
Loan ID 1375	4/11/2017	21.00%	1,374	1,374	1,312
Loan ID 1376	4/9/2019	15.35%	6,864	6,864	6,604
Loan ID 1377	4/9/2017	10.29%	3,070	3,070	3,018
Loan ID 1378	4/11/2019	14.15%	16,338	16,338	16,070
Loan ID 1379	4/9/2017	16.05%	1,311	1,311	1,258
Loan ID 1380	4/9/2017	10.89%	10,087	10,087	9,917
Loan ID 1381	4/15/2017	24.24%	3,905	3,905	3,718
Loan ID 1382	4/9/2017	12.24%	3,787	3,787	3,663
Loan ID 1383	4/15/2017	17.45%	1,220	1,220	1,171
Loan ID 1384	4/9/2017	20.30%	4,712	4,712	4,498
Loan ID 1385	4/11/2017	9.20%	2,449	2,449	2,408
Loan ID 1386	4/9/2019	15.35%	15,137	15,137	14,565
Loan ID 1387	4/15/2017	19.60%	5,085	5,085	4,854
Loan ID 1388	4/9/2019	19.60%	6,819	6,819	6,439
Loan ID 1389	4/9/2017	9.20%	2,449	2,449	2,408
Loan ID 1390	4/11/2017	13.85%	1,315	1,315	1,272
Loan ID 1391	4/11/2019	24.24%	7,069	7,069	6,764
Loan ID 1392	4/15/2019	15.70%	9,902	9,902	9,528
Loan ID 1393	4/11/2019	17.90%	13,450	13,450	12,941
Loan ID 1394	4/11/2019	12.64%	8,996	8,996	8,848
Loan ID 1395	4/11/2019	19.20%	6,117	6,117	5,886
Loan ID 1396	4/15/2019	13.05%	16,123	16,123	15,859
Loan ID 1397	4/10/2019	16.05%	4,635	4,635	4,460
Loan ID 1398	4/11/2019	12.24%	16,006	16,006	15,744
Loan ID 1399	4/15/2017	9.20%	4,592	4,592	4,515
Loan ID 1400	4/15/2017	13.05%	3,433	3,433	3,321

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1401	4/15/2019	14.85%	16,382	16,382	16,113
Loan ID 1402	4/15/2019	24.24%	7,069	7,069	6,764
Loan ID 1403	4/10/2017	15.70%	3,282	3,282	3,150
Loan ID 1404	4/10/2017	24.24%	1,062	1,062	1,011
Loan ID 1405	4/14/2019	19.20%	10,195	10,195	9,809
Loan ID 1406	4/14/2017	18.55%	2,756	2,756	2,645
Loan ID 1407	4/15/2019	13.85%	4,871	4,871	4,791
Loan ID 1408	4/10/2019	17.45%	10,049	10,049	9,669
Loan ID 1409	4/14/2019	16.05%	9,931	9,931	9,555
Loan ID 1410	4/15/2017	15.35%	1,953	1,953	1,874
Loan ID 1411	4/10/2019	14.85%	16,382	16,382	16,113
Loan ID 1412	4/14/2017	10.29%	2,805	2,805	2,758
Loan ID 1413	4/15/2019	13.05%	9,674	9,674	9,515
Loan ID 1414	4/15/2017	8.74%	4,570	4,570	4,493
Loan ID 1415	4/15/2019	18.90%	10,171	10,171	9,786
Loan ID 1416	4/10/2019	14.85%	16,382	16,382	16,113
Loan ID 1417	4/14/2017	9.80%	4,620	4,620	4,542
Loan ID 1418	4/14/2017	13.05%	3,341	3,341	3,232
Loan ID 1419	4/14/2019	20.30%	10,287	10,287	9,714
Loan ID 1420	4/14/2017	9.80%	4,004	4,004	3,937
Loan ID 1421	4/14/2017	17.45%	38	38	36
Loan ID 1422	4/10/2019	16.05%	9,931	9,931	9,555
Loan ID 1423	4/15/2017	14.85%	6,477	6,477	6,266
Loan ID 1424	4/14/2017	11.19%	10,931	10,931	10,747
Loan ID 1425	4/15/2019	13.50%	6,475	6,475	6,369
Loan ID 1426	4/14/2019	18.90%	9,492	9,492	9,133
Loan ID 1427	4/15/2019	13.05%	16,123	16,123	15,859
Loan ID 1428	4/14/2017	8.74%	4,570	4,570	4,493
Loan ID 1429	4/10/2019	11.59%	11,456	11,456	11,184
Loan ID 1430	4/14/2017	14.15%	4,825	4,825	4,667
Loan ID 1431	4/14/2017	10.29%	6,190	6,190	6,086
Loan ID 1432	4/10/2017	12.24%	4,734	4,734	4,579
Loan ID 1433	4/14/2017	25.74%	3,587	3,587	3,416
Loan ID 1434	4/15/2017	16.75%	2,474	2,474	2,374
Loan ID 1435	4/10/2017	14.15%	709	709	686
Loan ID 1436	4/15/2017	16.05%	4,915	4,915	4,717
Loan ID 1437	4/14/2019	12.64%	9,638	9,638	9,480
Loan ID 1438	4/14/2019	14.15%	16,281	16,281	16,014
Loan ID 1439	4/15/2019	13.85%	9,745	9,745	9,585
Loan ID 1440	4/15/2017	10.89%	3,737	3,737	3,674
Loan ID 1441	4/15/2017	9.20%	1,898	1,898	1,866
Loan ID 1442	4/14/2017	21.85%	4,155	4,155	3,966
Loan ID 1443	4/16/2019	14.50%	16,331	16,331	16,063
Loan ID 1444	4/10/2017	13.05%	4,773	4,773	4,617
Loan ID 1445	4/14/2017	14.50%	4,842	4,842	4,684
Loan ID 1446	4/10/2017	17.90%	1,920	1,920	1,843
Loan ID 1447	4/14/2019	14.85%	6,553	6,553	6,446
Loan ID 1448	4/16/2017	11.99%	2,991	2,991	2,941
Loan ID 1449	4/10/2017	11.99%	4,723	4,723	4,643
Loan ID 1450	4/14/2019	13.85%	12,991	12,991	12,778

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1451	4/16/2017	16.35%	4,929	4,929	4,730
Loan ID 1452	4/16/2017	9.80%	616	616	606
Loan ID 1453	4/16/2017	15.35%	2,694	2,694	2,585
Loan ID 1454	4/10/2017	11.59%	3,136	3,136	3,083
Loan ID 1455	4/14/2017	21.00%	1,374	1,374	1,312
Loan ID 1456	4/16/2019	12.24%	22,408	22,408	22,041
Loan ID 1457	4/10/2017	25.74%	3,414	3,414	3,251
Loan ID 1458	4/15/2019	15.70%	3,961	3,961	3,811
Loan ID 1459	4/10/2017	11.19%	5,643	5,643	5,548
Loan ID 1460	4/16/2017	16.75%	3,035	3,035	2,913
Loan ID 1461	4/15/2017	17.15%	910	910	873
Loan ID 1462	4/15/2017	15.70%	1,962	1,962	1,883
Loan ID 1463	4/16/2017	28.00%	3,660	3,660	3,485
Loan ID 1464	4/15/2017	22.54%	1,219	1,219	1,164
Loan ID 1465	4/16/2019	15.35%	9,872	9,872	9,499
Loan ID 1466	4/11/2019	18.25%	16,861	16,861	16,223
Loan ID 1467	4/15/2017	16.05%	1,474	1,474	1,415
Loan ID 1468	4/11/2019	14.15%	9,769	9,769	9,609
Loan ID 1469	4/15/2017	23.44%	1,054	1,054	1,006
Loan ID 1470	4/16/2019	16.05%	9,982	9,982	9,604
Loan ID 1471	4/11/2017	17.45%	3,155	3,155	3,028
Loan ID 1472	4/16/2017	11.19%	5,310	5,310	5,221
Loan ID 1473	4/15/2019	18.25%	6,744	6,744	6,489
Loan ID 1474	4/11/2019	14.15%	13,025	13,025	12,811
Loan ID 1475	4/11/2019	18.55%	2,705	2,705	2,603
Loan ID 1476	4/11/2017	11.19%	7,808	7,808	7,676
Loan ID 1477	4/15/2017	11.99%	787	787	774
Loan ID 1478	4/16/2019	11.59%	12,729	12,729	12,427
Loan ID 1479	4/16/2017	13.50%	4,794	4,794	4,638
Loan ID 1480	4/16/2019	12.64%	22,489	22,489	22,120
Loan ID 1481	4/16/2019	14.85%	3,932	3,932	3,868
Loan ID 1482	4/11/2017	9.80%	6,159	6,159	6,055
Loan ID 1483	4/11/2019	14.15%	13,025	13,025	12,811
Loan ID 1484	4/15/2019	14.85%	1,442	1,442	1,418
Loan ID 1485	4/11/2019	16.75%	9,990	9,990	9,612
Loan ID 1486	4/15/2019	18.90%	10,171	10,171	9,786
Loan ID 1487	4/15/2017	13.85%	8,018	8,018	7,756
Loan ID 1488	4/11/2017	18.90%	5,053	5,053	4,849
Loan ID 1489	4/15/2017	9.80%	4,620	4,620	4,542
Loan ID 1490	4/16/2019	16.75%	9,990	9,990	9,612
Loan ID 1491	4/16/2017	22.54%	3,484	3,484	3,326
Loan ID 1492	4/15/2019	21.85%	7,085	7,085	6,690
Loan ID 1493	4/16/2019	16.05%	6,576	6,576	6,327
Loan ID 1494	4/11/2019	18.25%	10,215	10,215	9,829
Loan ID 1495	4/16/2019	19.20%	6,797	6,797	6,540
Loan ID 1496	4/15/2019	13.50%	16,188	16,188	15,923
Loan ID 1497	4/16/2017	25.74%	1,435	1,435	1,366
Loan ID 1498	4/11/2019	14.50%	3,920	3,920	3,856
Loan ID 1499	4/15/2017	19.20%	1,351	1,351	1,297
Loan ID 1500	4/15/2019	16.35%	3,317	3,317	3,192

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1501	4/11/2017	12.64%	4,753	4,753	4,598
Loan ID 1502	4/16/2019	19.60%	10,232	10,232	9,662
Loan ID 1503	4/16/2019	25.74%	2,144	2,144	2,051
Loan ID 1504	4/15/2019	15.35%	7,568	7,568	7,282
Loan ID 1505	4/16/2019	12.24%	9,603	9,603	9,446
Loan ID 1506	4/15/2019	15.35%	2,632	2,632	2,532
Loan ID 1507	4/11/2017	16.35%	5,207	5,207	4,997
Loan ID 1508	4/11/2019	18.25%	6,763	6,763	6,507
Loan ID 1509	4/15/2017	13.50%	7,018	7,018	6,789
Loan ID 1510	4/15/2017	14.50%	7,278	7,278	7,040
Loan ID 1511	4/11/2017	16.75%	2,639	2,639	2,533
Loan ID 1512	4/16/2019	17.45%	7,705	7,705	7,414
Loan ID 1513	4/15/2017	8.74%	4,570	4,570	4,493
Loan ID 1514	4/11/2019	18.55%	2,705	2,705	2,603
Loan ID 1515	4/16/2017	9.20%	6,122	6,122	6,019
Loan ID 1516	4/11/2017	10.89%	2,802	2,802	2,755
Loan ID 1517	4/11/2017	13.50%	2,557	2,557	2,474
Loan ID 1518	4/15/2017	23.44%	4,567	4,567	4,360
Loan ID 1519	4/15/2017	18.90%	4,041	4,041	3,878
Loan ID 1520	4/15/2019	14.15%	8,466	8,466	8,327
Loan ID 1521	4/15/2019	17.90%	13,450	13,450	12,941
Loan ID 1522	4/14/2017	16.35%	3,286	3,286	3,154
Loan ID 1523	4/17/2019	23.44%	7,026	7,026	6,635
Loan ID 1524	4/17/2017	11.59%	4,704	4,704	4,625
Loan ID 1525	4/14/2019	18.90%	10,171	10,171	9,786
Loan ID 1526	4/14/2017	12.24%	4,751	4,751	4,596
Loan ID 1527	4/17/2017	11.19%	3,197	3,197	3,143
Loan ID 1528	4/14/2017	22.54%	1,219	1,219	1,164
Loan ID 1529	4/15/2017	28.74%	1,474	1,474	1,391
Loan ID 1530	4/17/2019	14.50%	16,331	16,331	16,063
Loan ID 1531	4/14/2019	17.90%	10,087	10,087	9,706
Loan ID 1532	4/14/2017	25.74%	1,435	1,435	1,366
Loan ID 1533	4/16/2019	17.90%	6,430	6,430	6,187
Loan ID 1534	4/17/2019	13.85%	5,196	5,196	5,111
Loan ID 1535	4/16/2019	12.24%	8,323	8,323	8,187
Loan ID 1536	4/16/2017	17.15%	4,968	4,968	4,768
Loan ID 1537	4/14/2019	16.75%	9,990	9,990	9,612
Loan ID 1538	4/14/2019	13.85%	22,734	22,734	22,361
Loan ID 1539	4/17/2017	10.89%	4,671	4,671	4,592
Loan ID 1540	4/16/2017	15.35%	3,223	3,223	3,093
Loan ID 1541	4/17/2019	18.25%	10,117	10,117	9,734
Loan ID 1542	4/14/2017	16.05%	4,915	4,915	4,717
Loan ID 1543	4/14/2017	12.24%	4,734	4,734	4,579
Loan ID 1544	4/17/2019	22.54%	10,588	10,588	9,998
Loan ID 1545	4/16/2019	16.05%	9,871	9,871	9,498
Loan ID 1546	4/16/2017	28.00%	2,562	2,562	2,440
Loan ID 1547	4/17/2017	15.70%	8,186	8,186	7,856
Loan ID 1548	4/17/2017	26.44%	1,444	1,444	1,375
Loan ID 1549	4/16/2017	15.35%	3,255	3,255	3,124
Loan ID 1550	4/17/2019	22.54%	6,978	6,978	6,589

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1551	4/14/2017	25.74%	1,435	1,435	1,366
Loan ID 1552	4/16/2017	12.24%	294	294	284
Loan ID 1553	4/17/2019	17.15%	8,019	8,019	7,716
Loan ID 1554	4/14/2019	21.85%	6,941	6,941	6,554
Loan ID 1555	4/16/2019	13.50%	20,196	20,196	19,865
Loan ID 1556	4/17/2019	12.24%	22,408	22,408	22,041
Loan ID 1557	4/14/2017	8.74%	4,570	4,570	4,493
Loan ID 1558	4/16/2019	17.90%	13,450	13,450	12,941
Loan ID 1559	4/14/2019	13.50%	9,713	9,713	9,554
Loan ID 1560	4/17/2017	12.64%	6,450	6,450	6,239
Loan ID 1561	4/14/2019	11.99%	8,338	8,338	8,140
Loan ID 1562	4/17/2017	19.20%	5,066	5,066	4,862
Loan ID 1563	4/14/2017	19.20%	5,089	5,089	4,884
Loan ID 1564	4/17/2017	16.35%	690	690	662
Loan ID 1565	4/17/2019	17.45%	16,728	16,728	16,095
Loan ID 1566	4/14/2019	18.25%	10,117	10,117	9,734
Loan ID 1567	4/15/2019	20.30%	6,172	6,172	5,828
Loan ID 1568	4/15/2019	13.50%	6,475	6,475	6,369
Loan ID 1569	4/17/2019	19.20%	6,797	6,797	6,540
Loan ID 1570	4/15/2019	11.59%	9,546	9,546	9,320
Loan ID 1571	4/17/2019	13.05%	22,572	22,572	22,202
Loan ID 1572	4/17/2017	9.80%	4,620	4,620	4,542
Loan ID 1573	4/16/2017	9.80%	4,620	4,620	4,542
Loan ID 1574	4/17/2017	18.55%	9,751	9,751	9,358
Loan ID 1575	4/17/2019	17.45%	13,399	13,399	12,892
Loan ID 1576	4/17/2017	15.35%	2,288	2,288	2,196
Loan ID 1577	4/15/2017	23.44%	1,356	1,356	1,294
Loan ID 1578	4/15/2017	9.80%	308	308	303
Loan ID 1579	4/17/2017	16.35%	1,307	1,307	1,254
Loan ID 1580	4/15/2017	20.30%	3,318	3,318	3,167
Loan ID 1581	4/15/2019	16.05%	6,621	6,621	6,371
Loan ID 1582	4/15/2019	14.85%	9,842	9,842	9,681
Loan ID 1583	4/17/2019	14.15%	13,025	13,025	12,811
Loan ID 1584	4/17/2017	16.35%	4,929	4,929	4,730
Loan ID 1585	4/17/2019	16.05%	5,959	5,959	5,734
Loan ID 1586	4/18/2017	15.70%	3,102	3,102	2,977
Loan ID 1587	4/18/2017	28.00%	1,464	1,464	1,394
Loan ID 1588	4/15/2019	19.20%	7,817	7,817	7,521
Loan ID 1589	4/15/2017	18.25%	1,339	1,339	1,285
Loan ID 1590	4/18/2017	14.15%	1,145	1,145	1,108
Loan ID 1591	4/15/2019	16.75%	11,989	11,989	11,536
Loan ID 1592	4/18/2017	9.20%	2,831	2,831	2,783
Loan ID 1593	4/17/2019	14.85%	16,086	16,086	15,822
Loan ID 1594	4/18/2017	11.59%	2,509	2,509	2,467
Loan ID 1595	4/17/2019	10.89%	12,312	12,312	12,020
Loan ID 1596	4/18/2017	13.50%	6,316	6,316	6,110
Loan ID 1597	4/15/2019	14.85%	6,553	6,553	6,446
Loan ID 1598	4/17/2017	12.64%	7,922	7,922	7,663
Loan ID 1599	4/17/2019	26.44%	7,183	7,183	6,873
Loan ID 1600	4/18/2017	9.20%	4,285	4,285	4,213

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1601	4/17/2019	15.35%	9,872	9,872	9,499
Loan ID 1602	4/18/2019	19.60%	9,547	9,547	9,015
Loan ID 1603	4/18/2019	22.54%	6,281	6,281	5,931
Loan ID 1604	4/15/2019	13.85%	16,238	16,238	15,972
Loan ID 1605	4/15/2017	11.59%	4,704	4,704	4,625
Loan ID 1606	4/15/2017	12.24%	1,105	1,105	1,069
Loan ID 1607	4/17/2017	10.89%	7,784	7,784	7,653
Loan ID 1608	4/17/2017	17.15%	3,312	3,312	3,179
Loan ID 1609	4/15/2017	9.80%	1,386	1,386	1,363
Loan ID 1610	4/18/2019	16.75%	7,960	7,960	7,659
Loan ID 1611	4/18/2019	11.59%	12,729	12,729	12,427
Loan ID 1612	4/15/2017	14.15%	3,860	3,860	3,734
Loan ID 1613	4/17/2017	16.35%	8,216	8,216	7,885
Loan ID 1614	4/17/2019	25.04%	2,133	2,133	2,041
Loan ID 1615	4/15/2017	14.85%	3,239	3,239	3,133
Loan ID 1616	4/17/2017	19.60%	4,223	4,223	4,031
Loan ID 1617	4/15/2017	12.24%	947	947	916
Loan ID 1618	4/18/2019	11.19%	8,243	8,243	8,048
Loan ID 1619	4/17/2019	18.25%	9,592	9,592	9,229
Loan ID 1620	4/15/2019	16.05%	9,949	9,949	9,573
Loan ID 1621	4/18/2019	20.30%	3,429	3,429	3,238
Loan ID 1622	4/18/2019	15.35%	16,453	16,453	15,831
Loan ID 1623	4/18/2019	13.85%	3,897	3,897	3,833
Loan ID 1624	4/15/2019	23.44%	7,026	7,026	6,635
Loan ID 1625	4/18/2019	11.59%	5,636	5,636	5,502
Loan ID 1626	4/15/2019	21.85%	6,247	6,247	5,899
Loan ID 1627	4/17/2017	10.29%	2,631	2,631	2,587
Loan ID 1628	4/15/2017	16.75%	1,814	1,814	1,741
Loan ID 1629	4/17/2017	14.15%	6,433	6,433	6,223
Loan ID 1630	4/18/2017	16.05%	4,915	4,915	4,717
Loan ID 1631	4/17/2017	17.45%	7,455	7,455	7,155
Loan ID 1632	4/17/2017	17.90%	3,336	3,336	3,202
Loan ID 1633	4/18/2017	19.60%	2,795	2,795	2,668
Loan ID 1634	4/18/2017	14.50%	3,228	3,228	3,123
Loan ID 1635	4/16/2019	21.85%	7,254	7,254	6,850
Loan ID 1636	4/18/2019	13.85%	8,444	8,444	8,306
Loan ID 1637	4/16/2017	12.64%	11,091	11,091	10,729
Loan ID 1638	4/17/2019	20.30%	2,743	2,743	2,590
Loan ID 1639	4/18/2017	12.64%	1,109	1,109	1,073
Loan ID 1640	4/16/2019	17.15%	6,683	6,683	6,430
Loan ID 1641	4/16/2017	24.24%	3,539	3,539	3,370
Loan ID 1642	4/18/2019	20.30%	6,858	6,858	6,476
Loan ID 1643	4/18/2017	8.74%	1,828	1,828	1,797
Loan ID 1644	4/18/2019	15.35%	4,119	4,119	3,963
Loan ID 1645	4/17/2019	14.50%	1,960	1,960	1,928
Loan ID 1646	4/16/2017	25.74%	3,587	3,587	3,416
Loan ID 1647	4/18/2017	15.70%	1,306	1,306	1,253
Loan ID 1648	4/21/2019	11.99%	9,641	9,641	9,412
Loan ID 1649	4/16/2017	13.50%	1,494	1,494	1,445
Loan ID 1650	4/21/2019	14.15%	6,740	6,740	6,629

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1651	4/18/2019	13.50%	9,713	9,713	9,554
Loan ID 1652	4/21/2017	14.15%	5,970	5,970	5,775
Loan ID 1653	4/21/2019	21.85%	6,247	6,247	5,899
Loan ID 1654	4/21/2019	13.50%	16,163	16,163	15,898
Loan ID 1655	4/21/2017	18.55%	3,356	3,356	3,221
Loan ID 1656	4/18/2017	22.54%	3,485	3,485	3,327
Loan ID 1657	4/16/2019	16.05%	16,552	16,552	15,926
Loan ID 1658	4/16/2017	13.85%	6,437	6,437	6,227
Loan ID 1659	4/18/2019	11.19%	11,097	11,097	10,834
Loan ID 1660	4/21/2017	27.24%	1,819	1,819	1,732
Loan ID 1661	4/21/2017	11.59%	4,704	4,704	4,625
Loan ID 1662	4/21/2017	23.44%	3,523	3,523	3,363
Loan ID 1663	4/18/2017	20.30%	683	683	652
Loan ID 1664	4/21/2017	14.15%	1,287	1,287	1,245
Loan ID 1665	4/16/2019	13.85%	9,743	9,743	9,583
Loan ID 1666	4/18/2017	17.45%	1,328	1,328	1,274
Loan ID 1667	4/18/2019	18.90%	6,442	6,442	6,198
Loan ID 1668	4/18/2017	11.59%	10,976	10,976	10,791
Loan ID 1669	4/16/2019	20.30%	6,171	6,171	5,827
Loan ID 1670	4/18/2019	15.35%	8,556	8,556	8,232
Loan ID 1671	4/21/2017	14.15%	3,331	3,331	3,222
Loan ID 1672	4/16/2019	17.15%	9,654	9,654	9,289
Loan ID 1673	4/18/2017	9.20%	9,183	9,183	9,028
Loan ID 1674	4/18/2019	17.90%	12,105	12,105	11,647
Loan ID 1675	4/16/2017	28.00%	1,609	1,609	1,532
Loan ID 1676	4/21/2019	17.15%	2,673	2,673	2,572
Loan ID 1677	4/18/2019	14.15%	16,282	16,282	16,015
Loan ID 1678	4/21/2019	17.15%	3,294	3,294	3,169
Loan ID 1679	4/21/2017	11.59%	3,136	3,136	3,083
Loan ID 1680	4/18/2017	23.44%	2,635	2,635	2,515
Loan ID 1681	4/18/2017	15.70%	1,306	1,306	1,253
Loan ID 1682	4/21/2017	17.45%	3,321	3,321	3,187
Loan ID 1683	4/16/2017	13.05%	4,773	4,773	4,617
Loan ID 1684	4/18/2017	18.55%	3,356	3,356	3,221
Loan ID 1685	4/21/2019	14.15%	9,769	9,769	9,609
Loan ID 1686	4/21/2019	9.80%	12,518	12,518	12,221
Loan ID 1687	4/21/2017	18.55%	7,216	7,216	6,925
Loan ID 1688	4/18/2019	10.89%	10,750	10,750	10,495
Loan ID 1689	4/21/2019	13.85%	19,924	19,924	19,597
Loan ID 1690	4/21/2019	10.89%	3,160	3,160	3,085
Loan ID 1691	4/18/2017	18.55%	3,357	3,357	3,222
Loan ID 1692	4/17/2017	11.99%	3,148	3,148	3,095
Loan ID 1693	4/17/2017	13.05%	4,772	4,772	4,616
Loan ID 1694	4/18/2017	10.89%	7,784	7,784	7,653
Loan ID 1695	4/18/2019	22.54%	10,468	10,468	9,885
Loan ID 1696	4/21/2019	14.50%	6,533	6,533	6,426
Loan ID 1697	4/21/2017	13.05%	3,500	3,500	3,386
Loan ID 1698	4/21/2019	12.64%	8,353	8,353	8,216
Loan ID 1699	4/17/2019	14.15%	9,769	9,769	9,609
Loan ID 1700	4/17/2017	16.35%	3,286	3,286	3,154

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1701	4/21/2019	18.25%	10,117	10,117	9,734
Loan ID 1702	4/17/2019	13.05%	20,960	20,960	20,616
Loan ID 1703	4/18/2019	12.24%	12,805	12,805	12,595
Loan ID 1704	4/18/2017	9.80%	3,080	3,080	3,028
Loan ID 1705	4/17/2017	22.54%	1,045	1,045	998
Loan ID 1706	4/17/2017	8.74%	2,133	2,133	2,097
Loan ID 1707	4/22/2017	13.85%	5,962	5,962	5,767
Loan ID 1708	4/21/2019	19.20%	6,797	6,797	6,540
Loan ID 1709	4/17/2019	21.00%	10,343	10,343	9,767
Loan ID 1710	4/22/2017	11.59%	3,136	3,136	3,083
Loan ID 1711	4/22/2019	13.05%	16,139	16,139	15,874
Loan ID 1712	4/17/2017	12.24%	3,156	3,156	3,053
Loan ID 1713	4/17/2017	10.29%	4,333	4,333	4,260
Loan ID 1714	4/21/2019	14.15%	16,281	16,281	16,014
Loan ID 1715	4/17/2017	14.15%	1,228	1,228	1,188
Loan ID 1716	4/22/2017	14.15%	3,128	3,128	3,026
Loan ID 1717	4/22/2019	18.90%	10,171	10,171	9,786
Loan ID 1718	4/21/2019	17.90%	10,087	10,087	9,706
Loan ID 1719	4/22/2017	8.74%	3,046	3,046	2,995
Loan ID 1720	4/21/2017	17.15%	3,312	3,312	3,179
Loan ID 1721	4/21/2017	13.05%	1,591	1,591	1,539
Loan ID 1722	4/22/2017	26.44%	1,444	1,444	1,375
Loan ID 1723	4/17/2017	13.85%	5,773	5,773	5,585
Loan ID 1724	4/21/2019	11.99%	6,388	6,388	6,237
Loan ID 1725	4/22/2019	18.25%	5,395	5,395	5,191
Loan ID 1726	4/21/2019	19.20%	8,836	8,836	8,502
Loan ID 1727	4/21/2019	17.15%	6,682	6,682	6,429
Loan ID 1728	4/22/2019	14.50%	22,864	22,864	22,489
Loan ID 1729	4/17/2019	18.55%	10,142	10,142	9,758
Loan ID 1730	4/17/2019	21.00%	3,586	3,586	3,386
Loan ID 1731	4/22/2019	14.85%	16,382	16,382	16,113
Loan ID 1732	4/21/2017	19.60%	2,203	2,203	2,103
Loan ID 1733	4/21/2019	17.90%	4,035	4,035	3,882
Loan ID 1734	4/21/2019	11.19%	12,682	12,682	12,381
Loan ID 1735	4/18/2019	13.85%	4,547	4,547	4,472
Loan ID 1736	4/22/2017	11.19%	3,123	3,123	3,070
Loan ID 1737	4/21/2017	10.89%	3,114	3,114	3,062
Loan ID 1738	4/18/2019	10.89%	12,647	12,647	12,347
Loan ID 1739	4/22/2019	17.15%	10,024	10,024	9,645
Loan ID 1740	4/18/2017	14.85%	2,591	2,591	2,506
Loan ID 1741	4/22/2017	23.44%	2,635	2,635	2,515
Loan ID 1742	4/18/2017	14.15%	287	287	278
Loan ID 1743	4/23/2017	10.89%	4,671	4,671	4,592
Loan ID 1744	4/23/2017	10.89%	6,265	6,265	6,159
Loan ID 1745	4/22/2019	16.05%	9,931	9,931	9,555
Loan ID 1746	4/18/2019	18.90%	5,780	5,780	5,561
Loan ID 1747	4/23/2017	13.05%	2,227	2,227	2,154
Loan ID 1748	4/18/2017	21.85%	3,462	3,462	3,305
Loan ID 1749	4/23/2017	19.60%	982	982	937
Loan ID 1750	4/23/2017	24.24%	1,415	1,415	1,347

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1751	4/22/2017	17.45%	1,162	1,162	1,115
Loan ID 1752	4/22/2017	11.19%	3,530	3,530	3,471
Loan ID 1753	4/22/2019	18.90%	9,768	9,768	9,399
Loan ID 1754	4/23/2017	12.64%	4,120	4,120	3,986
Loan ID 1755	4/23/2017	12.24%	4,734	4,734	4,579
Loan ID 1756	4/23/2017	13.05%	1,272	1,272	1,230
Loan ID 1757	4/22/2017	18.90%	3,368	3,368	3,232
Loan ID 1758	4/18/2019	11.59%	12,729	12,729	12,427
Loan ID 1759	4/23/2019	14.85%	9,829	9,829	9,668
Loan ID 1760	4/22/2017	9.80%	2,479	2,479	2,437
Loan ID 1761	4/23/2019	14.15%	2,605	2,605	2,562
Loan ID 1762	4/22/2019	13.05%	7,739	7,739	7,612
Loan ID 1763	4/18/2017	8.74%	3,656	3,656	3,594
Loan ID 1764	4/23/2017	28.74%	713	713	673
Loan ID 1765	4/23/2019	18.90%	10,171	10,171	9,786
Loan ID 1766	4/18/2019	18.55%	1,508	1,508	1,451
Loan ID 1767	4/18/2019	14.85%	9,829	9,829	9,668
Loan ID 1768	4/18/2017	11.19%	6,247	6,247	6,142
Loan ID 1769	4/18/2017	11.59%	3,136	3,136	3,083
Loan ID 1770	4/23/2017	16.75%	6,598	6,598	6,332
Loan ID 1771	4/22/2019	16.35%	9,957	9,957	9,580
Loan ID 1772	4/23/2017	12.24%	3,787	3,787	3,663
Loan ID 1773	4/18/2017	23.44%	1,405	1,405	1,341
Loan ID 1774	4/22/2017	19.20%	5,066	5,066	4,862
Loan ID 1775	4/23/2017	28.00%	1,464	1,464	1,394
Loan ID 1776	4/22/2017	10.29%	6,190	6,190	6,086
Loan ID 1777	4/18/2017	12.24%	3,472	3,472	3,359
Loan ID 1778	4/18/2019	14.85%	12,018	12,018	11,821
Loan ID 1779	4/22/2017	13.85%	3,207	3,207	3,102
Loan ID 1780	4/23/2017	9.20%	10,713	10,713	10,533
Loan ID 1781	4/22/2019	14.15%	4,884	4,884	4,804
Loan ID 1782	4/18/2019	13.85%	9,764	9,764	9,604
Loan ID 1783	4/22/2019	14.15%	8,466	8,466	8,327
Loan ID 1784	4/18/2017	11.19%	6,247	6,247	6,142
Loan ID 1785	4/22/2017	28.00%	3,660	3,660	3,485
Loan ID 1786	4/23/2019	11.19%	9,511	9,511	9,286
Loan ID 1787	4/23/2019	22.54%	7,024	7,024	6,633
Loan ID 1788	4/22/2019	21.85%	6,941	6,941	6,554
Loan ID 1789	4/18/2017	10.89%	2,277	2,277	2,239
Loan ID 1790	4/18/2017	20.30%	4,018	4,018	3,836
Loan ID 1791	4/22/2017	30.09%	1,491	1,491	1,407
Loan ID 1792	4/23/2019	18.25%	10,117	10,117	9,734
Loan ID 1793	4/21/2017	22.54%	1,313	1,313	1,253
Loan ID 1794	4/23/2017	11.19%	3,592	3,592	3,531
Loan ID 1795	4/22/2017	11.99%	3,148	3,148	3,095
Loan ID 1796	4/21/2019	17.15%	9,360	9,360	9,006
Loan ID 1797	4/23/2017	10.89%	1,245	1,245	1,224
Loan ID 1798	4/23/2017	15.35%	2,929	2,929	2,811
Loan ID 1799	4/23/2019	14.15%	16,281	16,281	16,014
Loan ID 1800	4/21/2017	11.99%	1,889	1,889	1,857

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1801	4/22/2017	10.29%	1,238	1,238	1,217
Loan ID 1802	4/23/2017	10.29%	3,559	3,559	3,499
Loan ID 1803	4/21/2017	12.24%	3,156	3,156	3,053
Loan ID 1804	4/21/2017	11.99%	7,871	7,871	7,738
Loan ID 1805	4/23/2017	11.59%	4,704	4,704	4,625
Loan ID 1806	4/23/2017	9.80%	5,852	5,852	5,753
Loan ID 1807	4/23/2017	13.85%	3,848	3,848	3,722
Loan ID 1808	4/23/2017	13.05%	5,727	5,727	5,540
Loan ID 1809	4/23/2019	14.85%	2,743	2,743	2,698
Loan ID 1810	4/23/2019	15.35%	16,453	16,453	15,831
Loan ID 1811	4/21/2019	12.64%	6,426	6,426	6,321
Loan ID 1812	4/23/2019	15.35%	10,303	10,303	9,913
Loan ID 1813	4/21/2017	21.00%	1,030	1,030	983
Loan ID 1814	4/23/2017	16.35%	4,929	4,929	4,730
Loan ID 1815	4/23/2017	9.20%	5,510	5,510	5,417
Loan ID 1816	4/23/2019	9.80%	12,518	12,518	12,221
Loan ID 1817	4/23/2017	8.74%	3,808	3,808	3,744
Loan ID 1818	4/21/2019	21.00%	5,886	5,886	5,558
Loan ID 1819	4/24/2017	22.54%	1,644	1,644	1,569
Loan ID 1820	4/24/2019	12.64%	9,638	9,638	9,480
Loan ID 1821	4/23/2017	30.09%	932	932	879
Loan ID 1822	4/24/2017	15.70%	1,470	1,470	1,411
Loan ID 1823	4/24/2019	14.50%	7,839	7,839	7,710
Loan ID 1824	4/23/2019	11.99%	15,969	15,969	15,590
Loan ID 1825	4/21/2017	18.25%	6,694	6,694	6,424
Loan ID 1826	4/21/2019	17.15%	16,707	16,707	16,075
Loan ID 1827	4/24/2019	15.70%	13,202	13,202	12,703
Loan ID 1828	4/23/2017	26.44%	1,437	1,437	1,368
Loan ID 1829	4/21/2017	11.99%	4,723	4,723	4,643
Loan ID 1830	4/23/2017	19.20%	1,350	1,350	1,296
Loan ID 1831	4/24/2017	11.99%	3,143	3,143	3,090
Loan ID 1832	4/23/2017	14.15%	4,825	4,825	4,667
Loan ID 1833	4/24/2017	14.15%	1,930	1,930	1,867
Loan ID 1834	4/21/2017	11.99%	8,658	8,658	8,512
Loan ID 1835	4/24/2017	18.90%	3,368	3,368	3,232
Loan ID 1836	4/21/2017	12.24%	3,156	3,156	3,053
Loan ID 1837	4/24/2017	10.89%	4,303	4,303	4,231
Loan ID 1838	4/24/2019	12.64%	19,276	19,276	18,960
Loan ID 1839	4/24/2019	27.24%	5,833	5,833	5,581
Loan ID 1840	4/23/2017	29.50%	1,484	1,484	1,400
Loan ID 1841	4/23/2019	18.90%	7,368	7,368	7,089
Loan ID 1842	4/22/2017	21.00%	3,435	3,435	3,279
Loan ID 1843	4/22/2017	23.44%	1,405	1,405	1,341
Loan ID 1844	4/24/2019	19.20%	5,437	5,437	5,231
Loan ID 1845	4/24/2019	23.44%	4,918	4,918	4,644
Loan ID 1846	4/24/2017	16.75%	4,948	4,948	4,749
Loan ID 1847	4/24/2017	13.85%	4,811	4,811	4,654
Loan ID 1848	4/23/2017	25.74%	3,587	3,587	3,416
Loan ID 1849	4/23/2017	9.20%	4,591	4,591	4,514
Loan ID 1850	4/22/2019	16.35%	9,957	9,957	9,580

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1851	4/24/2019	20.30%	6,857	6,857	6,475
Loan ID 1852	4/23/2017	14.50%	4,842	4,842	4,684
Loan ID 1853	4/22/2019	17.15%	16,707	16,707	16,075
Loan ID 1854	4/23/2017	11.99%	3,148	3,148	3,095
Loan ID 1855	4/22/2019	18.25%	10,134	10,134	9,751
Loan ID 1856	4/24/2017	10.89%	7,784	7,784	7,653
Loan ID 1857	4/22/2017	27.24%	3,636	3,636	3,462
Loan ID 1858	4/24/2017	9.80%	6,159	6,159	6,055
Loan ID 1859	4/22/2019	18.55%	6,761	6,761	6,505
Loan ID 1860	4/24/2017	15.35%	1,953	1,953	1,874
Loan ID 1861	4/22/2017	14.50%	1,614	1,614	1,561
Loan ID 1862	4/22/2017	22.54%	1,394	1,394	1,331
Loan ID 1863	4/22/2019	25.74%	3,114	3,114	2,980
Loan ID 1864	4/23/2017	12.64%	2,489	2,489	2,408
Loan ID 1865	4/24/2017	9.80%	6,186	6,186	6,082
Loan ID 1866	4/24/2017	18.55%	1,678	1,678	1,610
Loan ID 1867	4/24/2019	25.04%	7,078	7,078	6,772
Loan ID 1868	4/24/2017	10.29%	4,643	4,643	4,565
Loan ID 1869	4/24/2019	11.59%	9,419	9,419	9,196
Loan ID 1870	4/24/2017	13.85%	4,811	4,811	4,654
Loan ID 1871	4/24/2019	11.59%	6,364	6,364	6,213
Loan ID 1872	4/24/2017	9.20%	1,531	1,531	1,505
Loan ID 1873	4/22/2019	13.50%	20,720	20,720	20,380
Loan ID 1874	4/24/2017	11.19%	2,934	2,934	2,885
Loan ID 1875	4/25/2017	13.05%	5,568	5,568	5,386
Loan ID 1876	4/24/2017	14.85%	1,619	1,619	1,566
Loan ID 1877	4/25/2019	15.70%	10,807	10,807	10,398
Loan ID 1878	4/22/2017	12.24%	11,047	11,047	10,686
Loan ID 1879	4/24/2017	13.50%	3,543	3,543	3,427
Loan ID 1880	4/25/2019	17.90%	10,760	10,760	10,353
Loan ID 1881	4/24/2019	11.59%	11,138	11,138	10,874
Loan ID 1882	4/22/2017	8.74%	6,093	6,093	5,990
Loan ID 1883	4/22/2019	23.44%	14,074	14,074	13,290
Loan ID 1884	4/25/2019	18.90%	16,951	16,951	16,310
Loan ID 1885	4/24/2017	12.24%	1,578	1,578	1,526
Loan ID 1886	4/22/2017	18.25%	3,347	3,347	3,212
Loan ID 1887	4/24/2019	16.35%	8,837	8,837	8,503
Loan ID 1888	4/22/2019	9.80%	9,693	9,693	9,463
Loan ID 1889	4/23/2017	11.59%	2,768	2,768	2,721
Loan ID 1890	4/25/2019	17.45%	14,823	14,823	14,262
Loan ID 1891	4/24/2019	17.45%	16,749	16,749	16,116
Loan ID 1892	4/25/2017	12.64%	1,585	1,585	1,533
Loan ID 1893	4/23/2017	10.29%	3,088	3,088	3,036
Loan ID 1894	4/24/2017	8.74%	3,656	3,656	3,594
Loan ID 1895	4/24/2017	14.85%	4,858	4,858	4,699
Loan ID 1896	4/23/2019	13.50%	22,663	22,663	22,291
Loan ID 1897	4/23/2017	10.29%	929	929	913
Loan ID 1898	4/23/2017	21.85%	1,385	1,385	1,322
Loan ID 1899	4/24/2017	14.85%	9,716	9,716	9,399
Loan ID 1900	4/23/2019	18.55%	5,341	5,341	5,139

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1901	4/23/2017	13.05%	3,182	3,182	3,078
Loan ID 1902	4/23/2019	18.90%	8,495	8,495	8,174
Loan ID 1903	4/24/2019	14.15%	3,907	3,907	3,843
Loan ID 1904	4/24/2017	14.85%	810	810	784
Loan ID 1905	4/24/2017	9.80%	9,239	9,239	9,083
Loan ID 1906	4/24/2019	12.64%	8,959	8,959	8,812
Loan ID 1907	4/24/2019	21.00%	11,722	11,722	11,069
Loan ID 1908	4/24/2017	14.50%	968	968	936
Loan ID 1909	4/24/2019	14.15%	22,794	22,794	22,420
Loan ID 1910	4/25/2017	9.20%	4,592	4,592	4,515
Loan ID 1911	4/23/2017	9.20%	4,046	4,046	3,978
Loan ID 1912	4/24/2017	19.20%	979	979	940
Loan ID 1913	4/24/2017	13.50%	2,237	2,237	2,164
Loan ID 1914	4/25/2017	8.74%	4,570	4,570	4,493
Loan ID 1915	4/24/2017	11.59%	5,017	5,017	4,932
Loan ID 1916	4/25/2019	17.90%	7,796	7,796	7,501
Loan ID 1917	4/25/2017	14.85%	2,488	2,488	2,407
Loan ID 1918	4/25/2019	13.50%	22,663	22,663	22,291
Loan ID 1919	4/23/2017	15.70%	1,460	1,460	1,401
Loan ID 1920	4/25/2019	19.20%	8,835	8,835	8,501
Loan ID 1921	4/25/2017	10.29%	4,952	4,952	4,869
Loan ID 1922	4/28/2017	28.00%	732	732	697
Loan ID 1923	4/28/2017	22.54%	1,394	1,394	1,331
Loan ID 1924	4/23/2017	10.89%	1,868	1,868	1,837
Loan ID 1925	4/23/2017	24.24%	2,123	2,123	2,022
Loan ID 1926	4/25/2019	18.55%	16,857	16,857	16,219
Loan ID 1927	4/23/2017	18.55%	1,705	1,705	1,636
Loan ID 1928	4/28/2017	11.99%	2	2	2
Loan ID 1929	4/25/2017	11.99%	1,259	1,259	1,238
Loan ID 1930	4/28/2017	17.90%	5,004	5,004	4,802
Loan ID 1931	4/28/2019	16.05%	9,931	9,931	9,555
Loan ID 1932	4/23/2017	22.54%	1,394	1,394	1,331
Loan ID 1933	4/25/2019	14.85%	7,862	7,862	7,733
Loan ID 1934	4/28/2017	13.50%	799	799	773
Loan ID 1935	4/25/2017	21.00%	8,587	8,587	8,197
Loan ID 1936	4/28/2019	15.35%	7,897	7,897	7,598
Loan ID 1937	4/23/2017	16.35%	2,958	2,958	2,839
Loan ID 1938	4/23/2017	19.60%	3,390	3,390	3,236
Loan ID 1939	4/25/2019	15.70%	16,503	16,503	15,879
Loan ID 1940	4/28/2019	13.85%	9,718	9,718	9,559
Loan ID 1941	4/23/2017	14.15%	8,041	8,041	7,779
Loan ID 1942	4/28/2017	14.15%	7,076	7,076	6,845
Loan ID 1943	4/23/2017	10.89%	7,784	7,784	7,653
Loan ID 1944	4/28/2017	8.74%	3,047	3,047	2,996
Loan ID 1945	4/28/2017	8.74%	1,523	1,523	1,497
Loan ID 1946	4/25/2017	19.20%	530	530	509
Loan ID 1947	4/23/2019	15.70%	16,503	16,503	15,879
Loan ID 1948	4/28/2017	12.64%	7,607	7,607	7,359
Loan ID 1949	4/23/2019	13.05%	9,674	9,674	9,515
Loan ID 1950	4/23/2019	14.15%	20,189	20,189	19,858

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 1951	4/23/2019	21.85%	17,245	17,245	16,284
Loan ID 1952	4/23/2019	15.70%	19,803	19,803	19,054
Loan ID 1953	4/28/2019	9.80%	9,886	9,886	9,652
Loan ID 1954	4/23/2017	27.24%	3,636	3,636	3,462
Loan ID 1955	4/23/2019	18.55%	10,142	10,142	9,758
Loan ID 1956	4/25/2017	27.24%	3,636	3,636	3,462
Loan ID 1957	4/23/2017	15.70%	3,266	3,266	3,134
Loan ID 1958	4/25/2019	17.45%	20,099	20,099	19,339
Loan ID 1959	4/28/2017	10.89%	9,337	9,337	9,180
Loan ID 1960	4/25/2019	16.05%	6,621	6,621	6,371
Loan ID 1961	4/28/2017	10.89%	12,017	12,017	11,815
Loan ID 1962	4/23/2017	20.30%	947	947	904
Loan ID 1963	4/28/2019	17.90%	5,380	5,380	5,177
Loan ID 1964	4/25/2017	10.89%	6,228	6,228	6,123
Loan ID 1965	4/28/2019	28.00%	3,138	3,138	3,003
Loan ID 1966	4/25/2017	17.45%	3,321	3,321	3,187
Loan ID 1967	4/25/2019	18.90%	10,171	10,171	9,786
Loan ID 1968	4/24/2019	16.75%	11,560	11,560	11,123
Loan ID 1969	4/24/2017	21.00%	5,617	5,617	5,362
Loan ID 1970	4/24/2017	10.29%	5,571	5,571	5,477
Loan ID 1971	4/24/2019	13.05%	2,580	2,580	2,538
Loan ID 1972	4/28/2019	11.99%	19,163	19,163	18,709
Loan ID 1973	4/25/2017	19.60%	8,526	8,526	8,139
Loan ID 1974	4/25/2017	8.74%	5,093	5,093	5,007
Loan ID 1975	4/25/2019	13.85%	19,486	19,486	19,166
Loan ID 1976	4/25/2019	15.70%	13,202	13,202	12,703
Loan ID 1977	4/24/2019	15.70%	9,902	9,902	9,528
Loan ID 1978	4/28/2019	14.50%	9,799	9,799	9,638
Loan ID 1979	4/24/2017	10.29%	7,670	7,670	7,541
Loan ID 1980	4/24/2017	19.20%	3,583	3,583	3,439
Loan ID 1981	4/24/2017	18.25%	2,678	2,678	2,570
Loan ID 1982	4/28/2017	12.24%	11,047	11,047	10,686
Loan ID 1983	4/28/2017	24.24%	1,415	1,415	1,347
Loan ID 1984	4/24/2019	22.54%	17,446	17,446	16,474
Loan ID 1985	4/28/2017	10.89%	9,342	9,342	9,185
Loan ID 1986	4/28/2019	21.00%	5,861	5,861	5,535
Loan ID 1987	4/24/2019	11.99%	19,163	19,163	18,709
Loan ID 1988	4/24/2017	10.29%	7,738	7,738	7,608
Loan ID 1989	4/24/2017	22.54%	3,328	3,328	3,177
Loan ID 1990	4/28/2017	17.15%	1,325	1,325	1,272
Loan ID 1991	4/24/2017	10.89%	2,493	2,493	2,451
Loan ID 1992	4/28/2019	12.24%	6,402	6,402	6,297
Loan ID 1993	4/28/2019	12.64%	16,064	16,064	15,801
Loan ID 1994	4/29/2017	9.20%	2,419	2,419	2,378
Loan ID 1995	4/28/2019	13.50%	20,720	20,720	20,380
Loan ID 1996	4/28/2017	10.89%	10,922	10,922	10,738
Loan ID 1997	4/28/2017	10.89%	6,228	6,228	6,123
Loan ID 1998	4/28/2017	13.05%	4,136	4,136	4,001
Loan ID 1999	4/29/2017	11.59%	4,671	4,671	4,592
Loan ID 2000	4/24/2019	9.80%	12,517	12,517	12,220

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 2001	4/24/2019	15.70%	11,882	11,882	11,433
Loan ID 2002	4/24/2019	19.60%	6,820	6,820	6,440
Loan ID 2003	4/24/2017	15.35%	2,604	2,604	2,499
Loan ID 2004	4/28/2017	19.20%	5,066	5,066	4,862
Loan ID 2005	4/25/2017	18.55%	3,356	3,356	3,221
Loan ID 2006	4/28/2019	14.15%	12,906	12,906	12,694
Loan ID 2007	4/25/2017	11.99%	6,297	6,297	6,191
Loan ID 2008	4/25/2019	14.85%	9,829	9,829	9,668
Loan ID 2009	4/29/2017	11.19%	5,622	5,622	5,527
Loan ID 2010	4/25/2019	14.15%	13,025	13,025	12,811
Loan ID 2011	4/25/2019	11.99%	12,775	12,775	12,472
Loan ID 2012	4/25/2019	14.15%	14,342	14,342	14,107
Loan ID 2013	4/25/2017	11.99%	4,723	4,723	4,643
Loan ID 2014	4/28/2019	13.85%	7,564	7,564	7,440
Loan ID 2015	4/29/2019	14.15%	11,722	11,722	11,530
Loan ID 2016	4/25/2019	23.44%	14,053	14,053	13,270
Loan ID 2017	4/25/2019	13.85%	8,769	8,769	8,625
Loan ID 2018	4/29/2017	14.50%	5,337	5,337	5,163
Loan ID 2019	4/29/2019	17.45%	15,074	15,074	14,504
Loan ID 2020	4/25/2019	14.15%	20,840	20,840	20,498
Loan ID 2021	4/29/2017	11.59%	10,967	10,967	10,782
Loan ID 2022	4/30/2017	11.19%	3,123	3,123	3,070
Loan ID 2023	4/30/2017	8.74%	3,046	3,046	2,995
Loan ID 2024	4/30/2019	13.05%	16,122	16,122	15,858
Loan ID 2025	4/29/2017	8.74%	7,313	7,313	7,190
Loan ID 2026	4/30/2017	14.85%	3,821	3,821	3,696
Loan ID 2027	4/28/2019	14.15%	9,769	9,769	9,609
Loan ID 2028	4/30/2017	11.59%	7,839	7,839	7,707
Loan ID 2029	4/29/2019	27.24%	7,224	7,224	6,912
Loan ID 2030	4/30/2017	20.30%	1,554	1,554	1,483
Loan ID 2031	4/28/2019	13.85%	16,238	16,238	15,972
Loan ID 2032	4/30/2017	11.59%	1,254	1,254	1,233
Loan ID 2033	4/30/2017	10.29%	1,238	1,238	1,217
Loan ID 2034	4/28/2017	14.85%	4,858	4,858	4,699
Loan ID 2035	4/28/2019	11.19%	7,990	7,990	7,801
Loan ID 2036	4/28/2017	11.99%	6,297	6,297	6,191
Loan ID 2037	4/30/2019	17.45%	13,399	13,399	12,892
Loan ID 2038	4/28/2017	22.54%	1,394	1,394	1,331
Loan ID 2039	4/30/2017	9.80%	2,771	2,771	2,724
Loan ID 2040	4/28/2017	10.89%	9,964	9,964	9,796
Loan ID 2041	5/1/2017	11.59%	3,435	3,435	3,377
Loan ID 2042	5/1/2019	15.35%	16,844	16,844	16,207
Loan ID 2043	4/29/2019	17.15%	16,707	16,707	16,075
Loan ID 2044	4/29/2019	11.59%	10,819	10,819	10,563
Loan ID 2045	4/29/2019	13.05%	16,122	16,122	15,858
Loan ID 2046	4/30/2019	13.85%	16,238	16,238	15,972
Loan ID 2047	4/29/2017	9.80%	7,184	7,184	7,063
Loan ID 2048	4/30/2017	23.44%	3,532	3,532	3,372
Loan ID 2049	5/1/2017	11.99%	3,448	3,448	3,390
Loan ID 2050	4/29/2019	19.60%	10,228	10,228	9,658

Loan ID	Maturity	Interest Rate	Par	Cost	Fair Value
Loan ID 2051	5/1/2019	19.60%	17,429	17,429	16,458
Loan ID 2052	4/29/2017	14.50%	8,038	8,038	7,776
Loan ID 2053	5/1/2019	15.70%	16,969	16,969	16,327
Loan ID 2054	4/29/2017	11.19%	10,931	10,931	10,747
Loan ID 2055	5/2/2019	18.90%	10,400	10,400	10,007
Loan ID 2056	4/29/2019	17.15%	20,048	20,048	19,290
Loan ID 2057	4/29/2019	13.05%	7,739	7,739	7,612
Loan ID 2058	5/2/2019	23.44%	4,562	4,562	4,308
Loan ID 2059	4/30/2017	11.59%	4,703	4,703	4,624
Loan ID 2060	4/30/2017	10.89%	2,838	2,838	2,790
Loan ID 2061	4/30/2019	18.25%	6,214	6,214	5,979
Loan ID 2062	4/30/2017	16.05%	4,914	4,914	4,716
Loan ID 2063	4/30/2019	16.35%	9,974	9,974	9,597
Loan ID 2064	4/30/2019	26.44%	7,183	7,183	6,873
Loan ID 2065	4/30/2019	13.85%	12,665	12,665	12,457
Loan ID 2066	4/30/2019	17.15%	10,913	10,913	10,500
Loan ID 2067	5/1/2017	16.05%	2,698	2,698	2,589
Loan ID 2068	5/1/2017	8.74%	6,698	6,698	6,585
Loan ID 2069	5/1/2019	19.20%	4,377	4,377	4,211
Loan ID 2070	5/6/2017	13.85%	5,265	5,265	5,093
Loan ID 2071	5/6/2019	13.50%	6,958	6,958	6,844
Loan ID 2072	5/1/2017	17.90%	5,469	5,469	5,249
Loan ID 2073	5/2/2017	9.80%	1,978	1,978	1,945
Loan ID 2074	5/2/2017	12.24%	3,456	3,456	3,343
Loan ID 2075	5/2/2017	12.24%	2,420	2,420	2,341
Loan ID 2076	5/5/2017	8.74%	4,008	4,008	3,940
Loan ID 2077	5/7/2019	18.55%	17,286	17,286	16,632
			11,982,239	11,982,239	11,626,367