The Master Fund has elected to be treated as a BDC under the 1940 Act and it has the same investment objectives as the Company. TheFrom inception through September 10, 2017, the Master Fund iswas externally managed by Carey Credit Advisors, LLC (the "Advisor"("CCA"), an affiliate of W. P. Carey Inc. ("WPC"), and Guggenheim Partners Investment Management, LLC ("GPIM") (collectivelyGuggenheim" or the "Advisors""Advisor"), which arewere responsible for sourcing potential investments, analyzing and conducting due diligence on prospective investment opportunities, structuring investments, and ongoing monitoring of the Master Fund’s investment portfolio. Both Advisors are registeredOn August 10, 2017, CCA resigned as the Master Fund's investment advisers with the U.S. Securitiesadvisor and Exchange Commission ("SEC"). The Advisor also provides the administrative services necessary for the operations of the Companyadministrator, and the Master Fund.Fund's board of trustees (the "Master Fund's Board") selected Guggenheim to perform the Master Fund's investment advisory and administrative responsibilities, both events concurrently effective on September 11, 2017. As of September 30, 2017, Guggenheim serves as investment advisor pursuant to an interim investment advisory agreement which commenced on September 11, 2017. The Master Fund's Board set a shareholder meeting date of October 20, 2017 and a record date of August 25, 2017 for Master Fund commencedshareholders to consider the approval of a new investment operations on April 2, 2015.advisory agreement between Guggenheim and the Master Fund. The Master Fund's consolidated financial statements are an integral part of the Company's financial statements and should be read in their entirety.

As of September 30, 2016,2017, the Company owned 9.8%16.33% of the Master Fund's outstanding common shares.

The Company's interim financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and the disclosure requirements stipulated in Articles 6 and 10 of Regulation S-X, and therefore do not necessarily include all information and notes necessary for a fair statement of financial position and results of operations in accordance with accounting principles generally accepted in the U.S. ("GAAP"). In the opinion of management, the unaudited financial information for the interim period presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The Company's unaudited financial statements should be read in conjunction with the Master Fund's unaudited consolidated financial statements; the Master Fund's quarterly report on Form 10-Q is incorporated by reference and filed as an exhibit to this Report.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ materially from those estimates under different assumptions and conditions.

Cash consists of demand deposits held at a major U.S. financial institution and the amount recorded on the statements of assets and liabilities may exceed the Federal Deposit Insurance Corporation insured limit. Management believes the credit risk related to its demand deposits is minimal.

The Company invests substantially all of its equity capital in the purchase of the Master Fund's common shares and its primary investment position is common shares of the Master Fund. The Company determines the fair value of the Master Fund's

Distributions received from the Master Fund are recorded on the record date. Distributions received from the Master Fund are recognized as dividend income in the current period, a portion of which may be subject to a change in characterization in future periods, including the potential for reclassification to realized gains and return of capital. The Company's transactions with the Master Fund are recorded on the effective date of the subscription in, or the redemption fromof, the Master Fund.Fund shares. Realized gains and losses from the Company's transactions with the Master Fund are calculated on the specific share identification basis.

Organization expenses are expensed on the Company's statements of operations. Continuous offering expenses are capitalized monthly on the Company's statements of assets and liabilities as deferred offering expensescosts and expensed to the Company's statements of operations over a 12-month period.

Earnings per Common Share is calculated based upon the weighted average number of Common Shares outstanding during the reporting period.

Distributions to the Company's shareholders are recorded as a liability as of the record date.

The Company intends to electhas elected to be treated for federal income tax purposes, and thereafter intends to maintain its qualification, as a Regulated Investment Company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes dividends in a timely manner out of assets legally available for distributions to its shareholders of an amount generally at least equal to 90% of its “Investment Company Taxable Income,” as defined in the Code. The Company intends to distribute sufficient dividends to maintain its RIC status each year and it does not anticipate paying a material level of federal income taxes.

The Master Fund does not currently intend to list its common shares on any securities exchange and it does not expect a secondary market to develop for its issued and outstanding common shares. As a result, the Company's ability to sell its Master

All ofOf the Company’s executive officers, except its chief executive officerKevin Robinson, Senior Vice President, and chief compliance officer, alsoDina DiLorenzo, Senior Vice President, serve as executive officers of the Advisor. Its chief executive officer also serves as chief executive officer of WPC, the Advisor's ultimate parent.Guggenheim. The memberships of the Company's Board of Trustees of(the "Company's Board" or the Company"Board") and the Master FundFund's Board are identical and consequently the Company and the Master Fund are related parties. All of the Company's executive officers also serve as executive officers of the Master Fund.

The Company has entered into agreements with the AdvisorGuggenheim whereby the Company agrees to (i) receive expense support payments and (ii) reimburse certain expenses of, and to pay for, administrative, expense support, organization and offerings costs incurred by Guggenheim on the Company's behalf. The Company has also entered into an assignment and assumption agreement with Carey Financial,Guggenheim Funds Distributors, LLC, a Delaware limited liability company (the "Dealer Manager" or "GFD"), an affiliate of the Advisor,Guggenheim, to compensate it for capital market services in connection with the marketing and distribution of the Company's Shares. The Company has entered into an agreement with GPIM whereby the Company agrees to (i) receive expense support payments, and (ii) to reimburse it for certain expenses such as expense support and organization and offering costs incurred on the Company's behalf.

On October 3, 2016,Prior to September 11, 2017, the Company entered intowas party to an amended and restated administrative services agreement with the AdvisorCCA (the "Administrative"Prior Administrative Services Agreement") whereby the AdvisorCCA agreed to provide administrative services to the Company, including office facilities and equipment, and clerical, bookkeeping, and record-keeping services. More specifically, the Advisor,CCA, serving as the administrator (the "Administrator""Prior Administrator"), performsperformed and overseesoversaw the Company's required administrative services, which include financial and corporate record-keeping, preparing and disseminating the Company's reports to its shareholders, and filing reports with the SEC. In addition, the Advisor assistsPrior Administrator assisted in determining net asset value, overseesoverseeing the preparation and filing of tax returns, overseesoverseeing the payment of expenses and distributions, and overseesoverseeing the performance of administrative and professional services fees rendered by others. For providing these services, facilities, and personnel, the Company reimbursesreimbursed the AdvisorPrior Administrator the allocable portion of overhead and other expenses incurred by the AdvisorPrior Administrator in performing its obligations under the Prior Administrative Services Agreement. Prior to October 7, 2015,On September 5, 2017 the Company had no obligationentered into an administrative services agreement with Guggenheim (the "Administrative Services Agreement") whereby Guggenheim, serving as the administrator (the "Administrator") agreed to reimburseprovide administrative services, similar to those previously provided by CCA, commencing on September 11, 2017.

The Administrative Services Agreement may be terminated at any time, without the Advisor forpayment of any services or other expenses incurred directlypenalty: (i) by the Advisor or its affiliates, excluding any expensesCompany upon 60 days' written notice to Guggenheim upon the vote of third-party service providers incurred by the Advisor or its affiliates on the Company's behalf.

On July 17, 2015, the Company initially entered into an amended and restated dealer manager agreement, as subsequently amended and restated (the "Dealer Manager Agreement") with the Dealer ManagerCarey Financial, LLC, a Delaware limited liability company ("Carey Financial") and the Master Fund. On August 10, 2017, Carey Financial assigned the Dealer Manager Agreement to GFD and the assignment agreement was approved by the Company's Board. Under the terms of the Dealer Manager Agreement, the Dealer ManagerGFD is to act on a best efforts basis as the exclusive dealer manager for (i) the Company's Public Offering of Common Shares and (ii) the public offering of Common Sharescommon shares for future feeder funds affiliated with the Master Fund. The Company, not the Master Fund, is responsible for the compensation of the Dealer ManagerGFD pursuant to the terms of the Dealer Manager Agreement. The Dealer Manager Agreement may be terminated by the Company or GFD upon 60 calender days' written notice to the other party. In the event that the Company or GFD terminates

On August 17, 2015, the Company initially entered into an organization and offering expense reimbursement agreement, as may be amended (the "O"Prior O&O Agreement") with the Advisors.CCA and Guggenheim. Under the Prior O&O Agreement the Company reimburses the Advisorsreimbursed CCA and Guggenheim for organization and offering costsexpenses incurred on the Company's behalf, including, but not limited to, legal services, audit services, printer services, and the registration of securities under the Securities Act. The reimbursement of organization and offering expenses iswas conditional on the Company's receipt of equity capital from the sale of its Common Shares. Any such reimbursement willwould not exceed actual expenses incurred by the AdvisorsCCA and Guggenheim and their affiliates. The Advisors will beCCA and Guggenheim were responsible for the payment of the Company's cumulative organization and offering expenses to the extent they exceedexceeded 1.5% of the aggregate proceeds from the sale of the Company's Common Shares, without recourse against or reimbursement by the Company. In 2015,

On September 5, 2017, the Advisors waivedCompany entered into an amended and restated organization and offering expense reimbursement agreement (the "O&O Agreement") with Guggenheim and CCA, for a limited purpose, in connection with equity raised duringsubstantially the monthssame form as the Prior O&O Agreement. Under the O&O Agreement, CCA has relinquished its rights to any and all future reimbursement of November and December and the reimbursement waiver expired on December 31, 2015. any remaining unreimbursed costs.

As of September 30, 2016, the Advisors have2017, Guggenheim had incurred organization and offering costs on behalf of the Company, net of reimbursements received from the Company, in the approximate amount of $2.1$1.1 million. Under the terms

Pursuant to the Expense Support Agreement, the Company has a conditional obligation to reimburse the AdvisorsGuggenheim for any amounts funded by the AdvisorsGuggenheim under this arrangement or the Prior Expense Support Agreement if (and only to the extent that), during any month occurring within three years of the date on which the AdvisorsGuggenheim funded such amount, the sum of the Company's estimated investment company taxable income and net capital gains exceeds the ordinary cash distributions paid by the Company to its shareholders; provided, however, that (i) the Company will only reimburse the AdvisorsGuggenheim for expense support payments made by the AdvisorsGuggenheim to the extent that the payment of such reimbursement (together with any other reimbursement paid during such fiscal year) does not cause "other operating expenses" (as defined below) (on an annualized basis and net of any expense support reimbursement payments received by the Company during such fiscal year) to exceed the lesser of (A) 1.75% of the Company's average net assets attributable to its Common Shares for the fiscal year-to-date period after taking such payments into account and (B) the percentage of the Company's average net assets attributable to its Common Shares represented by "other operating expenses" during the fiscal year in which such expense support payment from the AdvisorsAdvisor was made (provided, however, that this clause (B) will not apply to any reimbursement payment which relates to an expense support payment from the AdvisorsGuggenheim made during the same fiscal year); and (ii) the Company will not reimburse the AdvisorsGuggenheim for expense support payments made by the AdvisorsGuggenheim if the annualized rate of regular cash distributions declared by the Company at the time of such reimbursement payment is less than the annualized rate of regular cash distributions declared by the Company at the time the AdvisorsGuggenheim made the expense support payment to which such reimbursement payment relates. "Other operating expenses" means the Company's total "operating expenses" (as defined below), excluding anany investment advisory fee, a performance-based incentive fee, organization and offering expenses, interest expense, brokerage commissions and extraordinary expenses. "Operating expenses" means all operating costs and expenses incurred, as determined in accordance with GAAP for investment companies.

The Company or the AdvisorsGuggenheim may terminate the Expense Support Agreement at any time. The Expense Support Agreement will automatically terminate (i) if the CompanyMaster Fund terminates the investment advisory agreement with Guggenheim, (ii) if the Company's Board of Trustees makes a determination to dissolve or liquidate the Company or (iii) upon a liquidity event of the Company, including but not limited to (1) a listing of the Company's Common Shares on a national securities exchange, (2) the sale of all or substantially all of the Company's assets either on a complete portfolio basis or individually followed by a liquidation or (3) a merger or another transaction approved by the Board of Trustees in which shareholders will likely receive cash or shares of a publicly-traded company.Company.

The specific amount of Advisors'Guggenheim's expense support obligation is determined at the end of each month. Upon termination of the Expense Support Agreement by the Advisors,Guggenheim, they are required to fund any amounts accrued thereunder as of the date of termination. Similarly, the conditional obligation of the Company to reimburse the AdvisorsGuggenheim pursuant to the terms of the Expense Support Agreement shall survive the termination of such agreement by either party. There can be no assurance that the Expense Support Agreement will remain in effect or that the AdvisorsGuggenheim will reimburse any portion of the Company's expenses in future months.

The table below presents a summary of all monthly expenses supported by CCA and Guggenheim, the Advisorswaived amounts in connection with CCA's termination of its rights to reimbursement of its expense support payment, and the associated dates through which such expenses are eligible for reimbursement by the Company:

The following table presents the related party fees, expenses, and transactions, for the three and nine months ended September 30, 2016 and for the period from July 31, 2015 (inception) to September 30, 2015;excluding related party transactions between the Company and the Master Fund in connection with Common Shares purchases, sales and distributions, are disclosed elsewhere in financial statements:for the three and nine months ended September 30, 2017 and September 30, 2016.

The Company's Registration Statement pertaining to its initial public offering of 37,500,000 Common SharesPublic Offering was declared effective on July 31, 2015. Effective February 26, 2016, the Company effected a reverse stock split of the Company's outstanding Common Shares. Each issued and outstanding Common Share then outstanding was converted into 0.3480 Common Shares. Additionally, the total number of authorized Common Shares was also reduced, on a 1.0-for-0.3480 basis, from 1,000,000,000 to 348,000,000 Common Shares. The par value of Common Shares was unchanged.

The following table summarizes the total Common Shares issued before repurchase activity and proceeds received in connection with the Company's Public Offering for (i) the nine months ended September 30, 20162017 and (ii) the period commencing on July 31, 2015 and ending September 30, 2016:2017:

The followingCompany's Board declared distributions for 10 and 13 record dates, respectively, for the three months ended September 30, 2017 and 2016. Declared distributions are paid monthly. The total and the sources of declared distributions on a GAAP basis for the three months ended September 30, 2017 and 2016 are presented in the table presents the cashbelow (in thousands, except per share amounts).

Our investment objectives are to provide our shareholders with current income, capital preservation, and, to a lesser extent, long-term capital appreciation.

The Master Fund primarily focuses on the following range of investment types that may be available within the capital structure of portfolio companies:

The Master Fund's investment activities may vary substantially from period to period depending on many factors, including: the demand for capital from creditworthy privately owned U.S. companies, the level of merger, acquisition, and refinancing activity involving private companies, the availability of credit to finance transactions, the general economic environment, the competitive investment environment for the types of investments the Master Fund currently seeks and intends to seek in the future, the amount of equity capital the Master Fund raises from the sale of its common shares to us and any other feeder funds, and the amount and cost of capital that the Master Fund may borrow.

The Master Fund acquires its portfolio investments through the following investment access channels:

We generate revenues primarily in the form of dividend income derived from our ownership of the Master Fund's common shares. Our revenues will fluctuate with the Master Fund's operating performance of the Master Fund and its distributiondistributions paid to us.

Our primary operating expenses include administrative services, related party reimbursements, custodian and accounting services, independent audit services, compliance services, tax services fees, legal services, transfer agent services, organization expenses and amortization of deferred offering expenses. Additionally, we indirectly bear the operating expenses of the Master Fund through our ownership of its common shares, such as an investment advisory fee, a performance-based incentive fee, independent audit services, third party valuation services, and various other professional services fees.

We commenced investment operations on October 15, 2015; therefore there is no comparative income and investment related results recorded for the period from July 31, 2015 (inception) to September 30, 2015 in some of the tables below. Operating results for the three and nine months ended September 30, 2017 and September 30, 2016 were as follows:

Investment income consisted solely of distributions from the Master Fund for the three and nine months ended September 30, 2016.2017 and September 30, 2016, respectively.

Operating expenses consisted of the following major components for the three and nine months ended September 30, 20162017 and for the period from July 31, 2015 (inception) to September 30, 2015:2016:

The operating expenses presented above do not represent our normalized operations since we expect our variable operating expenses to increase asin tandem with increases in our equity capital base increases.and number of shareholders.

Related party reimbursements are comprised of the Company's allocable share of costs and expenses incurred by the AdministratorCCA or Guggenheim that were reimbursable. Reimbursable costs and expenses include, but are not limited to, the Company's share of salaries, rent, office administration, costs associated with regulatory reporting and filings, and costs related to the preparation for and conducting of meetings of the Company's Board of Trustees.Board. An investment advisory fee is only incurred by the Master Fund, although it is incurred indirectly by the Company.

For the three and nine months ended September 30, 20162017 we had realized gains of $58,092 and for$58,092, respectively, as a result of our sale of Master Fund Shares.

For the period from July 31, 2015 (inception) tothree and nine months ended September 30, 2015,2016, we did not sell any shares of the Master Fund and therefore we incurred nodid not incur any realized gains or losses on our investment in the Master Fund shares.Fund.

For the three and nine months ended September 30, 2017, the total net change in unrealized appreciation (depreciation) on our investment in the Master Fund Investment

For the nine months ended September 30, 2017, net cash used in operating activities was $18,990,643. Cash flows used in operating activities for the period from July 31, 2015 (inception) tonine months ended September 30, 20152017 were primarily due to the Company's investments in Master Fund common shares.

For the nine months ended September 30, 2016, and for the period from July 31, 2015 (inception) to September 30, 2015, net cash provided by (used in)used in operating activities was ($13,008,888) and $15,924, respectively.$13,008,888. Cash flows used in operating activities for the nine months ended September 30, 2016, waswere primarily due to the Company's investmentsinvestment in the Master Fund.Fund common shares.

Net cash provided by financing activities was $13,163,967$19,005,901 during the periodnine months ended September 30, 2017, primarily represented by proceeds from issuance of Common Shares of $21,061,453. Net cash provided by financing activities was $13,163,967 for the nine months ended September 30, 2016, primarily represented by proceeds from issuance of Common Shares of $13,277,240.

Our primary sources of cash include (i) the sale of our Common Shares, (ii) our shareholders' reinvestment of their distributions, (iii) distributions received from our ownership of the Master Fund's common shares, and (iv) expense reimbursement payments from the AdvisorsCCA (from July 2015 to August 2017) and Guggenheim pursuant to the Expense Support Agreement. Our primary uses of cash include (i) investment in the Master Fund's common shares, (ii) payment of operating expenses, (iii) cash distributions to our shareholders, and (iv) periodic repurchases of our Common Shares pursuant to our periodic share repurchase program. We doare not intendpermitted to issue any senior securities, including preferred securities.

We manage our assets and liabilities such that current assets are sufficient to cover current liabilities. All remaining cash in excess of net working capital is regularly invested in the Master Fund's common shares of the Master Fund.shares.

We do not have any off-balance sheet arrangements as of September 30, 20162017 and December 31, 2015.2016.

We invest substantially all of our equity capital in the purchase of common shares of the Master Fund. As such, weWe determine the fair value of our investment in the Master Fund as the Master Fund's net asset value per common share (as determined by the Master Fund) multiplied by the number of Master Fund common shares that we own.

We have not entered into any agreements under which we have material future commitments that cannot otherwise be terminated within a reasonable time period.