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Insurance Network, LLC, First Lien Term Loan, Due 5/28/20302024-01-012024-12-310001825384Worldwide Insurance Network, LLC, First Lien Delayed Draw Term Loan, Due 5/28/20302024-01-012024-12-310001825384Williams Martson, LLC, First Lien Term Loan, Due 8/25/20282024-01-012024-12-310001825384Williams Martson, LLC, First Lien Revolving Loan, Due 8/25/20282024-01-012024-12-310001825384Williams Marston, LLC, First Lien Delayed Draw Term Loan, Due 8/25/20252024-01-012024-12-310001825384Wharf Street Ratings Acquisition LLC, Unsecured Note, Due 12/8/20282024-01-012024-12-310001825384Vital Care Buyer LLC, First Lien Term Loan Due 7/30/20312024-01-012024-12-310001825384Vital Care Buyer LLC, First Lien Revolving Loan Due 7/30/20312024-01-012024-12-310001825384TST Intermediate Holdings, LLC, First Lien Term Loan, 12/31/20282024-01-012024-12-310001825384TST Intermediate Holdings, LLC, First Lien Revolving Loan, 12/31/20282024-01-012024-12-310001825384TST Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, 12/31/20282024-01-012024-12-310001825384Trinity Partners Holdings LLC, First Lien Term Loan, Due 12/21/20282024-01-012024-12-310001825384Trinity Partners Holdings Llc First Lien Delayed Draw Term Loan Due 06/21/20252024-01-012024-12-310001825384Titan Home Improvement, LLC, First Lien Term Loan, Due 5/31/20302024-01-012024-12-310001825384Titan Home Improvement, LLC, First Lien Revolving Loan, Due 5/31/20302024-01-012024-12-310001825384Titan Home Improvement, LLC, First Lien Delayed Draw Term Loan, Due 6/2/20262024-01-012024-12-310001825384THG Acquisition, LLC, First Lien Term Loan, Due 10/31/20312024-01-012024-12-310001825384THG Acquisition, LLC, First Lien Revolving Loan, Due 10/31/20312024-01-012024-12-310001825384THG Acquisition, LLC, First Lien Delayed Draw Term Loan, Due 10/31/20262024-01-012024-12-310001825384Tamarack Intermediate, L.L.C., First Lien Term Loan, Due 3/13/20282024-01-012024-12-310001825384Tamarack Intermediate, L.L.C., First Lien Revolving Loan, Due 3/13/20282024-01-012024-12-310001825384TA/WEG Intermediate Holdings, LLC, Unsecured Note, Due 5/26/20332024-01-012024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, Two, Due 10/4/20272024-01-012024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, One, Due 10/4/20272024-01-012024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Two, Due 10/4/20272024-01-012024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Three, Due 10/4/20272024-01-012024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, One, Due 10/4/20272024-01-012024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Four, Due 10/4/20272024-01-012024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Five, Due 10/4/20272024-01-012024-12-310001825384Syntax Systems Limited, First Lien Term Loan, One, Due 10/30/20282024-01-012024-12-310001825384Syntax Systems Limited, First Lien Term Loan, Due 10/30/20282024-01-012024-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Due 1/2/20292024-01-012024-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Revolving Loan, Due 12/29/20262024-01-012024-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Delayed Draw Term Loan, Two, Due 1/2/20292024-01-012024-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Delayed Draw Term Loan, One, Due 1/2/20292024-01-012024-12-310001825384SpecialtyCare, Inc, First Lien Term Loan, Due 6/19/20282024-01-012024-12-310001825384SpecialtyCare, Inc, First Lien Revolving Loan, Due 6/18/20262024-01-012024-12-310001825384SpecialtyCare, Inc, First Lien Delayed Draw Term Loan, Due 6/19/20282024-01-012024-12-310001825384Southpaw AP Buyer, LLC, First Lien Term Loan, Due 3/2/20282024-01-012024-12-310001825384Southpaw AP Buyer, LLC, First Lien Revolving Loan, Due 3/2/20282024-01-012024-12-310001825384Southpaw AP Buyer, LLC, First Lien Delayed Draw Term Loan, Due 3/2/20282024-01-012024-12-310001825384Simplifi Holdings, Inc., First Lien Term Loan, Due 10/1/20272024-01-012024-12-310001825384Simplifi Holdings, Inc., First Lien Revolving Loan, Due 10/1/20272024-01-012024-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Two Due 10/30/20292024-01-012024-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Three Due 10/30/20292024-01-012024-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, One Due 10/30/20292024-01-012024-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Two Due 10/30/20292024-01-012024-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, One Due 10/30/20292024-01-012024-12-310001825384Project Ruby Ultimate Parent Corp Second Lien Term Loan Due 3/12/20292024-01-012024-12-310001825384Project K BuyerCo, Inc, First Lien Term Loan, Due 12/10/20272024-01-012024-12-310001825384Project K BuyerCo, Inc, First Lien Revolving Loan, Due 12/10/20272024-01-012024-12-310001825384Petra Borrower, LLC, First Lien Term Loan, Due 11/15/20302024-01-012024-12-310001825384Petra Borrower, LLC, First Lien Revolving Loan, Due 11/15/20292024-01-012024-12-310001825384Petra Borrower, LLC, First Lien Delayed Draw Term Loan, Due 11/15/20302024-01-012024-12-310001825384People 2.0, Inc, First Lien Term Loan, Due 7/12/20282024-01-012024-12-310001825384PAS Parent Inc., First Lien Term Loan, Due 12/29/20282024-01-012024-12-310001825384PAS Parent Inc., First Lien Revolving Loan, Due 12/30/20272024-01-012024-12-310001825384PAS Parent Inc., First Lien Delayed Draw Term Loan, Due 6/26/20262024-01-012024-12-310001825384PAS Parent Inc., First Lien Delayed Draw Term Loan, Due 12/29/20282024-01-012024-12-310001825384Orion Advisor Solutions Inc., Second Lien Term Loan, Due 9/24/20282024-01-012024-12-310001825384Orion Advisor Solutions Inc., Second Lien Delayed Draw Term Loan, Due 9/24/20282024-01-012024-12-310001825384oneZero Financial Systems, LLC, First Lien Term Loan, Due 10/7/20312024-01-012024-12-310001825384oneZero Financial Systems, LLC, First Lien Revolving Loan, Due 10/7/20312024-01-012024-12-310001825384oneZero Financial Systems, LLC, First Lien Delayed Draw Term Loan, Due 10/7/20262024-01-012024-12-310001825384OneDigital Borrower LLC, Second Lien Term Loan, Due 7/2/20322024-01-012024-12-310001825384One Call Corp First Lien Term Loan Due 4/22/20272024-01-012024-12-310001825384OMNIA Partners LLC, Second Lien Term Loan, Due 5/31/20322024-01-012024-12-310001825384NXGen Buyer, Inc. Second Lien Term Loan, 4/28/20282024-01-012024-12-310001825384NXGen Buyer, Inc. Second Lien Term Loan Two, 4/28/20282024-01-012024-12-310001825384NXGen Buyer, Inc. First Lien Term Loan, 10/29/20272024-01-012024-12-310001825384NXGen Buyer, Inc. First Lien Revolving Loan, 10/29/20272024-01-012024-12-310001825384Nexus Buyer LLC, Second Lien Term Loan, 11/5/20292024-01-012024-12-310001825384NextGen Healthcare, First Lien Term Loan, Due 11/11/20302024-01-012024-12-310001825384NextGen Healthcare, First Lien Revolving Loan, Due 11/9/20292024-01-012024-12-310001825384NextGen Healthcare, First Lien Delayed Draw Term Loan, Due 11/10/20252024-01-012024-12-310001825384New Mountain Guardian IV Rated Feeder III, Ltd., Unsecured Note, Six, Due 8/28/20372024-01-012024-12-310001825384New Mountain Guardian IV Rated Feeder III, Ltd., Unsecured Note, Four, Due 8/28/20372024-01-012024-12-310001825384New Mountain Guardian IV Rated Feeder III, Ltd., Unsecured Note, Five, Due 8/28/20372024-01-012024-12-310001825384New Mountain Guardian IV Income Rated Feeder II, Ltd. Unsecured Note, Due 4/3/20372024-01-012024-12-310001825384More Cowbell II LLC, First Lien Term Loan, Due 9/2/20302024-01-012024-12-310001825384More Cowbell II LLC, First Lien Revolving Loan, Due 9/3/20292024-01-012024-12-310001825384More Cowbell II LLC, First Lien Delayed Draw Term Loan, Due 9/1/20252024-01-012024-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Term Loan, Due 7/29/20262024-01-012024-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Revolving Loan, Due 7/29/20262024-01-012024-12-310001825384Minotaur Acquisition, Inc., First Lien Delayed Draw Term Loan, Due 5/10/20302024-01-012024-12-310001825384Minotaur Acquisition, Inc. Minotaur Acquisition, Inc, Due 5/10/20302024-01-012024-12-310001825384Minotaur Acquisition, Inc. First Lien Term Loan, Due 5/10/20302024-01-012024-12-310001825384Minotaur Acquisition, Inc. First Lien Delayed Draw Term Loan, One, Due 5/11/20262024-01-012024-12-310001825384Ministry Brands Holdings, LLC, First Lien Term Loan, Due 12/28/20282024-01-012024-12-310001825384Ministry Brands Holdings, LLC, First Lien Revolving Loan, Due 12/30/20272024-01-012024-12-310001825384Ministry Brands Holdings, LLC, First Lien Delayed Draw Term Loan, Due 12/28/20282024-01-012024-12-310001825384MBO Partners, Inc, First Lien Term Loan, Due 5/23/20282024-01-012024-12-310001825384MBO Partners, Inc, First Lien Delayed Draw Term Loan, Due 5/23/20282024-01-012024-12-310001825384MB2 Dental Solutions, LLC, First Lien Term Loan, One, Due 1/29/20272024-01-012024-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Two, Due 2/13/20312024-01-012024-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Three, Due 1/29/20272024-01-012024-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, One, Due 2/13/20312024-01-012024-12-310001825384Maverick 1 LLC, Second Lien Term Loan, Due 5/18/20292024-01-012024-12-310001825384Mandolin Technology Intermediate Holdings, Inc., Second Lien Term Loan, Due 7/30/20292024-01-012024-12-310001825384MAI Capital Management Intermediate LLC, First Lien Term Loan, 8/29/20312024-01-012024-12-310001825384MAI Capital Management Intermediate LLC, First Lien Revolving Loan, 8/29/20312024-01-012024-12-310001825384MAI Capital Management Intermediate LLC, First Lien Delayed Draw Term Loan, 8/29/20312024-01-012024-12-310001825384Lytx, Inc., First Lien Term Loan, Due 2/28/20282024-01-012024-12-310001825384LendingTree, Inc.., First Lien Term Loan, Due 3/27/20312024-01-012024-12-310001825384LendingTree, Inc., First Lien Delayed Draw Term Loan, Due 3/27/20252024-01-012024-12-310001825384KRIV Acquisition Inc., First Lien Term Loan, Due 7/6/20292024-01-012024-12-310001825384KRIV Acquisition Inc., First Lien Delayed Draw Term Loan, Due 9/25/20262024-01-012024-12-310001825384KRIV Acquisition Inc., First Lien Delayed Draw Term Loan, Due 7/6/20292024-01-012024-12-310001825384Ivy Hill Asset Management, L.P., Unsecured Note, Due 6/29/20282024-01-012024-12-310001825384Imagine Acquisitionco, LLC, First Lien Term Loan, Due 11/16/20272024-01-012024-12-310001825384Imagine Acquisitionco, LLC, First Lien Delayed Draw Term Loan, Due 11/16/20272024-01-012024-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, Two, Due 9/22/20282024-01-012024-12-310001825384IG Investments Holdings, LLC, First Lien Revolving Loan, Two, 9/22/20282024-01-012024-12-310001825384Hyland Software, Inc, First Lien Term Loan, Due 9/19/20302024-01-012024-12-310001825384Hyland Software, Inc, First Lien Revolving Loan, Due 9/19/20292024-01-012024-12-310001825384Houghton Mifflin Harcourt Co, First Lien Term Loan, 4/9/20292024-01-012024-12-310001825384Homecare Software Solutions LLC, First Lien Delayed Draw Term Loan, Due 6/16/20312024-01-012024-12-310001825384Helpsystems Holdings, Inc., Second Lien Term Loan, Due 11/19/20272024-01-012024-12-310001825384HBWM Intermediate II, LLC, First Lien Term Loan, 11/17/20312024-01-012024-12-310001825384HBWM Intermediate II, LLC, First Lien Revolving Loan, 8/18/20312024-01-012024-12-310001825384HBWM Intermediate II, LLC, First Lien Delayed Draw Term Loan, 11/16/20262024-01-012024-12-310001825384Harbor Purchaser Inc, Second Lien Term Loan, Due 4/8/20302024-01-012024-12-310001825384Guardian Restoration Partners Buyers, LLC, First Lien Term Loan, Due 11/3/20312024-01-012024-12-310001825384Guardian Restoration Partners Buyers, LLC, First Lien Revolving Loan, Due 11/3/20312024-01-012024-12-310001825384Guardian Restoration Partners Buyers, LLC, First Lien Delayed Draw Term Loan, Due 11/3/20312024-01-012024-12-310001825384GS Acquisitionco, Inc., First Lien Term Loan, 5/25/20282024-01-012024-12-310001825384GS Acquisitionco, Inc., First Lien Revolving Loan, 5/25/20282024-01-012024-12-310001825384GS Acquisitionco, Inc., First Lien Delayed Draw Term Loan, 5/25/20282024-01-012024-12-310001825384GraphPAD Software, LLC, First Lien Term Loan, One, Due 4/27/20272024-01-012024-12-310001825384GovDelivery Holdings LLC, First Lien Term Loan, Due 1/17/20312024-01-012024-12-310001825384GovDelivery Holdings LLC, First Lien Revolving Loan, Due 1/17/20312024-01-012024-12-310001825384GovDelivery Holdings LLC, First Lien Delayed Draw Term Loan, Due 1/17/20312024-01-012024-12-310001825384Giving Home Health Care, Second Lien Term Loan, Due 2/18/20282024-01-012024-12-310001825384Giving Home Health Care, First Lien Term Loan, Due 8/19/2072024-01-012024-12-310001825384Giving Home Health Care, First Lien Revolving Loan, Due 8/19/20272024-01-012024-12-310001825384Galway Borrower LLC, First Lien Term Loan, Due 9/29/20282024-01-012024-12-310001825384Galway Borrower LLC, First Lien Revolving Loan, Due 10/2/20282024-01-012024-12-310001825384Galway Borrower LLC, First Lien Delayed Draw Term Loan, Two Due 9/29/20282024-01-012024-12-310001825384Galway Borrower LLC, First Lien Delayed Draw Term Loan, Due 9/29/20282024-01-012024-12-310001825384Freedom Mortgage Corp, Unsecured Note, Due 10/1/20302024-01-012024-12-310001825384Foundation Risk Partners, Corp., First Lien Term Loan, Two Due 10/29/20302024-01-012024-12-310001825384Foundation Risk Partners, Corp., First Lien Term Loan, One Due 10/29/20302024-01-012024-12-310001825384Foundation Risk Partners, Corp., First Lien Revolving Loan, Due 10/29/20292024-01-012024-12-310001825384Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan, Two Due 10/29/20302024-01-012024-12-310001825384Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan, Three Due 10/29/20302024-01-012024-12-310001825384Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan, One Due 10/29/20302024-01-012024-12-310001825384FINThrive Software Intermediate Holdings, Inc, Second Lien Term Loan, Due, 12/17/20292024-01-012024-12-310001825384Explorer Investor, Inc, First Lien Term Loan, Due 6/28/20292024-01-012024-12-310001825384Exeter Short Term Funding LLC, First Lien Revolving Loan, 2/9/20262024-01-012024-12-310001825384Evergreen Services Group PIK Holdco, LLC, Unsecured Note, Due 4/7/20312024-01-012024-12-310001825384Evergreen Services Group PIK Holdco, LLC, Unsecured Note, Due 4/7/20252024-01-012024-12-310001825384Euclid Transactional, LLC, First Lien Term Loan, Due 10/2/20282024-01-012024-12-310001825384Ellkay, LLC, First Lien Term Loan, Due 9/14/20272024-01-012024-12-310001825384Ellkay, LLC, First Lien Revolving Loan, Due 9/14/20272024-01-012024-12-310001825384Edelman Financial Engines Center LLC/The Second Lien Term Loan, Due 10/6/20282024-01-012024-12-310001825384Eclipse Buyer, Inc., First Lien Term Loan, Due 9/8/20312024-01-012024-12-310001825384Eclipse Buyer, Inc., First Lien Revolving Loan, Due 9/8/20312024-01-012024-12-310001825384Eclipse Buyer, Inc., First Lien Delayed Draw Term Loan, Due 9/7/20262024-01-012024-12-310001825384DS Admiral Bidco LLC, First Lien Term Loan, 6/26/20312024-01-012024-12-310001825384Diligent Corporation, First Lien Term Loan, Two Due 8/6/20302024-01-012024-12-310001825384Diligent Corporation, First Lien Term Loan, One Due 8/6/20302024-01-012024-12-310001825384Diligent Corporation, First Lien Revolving Loan, Due 8/6/20302024-01-012024-12-310001825384Diligent Corporation, First Lien Delayed Draw Term Loan, Due 4/30/20262024-01-012024-12-310001825384DCert Buyer, Inc., Second Lien Term Loan, Due 2/19/20292024-01-012024-12-310001825384Covetrus, Inc. First Lien Term Loan Due 10/12/20292024-01-012024-12-310001825384CORA Health Holdings Corp, First Lien Term Loan, Due 6/15/20272024-01-012024-12-310001825384CORA Health Holdings Corp, First Lien Delayed Draw Term Loan, Due 6/15/20272024-01-012024-12-310001825384Continental Buyer Inc. First Lien Term Loan, Due 4/2/20312024-01-012024-12-310001825384Continental Buyer Inc. First Lien Revolving Loan, Due 4/2/20312024-01-012024-12-310001825384Continental Buyer Inc. First Lien Delayed Draw Term Loan, Due 4/2/20262024-01-012024-12-310001825384Cliffwater, LLC, First Lien Term Loan, Due 10/7/20302024-01-012024-12-310001825384Cliffwater, LLC, First Lien Revolving Loan, Due 10/7/20302024-01-012024-12-310001825384Choreo Buyer, LLC, First Lien Term Loan, Due 2/18/20282024-01-012024-12-310001825384Choreo Buyer, LLC, First Lien Delayed Draw Term Loan, Due 3/20/20262024-01-012024-12-310001825384Cherry Bekaert Advisory LLC, First Lien Term Loan, Due 6/30/20282024-01-012024-12-310001825384Cherry Bekaert Advisory LLC, First Lien Delayed Draw Term Loan, Due 6/30/20242024-01-012024-12-310001825384Chartis Group, LLC, First Lien Term Loan, Due, 9/17/20312024-01-012024-12-310001825384Chartis Group, LLC, First Lien Revolving Loan, Due, 9/17/20312024-01-012024-12-310001825384Chartis Group, LLC, First Lien Delayed Draw Term Loan, Due, 9/17/20262024-01-012024-12-310001825384Captive Resources Midco, LLC, First Lien Term Loan, Due 7/2/20292024-01-012024-12-310001825384Captive Resources Midco, LLC, First Lien Revolving Loan, Due 7/1/20282024-01-012024-12-310001825384Bottomline Technologies, Inc., First Lien Term Loan, Due 5/14/20292024-01-012024-12-310001825384Bottomline Technologies, Inc., First Lien Revolving Loan, Due 5/15/20282024-01-012024-12-310001825384Belmont Buyer, Inc., First Lien Term Loan Two, Due, 6/21/20292024-01-012024-12-310001825384Belmont Buyer, Inc., First Lien Term Loan One, Due, 6/21/20292024-01-012024-12-310001825384Belmont Buyer, Inc., First Lien Revolving Loan, Due 6/21/20292024-01-012024-12-310001825384Belmont Buyer, Inc., First Lien Delayed Draw Term Loan Two, Due, 1/26/20262024-01-012024-12-310001825384Belmont Buyer, Inc., First Lien Delayed Draw Term Loan One, Due, 6/21/20292024-01-012024-12-310001825384Beacon Pointe Harmony, LLC, First Lien Term Loan, Due 12/29/20282024-01-012024-12-310001825384Beacon Pointe Harmony, LLC, First Lien Revolving Loan, Due 12/29/20272024-01-012024-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Two, Due 12/29/20282024-01-012024-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Three, Due 12/29/20282024-01-012024-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, One, Due 12/29/20282024-01-012024-12-310001825384BDO USA, P.C., First Lien Term Loan, Due 8/31/20282024-01-012024-12-310001825384Baker Tilly Advisory Group, L.P., First Lien Term Loan, Due 6/3/20312024-01-012024-12-310001825384Baker Tilly Advisory Group, L.P., First Lien Revolving Loan, Due 6/3/20302024-01-012024-12-310001825384Baker Tilly Advisory Group, L.P., First Lien Delayed Draw Term Loan, Due 6/3/20262024-01-012024-12-310001825384Babylon Buyer, Inc., First Lien Term Loan, Due 3/8/20302024-01-012024-12-310001825384Babylon Buyer, Inc., First Lien Revolving Loan, Due 3/8/20302024-01-012024-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, Two Due 10/5/20282024-01-012024-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, One Due 10/5/20282024-01-012024-12-310001825384ARMStrong Receivable Management, First Lien Term Loan, Due 10/5/20292024-01-012024-12-310001825384ARMStrong Receivable Management, First Lien Revolving Loan, Due 10/5/20292024-01-012024-12-310001825384ARMStrong Receivable Management, First Lien Delayed Draw Term Loan, Due 10/5/20292024-01-012024-12-310001825384Ardonagh Finco B.V., First Lien Term Loan, Due 2/18/20312024-01-012024-12-310001825384Arden Insurance Services LLC, First Lien Term Loan, Due 11/27/20302024-01-012024-12-310001825384Arden Insurance Services LLC, First Lien Revolving Loan, Due 11/27/20302024-01-012024-12-310001825384Aprio Advisory Group, LLC, First Lien Term Loan, Due 8/1/20312024-01-012024-12-310001825384Aprio Advisory Group, LLC, First Lien Revolving Loan, Due 8/1/20312024-01-012024-12-310001825384Aprio Advisory Group, LLC, First Lien Delayed Draw Term Loan, Due 8/1/20312024-01-012024-12-310001825384AP Highlands Holdings, L.P., Unsecured Note, Due 10/16/20282024-01-012024-12-310001825384AP Highlands Co-Invest, L.P., Unsecured Note, Due 10/16/20282024-01-012024-12-310001825384Anaplan, Inc, First Lien Term Loan, Due 6/21/20292024-01-012024-12-310001825384Anaplan, Inc, First Lien Revolving Loan, Due 6/21/20282024-01-012024-12-310001825384Amerilife Holdings LLC, First Lien Term Loan, Due 8/31/20292024-01-012024-12-310001825384AmeriLife Holdings LLC, First Lien Revolving Loan, Due 8/31/20282024-01-012024-12-310001825384Amerilife Holdings LLC, First Lien Delayed Draw Term Loan, Two, Due 8/31/20292024-01-012024-12-310001825384Amerilife Holdings LLC, First Lien Delayed Draw Term Loan, One, Due 8/31/20292024-01-012024-12-310001825384ALP CFO LP, Unsecured Note, 10/15/20362024-01-012024-12-310001825384ALKU Intermediate Holdings, LLC, First Lien Term Loan, Two Due 5/23/20292024-01-012024-12-310001825384ALKU Intermediate Holdings, LLC, First Lien Term Loan, One Due 5/23/20292024-01-012024-12-310001825384Alkeme Intermediary Holdings, LLC, First Lien Term Loan, Due 10/28/20262024-01-012024-12-310001825384Alkeme Intermediary Holdings, LLC, First Lien Delayed Draw Term Loan, Due 10/28/20262024-01-012024-12-310001825384Advisor Group Holdings, Inc, Unsecured Note, Due 8/1/20272024-01-012024-12-310001825384Action Behavior Centers Therapy LLC, First Lien Term Loan, Due, 7/2/20312024-01-012024-12-310001825384Action Behavior Centers Therapy LLC, First Lien Revolving Loan, Due, 7/2/20312024-01-012024-12-310001825384Action Behavior Centers Therapy LLC, First Lien Delayed Draw Term Loan, Due, 7/2/20312024-01-012024-12-310001825384ACM ASOF VIII LCLUB LLC, First Lien Term Loan, 6/30/20232024-01-012024-12-310001825384Acentra Holdings, LLC, First Lien Term Loan, Two, Due 12/17/20292024-01-012024-12-310001825384Acentra Holdings, LLC, First Lien Term Loan, Due 12/17/20292024-01-012024-12-310001825384Acentra Holdings, LLC, First Lien Revolving Loan, Due, 12/17/20292024-01-012024-12-310001825384Acentra Holdings, LLC, First Lien Delayed Draw Term Loan, Due 3/19/20262024-01-012024-12-310001825384Accuserve Solutions, Inc., First Lien Term Loan, Due 3/15/20302024-01-012024-12-310001825384Accuserve Solutions, Inc., First Lien Revolving Loan, Due 3/15/20302024-01-012024-12-310001825384Accuserve Solutions, Inc., First Lien Delayed Draw Term Loan, Due 3/16/20262024-01-012024-12-310001825384Accordion Partners LLC, First Lien Revolving Loan, Due 11/17/20312024-01-012024-12-310001825384Accordion Partners LLC, First Lien Delayed Draw Term Loan, Due 11/16/20262024-01-012024-12-310001825384none:CapitalMarketSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:CommonEquityAndWarrantsMember2023-01-012023-12-310001825384us-gaap:InvestmentUnaffiliatedIssuerMembernone:PreferredEquitySecuritiesMember2023-01-012023-12-310001825384WWEX Uni Topco Holdings, LLC, Second Lien Term Loan, Due 7/26/20292023-01-012023-12-310001825384Williams Martson, LLC, First Lien Term Loan, Due 8/25/20282023-01-012023-12-310001825384Williams Martson, LLC, First Lien Revolving Loan, Due 8/25/20282023-01-012023-12-310001825384Williams Martson, LLC, First Lien Delayed Draw Term Loan Due 8/26/20242023-01-012023-12-310001825384Vision Solutions, Inc, Second Lien Term Loan, Due 4/23/20292023-01-012023-12-310001825384Two Ten Holdco, Inc, First Lien Term Loan, Due 3/26/20262023-01-012023-12-310001825384TST Intermediate Holdings, LLC, First Lien Term Loan, Due 11/27/20262023-01-012023-12-310001825384TST Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 11/27/20262023-01-012023-12-310001825384Trinity Partners Holdings LLC, First Lien Term Loan, Due 12/21/20282023-01-012023-12-310001825384Trinity Partners Holdings Llc First Lien Delayed Draw Term Loan Due 06/21/20252023-01-012023-12-310001825384Tamarack Intermediate LLC, First Lien Revolving Loan, Due 3/13/20282023-01-012023-12-310001825384Tamarack Intermediate Llc First Lien Delayed Draw Term Loans Due 3/13/20282023-01-012023-12-310001825384TA/WEG Intermediate Holdings, LLC, Unsecured Note, Due 5/26/20332023-01-012023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, Two, Due 10/4/20272023-01-012023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, One, Due 10/4/20272023-01-012023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Two, Due 10/4/20272023-01-012023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Three, Due 10/4/20272023-01-012023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, One, Due 10/4/20272023-01-012023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Four, Due 10/4/20272023-01-012023-12-310001825384Syntax Systems Limited, First Lien Term Loan, Due 10/29/20282023-01-012023-12-310001825384Syntax Systems Limited, First Lien Delayed Draw Term Loan, Due 10/15/20282023-01-012023-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Due 1/2/20292023-01-012023-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Revolving Loan, Due 12/29/20262023-01-012023-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Delayed Draw Term Loan, Due 1/2/20292023-01-012023-12-310001825384SpecialtyCare, Inc, First Lien Term Loan, Due 6/19/20282023-01-012023-12-310001825384SpecialtyCare, Inc, First Lien Revolving Loan, Due 6/18/20262023-01-012023-12-310001825384SpecialtyCare, Inc, First Lien Delayed Draw Term Loan, Due 6/19/20282023-01-012023-12-310001825384Simplifi Holdings, Inc, First Lien Term Loan, Due 10/1/20272023-01-012023-12-310001825384Simplifi Holdings, Inc, First Lien Revolving Loan, Due 10/1/20262023-01-012023-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Two, Due 11/1/20292023-01-012023-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Three, Due 11/1/20292023-01-012023-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Due 11/1/20292023-01-012023-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Two, Due 11/1/20292023-01-012023-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Three, Due 11/1/20292023-01-012023-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, One, Due 11/1/20292023-01-012023-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Four, Due 11/1/20292023-01-012023-12-310001825384Resolute Investment Managers, Inc, First Lien Revolving Loan, Due 4/30/20242023-01-012023-12-310001825384Project K BuyerCo, Inc, Unsecured Note, Due 12/10/20282023-01-012023-12-310001825384Project K BuyerCo, Inc, First Lien Term Loan, Due 12/10/20272023-01-012023-12-310001825384Project K BuyerCo, Inc, First Lien Revolving Loan, Due 12/10/20272023-01-012023-12-310001825384Petra Borrower, LLC, First Lien Term Loan, Due 11/15/20302023-01-012023-12-310001825384Petra Borrower, LLC, First Lien Revolving Loan, Due 11/15/20292023-01-012023-12-310001825384Petra Borrower, LLC, First Lien Delayed Draw Term Loan, Due 5/15/20252023-01-012023-12-310001825384People 2.0, Inc, First Lien Term Loan, Due 7/12/20282023-01-012023-12-310001825384PAS Parent, Inc., First Lien Revolving Loan, Due 12/30/20272023-01-012023-12-310001825384PAS Parent, Inc., First Lien Delayed Draw Term Loan, Due 12/15/20252023-01-012023-12-310001825384Orion Advisor Solutions, Inc, Second Lien Term Loan, Due 9/24/20282023-01-012023-12-310001825384OneDigital Borrower LLC, First Lien Term Loan, Due 11/16/20272023-01-012023-12-310001825384One Digital Borrower Llc First Lien Delayed Draw Term Loan Due 9/16/20242023-01-012023-12-310001825384none_cnst_string_AmerilifeGroupLlcFirstLienDelayedDrawTermLoanDue83020242023-01-012023-12-310001825384NFP Corp, Unsecured Note, Due 8/15/20282023-01-012023-12-310001825384NextGen Healthcare, First Lien Term Loan, Due 11/11/20302023-01-012023-12-310001825384Next Holdco, LLC First Lien Revolving Loan, Due 11/9/20292023-01-012023-12-310001825384Next Holdco, Llc First Lien Delayed Draw Term Loan Due 11/10/20252023-01-012023-12-310001825384Neptune Flood Incorporated, First Lien Term Loan, Due 5/8/20292023-01-012023-12-310001825384Neptune Flood Incorporated, First Lien Revolving Loan, Due 5/8/20292023-01-012023-12-310001825384Neptune BidCo US Inc, Second Lien Term Loan, Due 10/11/20292023-01-012023-12-310001825384More Cowbell II LLC, First Lien Term Loan, Due 9/2/20302023-01-012023-12-310001825384More Cowbell II LLC, First Lien Revolving Loan, Due 9/3/20292023-01-012023-12-310001825384More Cowbell II LLC, First Lien Delayed Draw Term Loan, Due 9/1/20252023-01-012023-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Term Loan, Due 7/29/20262023-01-012023-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Revolving Loan, Due 7/29/20262023-01-012023-12-310001825384Ministry Brands Purchaser, LLC, First Lien Term Loan, Due 12/28/20282023-01-012023-12-310001825384Ministry Brands Purchaser, LLC, First Lien Revolving Loan, Due 12/24/20272023-01-012023-12-310001825384Ministry Brands Purchaser, LLC, First Lien Delayed Draw Term Loan, Due 12/28/20282023-01-012023-12-310001825384Millennium Trust Co., LLC, First Lien Term Loan, Due 3/27/20262023-01-012023-12-310001825384MBO Partners, Inc, First Lien Term Loan, Due 5/23/20282023-01-012023-12-310001825384MBO Partners, Inc, First Lien Delayed Draw Term Loan, Due 5/23/20282023-01-012023-12-310001825384MB2 Dental Solutions, LLC, First Lien Term Loan, One, Due 1/29/20272023-01-012023-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Two, Due 1/29/20272023-01-012023-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Three, Due 1/29/20272023-01-012023-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, One, Due 1/29/20272023-01-012023-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Four, Due 1/29/20272023-01-012023-12-310001825384Maverick 1 LLC, Second Lien Term Loan, Due 5/18/20292023-01-012023-12-310001825384Mandolin Technology Intermediate Holdings, Inc, Second Lien Term Loan, Due 7/30/20292023-01-012023-12-310001825384Kwol Acquisition Inc, First Lien Term Loan, Due 12/12/20292023-01-012023-12-310001825384Kwol Acquisition Inc, First Lien Revolving Loan, Due 12/12/20292023-01-012023-12-310001825384Ivy Hill Asset Management, L.P., Unsecured Note, Due 6/29/20282023-01-012023-12-310001825384Imagine Acquisitionco, LLC, First Lien Term Loan, Due 11/16/20272023-01-012023-12-310001825384Imagine Acquisitionco, LLC, First Lien Delayed Draw Term Loan, Due 11/16/20232023-01-012023-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, Two, Due 9/22/20282023-01-012023-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, One, Due 9/22/20282023-01-012023-12-310001825384IG Investments Holdings, LLC, First Lien Revolving Loan, Due 9/22/20272023-01-012023-12-310001825384Hyland Software, Inc, First Lien Term Loan, Due 9/19/20302023-01-012023-12-310001825384Hyland Software, Inc, First Lien Revolving Loan, Due 9/19/20292023-01-012023-12-310001825384Helpsystems Holdings, Inc, Second Lien Term Loan, Due 11/19/20272023-01-012023-12-310001825384Harrington Reinsureance Holdings Limited, Unsecured Note, Due 6/29/20312023-01-012023-12-310001825384Harbor Purchaser Inc, Second Lien Term Loan, Due 4/8/20302023-01-012023-12-310001825384GS Acquisitionco, Inc, First Lien Term Loan, Due 5/22/20262023-01-012023-12-310001825384GraphPAD Sofware, LLC, First Lien Term Loan, Three, Due 4/27/20272023-01-012023-12-310001825384GraphPAD Sofware, LLC, First Lien Term Loan, One, Due 4/27/20272023-01-012023-12-310001825384GraphPAD Software, LLC, First Lien Term Loan, Two, Due 4/27/20272023-01-012023-12-310001825384GraphPAD Software, LLC, First Lien Term Loan, Four, Due 4/27/20272023-01-012023-12-310001825384GraphPAD Software, LLC, First Lien Delayed Draw Term Loan, Due 4/27/20272023-01-012023-12-310001825384GovDelivery Holdings, LLC, First Lien Term Loan, Due 1/29/20272023-01-012023-12-310001825384GovDelivery Holdings, LLC, First Lien Revolving Loan, Due 1/29/20272023-01-012023-12-310001825384GovDelivery Holdings, LLC, First Lien Delayed Draw Term Loan, Due 1/29/20272023-01-012023-12-310001825384Giving Home Health Care, Second Lien Term Loan, Due 2/18/20282023-01-012023-12-310001825384Giving Home Health Care, First Lien Term Loan, Due 8/19/20272023-01-012023-12-310001825384Giving Home Health Care, First Lien Revolving Loan, Due 8/19/20272023-01-012023-12-310001825384Geosyntec Consultants, Inc, First Lien Term Loan, Due 5/18/20292023-01-012023-12-310001825384Geosyntec Consultants, Inc, First Lien Revolving Loan, Due 5/18/20272023-01-012023-12-310001825384Geosyntec Consultants Inc First Lien Delayed Draw Term Loan Due 5/18/20292023-01-012023-12-310001825384GC Two Intermediate Holdings, Inc, Unsecured Note, Due 4/1/20292023-01-012023-12-310001825384Galway Borrower, LLC, First Lien Term Loan, Two, Due 9/29/20282023-01-012023-12-310001825384Galway Borrower, LLC, First Lien Term Loan, Due 9/29/20282023-01-012023-12-310001825384Galway Borrower, LLC, First Lien Revolving Loan, One, Due 9/30/20272023-01-012023-12-310001825384Galway Borrower, LLC, First Lien Delayed Draw Term Loan, Due 10/28/20242023-01-012023-12-310001825384Freedom Mortgage Corp, Unsecured Note, Due 10/1/20302023-01-012023-12-310001825384Foundation Risk Partners, Corp, First Lien Term Loan, Due 10/27/20282023-01-012023-12-310001825384Foundation Risk Partners, Corp, First Lien Delayed Draw Term Loan, Due 10/27/20282023-01-012023-12-310001825384FINThrive Software Intermediate Holdings, Inc, Second Lien Term Loan, Due, 12/17/20292023-01-012023-12-310001825384Explorer Investor, Inc, First Lien Term Loan, Due 6/28/20292023-01-012023-12-310001825384Euclid Transactional, LLC, First Lien Term Loan, Due 10/2/20282023-01-012023-12-310001825384Ensono, Inc, Second Lien Term Loan, Due 5/28/20292023-01-012023-12-310001825384Ellkay, LLC, First Lien Term Loan, Due 9/14/20272023-01-012023-12-310001825384Ellkay, LLC, First Lien Revolving Loan, Due 9/14/20272023-01-012023-12-310001825384Edelman Financial Center, Second Lien Term Loan, Due 7/20/20262023-01-012023-12-310001825384Diligent Corporation, First Lien Term Loan, Two, Due 8/4/20252023-01-012023-12-310001825384Diligent Corporation, First Lien Term Loan, One, Due 8/4/20252023-01-012023-12-310001825384Diligent Corporation, First Lien Revolving Loan, Due 8/4/20252023-01-012023-12-310001825384Dcert Buyer, Inc, Second Lien Term Loan, Due 2/19/20292023-01-012023-12-310001825384CORA Health Holdings Corp, First Lien Term Loan, Due 6/15/20272023-01-012023-12-310001825384CORA Health Holdings Corp, First Lien Delayed Draw Term Loan, Due 6/15/20272023-01-012023-12-310001825384CNSI Holdings, LLC, First Lien Term Loan, Due 12/15/20282023-01-012023-12-310001825384CNSI Holdings, LLC, First Lien Revolving Loan, Due 12/17/20272023-01-012023-12-310001825384Cliffwater, LLC, First Lien Term Loan, Due 10/7/20302023-01-012023-12-310001825384Cliffwater, LLC, First Lien Revolving Loan, Due 10/7/20302023-01-012023-12-310001825384Cherry Bekaert Advisory LLC, First Lien Term Loan, Due 6/30/20282023-01-012023-12-310001825384Cherry Bekaert Advisory LLC, First Lien Delayed Draw Term Loan, Due 6/30/20242023-01-012023-12-310001825384Captive Resources Midco, LLC, First Lien Term Loan, Due 6/29/20292023-01-012023-12-310001825384Captive Resources Midco, LLC, First Lien Revolving Loan, Due 7/1/20282023-01-012023-12-310001825384Bottomline Technologies, Inc, First Lien Term Loan, Due 5/14/20292023-01-012023-12-310001825384Bottomline Technologies, Inc, First Lien Revolving Loan, Due 5/15/20282023-01-012023-12-310001825384Belmont Buyer, Inc., First Lien Term Loan, Due 6/21/20292023-01-012023-12-310001825384Belmont Buyer, Inc., First Lien Revolving Loan, Due 6/21/20292023-01-012023-12-310001825384Belmont Buyer, Inc., First Lien Delayed Draw Term Loan, Due 6/21/20292023-01-012023-12-310001825384Beacon Pointe Harmony, LLC, First Lien Term Loan, Due 12/29/20282023-01-012023-12-310001825384Beacon Pointe Harmony, LLC, First Lien Revolving Loan, Due 12/29/20272023-01-012023-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Two, Due 12/29/20282023-01-012023-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Due 12/29/20282023-01-012023-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, Two, Due 10/5/20282023-01-012023-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, One, Due 10/5/20282023-01-012023-12-310001825384ARMStrong Receivable Management, First Lien Term Loan, Due 10/5/20292023-01-012023-12-310001825384ARMStrong Receivable Management, First Lien Revolving Loan, Due 10/5/20292023-01-012023-12-310001825384ARMStrong Receivable Management, First Lien Delayed Draw Term Loan, Due 10/6/20252023-01-012023-12-310001825384Anaplan, Inc, First Lien Term Loan, Due 6/21/20292023-01-012023-12-310001825384Anaplan, Inc, First Lien Revolving Loan, Due 6/21/20282023-01-012023-12-310001825384AmeriLife Group LLC, First Lien Term Loan, Due 8/31/20292023-01-012023-12-310001825384AmeriLife Group LLC, First Lien Revolving Loan, Due 8/31/20282023-01-012023-12-310001825384ALKU Intermediate Holdings, LLC, First Lien term Loan, Due 5/23/20292023-01-012023-12-310001825384Advisor Group Holdings, Inc, Unsecured Note, Due 8/1/20272023-01-012023-12-310001825384Accuserve, First Lien Term Loan, Due 8/13/20292023-01-012023-12-310001825384Accuserve, First Lien Delayed Draw Term Loan, Due 8/13/20242023-01-012023-12-310001825384Accordion Partners LLC, First Lien Delayed Draw Term Loan, Two, Due 8/29/20292023-01-012023-12-310001825384Accordion Partners LLC, First Lien Delayed Draw Term Loan, One Due, 8/29/20292023-01-012023-12-310001825384Accordion Partners LLC, First Lien Delayed Draw Term Loan Three, Due, 8/29/20292023-01-012023-12-310001825384Accordion Partners LLC First Lien Term Loan Due 8/29/20292023-01-012023-12-310001825384Accordion Partners LLC First Lien Revolving Loan Due 8/31/20282023-01-012023-12-310001825384Accordion Partners LLC First Lien Delayed Draw Term Loan Due 8/29/20292023-01-012023-12-310001825384none:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:PreferredEquitySecuritiesMember2024-12-310001825384none:HealthCareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:PreferredEquitySecuritiesMember2024-12-310001825384us-gaap:ConsumerSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2024-12-310001825384none:ConsumerFinanceMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2024-12-310001825384none:CapitalMarketSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2024-12-310001825384us-gaap:TechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2023-12-310001825384us-gaap:RealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2023-12-310001825384us-gaap:InsuranceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2023-12-310001825384none:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2023-12-310001825384us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-12-310001825384us-gaap:BaseRateMember2023-12-310001825384Wharf Street Ratings Acquisition LLC, Unsecured Note, Due 12/8/20282024-12-310001825384THL Fund IX Investors (Plymouth), L.P, Equity Investment2024-12-310001825384TA/WEG Intermediate Holdings, LLC, Unsecured Note, Due 5/26/20332024-12-310001825384Spirit RR Holdings, Inc., Equity Investment2024-12-310001825384RSC Topco, Inc.2024-12-310001825384Resolute Investment Managers, Inc. Equity Investment2024-12-310001825384New Giving Acquisition, Inc., Equity Investment2024-12-310001825384Ivy Hill Asset Management, L.P., Unsecured Note, Due 6/29/20282024-12-310001825384Imagine Acquisitionco, LLC, Equity Investment2024-12-310001825384GT Polaris Holdings, Inc, Preferred Equity Investment2024-12-310001825384Galway Borrower, LLC, Equity Investment One2024-12-310001825384Freedom Mortgage Corp, Unsecured Note, Due 10/1/20302024-12-310001825384Evergreen Services Group PIK Holdco, LLC, Unsecured Note, Due 4/7/20312024-12-310001825384Evergreen Services Group PIK Holdco, LLC, Unsecured Note, Due 4/7/20252024-12-310001825384Eclipse Buyer, Inc. Preferred Equity 9/6/20242024-12-310001825384AP Highlands Holdings, L.P., Unsecured Note, Due 10/16/20282024-12-310001825384AP Highlands Co-Invest, L.P., Unsecured Note, Due 10/16/20282024-12-310001825384ALP CFO LP, Unsecured Note, 10/15/20362024-12-310001825384Advisor Group Holdings, Inc, Unsecured Note, Due 8/1/20272024-12-310001825384ACM ASOF VIII LCLUB LLC, First Lien Term Loan, 6/30/20232024-12-310001825384Accordion Partners Holdings LLC Unsecured Note Due 11/15/20342024-12-310001825384ACC Ultimate Holdings, L.P., Equity Investment2024-12-310001825384none:CapitalMarketSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:CommonEquityAndWarrantsMember2023-12-310001825384us-gaap:InvestmentUnaffiliatedIssuerMembernone:PreferredEquitySecuritiesMember2023-12-310001825384THL Fund IX Investors (Plymouth), L.P, Equity Investment2023-12-310001825384TA/WEG Intermediate Holdings, LLC, Unsecured Note, Due 5/26/20332023-12-310001825384Spirit RR Holdings, Inc., Equity Investment2023-12-310001825384RSC Topco, Inc, Equity Investment2023-12-310001825384Resolute Investment Managers, Inc. Equity Investment2023-12-310001825384Project K BuyerCo, Inc, Unsecured Note, Due 12/10/20282023-12-310001825384NFP Corp, Unsecured Note, Due 8/15/20282023-12-310001825384Ivy Hill Asset Management, L.P., Unsecured Note, Due 6/29/20282023-12-310001825384Imagine Acquisitionco, LLC, Equity2023-12-310001825384Harrington Reinsureance Holdings Limited, Unsecured Note, Due 6/29/20312023-12-310001825384GT Polaris Holdings, Inc., Equity Investment2023-12-310001825384Giving Home Health Care, Warrants2023-12-310001825384Giving Home Health Care, Second Lien Term Loan, Due 2/18/20282023-12-310001825384GC Two Intermediate Holdings, Inc, Unsecured Note, Due 4/1/20292023-12-310001825384Galway Borrower, LLC, Equity Investment2023-12-310001825384Freedom Mortgage Corp, Unsecured Note, Due 10/1/20302023-12-310001825384Advisor Group Holdings, Inc, Unsecured Note, Due 8/1/20272023-12-3100018253842020-09-082020-12-3100018253842024-12-272024-12-2700018253842024-09-262024-09-2600018253842024-06-262024-06-2600018253842024-03-252024-03-2500018253842023-12-222023-12-2200018253842023-09-252023-09-2500018253842023-06-232023-06-2300018253842023-03-242023-03-2400018253842022-12-232022-12-2300018253842022-09-232022-09-2300018253842022-06-242022-06-2400018253842022-03-232022-03-230001825384Worldwide Insurance Network, LLC, First Lien Term Loan, Due 5/28/20302024-12-310001825384Worldwide Insurance Network, LLC, First Lien Delayed Draw Term Loan, Due 5/28/20302024-12-310001825384Williams Martson, LLC, First Lien Term Loan, Due 8/25/20282024-12-310001825384Williams Martson, LLC, First Lien Revolving Loan, Due 8/25/20282024-12-310001825384Williams Marston, LLC, First Lien Delayed Draw Term Loan, Due 8/25/20252024-12-310001825384Vital Care Buyer LLC, First Lien Term Loan Due 7/30/20312024-12-310001825384Vital Care Buyer LLC, First Lien Revolving Loan Due 7/30/20312024-12-310001825384TST Intermediate Holdings, LLC, First Lien Term Loan, 12/31/20282024-12-310001825384TST Intermediate Holdings, LLC, First Lien Revolving Loan, 12/31/20282024-12-310001825384TST Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, 12/31/20282024-12-310001825384Trinity Partners Holdings LLC, First Lien Term Loan, Due 12/21/20282024-12-310001825384Trinity Partners Holdings Llc First Lien Delayed Draw Term Loan Due 06/21/20252024-12-310001825384Titan Home Improvement, LLC, First Lien Term Loan, Due 5/31/20302024-12-310001825384Titan Home Improvement, LLC, First Lien Revolving Loan, Due 5/31/20302024-12-310001825384Titan Home Improvement, LLC, First Lien Delayed Draw Term Loan, Due 6/2/20262024-12-310001825384THG Acquisition, LLC, First Lien Term Loan, Due 10/31/20312024-12-310001825384THG Acquisition, LLC, First Lien Revolving Loan, Due 10/31/20312024-12-310001825384THG Acquisition, LLC, First Lien Delayed Draw Term Loan, Due 10/31/20262024-12-310001825384Tamarack Intermediate, L.L.C., First Lien Term Loan, Due 3/13/20282024-12-310001825384Tamarack Intermediate, L.L.C., First Lien Revolving Loan, Due 3/13/20282024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, Two, Due 10/4/20272024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, One, Due 10/4/20272024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Two, Due 10/4/20272024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Three, Due 10/4/20272024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, One, Due 10/4/20272024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Four, Due 10/4/20272024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Five, Due 10/4/20272024-12-310001825384Syntax Systems Limited, First Lien Term Loan, One, Due 10/30/20282024-12-310001825384Syntax Systems Limited, First Lien Term Loan, Due 10/30/20282024-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Due 1/2/20292024-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Revolving Loan, Due 12/29/20262024-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Delayed Draw Term Loan, Two, Due 1/2/20292024-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Delayed Draw Term Loan, One, Due 1/2/20292024-12-310001825384SpecialtyCare, Inc, First Lien Term Loan, Due 6/19/20282024-12-310001825384SpecialtyCare, Inc, First Lien Revolving Loan, Due 6/18/20262024-12-310001825384SpecialtyCare, Inc, First Lien Delayed Draw Term Loan, Due 6/19/20282024-12-310001825384Southpaw AP Buyer, LLC, First Lien Term Loan, Due 3/2/20282024-12-310001825384Southpaw AP Buyer, LLC, First Lien Revolving Loan, Due 3/2/20282024-12-310001825384Southpaw AP Buyer, LLC, First Lien Delayed Draw Term Loan, Due 3/2/20282024-12-310001825384Simplifi Holdings, Inc., First Lien Term Loan, Due 10/1/20272024-12-310001825384Simplifi Holdings, Inc., First Lien Revolving Loan, Due 10/1/20272024-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Two Due 10/30/20292024-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Three Due 10/30/20292024-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, One Due 10/30/20292024-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Two Due 10/30/20292024-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, One Due 10/30/20292024-12-310001825384Project Ruby Ultimate Parent Corp Second Lien Term Loan Due 3/12/20292024-12-310001825384Project K BuyerCo, Inc, First Lien Term Loan, Due 12/10/20272024-12-310001825384Project K BuyerCo, Inc, First Lien Revolving Loan, Due 12/10/20272024-12-310001825384Petra Borrower, LLC, First Lien Term Loan, Due 11/15/20302024-12-310001825384Petra Borrower, LLC, First Lien Revolving Loan, Due 11/15/20292024-12-310001825384Petra Borrower, LLC, First Lien Delayed Draw Term Loan, Due 11/15/20302024-12-310001825384People 2.0, Inc, First Lien Term Loan, Due 7/12/20282024-12-310001825384PAS Parent Inc., First Lien Term Loan, Due 12/29/20282024-12-310001825384PAS Parent Inc., First Lien Revolving Loan, Due 12/30/20272024-12-310001825384PAS Parent Inc., First Lien Delayed Draw Term Loan, Due 6/26/20262024-12-310001825384PAS Parent Inc., First Lien Delayed Draw Term Loan, Due 12/29/20282024-12-310001825384Orion Advisor Solutions Inc., Second Lien Term Loan, Due 9/24/20282024-12-310001825384Orion Advisor Solutions Inc., Second Lien Delayed Draw Term Loan, Due 9/24/20282024-12-310001825384oneZero Financial Systems, LLC, First Lien Term Loan, Due 10/7/20312024-12-310001825384oneZero Financial Systems, LLC, First Lien Revolving Loan, Due 10/7/20312024-12-310001825384oneZero Financial Systems, LLC, First Lien Delayed Draw Term Loan, Due 10/7/20262024-12-310001825384OneDigital Borrower LLC, Second Lien Term Loan, Due 7/2/20322024-12-310001825384One Call Corp First Lien Term Loan Due 4/22/20272024-12-310001825384OMNIA Partners LLC, Second Lien Term Loan, Due 5/31/20322024-12-310001825384NXGen Buyer, Inc. Second Lien Term Loan, 4/28/20282024-12-310001825384NXGen Buyer, Inc. Second Lien Term Loan Two, 4/28/20282024-12-310001825384NXGen Buyer, Inc. First Lien Term Loan, 10/29/20272024-12-310001825384NXGen Buyer, Inc. First Lien Revolving Loan, 10/29/20272024-12-310001825384Nexus Buyer LLC, Second Lien Term Loan, 11/5/20292024-12-310001825384NextGen Healthcare, First Lien Term Loan, Due 11/11/20302024-12-310001825384NextGen Healthcare, First Lien Revolving Loan, Due 11/9/20292024-12-310001825384NextGen Healthcare, First Lien Delayed Draw Term Loan, Due 11/10/20252024-12-310001825384New Mountain Guardian IV Rated Feeder III, Ltd., Unsecured Note, Six, Due 8/28/20372024-12-310001825384New Mountain Guardian IV Rated Feeder III, Ltd., Unsecured Note, Four, Due 8/28/20372024-12-310001825384New Mountain Guardian IV Rated Feeder III, Ltd., Unsecured Note, Five, Due 8/28/20372024-12-310001825384New Mountain Guardian IV Income Rated Feeder II, Ltd. Unsecured Note, Due 4/3/20372024-12-310001825384More Cowbell II LLC, First Lien Term Loan, Due 9/2/20302024-12-310001825384More Cowbell II LLC, First Lien Revolving Loan, Due 9/3/20292024-12-310001825384More Cowbell II LLC, First Lien Delayed Draw Term Loan, Due 9/1/20252024-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Term Loan, Due 7/29/20262024-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Revolving Loan, Due 7/29/20262024-12-310001825384Minotaur Acquisition, Inc., First Lien Delayed Draw Term Loan, Due 5/10/20302024-12-310001825384Minotaur Acquisition, Inc. Minotaur Acquisition, Inc, Due 5/10/20302024-12-310001825384Minotaur Acquisition, Inc. First Lien Term Loan, Due 5/10/20302024-12-310001825384Minotaur Acquisition, Inc. First Lien Delayed Draw Term Loan, One, Due 5/11/20262024-12-310001825384Ministry Brands Holdings, LLC, First Lien Term Loan, Due 12/28/20282024-12-310001825384Ministry Brands Holdings, LLC, First Lien Revolving Loan, Due 12/30/20272024-12-310001825384Ministry Brands Holdings, LLC, First Lien Delayed Draw Term Loan, Due 12/28/20282024-12-310001825384MBO Partners, Inc, First Lien Term Loan, Due 5/23/20282024-12-310001825384MBO Partners, Inc, First Lien Delayed Draw Term Loan, Due 5/23/20282024-12-310001825384MB2 Dental Solutions, LLC, First Lien Term Loan, One, Due 1/29/20272024-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Two, Due 2/13/20312024-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Three, Due 1/29/20272024-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, One, Due 2/13/20312024-12-310001825384Maverick 1 LLC, Second Lien Term Loan, Due 5/18/20292024-12-310001825384Mandolin Technology Intermediate Holdings, Inc., Second Lien Term Loan, Due 7/30/20292024-12-310001825384MAI Capital Management Intermediate LLC, First Lien Term Loan, 8/29/20312024-12-310001825384MAI Capital Management Intermediate LLC, First Lien Revolving Loan, 8/29/20312024-12-310001825384MAI Capital Management Intermediate LLC, First Lien Delayed Draw Term Loan, 8/29/20312024-12-310001825384Lytx, Inc., First Lien Term Loan, Due 2/28/20282024-12-310001825384LendingTree, Inc.., First Lien Term Loan, Due 3/27/20312024-12-310001825384LendingTree, Inc., First Lien Delayed Draw Term Loan, Due 3/27/20252024-12-310001825384KRIV Acquisition Inc., First Lien Term Loan, Due 7/6/20292024-12-310001825384KRIV Acquisition Inc., First Lien Delayed Draw Term Loan, Due 9/25/20262024-12-310001825384KRIV Acquisition Inc., First Lien Delayed Draw Term Loan, Due 7/6/20292024-12-310001825384Imagine Acquisitionco, LLC, First Lien Term Loan, Due 11/16/20272024-12-310001825384Imagine Acquisitionco, LLC, First Lien Delayed Draw Term Loan, Due 11/16/20272024-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, Two, Due 9/22/20282024-12-310001825384IG Investments Holdings, LLC, First Lien Revolving Loan, Two, 9/22/20282024-12-310001825384Hyland Software, Inc, First Lien Term Loan, Due 9/19/20302024-12-310001825384Hyland Software, Inc, First Lien Revolving Loan, Due 9/19/20292024-12-310001825384Houghton Mifflin Harcourt Co, First Lien Term Loan, 4/9/20292024-12-310001825384Homecare Software Solutions LLC, First Lien Delayed Draw Term Loan, Due 6/16/20312024-12-310001825384Helpsystems Holdings, Inc., Second Lien Term Loan, Due 11/19/20272024-12-310001825384HBWM Intermediate II, LLC, First Lien Term Loan, 11/17/20312024-12-310001825384HBWM Intermediate II, LLC, First Lien Revolving Loan, 8/18/20312024-12-310001825384HBWM Intermediate II, LLC, First Lien Delayed Draw Term Loan, 11/16/20262024-12-310001825384Harbor Purchaser Inc, Second Lien Term Loan, Due 4/8/20302024-12-310001825384Guardian Restoration Partners Buyers, LLC, First Lien Term Loan, Due 11/3/20312024-12-310001825384Guardian Restoration Partners Buyers, LLC, First Lien Revolving Loan, Due 11/3/20312024-12-310001825384Guardian Restoration Partners Buyers, LLC, First Lien Delayed Draw Term Loan, Due 11/3/20312024-12-310001825384GS Acquisitionco, Inc., First Lien Term Loan, 5/25/20282024-12-310001825384GS Acquisitionco, Inc., First Lien Revolving Loan, 5/25/20282024-12-310001825384GS Acquisitionco, Inc., First Lien Delayed Draw Term Loan, 5/25/20282024-12-310001825384GraphPAD Software, LLC, First Lien Term Loan, One, Due 4/27/20272024-12-310001825384GovDelivery Holdings LLC, First Lien Term Loan, Due 1/17/20312024-12-310001825384GovDelivery Holdings LLC, First Lien Revolving Loan, Due 1/17/20312024-12-310001825384GovDelivery Holdings LLC, First Lien Delayed Draw Term Loan, Due 1/17/20312024-12-310001825384Giving Home Health Care, Second Lien Term Loan, Due 2/18/20282024-12-310001825384Giving Home Health Care, First Lien Term Loan, Due 8/19/2072024-12-310001825384Giving Home Health Care, First Lien Revolving Loan, Due 8/19/20272024-12-310001825384Galway Borrower LLC, First Lien Term Loan, Due 9/29/20282024-12-310001825384Galway Borrower LLC, First Lien Revolving Loan, Due 10/2/20282024-12-310001825384Galway Borrower LLC, First Lien Delayed Draw Term Loan, Two Due 9/29/20282024-12-310001825384Galway Borrower LLC, First Lien Delayed Draw Term Loan, Due 9/29/20282024-12-310001825384Foundation Risk Partners, Corp., First Lien Term Loan, Two Due 10/29/20302024-12-310001825384Foundation Risk Partners, Corp., First Lien Term Loan, One Due 10/29/20302024-12-310001825384Foundation Risk Partners, Corp., First Lien Revolving Loan, Due 10/29/20292024-12-310001825384Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan, Two Due 10/29/20302024-12-310001825384Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan, Three Due 10/29/20302024-12-310001825384Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan, One Due 10/29/20302024-12-310001825384FINThrive Software Intermediate Holdings, Inc, Second Lien Term Loan, Due, 12/17/20292024-12-310001825384Explorer Investor, Inc, First Lien Term Loan, Due 6/28/20292024-12-310001825384Exeter Short Term Funding LLC, First Lien Revolving Loan, 2/9/20262024-12-310001825384Euclid Transactional, LLC, First Lien Term Loan, Due 10/2/20282024-12-310001825384Ellkay, LLC, First Lien Term Loan, Due 9/14/20272024-12-310001825384Ellkay, LLC, First Lien Revolving Loan, Due 9/14/20272024-12-310001825384Edelman Financial Engines Center LLC/The Second Lien Term Loan, Due 10/6/20282024-12-310001825384Eclipse Buyer, Inc., First Lien Term Loan, Due 9/8/20312024-12-310001825384Eclipse Buyer, Inc., First Lien Revolving Loan, Due 9/8/20312024-12-310001825384Eclipse Buyer, Inc., First Lien Delayed Draw Term Loan, Due 9/7/20262024-12-310001825384DS Admiral Bidco LLC, First Lien Term Loan, 6/26/20312024-12-310001825384Diligent Corporation, First Lien Term Loan, Two Due 8/6/20302024-12-310001825384Diligent Corporation, First Lien Term Loan, One Due 8/6/20302024-12-310001825384Diligent Corporation, First Lien Revolving Loan, Due 8/6/20302024-12-310001825384Diligent Corporation, First Lien Delayed Draw Term Loan, Due 4/30/20262024-12-310001825384DCert Buyer, Inc., Second Lien Term Loan, Due 2/19/20292024-12-310001825384Covetrus, Inc. First Lien Term Loan Due 10/12/20292024-12-310001825384CORA Health Holdings Corp, First Lien Term Loan, Due 6/15/20272024-12-310001825384CORA Health Holdings Corp, First Lien Delayed Draw Term Loan, Due 6/15/20272024-12-310001825384Continental Buyer Inc. First Lien Term Loan, Due 4/2/20312024-12-310001825384Continental Buyer Inc. First Lien Revolving Loan, Due 4/2/20312024-12-310001825384Continental Buyer Inc. First Lien Delayed Draw Term Loan, Due 4/2/20262024-12-310001825384Cliffwater, LLC, First Lien Term Loan, Due 10/7/20302024-12-310001825384Cliffwater, LLC, First Lien Revolving Loan, Due 10/7/20302024-12-310001825384Choreo Buyer, LLC, First Lien Term Loan, Due 2/18/20282024-12-310001825384Choreo Buyer, LLC, First Lien Delayed Draw Term Loan, Due 3/20/20262024-12-310001825384Cherry Bekaert Advisory LLC, First Lien Term Loan, Due 6/30/20282024-12-310001825384Cherry Bekaert Advisory LLC, First Lien Delayed Draw Term Loan, Due 6/30/20242024-12-310001825384Chartis Group, LLC, First Lien Term Loan, Due, 9/17/20312024-12-310001825384Chartis Group, LLC, First Lien Revolving Loan, Due, 9/17/20312024-12-310001825384Chartis Group, LLC, First Lien Delayed Draw Term Loan, Due, 9/17/20262024-12-310001825384Captive Resources Midco, LLC, First Lien Term Loan, Due 7/2/20292024-12-310001825384Captive Resources Midco, LLC, First Lien Revolving Loan, Due 7/1/20282024-12-310001825384Bottomline Technologies, Inc., First Lien Term Loan, Due 5/14/20292024-12-310001825384Bottomline Technologies, Inc., First Lien Revolving Loan, Due 5/15/20282024-12-310001825384Belmont Buyer, Inc., First Lien Term Loan Two, Due, 6/21/20292024-12-310001825384Belmont Buyer, Inc., First Lien Term Loan One, Due, 6/21/20292024-12-310001825384Belmont Buyer, Inc., First Lien Revolving Loan, Due 6/21/20292024-12-310001825384Belmont Buyer, Inc., First Lien Delayed Draw Term Loan Two, Due, 1/26/20262024-12-310001825384Belmont Buyer, Inc., First Lien Delayed Draw Term Loan One, Due, 6/21/20292024-12-310001825384Beacon Pointe Harmony, LLC, First Lien Term Loan, Due 12/29/20282024-12-310001825384Beacon Pointe Harmony, LLC, First Lien Revolving Loan, Due 12/29/20272024-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Two, Due 12/29/20282024-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Three, Due 12/29/20282024-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, One, Due 12/29/20282024-12-310001825384BDO USA, P.C., First Lien Term Loan, Due 8/31/20282024-12-310001825384Baker Tilly Advisory Group, L.P., First Lien Term Loan, Due 6/3/20312024-12-310001825384Baker Tilly Advisory Group, L.P., First Lien Revolving Loan, Due 6/3/20302024-12-310001825384Baker Tilly Advisory Group, L.P., First Lien Delayed Draw Term Loan, Due 6/3/20262024-12-310001825384Babylon Buyer, Inc., First Lien Term Loan, Due 3/8/20302024-12-310001825384Babylon Buyer, Inc., First Lien Revolving Loan, Due 3/8/20302024-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, Two Due 10/5/20282024-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, One Due 10/5/20282024-12-310001825384ARMStrong Receivable Management, First Lien Term Loan, Due 10/5/20292024-12-310001825384ARMStrong Receivable Management, First Lien Revolving Loan, Due 10/5/20292024-12-310001825384ARMStrong Receivable Management, First Lien Delayed Draw Term Loan, Due 10/5/20292024-12-310001825384Ardonagh Finco B.V., First Lien Term Loan, Due 2/18/20312024-12-310001825384Arden Insurance Services LLC, First Lien Term Loan, Due 11/27/20302024-12-310001825384Arden Insurance Services LLC, First Lien Revolving Loan, Due 11/27/20302024-12-310001825384Aprio Advisory Group, LLC, First Lien Term Loan, Due 8/1/20312024-12-310001825384Aprio Advisory Group, LLC, First Lien Revolving Loan, Due 8/1/20312024-12-310001825384Aprio Advisory Group, LLC, First Lien Delayed Draw Term Loan, Due 8/1/20312024-12-310001825384Anaplan, Inc, First Lien Term Loan, Due 6/21/20292024-12-310001825384Anaplan, Inc, First Lien Revolving Loan, Due 6/21/20282024-12-310001825384Amerilife Holdings LLC, First Lien Term Loan, Due 8/31/20292024-12-310001825384AmeriLife Holdings LLC, First Lien Revolving Loan, Due 8/31/20282024-12-310001825384Amerilife Holdings LLC, First Lien Delayed Draw Term Loan, Two, Due 8/31/20292024-12-310001825384Amerilife Holdings LLC, First Lien Delayed Draw Term Loan, One, Due 8/31/20292024-12-310001825384ALKU Intermediate Holdings, LLC, First Lien Term Loan, Two Due 5/23/20292024-12-310001825384ALKU Intermediate Holdings, LLC, First Lien Term Loan, One Due 5/23/20292024-12-310001825384Alkeme Intermediary Holdings, LLC, First Lien Term Loan, Due 10/28/20262024-12-310001825384Alkeme Intermediary Holdings, LLC, First Lien Delayed Draw Term Loan, Due 10/28/20262024-12-310001825384Action Behavior Centers Therapy LLC, First Lien Term Loan, Due, 7/2/20312024-12-310001825384Action Behavior Centers Therapy LLC, First Lien Revolving Loan, Due, 7/2/20312024-12-310001825384Action Behavior Centers Therapy LLC, First Lien Delayed Draw Term Loan, Due, 7/2/20312024-12-310001825384Acentra Holdings, LLC, First Lien Term Loan, Two, Due 12/17/20292024-12-310001825384Acentra Holdings, LLC, First Lien Term Loan, Due 12/17/20292024-12-310001825384Acentra Holdings, LLC, First Lien Revolving Loan, Due, 12/17/20292024-12-310001825384Acentra Holdings, LLC, First Lien Delayed Draw Term Loan, Due 3/19/20262024-12-310001825384Accuserve Solutions, Inc., First Lien Term Loan, Due 3/15/20302024-12-310001825384Accuserve Solutions, Inc., First Lien Revolving Loan, Due 3/15/20302024-12-310001825384Accuserve Solutions, Inc., First Lien Delayed Draw Term Loan, Due 3/16/20262024-12-310001825384Accordion Partners LLC, First Lien Revolving Loan, Due 11/17/20312024-12-310001825384Accordion Partners LLC, First Lien Delayed Draw Term Loan, Due 11/16/20262024-12-310001825384Accordion Partners LLC First Lien Term Loan Due 11/17/20312024-12-310001825384WWEX Uni Topco Holdings, LLC, Second Lien Term Loan, Due 7/26/20292023-12-310001825384Williams Martson, LLC, First Lien Term Loan, Due 8/25/20282023-12-310001825384Williams Martson, LLC, First Lien Revolving Loan, Due 8/25/20282023-12-310001825384Williams Martson, LLC, First Lien Delayed Draw Term Loan Due 8/26/20242023-12-310001825384Vision Solutions, Inc, Second Lien Term Loan, Due 4/23/20292023-12-310001825384Two Ten Holdco, Inc, First Lien Term Loan, Due 3/26/20262023-12-310001825384Two Ten Holdco, Inc, First Lien Revolving Loan, Due 3/26/20262023-12-310001825384TST Intermediate Holdings, LLC, First Lien Term Loan, Due 11/27/20262023-12-310001825384TST Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 11/27/20262023-12-310001825384Trinity Partners Holdings LLC, First Lien Term Loan, Due 12/21/20282023-12-310001825384Trinity Partners Holdings Llc First Lien Delayed Draw Term Loan Due 06/21/20252023-12-310001825384Tamarack Intermediate LLC, First Lien Revolving Loan, Due 3/13/20282023-12-310001825384Tamarack Intermediate Llc First Lien Delayed Draw Term Loans Due 3/13/20282023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, Two, Due 10/4/20272023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, One, Due 10/4/20272023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Two, Due 10/4/20272023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Three, Due 10/4/20272023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, One, Due 10/4/20272023-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Four, Due 10/4/20272023-12-310001825384Syntax Systems Limited, First Lien Term Loan, Due 10/29/20282023-12-310001825384Syntax Systems Limited, First Lien Delayed Draw Term Loan, Due 10/15/20282023-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Due 1/2/20292023-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Revolving Loan, Due 12/29/20262023-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Delayed Draw Term Loan, Due 1/2/20292023-12-310001825384SpecialtyCare, Inc, First Lien Term Loan, Due 6/19/20282023-12-310001825384SpecialtyCare, Inc, First Lien Revolving Loan, Due 6/18/20262023-12-310001825384SpecialtyCare, Inc, First Lien Delayed Draw Term Loan, Due 6/19/20282023-12-310001825384Simplifi Holdings, Inc, First Lien Term Loan, Due 10/1/20272023-12-310001825384Simplifi Holdings, Inc, First Lien Revolving Loan, Due 10/1/20262023-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Two, Due 11/1/20292023-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Three, Due 11/1/20292023-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Due 11/1/20292023-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Two, Due 11/1/20292023-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Three, Due 11/1/20292023-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, One, Due 11/1/20292023-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Four, Due 11/1/20292023-12-310001825384Resolute Investment Managers, Inc, First Lien Revolving Loan, Due 4/30/20242023-12-310001825384Project K BuyerCo, Inc, First Lien Term Loan, Due 12/10/20272023-12-310001825384Project K BuyerCo, Inc, First Lien Revolving Loan, Due 12/10/20272023-12-310001825384Petra Borrower, LLC, First Lien Term Loan, Due 11/15/20302023-12-310001825384Petra Borrower, LLC, First Lien Revolving Loan, Due 11/15/20292023-12-310001825384Petra Borrower, LLC, First Lien Delayed Draw Term Loan, Due 5/15/20252023-12-310001825384People 2.0, Inc, First Lien Term Loan, Due 7/12/20282023-12-310001825384PAS Parent, Inc., First Lien Revolving Loan, Due 12/30/20272023-12-310001825384PAS Parent, Inc., First Lien Delayed Draw Term Loan, Due 12/15/20252023-12-310001825384Orion Advisor Solutions, Inc, Second Lien Term Loan, Due 9/24/20282023-12-310001825384OneDigital Borrower LLC, First Lien Term Loan, Due 11/16/20272023-12-310001825384One Digital Borrower Llc First Lien Delayed Draw Term Loan Due 9/16/20242023-12-310001825384none_cnst_string_AmerilifeGroupLlcFirstLienDelayedDrawTermLoanDue83020242023-12-310001825384NextGen Healthcare, First Lien Term Loan, Due 11/11/20302023-12-310001825384Next Holdco, LLC First Lien Revolving Loan, Due 11/9/20292023-12-310001825384Next Holdco, Llc First Lien Delayed Draw Term Loan Due 11/10/20252023-12-310001825384Neptune Flood Incorporated, First Lien Term Loan, Due 5/8/20292023-12-310001825384Neptune Flood Incorporated, First Lien Revolving Loan, Due 5/8/20292023-12-310001825384Neptune BidCo US Inc, Second Lien Term Loan, Due 10/11/20292023-12-310001825384More Cowbell II LLC, First Lien Term Loan, Due 9/2/20302023-12-310001825384More Cowbell II LLC, First Lien Revolving Loan, Due 9/3/20292023-12-310001825384More Cowbell II LLC, First Lien Delayed Draw Term Loan, Due 9/1/20252023-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Term Loan, Due 7/29/20262023-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Revolving Loan, Due 7/29/20262023-12-310001825384Ministry Brands Purchaser, LLC, First Lien Term Loan, Due 12/28/20282023-12-310001825384Ministry Brands Purchaser, LLC, First Lien Revolving Loan, Due 12/24/20272023-12-310001825384Ministry Brands Purchaser, LLC, First Lien Delayed Draw Term Loan, Due 12/28/20282023-12-310001825384Millennium Trust Co., LLC, First Lien Term Loan, Due 3/27/20262023-12-310001825384MBO Partners, Inc, First Lien Term Loan, Due 5/23/20282023-12-310001825384MBO Partners, Inc, First Lien Delayed Draw Term Loan, Due 5/23/20282023-12-310001825384MB2 Dental Solutions, LLC, First Lien Term Loan, One, Due 1/29/20272023-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Two, Due 1/29/20272023-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Three, Due 1/29/20272023-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, One, Due 1/29/20272023-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Four, Due 1/29/20272023-12-310001825384Maverick 1 LLC, Second Lien Term Loan, Due 5/18/20292023-12-310001825384Mandolin Technology Intermediate Holdings, Inc, Second Lien Term Loan, Due 7/30/20292023-12-310001825384Kwol Acquisition Inc, First Lien Term Loan, Due 12/12/20292023-12-310001825384Kwol Acquisition Inc, First Lien Revolving Loan, Due 12/12/20292023-12-310001825384Imagine Acquisitionco, LLC, First Lien Term Loan, Due 11/16/20272023-12-310001825384Imagine Acquisitionco, LLC, First Lien Delayed Draw Term Loan, Due 11/16/20232023-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, Two, Due 9/22/20282023-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, One, Due 9/22/20282023-12-310001825384IG Investments Holdings, LLC, First Lien Revolving Loan, Due 9/22/20272023-12-310001825384Hyland Software, Inc, First Lien Term Loan, Due 9/19/20302023-12-310001825384Hyland Software, Inc, First Lien Revolving Loan, Due 9/19/20292023-12-310001825384Helpsystems Holdings, Inc, Second Lien Term Loan, Due 11/19/20272023-12-310001825384Harbor Purchaser Inc, Second Lien Term Loan, Due 4/8/20302023-12-310001825384GS Acquisitionco, Inc, First Lien Term Loan, Due 5/22/20262023-12-310001825384GraphPAD Sofware, LLC, First Lien Term Loan, Three, Due 4/27/20272023-12-310001825384GraphPAD Sofware, LLC, First Lien Term Loan, One, Due 4/27/20272023-12-310001825384GraphPAD Software, LLC, First Lien Term Loan, Two, Due 4/27/20272023-12-310001825384GraphPAD Software, LLC, First Lien Term Loan, Four, Due 4/27/20272023-12-310001825384GraphPAD Software, LLC, First Lien Delayed Draw Term Loan, Due 4/27/20272023-12-310001825384GovDelivery Holdings, LLC, First Lien Term Loan, Due 1/29/20272023-12-310001825384GovDelivery Holdings, LLC, First Lien Revolving Loan, Due 1/29/20272023-12-310001825384GovDelivery Holdings, LLC, First Lien Delayed Draw Term Loan, Due 1/29/20272023-12-310001825384Giving Home Health Care, First Lien Term Loan, Due 8/19/20272023-12-310001825384Giving Home Health Care, First Lien Revolving Loan, Due 8/19/20272023-12-310001825384Geosyntec Consultants, Inc, First Lien Term Loan, Due 5/18/20292023-12-310001825384Geosyntec Consultants, Inc, First Lien Revolving Loan, Due 5/18/20272023-12-310001825384Geosyntec Consultants Inc First Lien Delayed Draw Term Loan Due 5/18/20292023-12-310001825384Galway Borrower, LLC, First Lien Term Loan, Two, Due 9/29/20282023-12-310001825384Galway Borrower, LLC, First Lien Term Loan, Due 9/29/20282023-12-310001825384Galway Borrower, LLC, First Lien Revolving Loan, One, Due 9/30/20272023-12-310001825384Galway Borrower, LLC, First Lien Delayed Draw Term Loan, Due 10/28/20242023-12-310001825384Foundation Risk Partners, Corp, First Lien Term Loan, Due 10/27/20282023-12-310001825384Foundation Risk Partners, Corp, First Lien Delayed Draw Term Loan, Due 10/27/20282023-12-310001825384FINThrive Software Intermediate Holdings, Inc, Second Lien Term Loan, Due, 12/17/20292023-12-310001825384Explorer Investor, Inc, First Lien Term Loan, Due 6/28/20292023-12-310001825384Euclid Transactional, LLC, First Lien Term Loan, Due 10/2/20282023-12-310001825384Ensono, Inc, Second Lien Term Loan, Due 5/28/20292023-12-310001825384Ellkay, LLC, First Lien Term Loan, Due 9/14/20272023-12-310001825384Ellkay, LLC, First Lien Revolving Loan, Due 9/14/20272023-12-310001825384Edelman Financial Center, Second Lien Term Loan, Due 7/20/20262023-12-310001825384Diligent Corporation, First Lien Term Loan, Two, Due 8/4/20252023-12-310001825384Diligent Corporation, First Lien Term Loan, One, Due 8/4/20252023-12-310001825384Diligent Corporation, First Lien Revolving Loan, Due 8/4/20252023-12-310001825384Dcert Buyer, Inc, Second Lien Term Loan, Due 2/19/20292023-12-310001825384CORA Health Holdings Corp, First Lien Term Loan, Due 6/15/20272023-12-310001825384CORA Health Holdings Corp, First Lien Delayed Draw Term Loan, Due 6/15/20272023-12-310001825384CNSI Holdings, LLC, 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12/28/20282025-12-310001825384none:MirraPrimeAccessHoldingsLlcMembernone:FirstLienRevolvingLoanMember2025-12-3100018253842024-06-262024-06-260001825384none:AnaplanIncMembernone:FirstLienRevolvingLoanMember2024-12-310001825384us-gaap:SecuredDebtMembernone:FirstAmendmentDateMembersrt:MinimumMember2025-03-032025-03-030001825384Foundation Risk Partners, Corp., First Lien Term Loan, Due 10/29/20302024-12-3100018253842025-06-272025-06-270001825384none:WorldwideInsuranceNetworkLlcMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384ALKU Intermediate Holdings, LLC, First Lien Term Loan, Due 5/23/20292024-12-310001825384Amerilife Holdings LLC, First Lien Delayed Draw Term Loan, Due 8/31/20292025-12-310001825384none:ArmstrongReceivableManagementMembernone:FirstLienDelayedDrawTermLoanMember2024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:MeasurementInputMarketTransactionMembernone:FirstLienLoansMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-12-310001825384us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembernone:SecondLienLoansMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2025-12-310001825384none:SkywalkerPurchaserLLCMembernone:FirstLienDelayedDrawTermLoanOneMember2025-12-310001825384us-gaap:FairValueInputsLevel3Membersrt:MinimumMembernone:ValuationTechniqueEnterpriseValueAnalysisMemberus-gaap:MeasurementInputEbitdaMultipleMembernone:CommonEquityAndWarrantsMember2024-12-310001825384none:TwoThousandTwentyFiveNotesMember2022-05-192022-05-190001825384Trinity Partners Holdings, LLC, First Lien Term Loan, Due 12/31/20302025-12-310001825384Amerilife Holdings LLC, First Lien Delayed Draw Term Loan, Due 8/31/2029 One2024-12-310001825384none:AprioAdvisoryGroupLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Delayed Draw Term Loan, Due 1/2/2029 One2024-12-310001825384us-gaap:InsuranceSectorMember2024-01-012024-12-310001825384us-gaap:CommonStockMember2023-06-282023-06-280001825384Baker Tilly Advisory Group, L.P., First Lien Revolving Loan, Due 6/3/20302024-12-310001825384Continental Buyer Inc., First Lien Delayed Draw Term Loan, Due 4/2/2031 One2025-12-310001825384TST Intermediate Holdings, LLC, First Lien Term Loan, Due 12/31/20282025-12-310001825384none:OrionAdvisorSolutionsLlcMembernone:FirstLienDelayedDrawTermLoanMember2024-12-310001825384Redwood Services Group, LLC, First Lien Term Loan, Due 6/15/20292025-12-3100018253842021-12-310001825384us-gaap:HealthcareSectorMembernone:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-3100018253842024-12-310001825384us-gaap:CommonStockMember2023-03-272023-03-270001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membernone:UnsecuredNoteMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:SouthpawApBuyerLlcMember2025-12-310001825384none:AssetBasedRevolvingLoanFacilityOneMember2024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, Due 10/4/20272024-12-3100018253842023-06-232023-06-230001825384none:TamarackIntermediateLlcMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Petra Borrower, LLC, First Lien Delayed Draw Term Loan, Due 11/15/20302025-12-310001825384Wasteology Group Transporation LLC, First Lien Revolving Loan, Due 11/3/20322025-12-310001825384none:WorldInsuranceAssociatesLLCMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384Finthrive Software Intermediate Holdings, Inc., First Lien Term Loan, Due 12/15/20282025-12-310001825384none:HealthCareTechnologySectorMember2025-01-012025-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, Due 9/22/20282024-12-310001825384none:PasParentIncMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384Low Voltage Holdings Inc., First Lien Delayed Draw Term Loan, Due 10/28/20272025-12-310001825384us-gaap:CommonStockMember2023-03-270001825384LendingTree, INC., First Lien Term Loan, Due 3/27/20312024-12-310001825384us-gaap:FairValueInputsLevel2Membernone:FirstLienLoansMember2024-12-310001825384none:SPVCAIXLLCMemberus-gaap:EquitySecuritiesMember2025-12-310001825384Payscape Buyer, Inc., Second Lien Delayed Draw Term Loan, Due 4/28/20282025-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, Due 9/22/20282025-12-310001825384none:FirstLienRevolvingLoanMembernone:BabylonBuyerIncMember2025-12-310001825384none:FirstLienRevolvingLoanMembernone:NextgenHealthcareMember2024-12-310001825384Evergreen Services Group PIK Holdco, LLC, Unsecured Note, Due 4/7/20312024-12-310001825384us-gaap:CommonStockMember2024-03-280001825384none:ArmstrongReceivableManagementMembernone:FirstLienRevolvingLoanMember2025-12-310001825384none:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-12-310001825384Bottomline Technologies, Inc., First Lien Term Loan, Due 5/14/20292024-12-310001825384Acentra Holdings, LLC, First Lien Revolving Loan, Due 12/17/20292024-12-310001825384us-gaap:CommonStockMember2024-04-020001825384Bellwether Buyer, LLC, First Lien Term Loan, Due 4/15/20322025-12-310001825384Heights Buyer, LLC, First Lien Term Loan, Due 8/25/20282025-12-310001825384HBWM Intermediate II, LLC, First Lien Revolving Loan, 8/18/20312024-12-310001825384none:FirstLienRevolvingLoanMembernone:MriSoftwareLlcMember2025-12-310001825384Cerity Partners Equity Holding LLC , First Lien Revolving Loan, Due 7/28/20312025-12-310001825384none:CommonEquityAndWarrantsMember2025-01-012025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:ChoreoBuyerLlcMember2024-12-310001825384none:LetterAgreementForSecondAmendmentMembernone:CapitalCallFacilityMember2024-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Due 2/13/2031 One2024-12-310001825384none:TwoThousandTwentyNineNotesMember2025-01-012025-12-310001825384Flexera Software LLC, First Lien Term Loan, Due 8/16/2032 One2025-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Due 12/29/2028 Three2024-12-310001825384none:FirstLienDelayedDrawTermLoanOneMembernone:MaiCapitalManagementIntermediateLlcMember2024-12-310001825384us-gaap:InvestmentUnaffiliatedIssuerMembernone:PreferredEquitySecuritiesMember2024-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:ChoreoBuyerLlcMember2025-12-310001825384none:HeightsBuyerLlcMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Ardonagh Finco B.V., First Lien Term Loan, Due 2/18/20312024-12-3100018253842020-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Revolving Loan, Due 7/29/20262025-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 10/4/2027 One2024-12-310001825384Ministry Brands Holdings, LLC, First Lien Term Loan, Due 12/28/20282025-12-310001825384Homecare Software Solutions LLC, First Lien Delayed Draw Term Loan, Due 6/16/20312025-12-310001825384Covetrus, Inc., First Lien Term Loan, Due 10/12/20292024-12-310001825384oneZero Financial Systems, LLC, First Lien Revolving Loan, Due 10/7/20312024-12-310001825384none:TaWegIntermediateHoldingsLlcMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Ministry Brands Holdings, LLC, First Lien Revolving Loan, Due 12/30/20272024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:UnsecuredNoteMember2024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueEnterpriseValueAnalysisMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembernone:CommonEquityAndWarrantsMember2025-12-310001825384HBWM Intermediate II, LLC, First Lien Revolving Loan, Due 8/18/20312025-12-310001825384none:FirstLienLoansMember2025-12-310001825384none:FirstLienRevolvingLoanMembernone:ContinentalBuyerIncMember2025-12-310001825384oneZero Financial Systems, LLC, First Lien Revolving Loan, Due 10/7/20312025-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 10/2/2028 Three2025-12-310001825384Titan Home Improvement, LLC, First Lien Revolving Loan, Due 5/31/20302025-12-310001825384KRIV Acquisition Inc., First Lien Delayed Draw Term Loan, Due 9/30/20272025-12-310001825384Payscape Buyer, Inc., Second Lien Term Loan, Due 4/28/20282025-12-310001825384OMNIA Partners LLC, Second Lien Term Loan, Due 5/31/20322024-12-310001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membernone:FirstLienLoansMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001825384MAI Capital Management Intermediate LLC, First Lien Delayed Draw Term Loan, 8/29/20262024-12-310001825384none:TrinityPartnersHoldingsLlcMembernone:FirstLienDelayedDrawTermLoanMember2024-12-310001825384BDO USA, P.C., First Lien Term Loan, Due 8/31/20282024-12-310001825384none:WasteologyGroupTransporationLLCMembernone:FirstLienRevolvingLoanMember2025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:ThgAcquisitionLlcMember2025-12-310001825384Simplifi Holdings, Inc., First Lien Revolving Loan, Due 10/1/20272024-12-3100018253842021-01-012021-12-310001825384New Mountain Guardian IV Rated Feeder III, Ltd., Unsecured Note, Due 8/28/2037 Three2024-12-310001825384Alkeme Intermediary Holdings, LLC, First Lien Term Loan, Due 10/28/20262024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:SecondLienLoansMember2025-12-310001825384us-gaap:FairValueInputsLevel3Membernone:SecondLienLoansMemberus-gaap:MarketApproachValuationTechniqueMembernone:MeasurementInputMarketTransactionMember2024-12-310001825384none:GsAcquisitioncoIncMembernone:FirstLienRevolvingLoanMember2024-12-310001825384Giving Home Health Care, First Lien Term Loan, Due 4/26/20292025-12-310001825384MC CIF Wealth Management (UK) Ltd. Preferred Equity, Acquisition Date 8/12/2025 One2025-12-310001825384none:OmegaSystemsIntermediateHoldingsINCMembernone:FirstLienRevolvingLoanMember2025-12-310001825384us-gaap:CommonStockMember2025-12-302025-12-300001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembernone:FirstLienLoansMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001825384none:ThgAcquisitionLlcMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Resolute Investment Managers, Inc., Equity, Acquisition Date 12/29/20232024-12-310001825384none:FlexeraSoftwareLLCMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Lytx, Inc., First Lien Term Loan, Due 2/28/20282024-12-310001825384none:FirstLienRevolvingLoanMembernone:SteppingStonesHealthcareServicesLlcMember2025-12-310001825384none:BakerTillyAdvisoryGroupLPMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:CerityPartnersEquityHoldingLLCMember2025-12-310001825384GT Polaris Holdings, Inc, Preferred Equity, Acquisition Date 6/6/20222024-12-310001825384PAS Parent Inc., First Lien Term Loan, Due 8/18/20322025-12-310001825384none:EclipseBuyerIncMembernone:FirstLienRevolvingLoanMember2024-12-310001825384MAI Capital Management Intermediate LLC, First Lien Delayed Draw Term Loan, Due 8/29/20312025-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Due 10/30/2029 One2024-12-310001825384Payscape Buyer, Inc., First Lien Revolving Loan, Due 10/29/20272025-12-310001825384none:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2024-12-310001825384Explorer Investor, Inc, First Lien Term Loan, Due 6/28/20292024-12-310001825384TRAKPurchaser, Inc, First Lien Revolving Loan, Due 6/20/20312025-12-310001825384Eclipse Buyer, Inc., Preferred Equity, Acquisition Date 9/6/20242024-01-012024-12-310001825384Skywalker Purchaser, LLC, First Lien Delayed Draw Term Loan, Due 6/27/2027 One2025-12-310001825384none:TwoThousandTwentyFiveNotesMember2024-01-012024-12-310001825384Eclipse Buyer, Inc., First Lien Term Loan, Due 9/8/20312024-12-310001825384none:RisksRelatingToTheCompanysBusinessAndStructureMember2025-01-012025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:OnezeroFinancialSystemsLlcMember2024-12-310001825384Anaplan Inc., First Lien Term Loan, Due 6/21/20292025-12-310001825384none:EclipseBuyerIncMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384Fullsteam Operations LLC, First Lien Revolving Loan, Due 8/8/20312025-12-310001825384us-gaap:FairValueInputsLevel3Member2025-12-310001825384More Cowbell II LLC, First Lien Term Loan, Due 9/3/20302025-12-310001825384Homecare Software Solutions LLC, First Lien Delayed Draw Term Loan, Due 6/16/20312024-12-310001825384us-gaap:SecuredDebtMember2024-12-310001825384us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001825384us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMembernone:EquitySecuritiesOtherThanWarrantsMember2024-12-310001825384Captive Resources Midco, LLC, First Lien Term Loan, Due 7/2/20292025-12-310001825384none:AdministrationAgreementMember2024-12-310001825384none:WharfStreetRatingsAcquisitionLlcMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384none:FirstLienRevolvingLoanMembernone:GuardianRestorationPartnersBuyersLlcMember2024-12-310001825384Cliffwater, LLC, First Lien Revolving Loan, Due 10/7/20302024-12-310001825384none:ScenarioOneForIncreaseInInterestRateMember2022-05-192022-05-190001825384us-gaap:FairValueInputsLevel3Membernone:CommonEquityAndWarrantsMember2024-12-310001825384Equinox Buyer LLC, First Lien Term Loan, Due 9/9/20312025-12-310001825384Worldwide Insurance Network, LLC, First Lien Delayed Draw Term Loan, Due 5/28/2030 One2025-12-310001825384Imagine Acquisitionco, LLC, Preferred Equity, Due 11/16/20212024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:FirstLienLoansMember2025-01-012025-12-310001825384Syntax USA Holding Corporation, First Lien Term Loan, Due 10/29/20282025-12-310001825384us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001825384Syntax Systems Limited, First Lien Term Loan, Due 10/30/2028 One2024-12-310001825384us-gaap:CommonStockMember2024-04-022024-04-020001825384Accuserve Solutions, Inc., First Lien Revolving Loan, Due 3/15/20302024-12-310001825384Headlands Buyer, Inc., First Lien Delayed Draw Term Loan, Due 9/29/20272025-12-310001825384GS Acquisitionco, Inc.,First Lien Revolving Loan, Due 5/25/20282024-12-310001825384none:FirstLienDelayedDrawTermLoanOneMembernone:KrivAcquisitionIncMember2024-12-310001825384Eclipse Buyer, Inc., First Lien Revolving Loan, Due 9/8/20312025-12-310001825384none:WorldInsuranceAssociatesLLCMembernone:FirstLienRevolvingLoanMember2025-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 10/2/2028 One2025-12-310001825384Continental Buyer Inc., First Lien Term Loan, Due 4/2/20312025-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Due 10/30/2029 Two2024-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:AccordionPartnersLlcMember2024-12-310001825384none:TechnologyHardwareStorageAndPeripheralsMember2024-01-012024-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:TstIntermediateHoldingsLlcMember2025-12-310001825384LendingTree, Inc., First Lien Delayed Draw Term Loan, Due 3/27/20252024-12-310001825384none:TwoThousandTwentyFiveNotesMember2025-12-310001825384KRIV Acquisition Inc., First Lien Term Loan, Due 7/6/20292024-12-310001825384us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembernone:UnsecuredNoteMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001825384us-gaap:InvestmentUnaffiliatedIssuerMembernone:CommonEquityAndWarrantsMember2024-12-310001825384none:PreferredEquitySecuritiesMember2025-12-310001825384Acentra Holdings, LLC, First Lien Delayed Draw Term Loan, Due 3/19/20262024-12-310001825384none:SecondLienLoansMember2025-12-310001825384Continental Buyer Inc., First Lien Revolving Loan, Due 4/2/20312025-12-310001825384us-gaap:FinancialServicesSectorMembernone:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001825384none:HeightsBuyerLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384us-gaap:SeniorNotesMembernone:TwoThousandTwentyEightNotesMember2025-01-012025-12-310001825384us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembernone:ValuationTechniqueEnterpriseValueAnalysisMemberus-gaap:MeasurementInputEbitdaMultipleMembernone:CommonEquityAndWarrantsMember2024-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Revolving Loan, Due 7/29/20262024-12-310001825384Bottomline Technologies, Inc., First Lien Revolving Loan, Due 5/15/20282025-12-310001825384none:GalwayBorrowerLlcMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384none:HealthCareTechnologySectorMember2024-01-012024-12-310001825384us-gaap:FairValueInputsLevel2Membernone:FirstLienLoansMember2025-12-310001825384Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan, Due 10/29/20302025-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, Due 10/5/20282024-12-310001825384none:ChartisGroupLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384Arden Insurance Services LLC, First Lien Term Loan, Due 11/27/20302025-12-310001825384Bottomline Technologies, Inc., First Lien Term Loan, Due 5/14/20292025-12-310001825384Jerry Erwin Associates, LLC, First Lien Term Loan, Due 10/15/20302025-12-310001825384Nexus Buyer LLC, Second Lien Term Loan, 11/5/20292024-12-310001825384Choreo Buyer LLC., First Lien Delayed Draw Term Loan, Due 2/18/20282025-12-310001825384none:TransferAgentServicingAgreementMember2025-01-012025-12-310001825384none:MinotaurAcquisitionIncMembernone:FirstLienDelayedDrawTermLoanMember2024-12-310001825384MB2 Dental Solutions, LLC, First Lien Term Loan, Due 2/13/20312024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:CommonEquityAndWarrantsMember2025-01-012025-12-310001825384Kwol Acquisition Inc, First Lien Term Loan, Due 12/12/20292025-12-310001825384none:ArdenInsuranceServicesLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384none:FirstLienRevolvingLoanMembernone:AccordionPartnersLlcMember2025-12-310001825384none:MinistryBrandsHoldingsLlcMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Southpaw AP Buyer, LLC, First Lien Delayed Draw Term Loan, Due 3/2/20282025-12-310001825384none:DiligentCorporationMembernone:FirstLienDelayedDrawTermLoanMember2024-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 10/4/2027 Five2024-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:AcentraHoldingsLlcMember2024-12-310001825384AP Highlands Co-Invest, L.P., Unsecured Note, Due 10/16/20282024-12-310001825384New Giving Acquisition, Inc., Equity, Acquisition Date 8/19/20222024-01-012024-12-310001825384us-gaap:TechnologySectorMember2025-01-012025-12-310001825384none:EuroInterbankOfferedRateMember2025-12-310001825384Eclipse Buyer, Inc., 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2/19/20292025-12-310001825384Heights Buyer, LLC, First Lien Delayed Draw Term Loan, Due 8/25/20282025-12-310001825384none:NewMountainGuardianIVRatedFeederIIILtdMembernone:UnsecuredNoteTwoMember2024-12-310001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembernone:UnsecuredNoteMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001825384Hyland Software, Inc, First Lien Revolving Loan, Due 9/19/20292025-12-310001825384none:TitanHomeImprovementLlcMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Orion Advisor Solutions Inc., Second Lien Term Loan, Due 9/24/20282024-12-310001825384Freedom Funding Center LLC, Unsecured Note, Due 10/1/20372025-12-310001825384none:TwoThousandTwentyFiveNotesMember2022-05-190001825384country:US2024-01-012024-12-310001825384none:BakerTillyAdvisoryGroupLPMembernone:FirstLienRevolvingLoanOneMember2024-12-310001825384Alkeme Intermediary Holdings, LLC, First Lien Term Loan, Due 5/28/20272025-12-310001825384Guardian Restoration Partners Buyers, LLC, First Lien Delayed Draw Term Loan, Due 11/3/20312025-12-310001825384us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueEnterpriseValueAnalysisMemberus-gaap:MeasurementInputEbitdaMultipleMembernone:PreferredEquityMember2025-12-310001825384none:TwoThousandTwentyNineNotesMember2024-09-172024-12-310001825384ALKU Intermediate Holdings, LLC, First Lien Term Loan, Due 5/23/2029 One2025-12-310001825384Spirit RR Holdings, Inc., Equity, Acquisition Date 9/19/20222024-01-012024-12-310001825384Belmont Buyer, Inc., First Lien Delayed Draw Term Loan, Due 6/21/20292024-12-310001825384none:FirstLienRevolvingLoanMembernone:GovdeliveryHoldingsLlcMember2024-12-310001825384us-gaap:CommonStockMember2023-03-290001825384none:ImagineAcquisitioncoLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384Amerilife Holdings LLC, First Lien Term Loan, Due 8/31/20292025-12-3100018253842022-12-310001825384Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan, Due 10/29/2030 Two2025-12-310001825384Galway Partners Holdings LLC, Preferred Equity, Acquisition Date 4/28/20232025-12-310001825384none:TamarackIntermediateLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384PAS Parent Inc., First Lien Revolving Loan, Due 8/18/20312025-12-310001825384none:InvestmentAdvisoryAgreementMember2024-12-310001825384Minotaur Acquisition, Inc., First Lien Revolving Loan, Due 5/10/20302024-12-310001825384none:PasParentIncMembernone:FirstLienRevolvingLoanMember2024-12-310001825384us-gaap:BaseRateMember2025-01-012025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:SteppingStonesHealthcareServicesLlcMember2024-12-310001825384GT Polaris Holdings, Inc, Preferred Equity, Acquisition Date 6/6/20222025-01-012025-12-310001825384Petra Borrower, LLC, First Lien Revolving Loan, Due 11/15/20292025-12-310001825384LendingTree LLC, First Lien Term Loan, Due 8/21/20302025-12-3100018253842024-09-262024-09-260001825384Vital Care Buyer LLC, First Lien Revolving Loan, Due 7/30/20312024-12-310001825384Belmont Buyer, Inc., First Lien Term Loan, Due 6/21/20292024-12-310001825384PAS Parent Inc., First Lien Delayed Draw Term Loan, Due 6/26/20262024-12-310001825384AP Highlands Holdings, L.P., Unsecured Note, Due 10/16/20282025-12-310001825384us-gaap:FairValueInputsLevel3Membernone:UnsecuredNoteMember2025-01-012025-12-310001825384us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:PreferredEquitySecuritiesMember2025-12-310001825384none:SpecialtycareInc.Membernone:FirstLienRevolvingLoanMember2024-12-310001825384TST Intermediate Holdings, LLC, First Lien Revolving Loan, Due 12/31/20282025-12-310001825384ARMStrong Receivable Management, First Lien Revolving Loan, Due 10/5/20292025-12-310001825384none:ExeterShortTermFundingLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384More Cowbell II LLC, First Lien Term Loan, Due 9/2/20302024-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:ContinentalBuyerIncMember2024-12-310001825384Apex Group Treasury LLC, First Lien Term Loan, Due 2/27/20322025-12-310001825384Accuserve Solutions, Inc., First Lien Term Loan, Due 3/15/20302025-12-310001825384none:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2025-12-310001825384none:ScenarioTwoForIncreaseInInterestRateMember2022-05-192022-05-190001825384none:DiligentCorporationMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, Due 10/5/20282025-12-310001825384New Mountain Guardian IV Income Rated Feeder III, Ltd., Unsecured Note, Due 8/28/20372025-12-310001825384none:DiligentCorporationMembernone:FirstLienRevolvingLoanMember2024-12-310001825384Mandolin Technology Intermediate Holdings, Inc., Second Lien Term Loan, Due 7/30/20292024-12-310001825384ACC Ultimate Holdings, L.P., Equity, Acquisition Date 5/8/20242025-01-012025-12-310001825384Beacon Pointe Harmony, LLC, First Lien Revolving Loan, Due 12/29/20272025-12-3100018253842024-03-252024-03-250001825384Foundation Risk Partners, Corp., First Lien Term Loan, Due 10/29/2030 One2025-12-310001825384ARMStrong Receivable Management, First Lien Delayed Draw Term Loan, Due 10/06/20262025-12-310001825384none:UnsecuredNoteMember2025-01-012025-12-310001825384us-gaap:FairValueInputsLevel3Membernone:FirstLienLoansMember2023-12-310001825384SpecialtyCare, Inc., First Lien Term Loan, Due 6/19/20282024-12-3100018253842023-01-012023-12-310001825384MC CIF Wealth Management (UK) Ltd. Preferred Equity, Acquisition Date 8/12/20252025-12-310001825384us-gaap:SecuredDebtMember2024-01-012024-12-310001825384none:MinotaurAcquisitionIncMembernone:FirstLienRevolvingLoanMember2024-12-310001825384none:PreferredEquityMember2025-12-310001825384none:FirstLienRevolvingLoanMembernone:RCPNATSPURCHASERLLCMember2025-12-310001825384us-gaap:InvestmentUnaffiliatedIssuerMembernone:PreferredEquitySecuritiesMember2025-12-310001825384Diligent Corporation, First Lien Delayed Draw Term Loan, Due 4/30/20262025-12-310001825384none:CapitalCallFacilityMember2024-12-310001825384none:EuroInterbankOfferedRateMember2025-01-012025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:ChartisGroupLlcMember2024-12-310001825384none:FirstLienLoansMember2024-12-310001825384none:FirstLienLoansMember2024-01-012024-12-310001825384NXGen Buyer, Inc. Second Lien Term Loan, Due 4/28/20282024-12-310001825384Belmont Buyer, Inc., First Lien Delayed Draw Term Loan, Due 6/21/2029 One2025-12-310001825384us-gaap:FairValueInputsLevel3Membernone:UnsecuredNoteMembernone:MeasurementInputMarketTransactionMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:FirstLienLoansMember2024-12-310001825384Titan Home Improvement, LLC, First Lien Delayed Draw Term Loan, Due 6/2/20262024-12-310001825384Diligent Corporation, First Lien Revolving Loan, Due 8/6/20302024-12-310001825384Acentra Holdings, LLC, First Lien Term Loan, Due 12/17/2029 One2025-12-310001825384us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueEnterpriseValueAnalysisMemberus-gaap:MeasurementInputEbitdaMultipleMembernone:PreferredEquityMembersrt:MaximumMember2025-12-310001825384us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMembernone:EquitySecuritiesOtherThanWarrantsMember2025-12-310001825384HBWM Intermediate II, LLC, First Lien Term Loan, 11/17/20312024-12-310001825384Best Egg Asset Structured Pass Through Master Trust, Unsecured Note, Due 9/15/20352025-12-310001825384Chartis Group, LLC, First Lien Term Loan, Due 9/17/20312024-12-310001825384Williams Marston, LLC, First Lien Delayed Draw Term Loan, Due 8/25/20252024-12-310001825384Cherry Bekaert Advisory LLC, First Lien Delayed Draw Term Loan, Due 6/28/20302025-12-310001825384none:HeadlandsBuyerIncMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Metropolis Technologies Inc, First Lien Term Loan, Due 11/3/20322025-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Due 12/29/2028 Two2025-12-310001825384us-gaap:HealthcareSectorMember2025-01-012025-12-310001825384Minotaur Acquisition, Inc., First Lien Revolving Loan, Due 5/10/20302025-12-310001825384us-gaap:FairValueInputsLevel3Member2025-01-012025-12-310001825384Cliffwater, LLC, First Lien Term Loan, Due 4/22/20322025-12-310001825384Babylon Buyer, Inc., First Lien Term Loan, Due 3/8/20302025-12-310001825384none:ArmstrongReceivableManagementMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384us-gaap:FairValueInputsLevel3Membernone:FirstLienLoansMembernone:MeasurementInputMarketTransactionMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001825384Galway Borrower LLC, Preferred Equity, Acquisition Date 4/28/20232024-01-012024-12-310001825384GS Acquisitionco, Inc., First Lien Delayed Draw Term Loan, Due 5/25/20282025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:GuardianRestorationPartnersBuyersLlcMember2025-12-310001825384Accuserve Solutions, Inc., First Lien Revolving Loan, Due 3/15/20302025-12-310001825384The Edelman Financial Engines Center LLC, Second Lien Term Loan, Due 10/6/20282025-12-310001825384Ministry Brands Holdings, LLC, First Lien Term Loan, Due 12/28/20282024-12-310001825384RSC Topco, Inc., Preferred Equity, Acquisition Date 8/14/20232024-12-310001825384none:TwoThousandTwentyNineNotesMember2024-12-310001825384Titan Home Improvement, LLC, First Lien Term Loan, Due 5/31/20302024-12-310001825384none:CaptiveResourcesMidcoLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384MRI Software LLC, First Lien Term Loan, Due 2/10/20282025-12-310001825384us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-12-310001825384GovDelivery Holdings LLC, First Lien Revolving Loan, Due 1/17/20312024-12-310001825384us-gaap:BaseRateMember2025-12-310001825384Winterfell Co-Invest SCSP, Equity, Acquisition Date 9/19/20222025-12-310001825384none:AssetBasedRevolvingLoanFacilityTwoMember2025-12-310001825384us-gaap:FairValueInputsLevel3Membernone:SecondLienLoansMember2025-01-012025-12-310001825384us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembernone:ValuationTechniqueEnterpriseValueAnalysisMemberus-gaap:MeasurementInputEbitdaMultipleMembernone:CommonEquityAndWarrantsMember2025-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 10/2/20282025-12-310001825384Petra Borrower, LLC, First Lien Revolving Loan, Due 11/15/20292024-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:ChartisGroupLlcMember2025-12-310001825384none:AdministrationAgreementMember2025-12-310001825384Worldwide Insurance Network, LLC, First Lien Term Loan, Due 5/28/20302024-12-310001825384New Giving Acquisition, Inc., Equity, Acquisition Date 8/19/20222024-12-310001825384none:SecondLienLoansMember2025-01-012025-12-310001825384none:PetraBorrowerLlcMembernone:FirstLienDelayedDrawTermLoanMember2024-12-310001825384us-gaap:RevolvingCreditFacilityMember2025-01-012025-12-310001825384none:MaiCapitalManagementIntermediateLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384us-gaap:SecuredDebtMember2025-01-012025-12-310001825384none:ScenarioOneForIncreaseInInterestRateMembernone:TwoThousandTwentyNineNotesMember2024-09-172025-09-170001825384us-gaap:CommonStockMember2025-12-300001825384Best Egg Asset Structured Pass Through Master Trust, Unsecured Note, Due 1/15/20352025-12-310001825384none:HbwmIntermediateIiLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384us-gaap:InvestmentUnaffiliatedIssuerMembernone:PreferredEquitySecuritiesMemberus-gaap:InsuranceSectorMember2024-12-310001825384Eclipse Buyer, Inc., First Lien Delayed Draw Term Loan, Due 9/7/20262024-12-310001825384country:US2025-01-012025-12-310001825384none:TitanHomeImprovementLlcMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384us-gaap:FairValueInputsLevel3Membernone:SecondLienLoansMember2022-12-310001825384Fullsteam Holdco L.P. LLC, Unsecured Note, Due 8/9/20322025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:HeightsBuyerLlcMember2024-12-310001825384Fullsteam Operations LLC, First Lien Delayed Draw Term Loan, Due 8/8/20272025-12-310001825384Houghton Mifflin Harcourt Co, First Lien Term Loan, Due 4/9/20292025-12-310001825384none:ScenarioTwoForIncreaseInInterestRateMembernone:TwoThousandTwentyEightNotesMember2025-03-212025-03-210001825384us-gaap:FairValueInputsLevel3Membernone:FirstLienLoansMember2022-12-310001825384Minotaur Acquisition, Inc., First Lien Delayed Draw Term Loan, Due 5/10/20302024-12-310001825384us-gaap:CommonStockMember2023-06-280001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembernone:PreferredEquityMember2025-12-310001825384none:FirstLienDelayedDrawTermLoanOneMembernone:ContinentalBuyerIncMember2025-12-310001825384MBO Partners, Inc., First Lien Delayed Draw Term Loan, Due 5/23/20282024-12-310001825384Cardinal Parent, Inc., First Lien Term Loan, Due 11/12/20272025-12-310001825384ARMStrong Receivable Management, First Lien Term Loan, Due 10/5/20292024-12-310001825384Tamarack Intermediate, L.L.C., First Lien Revolving Loan, Due 3/13/20282025-12-310001825384Belmont Buyer, Inc., First Lien Delayed Draw Term Loan, Due 1/26/20262024-12-310001825384us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMembernone:PreferredEquityMember2024-12-310001825384Harbor Purchaser Inc, Second Lien Term Loan, Due 4/8/20302025-12-310001825384Wharf Street Ratings Acquisition LLC, First Lien Term Loan, Due 9/16/20322025-12-310001825384SpecialtyCare, Inc., First Lien Term Loan, Due 12/18/20292025-12-310001825384none:HeadlandsBuyerIncMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384us-gaap:NonUsMember2025-01-012025-12-310001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membernone:FirstLienLoansMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001825384none:CommonEquityAndWarrantsMember2024-01-012024-12-310001825384Lytx, Inc., First Lien Term Loan, Due 2/28/20282025-12-310001825384Trinity Partners Holdings, LLC, First Lien Delayed Draw Term Loan, Due 6/30/20272025-12-310001825384Minotaur Acquisition, Inc., First Lien Term Loan, Due 5/10/20302024-12-310001825384none:TwoThousandTwentyFiveNotesMember2023-01-012023-12-310001825384none:SoftwareSectorMember2025-01-012025-12-310001825384none:GsAcquisitioncoIncMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Helpsystems Holdings, Inc., Second Lien Term Loan, Due 11/19/20272024-12-310001825384Heights Buyer, LLC, First Lien Revolving Loan, Due 8/25/20282025-12-310001825384Trinity Partners Holdings, LLC, First Lien Delayed Draw Term Loan, Due 06/21/20252024-12-310001825384none:CapitalMarketSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:EquitySecuritiesOtherThanWarrantsMember2024-12-310001825384none:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:ConsumerFinanceMember2025-12-310001825384Imagine Acquisition, Inc., Preferred Equity, Acquisition Date 11/16/20212025-01-012025-12-310001825384none:KrivAcquisitionIncMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384Ministry Brands Holdings, LLC, First Lien Revolving Loan, Due 12/30/20272025-12-310001825384us-gaap:FairValueInputsLevel3Membernone:UnsecuredNoteMember2023-12-310001825384Project Ruby Ultimate Parent Corp, Second Lien Term Loan, Due 3/12/20292025-12-310001825384Best Egg Asset Structured Pass Through Master Trust, Unsecured Note, Due 4/15/20352025-12-310001825384Accuserve Solutions, Inc., First Lien Delayed Draw Term Loan, Due 3/16/20262024-12-310001825384none:FirstLienRevolvingLoanMembernone:OnezeroFinancialSystemsLlcMember2024-12-310001825384none:HylandSoftwareIncMembernone:FirstLienRevolvingLoanMember2024-12-310001825384Flexera Software LLC, First Lien Revolving Loan, Due 8/16/20322025-12-310001825384none:FirstLienRevolvingLoanMembernone:OnezeroFinancialSystemsLlcMember2025-12-310001825384THG Acquisition, LLC, First Lien Delayed Draw Term Loan, Due 10/31/20262024-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, Due 10/5/2028 One2024-12-310001825384Arden Insurance Services LLC, First Lien Term Loan, Due 11/27/20302024-12-310001825384Anaplan Inc., First Lien Revolving Loan, Due 6/21/20282024-12-310001825384oneZero Financial Systems, LLC, First Lien Delayed Draw Term Loan, Due 10/7/20312025-12-310001825384none:CapitalMarketSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:EquitySecuritiesOtherThanWarrantsMember2025-12-310001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membernone:SecondLienLoansMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2024-12-310001825384ACC Ultimate Holdings, L.P., Preferred Equity , Acquisition Date 12/9/20252025-01-012025-12-310001825384Omega Systems Intermediate Holdings, INC, First Lien Delayed Draw Term Loan, Due 1/15/20312025-12-310001825384Best Egg Asset Structured Pass Through Master Trust, Unsecured Note, Due 11/15/20352025-12-310001825384Accordion Partners LLC, First Lien Delayed Draw Term Loan, Due 11/16/20262024-12-310001825384us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembernone:MeasurementInputMarketTransactionMembernone:UnsecuredNotesOneMember2025-12-310001825384PAS Parent Inc., First Lien Delayed Draw Term Loan, Due 8/18/20282025-12-310001825384none:TrancheBAdvanceMemberus-gaap:RevolvingCreditFacilityMember2025-04-112025-04-110001825384Evergreen Services Group PIK Holdco, LLC, Unsecured Note, Due 4/7/20312025-12-310001825384Resolute Investment Managers, Inc., Equity, Acquisition Date 12/29/20232025-01-012025-12-310001825384Houghton Mifflin Harcourt Co, First Lien Term Loan, Due 4/9/20292024-12-310001825384Kona Buyer, LLC, First Lien Revolving Loan, Due 7/23/20312025-12-310001825384Tamarack Intermediate, L.L.C., First Lien Term Loan, Due 3/13/20282024-12-310001825384none:GalwayBorrowerLlcMembernone:FirstLienDelayedDrawTermLoanMember2024-12-310001825384Vital Care Buyer LLC, First Lien Term Loan, Due 7/30/20312024-12-310001825384ARMStrong Receivable Management, First Lien Delayed Draw Term Loan, Due 10/5/20292024-12-310001825384none:ImagineAcquisitioncoLlcMembernone:FirstLienRevolvingLoanMember2025-12-310001825384NXGen Buyer, Inc. First Lien Revolving Loan, 10/29/20272024-12-310001825384Cherry Bekaert Advisory LLC, First Lien Delayed Draw Term Loan, Due 6/30/20282024-12-310001825384Babylon Buyer, Inc., First Lien Revolving Loan, Due 3/8/20302024-12-310001825384us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembernone:MeasurementInputMarketTransactionMemberus-gaap:MarketApproachValuationTechniqueMembernone:UnsecuredNoteMember2024-12-310001825384Aprio Advisory Group, LLC, First Lien Term Loan, Due 8/1/20312024-12-310001825384Accordion Partners LLC, First Lien Term Loan, Due 11/17/20312025-12-310001825384none:ActionBehaviorCentersTherapyLlcMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384none:AprioAdvisoryGroupLlcMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:MriSoftwareLlcMember2025-12-310001825384MAI Capital Management Intermediate LLC, First Lien Term Loan, Due 8/29/20312025-12-310001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membernone:UnsecuredNoteMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001825384Saab Purchaser, Inc, First Lien Revolving Loan, Due 11/12/20312025-12-310001825384GT Polaris Holdings, Inc, Preferred Equity, Acquisition Date 6/6/20222025-12-310001825384WEG Sub Intermediate Holdings, LLC, Unsecured Note, Due 5/26/20332025-12-310001825384Choreo Buyer LLC., First Lien Term Loan, Due 2/18/20282025-12-310001825384none:AccuserveSolutionsIncMembernone:FirstLienRevolvingLoanMember2024-12-310001825384GT Polaris Holdings, Inc, Preferred Equity, Acquisition Date 6/6/20222024-01-012024-12-310001825384RCP Nats Purchaser, LLC, First Lien Term Loan, Due 3/19/20322025-12-310001825384Captive Resources Midco, LLC, First Lien Revolving Loan, Due 7/1/20282025-12-310001825384Continental Buyer Inc., First Lien Revolving Loan, Due 4/2/20312024-12-310001825384Babylon Buyer, Inc., First Lien Term Loan, Due 3/8/2030 One2025-12-310001825384Orion Advisor Solutions Inc., Second Lien Delayed Draw Term Loan, Due 9/24/20282024-12-310001825384Williams Marston, LLC, First Lien Revolving Loan, Due 8/25/20282024-12-310001825384Homecare Software Solutions LLC, First Lien Term Loan, Due 6/16/20312024-12-310001825384Galway Borrower LLC, First Lien Delayed Draw Term Loan, Due 9/29/20282024-12-310001825384Southpaw AP Buyer, LLC, First Lien Term Loan, Due 3/2/20282025-12-310001825384RSC Acquisition, Inc, First Lien Term Loan, Due 10/30/20292024-12-3100018253842025-12-310001825384none:AdministrationAgreementMember2025-01-012025-12-310001825384MB2 Dental Solutions, LLC, First Lien Term Loan, Due 2/13/20312025-12-310001825384none:UnsecuredNoteMembernone:NewMountainGuardianIVRatedFeederIIILtdMember2024-12-310001825384none:FirstLienRevolvingLoanMembernone:SteppingStonesHealthcareServicesLlcMember2024-12-310001825384Acentra Holdings, LLC, First Lien Term Loan, Due 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10/29/20312025-12-310001825384us-gaap:CommonStockMember2023-04-032023-04-030001825384none:TransferAgentServicingAgreementMember2025-12-310001825384none:RedwoodPurchaserINCMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Guardian Restoration Partners Buyers, LLC, First Lien Term Loan, Due 11/3/20312025-12-310001825384us-gaap:RevolvingCreditFacilityMember2025-12-310001825384none:AmerilifeHoldingsLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384Eclipse Buyer, Inc., Preferred Equity, Acquisition Date 9/6/20242025-12-310001825384none:AnaplanIncMembernone:FirstLienRevolvingLoanMember2025-12-310001825384THL Fund IX Investors (Plymouth), L.P., Equity, Acquisition Date 9/1/20232025-12-3100018253842023-09-252023-09-250001825384Galway Borrower LLC, First Lien Delayed Draw Term Loan, Due 9/29/2028 One2024-12-310001825384none:TransferAgentServicingAgreementMember2023-01-012023-12-310001825384Action Behavior Centers Therapy LLC, First Lien Delayed Draw Term Loan, Due 7/2/20312025-12-310001825384MAI Capital Management Intermediate LLC, First Lien Delayed Draw Term Loan, Due 8/29/2031 One2025-12-310001825384us-gaap:FinancialServicesSectorMembernone:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001825384AP Highlands Holdings, L.P., Unsecured Note, Due 10/16/20282024-12-310001825384us-gaap:SeniorNotesMembernone:TwoThousandThirtyNotesMember2025-03-210001825384Baker Tilly Advisory Group, L.P., First Lien Delayed Draw Term Loan, Due 6/3/20272025-12-310001825384KRIV Acquisition Inc., First Lien Delayed Draw Term Loan, Due 9/25/20262024-12-310001825384none:HealthCareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:PreferredEquitySecuritiesMember2024-12-310001825384Project K Buyerco, Inc., Unsecured Note, Due 12/8/20282024-12-310001825384none:FirstLienRevolvingLoanMembernone:AcentraHoldingsLlcMember2024-12-310001825384Accordion Partners Holdings LLC, Unsecured Note, Due 11/15/20342025-12-310001825384Barings Middle Market CLO Ltd., Unsecured Note, Due 4/15/20372025-12-310001825384Helpsystems Holdings, Inc., Second Lien Term Loan, Due 11/19/20272025-12-310001825384World Insurance Associates, LLC, First Lien Revolving Loan, Due 4/3/20302025-12-310001825384none:ThgAcquisitionLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384New Giving Acquisition, Inc., Equity, Acquisition Date 8/19/20222025-12-310001825384none:FoundationRiskPartnersCorp.Membernone:FirstLienDelayedDrawTermLoanMember2024-12-3100018253842023-12-310001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembernone:PreferredEquityMember2024-12-310001825384NextGen Healthcare, First Lien Delayed Draw Term Loan, Due 11/10/20252024-12-310001825384none:ChartisGroupLlcMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Eclipse Buyer, Inc., First Lien Delayed Draw Term Loan, Due 9/7/20262025-12-310001825384TST Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 12/31/20282025-12-310001825384Aprio Advisory Group, LLC, First Lien Revolving Loan, Due 8/1/20312024-12-310001825384none:BelmontBuyerInc.Membernone:FirstLienDelayedDrawTermLoanMember2024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:UnsecuredNoteMember2025-12-310001825384none:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:TechnologyHardwareStorageAndPeripheralsMember2025-12-310001825384Belmont Buyer, Inc., First Lien Term Loan, Due 6/21/20292025-12-310001825384NXGen Buyer, Inc. First Lien Term Loan, 10/29/20272024-12-310001825384Homecare Software Solutions LLC, First Lien Term Loan, Due 6/16/20312025-12-310001825384MEDX Holdings, LLC, First Lien Delayed Draw Term Loan, Due 7/21/20272025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:SouthpawApBuyerLlcMember2024-12-310001825384none:CherryBekaertAdvisoryLlcMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384Babylon Buyer, Inc., First Lien Revolving Loan, Due 3/8/20302025-12-310001825384Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan, Due 10/29/2030 Two2024-12-310001825384Tamarack Intermediate, L.L.C., First Lien Term Loan, Due 3/13/20282025-12-310001825384Minotaur Acquisition, Inc., First Lien Delayed Draw Term Loan, Due 5/10/20302025-12-310001825384Syntax USA Holding Corporation, First Lien Term Loan, Due 10/29/2028 One2025-12-310001825384none:BottomlineTechnologiesInc.Membernone:FirstLienRevolvingLoanMember2025-12-310001825384Explorer Investor, Inc, First Lien Term Loan, Due 6/28/20292025-12-310001825384none:ProjectKBuyercoInc.Membernone:FirstLienRevolvingLoanMember2024-12-310001825384Covetrus, Inc., First Lien Term Loan, Due 10/12/20292025-12-310001825384Flexera Software LLC First Lien Term Loan Due 8/16/20322025-12-310001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembernone:SecondLienLoansMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001825384none:FirstLienRevolvingLoanMembernone:ContinentalBuyerIncMember2024-12-310001825384none:KrivAcquisitionIncMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Titan Home Improvement, LLC, First Lien Term Loan, Due 5/31/20302025-12-310001825384us-gaap:ConsumerSectorMember2025-01-012025-12-310001825384Claros Mortgage Trust Inc, First Lien Term Loan, Due 8/9/20262025-12-310001825384none:IgInvestmentsHoldingsLlcMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Euclid Transactional, LLC, First Lien Term Loan, Due 10/2/20282024-12-310001825384Foundation Risk Partners, Corp., First Lien Term Loan, Due 10/29/2030 One2024-12-310001825384none:GCWavesHoldingsIncMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384People 2.0, Inc., First Lien Term Loan, Due 7/12/20282024-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Due 12/29/2028 One2025-12-310001825384Choreo Buyer LLC., First Lien Delayed Draw Term Loan, Due 3/20/20262024-12-310001825384THL Fund IX Investors (Plymouth), L.P., Equity, Acquisition Date 9/1/20232025-01-012025-12-310001825384GovDelivery Holdings LLC, First Lien Delayed Draw Term Loan, Due 1/17/20312025-12-310001825384none:MirraPrimeAccessHoldingsLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384New Mountain Guardian IV Income Rated Feeder III, Ltd., Unsecured Note, Due 8/28/2037 One2025-12-310001825384Belmont Buyer, Inc., First Lien Revolving Loan, Due 6/21/20292024-12-310001825384none:TwoThousandTwentyNineNotesMember2025-12-310001825384Foundation Risk Partners, Corp., First Lien Delayed Draw Term Loan, Due 10/29/2030 One2025-12-310001825384none:ScenarioOneForIncreaseInInterestRateMembernone:TwoThousandTwentyEightNotesMember2025-03-212025-03-210001825384Cliffwater, LLC, First Lien Term Loan, Due 10/7/20302024-12-310001825384none:LowVoltageHoldingsIncMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Baker Tilly Advisory Group, L.P., First Lien Term Loan, Due 6/3/20312025-12-310001825384us-gaap:FairValueInputsLevel3Membernone:FirstLienLoansMember2023-01-012023-12-310001825384none:MaiCapitalManagementIntermediateLlcMembernone:FirstLienDelayedDrawTermLoanMember2025-12-3100018253842023-03-242023-03-240001825384us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembernone:CapitalCallFacilityMember2025-01-012025-12-310001825384Worldwide Insurance Network, LLC, First Lien Term Loan, Due 5/28/20302025-12-310001825384us-gaap:InsuranceSectorMember2025-01-012025-12-310001825384us-gaap:FairValueInputsLevel3Member2024-01-012024-12-310001825384none:RedwoodServicesGroupLLCMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384Titan Home Improvement, LLC, First Lien Revolving Loan, Due 5/31/20302024-12-310001825384GS Acquisitionco, Inc.,First Lien Revolving Loan, Due 5/25/20282025-12-310001825384us-gaap:CommonStockMember2023-09-270001825384Alkeme Intermediary Holdings, LLC, First Lien Delayed Draw Term Loan, Due 5/28/2027 One2025-12-310001825384us-gaap:RevolvingCreditFacilityMembernone:LetterAgreementForFourthAmendmentMember2025-01-012025-12-310001825384us-gaap:FinancialServicesSectorMember2025-01-012025-12-310001825384Eclipse Buyer, Inc., First Lien Revolving Loan, Due 9/8/20312024-12-310001825384us-gaap:SecuredDebtMember2025-12-310001825384none:TstIntermediateHoldingsLlcMembernone:FirstLienDelayedDrawTermLoanMember2024-12-310001825384us-gaap:FairValueInputsLevel3Member2022-12-310001825384none:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:EquitySecuritiesOtherThanWarrantsMember2024-12-310001825384Ministry Brands Holdings, LLC, First Lien Delayed Draw Term Loan, Due 12/28/20282024-12-310001825384us-gaap:RevolvingCreditFacilityMember2024-12-310001825384Maverick 1 LLC, Second Lien Term Loan, Due 5/18/20292024-12-310001825384MEDX Holdings, LLC, First Lien Term Loan, Due 7/21/20322025-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Due 1/2/20292024-12-310001825384us-gaap:CommonStockMember2023-09-290001825384none:FirstLienDelayedDrawTermLoanMembernone:EclipseBuyerIncMember2024-12-310001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membernone:UnsecuredNoteMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001825384none:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001825384none:AssetBasedRevolvingLoanFacilityOneMember2025-12-310001825384none:TaWegIntermediateHoldingsLlcMembernone:FirstLienDelayedDrawTermLoanMember2024-12-310001825384none:FirstLienDelayedDrawTermLoanOneMembernone:MoreCowbellIiLlcMember2024-12-310001825384Orion Advisor Solutions INC., Second Lien Term Loan, Due 12/31/20302025-12-310001825384us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-12-310001825384Diligent Corporation, First Lien Term Loan, Due 8/6/20302024-12-310001825384none:TwoThousandTwentyNineNotesMember2024-09-170001825384Williams Marston, LLC, First Lien Term Loan, Due 8/25/20282024-12-310001825384Action Behavior Centers Therapy LLC, First Lien Term Loan, Due 7/2/20312024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:FirstLienLoansMembernone:MeasurementInputMarketTransactionMemberus-gaap:MarketApproachValuationTechniqueMember2025-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:GuardianRestorationPartnersBuyersLlcMember2024-12-310001825384none:FirstLienDelayedDrawTermLoanMembernone:LowVoltageHoldingsIncMember2025-12-310001825384none:ActionBehaviorCentersTherapyLlcMembernone:FirstLienDelayedDrawTermLoanMember2024-12-310001825384us-gaap:EquitySecuritiesMember2025-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, Due 10/5/2028 One2025-12-310001825384Bellwether Buyer, LLC, First Lien Revolving Loan, Due 4/15/20322025-12-310001825384THG Acquisition, LLC, First Lien Revolving Loan, Due 10/31/20312024-12-310001825384us-gaap:RealEstateSectorMember2025-01-012025-12-310001825384Propio LS, LLC, First Lien Revolving Loan Due 5/13/20302025-12-310001825384Controlled/Affiliated Company Investments SPV CA IX, LLC, Equity2025-01-012025-12-310001825384THL Fund IX Investors (Plymouth), L.P., Equity, Acquisition Date 9/1/20232024-12-310001825384none:TwoThousandTwentyFiveNotesMember2025-01-012025-12-310001825384KRIV Acquisition Inc., First Lien Term Loan, Due 7/31/20312025-12-310001825384us-gaap:CommonStockMember2023-09-272023-09-270001825384us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001825384none:SoftwareSectorMembernone:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001825384Southpaw AP Buyer, LLC, First Lien Term Loan, Due 3/2/20282024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:SecondLienLoansMember2023-01-012023-12-310001825384CFC USA 2025 LLC, First Lien Term Loan, Due 7/1/20322025-12-310001825384Eclipse Buyer, Inc., Preferred Equity, Acquisition Date 9/6/20242025-01-012025-12-310001825384none:FirstLienRevolvingLoanMembernone:ElkayLlcMember2024-12-310001825384us-gaap:SeniorNotesMember2025-01-012025-12-310001825384New Mountain Guardian IV Rated Feeder III, Ltd., Unsecured Note, Due 8/28/2037 Two2024-12-310001825384us-gaap:HealthcareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:EquitySecuritiesOtherThanWarrantsMember2025-12-310001825384us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembernone:PreferredEquityMember2025-12-310001825384Churchill Middle Market CLO Ltd., Unsecured Note, Due 4/27/20372025-12-310001825384none:EquinoxBuyerLLCMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Headlands Buyer, Inc., First Lien Term Loan, Due 9/29/20322025-12-310001825384Chartis Group, LLC, First Lien Delayed Draw Term Loan, Due 9/17/20312025-12-310001825384Evergreen Services Group PIK Holdco, LLC, Unsecured Note, Due 4/7/2031 One2024-12-310001825384Mandolin Technology Intermediate Holdings, Inc., Second Lien Term Loan, Due 7/30/20292025-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Delayed Draw Term Loan, Due 1/2/2029 One2025-12-310001825384Continental Buyer Inc. First Lien Delayed Draw Term Loan, Due 4/2/20262024-12-310001825384us-gaap:NonUsMember2024-01-012024-12-310001825384Guardian Restoration Partners Buyers, LLC, First Lien Term Loan, Due 11/3/20312024-12-310001825384us-gaap:FairValueInputsLevel2Membernone:UnsecuredNoteMember2025-12-310001825384us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembernone:MeasurementInputMarketTransactionMembernone:UnsecuredNoteMember2025-12-310001825384none:SaabPurchaserIncMembernone:FirstLienRevolvingLoanMember2025-12-310001825384none:ArchdukeBuyerIncMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Harbor Purchaser Inc, Second Lien Term Loan, Due 4/8/20302024-12-310001825384none:BakerTillyAdvisoryGroupLPMembernone:FirstLienRevolvingLoanOneMember2025-12-310001825384Guardian Restoration Partners Buyers, LLC, First Lien Delayed Draw Term Loan, Due 11/3/20312024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:FirstLienLoansMembernone:ValuationRecoveryAnalysisMembernone:MeasurementInputRecoveryRateMember2025-12-310001825384Orion US Finco, Second Lien Term Loan, Due 10/10/20332025-12-310001825384none:CapitalCallFacilityMember2024-01-012024-12-310001825384Accordion Partners LLC, First Lien Revolving Loan, Due 11/17/20312025-12-310001825384MAI Capital Management Intermediate LLC, First Lien Revolving Loan, Due 8/29/20312025-12-310001825384Worldwide Insurance Network, LLC, First Lien Delayed Draw Term Loan, Due 5/28/20302024-12-310001825384us-gaap:SecuredDebtMember2023-08-142023-12-310001825384Baker Tilly Advisory Group, L.P., First Lien Delayed Draw Term Loan, Due 6/3/20262024-12-310001825384none:MaiCapitalManagementIntermediateLlcMembernone:FirstLienRevolvingLoanMember2025-12-310001825384AmeriLife Holdings LLC, First Lien Revolving Loan, Due 8/31/20282024-12-310001825384Ellkay, LLC, First Lien Term Loan, Due 9/14/20272024-12-310001825384Titan Home Improvement, LLC, First Lien Delayed Draw Term Loan, Due 5/29/20262025-12-310001825384Giving Home Health Care, First Lien Term Loan, Due 4/26/20292024-12-310001825384none:WharfStreetRatingsAcquisitionLlcMembernone:FirstLienRevolvingLoanMember2025-12-310001825384NXGen Buyer, Inc., Second Lien Term Loan, Due 4/28/2028 One2024-12-310001825384none:AmerilifeHoldingsLlcMembernone:FirstLienDelayedDrawTermLoanMember2025-12-310001825384Belmont Buyer, Inc., First Lien Delayed Draw Term Loan, Due 6/21/20292025-12-310001825384New Mountain Guardian IV Income Rated Feeder II, Ltd., Unsecured Note, Due 4/3/20372024-12-310001825384none:HealthCareTechnologySectorMembernone:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001825384none:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2024-12-310001825384us-gaap:CommonStockMember2025-09-300001825384GovDelivery Holdings LLC, First Lien Revolving Loan, Due 1/17/20312025-12-310001825384none:MinistryBrandsHoldingsLlcMembernone:FirstLienRevolvingLoanMember2024-12-310001825384Anaplan Inc., First Lien Revolving Loan, Due 6/21/20282025-12-310001825384Exeter Short Term Funding LLC, First Lien Revolving Loan, Due 2/9/20262025-12-310001825384THG Acquisition, LLC, First Lien Revolving Loan, Due 10/31/20312025-12-310001825384ALP CFO 2024, L.P. , Unsecured Note, Due 10/15/20362024-12-310001825384us-gaap:FairValueInputsLevel3Membernone:ValuationTechniqueEnterpriseValueAnalysisMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembernone:CommonEquityAndWarrantsMember2024-12-310001825384Redwood Services Group, LLC, First Lien Delayed Draw Term Loan, Due 6/15/20292025-12-310001825384KRIV Acquisition Inc., First Lien Revolving Loan, Due 7/31/20312025-12-310001825384Trinity Partners Holdings, LLC, First Lien Term Loan, Due 12/21/20282024-12-310001825384none:FirstLienDelayedDrawTermLoanOneMembernone:BakerTillyAdvisoryGroupLPMember2024-12-310001825384Amerilife Holdings LLC, First Lien Delayed Draw Term Loan, Due 8/31/20292024-12-310001825384ARMStrong Receivable Management, First Lien Delayed Draw Term Loan, Due 10/5/20292025-12-310001825384us-gaap:FairValueInputsLevel3Member2024-12-310001825384none:SubAdministrationAgreementMember2025-12-310001825384none:CommonEquityAndWarrantsExcludingInvestmentsMeasuredAtNVMember2025-12-310001825384ACC Ultimate Holdings, L.P., Equity, Acquisition Date 5/8/20242024-12-310001825384none:BakerTillyAdvisoryGroupLPMembernone:FirstLienRevolvingLoanMember2025-12-310001825384Archduke Buyer, Inc., First Lien Revolving Loan, Due 12/3/20322025-12-310001825384oneZero Financial Systems, LLC, First Lien Delayed Draw Term Loan, Due 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)


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

For the Fiscal Year Ended December 31, 2025

For the Fiscal Year Ended December 31, 2024


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

Commission File Number: 814-01375

Stone Point Credit Corporation

(Exact name of registrant as specified in its charter)

Delaware

(State of Incorporation)

20 Horseneck Lane

Greenwich, Connecticut 06830

(Address of principal executive offices)

85-3149929

(I.R.S. Employer Identification No.)

(203) 862-‑2900

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class TradingSymbol Name of each exchangeon which registered None None None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, par value $0.001 per share

(Title of class)

Indicate by check mark if the registrant is a well - known seasoned issuer, as defined in Rule 405 of the Securities Act Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Act Yes ☐ No ☒

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit 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,” and “emerging growth company” in Rule 12b-‑2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404 (b) of the Sarbanes - Oxley Act (15 U.S.C. 7262 (b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12 (b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive - based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D - 1 (b).☐

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

The issuer had 6369,~~054~~072,~~004~~088 shares of common stock, $0.001 par value per share, outstanding as of March 246, ~~2025~~2026.

Auditor Firm ID: 185 Auditor Name: ~~KMPG~~KPMG LLP Auditor Location: New York, New York.

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Stone Point Credit Corporation

FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2025

FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2024

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	Index	Page No.
PART I.
Item 1.	Business	7
Item 1A.	Risk Factors	29
Item 1B.	Unresolved Staff Comments	57
Item 1C.	Cybersecurity	57
Item 2.	Properties	58
Item 3.	Legal Proceedings	59
Item 4.	Mine Safety Disclosures	59
PART II.
Item 5.	Market Price of and Dividends on the Registrant’s Common Equity and Related Stockholder Matters	60
Item 6.	Reserved	60
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	61
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	75
Item 8.	Financial Statements and Supplementary Data	76
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	128
Item 9A.	Controls and Procedures	128
Item 9B.	Other Information	128
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	128
PART III.
Item 10.	Directors, Executive Officers and Corporate Governance	129
Item 11.	Executive Compensation	131
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	133
Item 13.	Certain Relationships and Related Transactions, and Director Independence	134
Item 14.	Principal Accounting Fees and Services	140
PART IV.
Item 15.	Exhibits and Financial Statement Schedules	141
Signatures		144

	Index	Page No.
PART I.
Item 1.	Business	8
Item 1A.	Risk Factors	30
Item 1B.	Unresolved Staff Comments	57
Item 1C.	Cybersecurity	57
Item 2.	Properties	58
Item 3.	Legal Proceedings	58
Item 4.	Mine Safety Disclosures	58
PART II.
Item 5.	Market Price of and Dividends on the Registrant’s Common Equity and Related Stockholder Matters	58
Item 6.	Reserved	60
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	60
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	82
Item 8.	Financial Statements and Supplementary Data	83
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	128
Item 9A.	Controls and Procedures	128
Item 9B.	Other Information	128
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	128
PART III.
Item 10.	Directors, Executive Officers and Corporate Governance	129
Item 11.	Executive Compensation	132
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	132
Item 13.	Certain Relationships and Related Transactions, and Director Independence	133
Item 14.	Principal Accounting Fees and Services	139
PART IV.
Item 15.	Exhibits and Financial Statement Schedules	141
Signatures		144

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Unless indicated otherwise, the “Company,” “we,” “us,” and “our” refer to Stone Point Credit Corporation, and the “Adviser” refers to Stone Point Credit Adviser LLC, an affiliate of Stone Point Capital LLC (“Stone Point Capital” together with the Adviser and its credit-focused affiliates, as applicable, “Stone Point Credit”). This annual report on Form 10-‑K contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements.

The Company has based the forward-looking statements included in this annual report on information available to the Company on the date of this report, and the Company assumes no obligation to update any such forward-looking statements, unless the Company is required to do so by applicable law. However, you are advised to consult any additional disclosures that the Company may make directly to you or through reports that the Company in the future may file with the Securities and Exchange Commission (the “SEC”), including future annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

● our future operating results;

•

● our business prospects and the prospects of our portfolio companies;

•

● risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of any public health emergencies or crises;

•

● interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

•

● the impacts of rising interest and inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;

•

● general economic, political and industry trends and other external factors~~, including uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union, China, Russia, Ukraine and the Middle East~~;

•

● our contractual arrangements and relationships with third parties;

•

● actual and potential conflicts of interest with our Adviser and its affiliates;

•

● the dependence of our future success on the general economy and its effect on the industries in which we invest;

•

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

•

● the adequacy of our financing sources and working capital;

•

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

•

● the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

•

● the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

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•

● our ability to maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);

•

● the effect of changes in tax laws and regulations and interpretations thereof; and

•

● the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” and elsewhere in this report.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” and elsewhere in this report. You should not place undue reliance on these forward-looking statements.

You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

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Summary of Risk Factors

Investing in the Company’s common stock (the “Common Stock”) involves a high degree of risk. Some, but not all, of the risks and uncertainties that the Company faces are summarized below. Please refer to “Item 1A Risk Factors” for a more fulsome description of each risk.

Risks Relating to the Company’s Business and Structure

•

● The Company has limited operating history.

•

● The success of the Company depends in substantial part on the experience and knowledge of the Adviser and its Investment Team, which may have actual and potential conflicts of interest.

•

● Legal, tax and regulatory changes could occur that may adversely affect the Company at any time during its term.

•

● The business of identifying and structuring investments of the types contemplated by the Company is highly competitive and involves a high degree of uncertainty.

•

● Certain sectors targeted by the Company are cyclical and subject to significant fluctuation.

•

● The information and technology systems of the Company, the Adviser and their respective service providers may be vulnerable to cyber-attacks.

•

● The Common Stock is an illiquid investment for which there is not a secondary market nor is it expected that any such secondary market will develop in the future.

•

● Stockholders of the Company (“Stockholders”) may be subject to significant adverse consequences in the event such a Stockholder defaults on its capital ~~commitment~~commitments to the Company.

•

● The Adviser ~~will~~does not assume any responsibility to the Company other than to render the services described in its Investment Advisory Agreement with the Company, and it will not be responsible for any action of the Board in declining to follow the Adviser’s advice or recommendations.

•

● If the Company does not maintain its status as a BDC, the Company might be regulated as a closed-end investment company under the 1940 Act, which would subject it to substantially more regulatory restrictions and correspondingly decrease the Company’s operating flexibility.

•

● The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”).

•

● As a public entity, the Company is subject to the reporting requirements of the Exchange Act and requirements of the Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”).

•

● We have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our Stockholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined in the Code (without regard to the deduction for dividends paid), and net tax-exempt income, if any, for that taxable year.

•

● Certain of the Company’s debt investments may contain provisions providing for the payment of paid-in-kind (“PIK”) interest.

•

● The Company is subject to certain restrictions imposed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

•

Stockholders may experience dilution.

•

The net asset value and liquidity, if any, of the market for shares of the Common Stock may be significantly affected by numerous factors, some of which are beyond the Company’s control and may not be directly related to the Company’s operating performance.

•

The amount of any distributions the Company may make on the Common Stock is uncertain.

•

The Company’s business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities.

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•

●The ~~Stockholders~~Company intends to operate as a non-diversified investment company within the meaning of the 1940 Act, which means that the Company will not be limited by the 1940 Act with respect to the proportion of its assets that it may ~~experience~~invest ~~dilution~~in a single issuer.

•

●There ~~The~~can ~~net~~be ~~asset~~no ~~value~~assurance ~~and~~that ~~liquidity,~~there ifwill ~~any,~~be ofa ~~the~~sufficient ~~market~~number ~~for~~of ~~shares~~suitable ofinvestment opportunities satisfying the ~~Common~~investment ~~Stock~~objectives ~~may~~of bethe ~~significantly~~Company ~~affected~~to byenable ~~numerous~~the ~~factors,~~Company ~~some~~to ofinvest ~~which~~all ~~are~~of ~~beyond~~its ~~the~~committed ~~Company’s~~capital, ~~control~~or ~~and~~that ~~may~~such ~~not~~investment beopportunities ~~directly~~will ~~related~~lead to ~~the~~completed ~~Company’s~~investments ~~operating~~by ~~performance~~the Company.

•

● The ~~amount~~Company ofmay ~~any~~co-invest ~~distributions~~in ~~the~~portfolio ~~Company~~companies ~~may~~with ~~make~~third onparties (including, in certain circumstances, investment funds, accounts and investment vehicles managed by the ~~Common~~Adviser ~~Stock~~and isits ~~uncertain~~affiliates) through partnerships, joint ventures or other arrangements.

•

● The Company’s ~~business~~may ~~faces~~make ~~increasing~~follow-on ~~public~~investments ~~scrutiny~~in ~~related~~certain portfolio companies or may have the opportunity to ~~environmental,~~increase ~~social~~an ~~and~~investment ~~governance~~in ~~(“ESG”)~~certain ~~activities~~portfolio companies.

•

● The Company ~~intends~~may tomake ~~operate~~minority asinvestments, aor ~~non-diversified~~may ~~investment~~make ~~company~~investments ~~within~~in ~~the~~“club” ~~meaning~~deals ofalongside ~~the~~entities ~~1940~~sponsored ~~Act~~by other private credit or private equity firms, ~~which~~in ~~means~~portfolio ~~that~~companies where the Company ~~will~~may not behave ~~limited~~the byright ~~the~~to ~~1940~~appoint ~~Act~~a ~~with~~director ~~respect~~or tootherwise ~~the~~be ~~proportion~~able ofto ~~its~~control ~~assets~~or ~~that~~effectively itinfluence ~~may~~the ~~invest~~business inor aaffairs ~~single~~of ~~issuer~~such entities.

•

●The ~~There~~Company ~~can~~may, besubject noto ~~assurance that there will be a sufficient number of suitable investment opportunities satisfying~~ the ~~investment~~limitations ~~objectives~~described ofherein, ~~the~~incur ~~Company~~leverage toin ~~enable~~connection ~~the~~with ~~Company~~its tooperations, ~~invest~~collateralized ~~all~~by of its ~~committed~~assets ~~capital,~~ and/or ~~that~~capital ~~such investment opportunities will lead to completed investments by the Company~~commitments.

•

●General ~~The~~interest ~~Company~~rate fluctuations may ~~co-invest~~have ina ~~portfolio~~substantial ~~companies~~negative ~~with~~impact ~~third~~on ~~parties~~the ~~(including,~~Company’s ~~in certain circumstances~~investments, ~~investment~~the ~~funds,~~value ~~accounts~~of ~~and~~the ~~investment~~Company’s ~~vehicles~~Common ~~managed~~Stock byand the ~~Adviser~~Company’s ~~and~~rate ~~its~~of ~~affiliates)~~return ~~through~~on ~~partnerships,~~invested ~~joint ventures or other arrangements~~capital.

•

●In ~~The~~connection ~~Company~~with ~~may~~certain ~~make~~portfolio ~~minority~~ investments, ~~or may make investments in “club” deals alongside entities sponsored by other private credit or private equity firms, in portfolio companies where~~ the Company may ~~not~~employ ~~have~~hedging ~~the~~techniques ~~right~~designed to ~~appoint~~reduce athe ~~director~~risk orof ~~otherwise~~adverse bemovements ~~able~~in tointerest ~~control~~rates, orsecurities ~~effectively~~prices ~~influence~~and ~~the~~currency ~~business~~exchange ~~or affairs of such entities~~rates.

•

●If ~~The~~the Company ~~may,~~raises ~~subject~~additional tofunds ~~the~~by ~~limitations~~issuing ~~described~~Common ~~herein,~~Stock ~~incur~~or ~~leverage~~senior insecurities ~~connection~~convertible ~~with~~into, ~~its~~or ~~operations~~exchangeable for, ~~collateralized~~Common byStock, ~~its~~then ~~assets~~the percentage ownership of stockholders at that time will decrease, and~~/or~~ ~~capital~~stockholders ~~commitments~~may experience dilution.

●Risks ~~General~~Relating ~~interest~~to ~~rate fluctuations may have a substantial negative impact on~~ the Company’s ~~investments, the value of the Company’s Common Stock and the Company’s rate of return on invested capital.~~Investments

•

●Increased Ininterest ~~connection~~rates ~~with~~and ~~certain~~inflation ~~portfolio~~will ~~investments,~~increase ~~the~~financing ~~Company~~costs ~~may~~for ~~employ~~portfolio ~~hedging techniques designed to reduce the risk of adverse movements in interest rates, securities prices and currency exchange rates~~companies.

•

● The ~~Adviser~~Company invests primarily in senior secured loans, including first lien, second lien and ~~its~~unitranche ~~affiliates~~loans, ~~may~~or ~~have~~unsecured ~~actual~~loans and, ~~potential~~to ~~conflicts~~a lesser extent, subordinated loans, mezzanine loans, notes, senior secured bonds, unsecured bonds and equity-related securities including warrants, preferred stock and similar forms of ~~interest~~senior equity, which may or may not be convertible into common equity.

•

The Company will acquire a significant percentage of its portfolio company investments from privately held companies in directly negotiated transactions.

•

Investments in private and middle-market companies involves a number of significant risks.

•

The Company’s investment portfolio may contain securities or instruments issued by publicly held companies.

•

The Company will accept subscriptions and will maintain books and records in dollars although the Company may invest a portion of capital outside of the United States (and in various foreign currencies).

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~~Risks~~PART ~~Relating to the Company’s Investments~~I.

●Item ~~Increased interest rates and inflation will increase financing costs for portfolio companies~~1. Business

●Stone ~~The~~Point ~~Company~~Credit ~~will acquire a significant percentage of its portfolio company investments from privately held companies in directly negotiated transactions.~~Corporation

●The ~~Investments~~Company is a sector-focused, direct lending business development company that primarily targets investments in ~~private~~first ~~and~~lien loans to U.S. middle- market, private equity sponsor-backed companies. ~~involves~~As aof ~~number~~December 31, 2025, the Company had an investment portfolio of ~~significant~~approximately ~~risks~~$2.9 billion measured at fair value. The Company is externally managed by Stone Point Credit Adviser LLC, an affiliate of Stone Point Capital LLC, a leading alternative investment management platform specializing in the financial services industry and related sectors.

●The Company was formed as a Delaware limited liability company on September 8, 2020, converted to a Delaware corporation on December 1, 2020, and commenced operations on December 21, 2020. The Company’s is an externally managed, non-diversified, closed-end investment ~~portfolio~~management ~~may~~company ~~contain~~that ~~securities~~has orelected ~~instruments~~to ~~issued~~be byregulated ~~publicly~~as ~~held~~a ~~companies~~BDC under the 1940 Act. In addition, for tax purposes the Company has elected to be treated, and intend to qualify annually, as a RIC, under Subchapter M of the Code.

● The Company’s ~~will~~investment ~~accept~~objective ~~subscriptions~~is ~~and~~to ~~will~~generate ~~maintain~~favorable ~~books~~risk-adjusted returns through current income and, ~~records~~to a lesser extent, capital appreciation by investing primarily in ~~dollars~~directly ~~although~~originated, senior secured first lien (including unitranche) loans. Although it is not the Company's ~~may~~primary ~~invest~~strategy athe ~~portion~~Company ofalso ~~capital~~opportunistically ~~outside~~invests ofin second lien loans, unsecured loans, subordinated loans, mezzanine loans, structured finance securities and equity-related securities. Pursuant to the ~~United~~80% ~~States~~Policy, under normal market conditions, the Company generally invests at least 80% of our total assets(net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in ~~various~~private ~~foreign~~offerings ~~currencies~~or issued by private companies). If the Company changes the 80% Policy, the Company will provide stockholders with at least 60 days’ notice of such change.

● The Company’s ~~investments~~typically ~~will~~targets beloans ~~subject~~issued toby ~~various~~U.S. ~~risks~~middle market companies with earnings before interest, ~~particularly~~taxes, ~~the~~depreciation ~~risk~~and ~~that~~amortization, or EBITDA, between $30 million and $250 million annually in the ~~Company~~context ~~will~~of beleveraged ~~unable~~buyouts, toacquisitions, ~~realize~~debt ~~its~~refinancings, ~~investment~~recapitalizations ~~objectives~~and byother ~~sale~~opportunistic asset purchases. The Company may from time to time invest in smaller or ~~other~~larger ~~disposition~~companies atif an attractive ~~prices~~opportunity orpresents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. The Company’s investment objective may be ~~unable~~changed towithout ~~complete~~a ~~any~~vote ~~exit~~of ~~strategy~~the holders of a majority of our common stock.

●The ~~Investing~~Company’s inrevenue is primarily generated through receipt of interest income from our investments. In addition, the Company ~~presents~~may ~~certain~~generate ~~risks,~~income from various loan origination and other fees (including commitment, ~~but~~origination, ~~not~~amendment, ~~limited~~structuring toor syndication fees), ~~risks~~capital ~~associated~~gains ~~with:~~on ~~credit,~~the ~~investments~~sales inof loans, ~~“higher-yielding”~~ debt ~~securities, stressed~~ and ~~distressed~~equity ~~investments~~related securities, ~~investments~~and individends ~~public~~or ~~companies,~~distributions ~~credit~~of ~~ratings,~~income ~~prepayment,~~on ~~and~~any ~~interest~~direct ~~rates~~equity investments.

Stone Point Credit manages a range of private and liquid credit strategies, with over $13.5 billion of assets under management as of December 31, 2025. Stone Point Credit targets investments in the financial services, business services, software and technology, and health care services sectors. By focusing on these sectors, Stone Point Credit seeks to leverage the domain expertise and extensive network of its affiliate, Stone Point Capital, to originate, underwrite and execute transactions. As a general matter, Stone Point Credit Corporation does not make loans to current Stone Point Capital private equity portfolio companies, allowing the Credit Investment Team to liaise with the private equity investment team without conflict. Stone Point Capital has a long track record of making private equity investments in the financial services industry, having raised ten private equity funds (or, the Trident Funds) over the past 30 years, with over $65 billion in assets under management as of December 31, 2025. As of December 31, 2025, Stone Point Capital has over 200 employees, including more than 115 investment professionals. The Company believes the Firm’s deep knowledge of the financial services and related sectors provides a distinct advantage in deal origination and offers a differentiated underwriting lens.

The Adviser – Stone Point Credit Adviser LLC

Subject to the supervision of the Board of Directors (the “Board”), pursuant to an investment advisory agreement between the Company and the Adviser dated December 1, 2020 (the “Investment Advisory Agreement”), the Adviser manages the day-to-day operations of the Company and provides the Company and other separately managed accounts (the “Credit Funds”) with investment advisory and management services. The Board, including a majority of the Independent Directors (as defined below), most recently approved the renewal of the Investment Advisory Agreement for a one-year term in November 2025. The Adviser is an affiliate of Stone Point, which is an alternative investment management platform specializing in investments within the global financial services industry and related sectors with an investment track record of over 25 years. As of December 31, 2025, Stone Point had over $80 billion of assets under management, including over $13.5 billion managed by the Adviser.

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~~PART I~~Pursuant to a resource sharing agreement between Stone Point Capital and the Adviser (the “Resource Sharing Agreement”), Stone Point Capital makes the investment professionals on the Stone Point Credit investment team (the "Stone Point Credit Investment Team") available to the Adviser for purposes of originating and identifying investment opportunities, conducting research and due diligence on prospective investments, analyzing and underwriting investment opportunities, structuring investments and monitoring and servicing the Company’s investments in accordance with the services provided by the Adviser under the Investment Advisory Agreement ("Credit Activities"). On an as needed basis, certain other investment professionals on the Stone Point Capital private equity investment team (the "Stone Point Capital Private Equity Team" and together with the Stone Point Credit Investment Team, the "Investment Team") contribute a portion of their time, effort and knowledge to support Credit Activities.

~~Item~~The 1Adviser’s investment committee servicing the Company is comprised of Scott J. ~~Business~~Bronner, James D. Carey, Eric L. Rosenzweig, David J. Wermuth and Nicolas D. Zerbib (the “Credit Investment Committee”), who bring substantial private equity, investment banking, insurance, and executive management experience. The Credit Investment Committee is responsible for making all investment and disposition decisions subject to the supervision of the Board, a majority of which is made up of Independent Directors.

The Adviser believes that the Investment Team’s and Credit Investment Committee’s extensive network of contacts, which includes financial sponsors, debt investors, banks and specialty lenders, as well as the Adviser’s targeted outbound search model and its reputation and record as a leader in investing in the financial services industry, provide the Company – with a significant competitive advantage in sourcing and underwriting attractive investment opportunities. Stone Point ~~Credit~~has ~~Corporation~~created a network in sourcing, monitoring and workouts/restructuring that may be utilized by the Adviser as needed in managing the Company’s investments. See "Item 1. Business—Market Opportunity and Competitive Advantages - Experienced Investment Committee."

~~Stone~~Board Point Credit Corporation (the “Company” or “we”) is a specialty finance company focused on lending to middle market companies. We are an externally-managed closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes we have elected to be treated and intend to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).Directors

The Company’s ~~investment~~business ~~objective is to generate current income~~ and, toaffairs aare ~~lesser~~managed ~~extent,~~under ~~capital~~the ~~appreciation~~direction byof ~~targeting~~its ~~investment opportunities with favorable risk-adjusted returns~~Board. NoThe ~~assurance~~Board ~~can~~consists beof ~~given~~five ~~that~~members, ~~our~~three ~~investment~~of ~~objective~~whom ~~will~~are benot ~~achieved,~~“interested ~~and~~persons” ~~investment~~of ~~results~~the ~~may vary substantially on a monthly~~Company, ~~quarterly and annual basis. Stone Point Credit Adviser LLC (~~the “Adviser” or ~~together~~their ~~with~~respective ~~its credit-focused~~ affiliates, as ~~applicable~~defined ~~“Stone~~in ~~Point~~Section ~~Credit”~~2(a)(19) ~~believes~~of ~~that~~the ~~our~~1940 ~~investment~~Act. ~~objective~~These ~~can~~individuals beare ~~achieved~~referred byto ~~primarily~~as ~~investing~~the in“Independent ~~senior~~Directors.” ~~secured~~The ~~debt,~~Independent ~~including~~Directors ~~first~~compose ~~lien,~~a ~~second~~majority ~~lien~~of ~~and~~the ~~unitranche~~Board. ~~debt,~~Directors orwho ~~unsecured~~are ~~loans~~“interested ~~and~~persons,” toas adefined ~~lesser~~in ~~extent,~~Section ~~subordinated~~2(a)(19) ~~loans,~~of ~~mezzanine~~the ~~loans~~1940 ~~and equity-related securities including warrants~~Act, ~~preferred~~of ~~stock~~the ~~and~~Company ~~similar~~or ~~forms~~the ofAdviser ~~senior~~are ~~equity,~~referred ~~which~~to ~~may~~herein oras ~~may~~“Interested ~~not~~Directors.” beThe ~~convertible~~Board ~~into~~elects athe ~~portfolio company~~Company’s ~~common~~officers, ~~equity.~~who Weserve ~~may~~at ~~invest~~the ~~without~~discretion ~~limit~~of inthe ~~originated or syndicated debt~~Board. The ~~Adviser~~responsibilities isof anthe ~~affiliate~~Board ofinclude ~~Stone~~oversight ~~Point~~of ~~Capital~~the ~~LLC~~Adviser’s ~~(“Stone~~quarterly ~~Point~~valuation ~~Capital”~~of ~~and~~the ~~together~~Company’s ~~with~~assets, ~~Stone~~corporate ~~Point~~governance ~~Credit~~activities, ~~and~~oversight ~~Stone~~of ~~Point~~the ~~Capital~~Company’s ~~other~~financing ~~affiliates,~~arrangements asand ~~applicable,~~oversight ~~“Stone~~of ~~Point”~~the orCompany’s ~~the~~investment ~~“Firm”)~~activities.

~~The~~History ~~instruments in which we invest typically are not rated by any rating agency, but the Adviser believes that if such instruments were rated, they would be below investment grade, which is an indication~~ of ~~having~~Stone predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Investments that are rated below investment grade are sometimes referred to as “high yield bonds,” “junk bonds” or “leveraged loans.” Therefore, our investments may result in an above average amount of risk and volatility or loss of principal.Point

~~The~~Stone ~~Adviser~~Point ~~believes~~Capital ~~that~~has a history of successfully investing in the ~~current~~global ~~market~~financial ~~environment~~services ~~presents~~industry anover ~~attractive~~a ~~investment~~period ~~opportunity~~of ~~for~~more ~~the~~than ~~Company~~thirty years. ~~Private~~The ~~equity~~platform ~~sponsors~~began ~~have~~in ~~significant~~1985 ~~levels~~and operated as MMC Capital under the ownership of ~~capital~~Marsh ~~available~~& ~~for~~McLennan ~~investment~~Companies, ~~which~~Inc. until 2005. Current Managing Directors of Stone Point Capital led the ~~Adviser~~management ~~believes~~of ~~will~~MMC ~~continue~~Capital tofrom ~~drive~~1998 ~~demand~~until ~~for~~2005, ~~direct~~when ~~lending~~they ~~over~~formed Stone Point Capital to acquire the ~~coming years~~business asfrom ~~private~~Marsh ~~equity~~& ~~firms~~McLennan. ~~seek~~Between 1985 and 1993, Stone Point Capital continued to ~~deploy~~execute ~~capital~~a ~~through~~strategy ~~leveraged~~of ~~buyouts~~investing in property & casualty underwriting businesses on an opportunistic basis as market opportunities were identified. In ~~addition~~1994, Stone Point Capital formed its first private equity fund with committed capital to ~~favorable~~invest ~~market~~in ~~dynamics,~~underwriting companies operating principally within the ~~Adviser~~insurance ~~believes~~industry. During the ~~Investment~~last ~~Team’s~~twenty-seven ~~extensive~~years, ~~network~~the scope of ~~contacts,~~investment ~~which~~activities ~~includes~~has broadened to include other financial ~~sponsors~~services companies, ~~debt~~including ~~investors~~companies in the following sectors: insurance distribution, ~~banks~~insurance services, healthcare and ~~specialty~~managed ~~lenders~~care services, ashuman ~~well~~capital asmanagement, ~~the~~business ~~Adviser’s~~services, ~~targeted~~wealth ~~outbound~~management ~~search~~and ~~model~~fund administration, ~~combined~~asset ~~with~~management, ~~Stone~~real ~~Point’s~~estate ~~reputation~~finance and ~~record~~services, asinsurance aunderwriting, ~~leader~~and inlending ~~investing~~and inmarkets. ~~the~~We ~~financial~~believe ~~services~~that ~~industry,~~Stone ~~provides~~Point ~~the~~Capital’s ~~Company~~experience, ~~with~~reputation aand ~~significant~~contacts ~~competitive~~have ~~advantage~~enabled init ~~sourcing~~to ~~attractive~~attract ~~investment~~experienced ~~opportunities.~~management ~~Stone~~teams, ~~Point~~to ~~has~~identify, ~~created~~evaluate aand ~~network~~respond inquickly ~~sourcing,~~to ~~monitoring~~market opportunities, and ~~workouts/restructuring~~to ~~that~~work ~~may~~actively bein ~~utilized~~partnership bywith managers to enhance the ~~Adviser~~value asof ~~needed~~portfolio companies in ~~managing~~numerous segments within the ~~Company’s~~financial ~~investments~~services industry.

~~Corporate~~In ~~Structure~~2020, certain Managing Directors of Stone Point Capital formed Stone Point Credit to assume responsibility for managing the corporate and consumer credit-focused investment vehicles managed by Stone Point Capital. Stone Point Credit has raised and manages a full suite of credit strategies, which are accessible through commingled funds and customized separately managed accounts. Stone Point Credit seeks to leverage the Firm’s deep industry knowledge and extensive network to pursue credit-oriented investment opportunities across the financial services, business services, software and technology, and healthcare services sectors.

~~The~~Investment ~~Company~~Objective was formed as Stone Point Capital Credit LLC, a Delaware limited liability company, on September 8, 2020. On December 1, 2020, in connection with its election to be regulated as a BDC, the Company changed its name and ~~converted to Stone Point Credit Corporation, a Delaware corporation, and the member of Stone Point Capital Credit LLC became the sole stockholder of Stone Point Credit Corporation.~~Strategy

OnThe ~~June 11, 2021, the~~ Company’s ~~formed~~investment ~~SPCC~~objective ~~Funding~~is Ito ~~LLC~~generate ~~(the~~current ~~“SPV”),~~income ~~a wholly-owned financing subsidiary~~and, ~~for~~to ~~the purpose of holding pledged investments as collateral under~~ a ~~financing~~lesser ~~facility. On April 24~~extent, ~~2023,~~capital ~~the~~appreciation ~~Company~~by ~~formed~~targeting ~~SPCC~~investment ~~Funding~~opportunities ~~II LLC (“SPV II,” and together~~ with ~~the~~favorable ~~SPV, the “SPVs”), a wholly~~risk-~~owned~~adjusted ~~financing~~returns. ~~subsidiary,~~The ~~for~~Company ~~the~~seeks ~~purpose~~to ofinvest ~~holding~~primarily ~~pledged~~in ~~investments~~senior assecured ~~collateral~~or ~~under~~unsecured ~~a financing facility.~~

~~The Adviser – Stone Point Credit Adviser LLC~~8

~~Subject~~Table ~~to the supervision~~ of the Board of Directors (the “Board”), pursuant to an investment advisory agreement between the Company and the Adviser dated December 1, 2020 (the “Investment Advisory Agreement”), the Adviser manages the day-to-day operations of the Company and provides the Company and other separately managed accounts (the “Credit Funds”) with investment advisory and management services. The Board, including a majority of the Independent Directors (as defined below), most recently approved the renewal of the Investment Advisory Agreement for a one-year term in November 2024. The Adviser is an affiliate of Contents

8loans and, to a lesser extent, subordinated loans, mezzanine loans and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity.

~~Table~~The Company generally expects to invest in middle market companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $30 million and $250 million annually. Typical middle market senior loans may be issued by middle market companies in the context of ~~Contents~~leveraged buyouts, acquisitions, debt refinancings, recapitalizations, and other similar transactions. Notwithstanding the foregoing, the Adviser may determine whether companies qualify as “middle market” in its sole discretion, and the Company may from time to time invest in larger or smaller companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. The Company’s target credit investments typically have maturities between 3 and 6 years and generally range in size between $20 million and $100 million. The investment size will vary with the size of the Company’s capital base. The Company has adopted a non-fundamental policy to invest, under normal market conditions, at least 75% of the value of its total assets (measured at the time of each such investment taking into account certain initial assumptions regarding the expected amount of total assets of the Company once fully invested) in portfolio companies that are in the financial services, business services, software and technology or healthcare services sectors. The remaining 25% of the value of the Company’s total assets (measured at the time of each such investment taking into account certain initial assumptions regarding the expected amount of total assets of the Company once fully invested) may be invested across a wide range of sectors (although the Company expects to avoid businesses which at the time of the Company’s investment participate in certain sectors such as payday lending, pawn shops, automobile title and tax refund anticipation loans, credit repair services, strip mining, drug paraphernalia, marijuana related businesses, tax evasion gaming and pornography).

~~Stone~~The ~~Point,~~Company ~~which~~expects isto angenerate ~~alternative~~revenues ~~investment~~primarily ~~management~~through ~~platform~~receipt ~~specializing~~of ininterest ~~investments~~income ~~within~~from ~~the~~its ~~global~~investments. ~~financial~~In ~~services~~addition, ~~industry~~the ~~and~~Company ~~related~~may ~~sectors~~generate ~~with~~income anfrom ~~investment~~capital ~~track~~gains ~~record~~on ofthe ~~over~~sales ~~25 years. As~~ of ~~December~~loans ~~31,~~and ~~2024,~~debt ~~Stone~~and ~~Point~~equity ~~had~~related ~~over~~securities ~~$65~~and ~~billion~~various ofloan ~~assets~~origination ~~under~~and ~~management,~~other ~~including~~fees ~~over~~and ~~$10~~dividends ~~billion~~on ~~managed~~direct byequity ~~the Adviser~~investments.

~~Pursuant~~As to a ~~resource sharing agreement between Stone Point Capital and the Adviser (the “Resource Sharing Agreement”)~~BDC, ~~Stone Point Capital makes~~ the ~~investment~~Company ~~professionals~~must oninvest ~~the~~at ~~Stone~~least ~~Point~~70% ~~Credit~~of ~~investment~~its ~~team~~assets ~~(the~~in “~~Stone~~qualifying ~~Point Credit Investment Team~~assets,”) ~~available~~which tomay ~~the~~include ~~Adviser for purposes of originating and identifying investment opportunities, conducting research and due diligence on prospective~~ investments, ~~analyzing and underwriting investment opportunities, structuring investments and monitoring and servicing the Company’s investments~~ in ~~accordance~~“eligible ~~with~~portfolio ~~the~~companies.” ~~services~~Under ~~provided by~~ the ~~Adviser~~relevant ~~under~~SEC ~~the Investment Advisory Agreement (“Credit Activities”). On an as needed basis~~rules, ~~certain other investment professionals on~~ the ~~Stone~~term ~~Point Capital private equity investment team (the~~ “~~Stone~~eligible ~~Point~~portfolio ~~Capital Private Equity Team~~company” ~~and~~includes ~~together~~all ~~with the Stone Point Credit Investment Team, the “Investment Team”) contribute a portion of their time, effort and knowledge to support Credit Activities~~U. ~~The Stone Point Credit Investment Team employs a blend of top-down and bottom-up analysis~~S. ~~The senior members of the Stone Point Credit Investment Team have been actively involved in the alternative credit investing market for many years and have built strong relationships with~~ private ~~equity~~operating ~~sponsors,~~companies ~~banks~~ and ~~financial~~small ~~intermediaries~~U.S. Aspublic ofoperating ~~December~~companies ~~31,~~with ~~2024,~~a ~~the~~market ~~Investment~~capitalization ~~Team was comprised~~ of ~~more~~less than 80$250 ~~investment professionals~~million. ASee ~~majority~~“Item of the Investment Team is focused on the private equity markets; however, Stone Point intends to continue to expand the dedicated Stone Point Credit Investment Team to support the ongoing growth of the Company and expansion of Credit Activities1. AsBusiness of– ~~December~~Qualifying ~~31, 2024, the Stone Point Credit Investment Team was comprised of 28 dedicated investment professionals~~Assets. In addition, the Investment Team is supported by finance, tax, operational, administrative, legal, compliance, investor relations, business development and information technology professionals. Certain of these individuals have additional responsibilities other than those relating to the Company, including the other Credit Funds and private equity products sponsored by Stone Point Capital, but allocate a portion of their time in support of the Company’s business and investment objective.”

~~The~~Market ~~Adviser’s~~Opportunity ~~investment committee servicing the Company is comprised of Scott J. Bronner, James D. Carey, Eric L. Rosenzweig, David J. Wermuth~~ and ~~Nicolas~~Competitive D. Zerbib (the “Credit Investment Committee”), who bring substantial private equity, investment banking, insurance, government and executive management experience. The Credit Investment Committee is responsible for making all investment and disposition decisions subject to the supervision of the Board, a majority of which is made up of Independent Directors.Advantages

The Adviser believes ~~that~~ the Investment Team’s and Credit Investment Committee’s extensive network of contacts, which includes financial sponsors, debt investors, banks and specialty lenders, as well as the Adviser’s targeted outbound search model and its reputation and record as a leader in investing in the financial services industry, provide the Company ~~with~~presents aan ~~significant competitive advantage in sourcing and underwriting~~ attractive investment ~~opportunities.~~opportunity ~~Stone~~for ~~Point~~several ~~has created a network in sourcing~~reasons, ~~monitoring and workouts/restructuring that may be utilized by the Adviser as needed in managing the Company’s investments.~~including:

~~The~~Increasing ~~Board~~Demand for Debt Capital. Private equity sponsors have significant levels of ~~Directors~~capital available for investment, which the Adviser believes will continue to drive demand for direct lending over the coming years as private equity firms seek to deploy capital through leveraged buyouts. The Company believes this dynamic, coupled with the Adviser’s strong relationships in the middle market, will provide significant investment opportunities for the Company.

~~The~~Proactive ~~Company’s~~Sourcing ~~business~~ and ~~affairs~~Relationship-Driven ~~are~~Deal ~~managed under the direction of its Board~~Flow. The ~~Board~~Adviser ~~consists~~believes ofthat ~~five~~focusing ~~members,~~its ~~three~~activities ofon ~~whom~~proactive, ~~are~~outbound, ~~not~~multi-year ~~“interested~~searches ~~persons”~~produces ofhigher ~~the~~quality ~~Company,~~investment ~~the~~opportunities. The Adviser orseeks ~~their~~investment ~~respective~~opportunities ~~affiliates as defined~~ in ~~Section 2(a)(19)~~sectors ofthat ~~the~~it ~~1940~~believes ~~Act. These individuals~~ are ~~referred~~attractive tousing ~~as the “Independent Directors.” The Independent Directors compose~~ a ~~majority~~focused ofthree-prong ~~the~~origination ~~Board~~strategy. ~~Directors~~In ~~who~~sourcing ~~are~~investments ~~“interested~~for ~~persons~~the Company,” asthe ~~defined~~Adviser inleverages ~~Section 2~~(ai)~~(19)~~ ofits ~~the~~dedicated ~~1940~~team ~~Act,~~ of ~~the~~origination ~~Company~~professionals orand ~~the~~Stone ~~Adviser~~Point’s ~~are~~broker-dealer ~~referred~~professionals tofocusing ~~herein~~on assponsor ~~“Interested~~communities ~~Directors.”~~and ~~The~~financial ~~Board~~intermediaries ~~elects~~within ~~the~~targeted ~~Company’s officers~~sectors, ~~who~~(ii) ~~serve~~its atextensive ~~the~~network ~~discretion~~ of ~~the~~private ~~Board.~~equity ~~The~~investment ~~responsibilities~~professionals, offocused ~~the~~on ~~Board~~more ~~include~~than ~~oversight~~75 offinancial ~~the~~services-related ~~Adviser’s~~end ~~quarterly~~markets, ~~valuation~~and of(iii) ~~the~~its ~~Company’s~~longstanding ~~assets,~~relationships ~~corporate~~with ~~governance~~commercial ~~activities,~~banks ~~oversight~~who ofmay ~~the~~provide ~~Company’s~~investment ~~financing~~opportunities ~~arrangements~~to ~~and oversight of~~ the Company~~’s investment activities~~.

1Disciplined ~~Certain~~Underwriting ~~communications~~Process. ~~between~~The ~~professionals~~Adviser ~~within~~seeks ~~the~~investment ~~Stone~~opportunities ~~Point~~that ~~Capital~~it ~~Private~~believes ~~Equity~~are ~~Team~~attractive using a rigorous “top-down” and ~~professionals~~“bottom-up” ~~within~~process. ~~Stone~~The ~~Point~~Adviser ~~Credit~~regularly ~~Investment~~evaluates ~~Team~~and ~~may~~selects besectors ~~restricted~~on ~~due~~which to ~~internal~~focus ~~policy~~based ~~restrictions~~on an investment thesis (top-down approach) and designates a team of investment professionals to identify leading companies and managers in these sectors (bottom-up approach). For more than 75 identified sectors of the financial services industry, this process includes:

•

2Firm-wide ~~Includes~~discussions ~~one~~to ~~investment~~prioritize ~~team~~the ~~professional~~identified ~~whose focus is shared across Stone Point Credit and Stone Point Capital.~~sectors;

•

Dedicating small teams of investment professionals to study these sectors;

•

9Interaction with industry experts and attendance at key industry conferences; and

•

~~Table~~Proactive ofoutbound ~~Contents~~calling efforts and meetings with private equity sponsors and management teams.

~~History~~The Adviser employs a “triangulation” approach in evaluating the quality of ~~Stone~~a ~~Point~~credit, focused on borrower characteristics, loan structure and quality of sponsorship. The Adviser generally seeks to invest in companies that have experienced management teams, are

Stone Point Capital has a history of successfully investing in the global financial services industry over a period of more than thirty years. The platform began in 1985 and operated as MMC Capital under the ownership of Marsh & McLennan Companies, Inc. until 2005. Current Managing Directors of Stone Point Capital led the management of MMC Capital from 1998 until 2005, when they formed Stone Point Capital to acquire the business from Marsh & McLennan. Between 1985 and 1993, Stone Point Capital continued to execute a strategy of investing in property & casualty underwriting businesses on an opportunistic basis as market opportunities were identified. In 1994, Stone Point Capital formed its first private equity fund with committed capital to invest in underwriting companies operating principally within the insurance industry. During the last twenty-six years, the scope of investment activities has broadened to include other financial services companies, including companies in the following sectors: insurance distribution, insurance services, healthcare and managed care services, human capital management, business services, wealth management and fund administration, asset management, real estate finance and services, insurance underwriting, and lending and markets. We believe that Stone Point Capital’s experience, reputation and contacts have enabled it to attract experienced management teams, to identify, evaluate and respond quickly to market opportunities, and to work actively in partnership with managers to enhance the value of portfolio companies in numerous segments within the financial services industry.9

InTable ~~2020, certain Managing Directors~~ of Stone Point Capital formed Stone Point Credit to assume responsibility for managing the corporate and consumer credit-focused investment vehicles managed by Stone Point Capital. Stone Point Credit has raised and manages a full suite of credit strategies, which are accessible through commingled funds and customized separately managed accounts. Stone Point Credit seeks to leverage the Firm’s deep industry knowledge and extensive network to pursue credit-oriented investment opportunities across the financial services, business services, software and technology, and healthcare services sectors.Contents

~~Investment~~recognized ~~Objective~~as market leaders by consumers and ~~Strategy~~peers, operate in industries with high entry barriers for competitors, and generate consistent free cash flow. In structuring a loan, the Adviser generally focuses on determining appropriate leverage levels (with a significant focus on adjustments and free cash flow), ensuring sufficient minimum sponsor equity and seeking to mitigate downside risk through structural protections. Finally, the Adviser seeks to invest in companies with strong financial sponsor ownership, focused on underwriting a sponsor’s ability to support the borrower.

Sector Focus. The Company’s ~~investment~~makes ~~objective~~its isinvestments toprimarily ~~generate~~in ~~current~~sectors ~~income~~in ~~and,~~which toStone Point has developed a ~~lesser~~longstanding ~~extent,~~network ~~capital~~and ~~appreciation~~can byleverage ~~targeting~~real-time ~~investment~~insights ~~opportunities~~from ~~with~~private ~~favorable~~portfolio ~~risk-adjusted~~companies ~~returns~~to provide a discernible origination and underwriting edge. The ~~Company~~Adviser ~~seeks~~currently tofocuses ~~invest~~the ~~primarily~~Company’s investments in ~~senior~~the ~~secured~~financial orservices, ~~unsecured~~business ~~loans~~services, software and technology, toand healthcare services sectors. As a ~~lesser~~result ~~extent,~~of ~~subordinated~~this ~~loans~~specialization by the Investment Team, ~~mezzanine~~the ~~loans~~Adviser ~~and~~believes ~~equity-related~~that ~~securities~~it ~~including~~is ~~warrants,~~well ~~preferred~~positioned ~~stock~~to source proprietary deals and ~~similar~~evaluate ~~forms~~a ofbroad ~~senior~~range ~~equity,~~of ~~which~~investments ~~may~~with ora ~~may~~deep ~~not~~understanding beof ~~convertible~~the ~~into~~market adynamics ~~portfolio~~and ~~company’s~~cycles ~~common~~for ~~equity~~these sectors.

~~The Company generally expects to invest in middle market companies with earnings before interest expense~~Further, ~~income tax expense, depreciation and amortization, or “EBITDA,” between $30 million and $250 million annually. Typical middle market senior loans may be issued by middle market companies in~~ the ~~context of leveraged buyouts, acquisitions, debt refinancings, recapitalizations, and other similar transactions. Notwithstanding the foregoing, the~~ Adviser ~~may~~believes ~~determine whether companies qualify as “middle market” in its sole discretion, and~~ the Company may from time to time invest in larger or smaller companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. The Company’s ~~target~~focus ~~credit~~on ~~investments typically have maturities between 3 and 6 years and generally range in size between $20 million and $100 million. The investment size will vary with~~ the size of the Company’s capital base. The Company has adopted a non-fundamental policy to invest, under normal market conditions, at least 75% of the value of its total assets (measured at the time of each such investment taking into account certain initial assumptions regarding the expected amount of total assets of the Company once fully invested) in portfolio companies that are in the financial services, business services, software and technology, orand healthcare services sectors. ~~The~~provides ~~remaining~~strong ~~25%~~downside ofprotection, ~~the~~given ~~value of~~ the ~~Company’s~~low ~~total~~default ~~assets~~rates ~~(measured~~in atthese ~~the~~industries, ~~time~~as ofwell ~~each~~as ~~such~~Stone Point’s investment ~~taking~~experience. ~~into~~The ~~account certain initial assumptions regarding the expected amount of total assets of the~~ Company ~~once fully invested) may be invested across a wide range of sectors (although the Company expects to avoid businesses which at the time of the Company~~’s ~~investment~~targeted ~~participate in certain~~ sectors ~~such~~have asperformed ~~payday~~well ~~lending,~~across ~~pawn~~market ~~shops~~cycles, ~~automobile~~consistently ~~title~~generating ~~and~~lower ~~tax~~cumulative ~~refund~~default ~~anticipation~~rates ~~loans,~~compared ~~credit~~with ~~repair~~non-financial ~~services~~sectors, ~~strip~~which ~~mining,~~should ~~drug~~contribute ~~paraphernalia,~~to ~~marijuana~~enhanced ~~related~~risk-adjusted ~~businesses, tax evasion gaming and pornography)~~returns.

Ability to Leverage Stone Point’s Experienced Investment Team. The ~~Company~~Adviser ~~expects~~intends to ~~generate~~utilize ~~revenues~~Stone ~~primarily~~Point ~~through~~Capital’s ~~receipt~~significant experience and knowledge throughout the life cycle of ~~interest~~each ~~income~~investment ~~from~~to support the Stone Point Credit Investment Team’s Credit Activities. On an as-needed basis, Stone Point Capital Private Equity Team contributes a portion of its ~~investments~~time, effort and resources to support Credit Activities. InStone ~~addition~~Point Capital has a long, successful record of making investments and managing businesses in the ~~Company~~financial ~~may~~services ~~generate~~industry. ~~income~~Stone ~~from~~Point ~~capital~~Capital ~~gains~~has raised ten private equity funds with an investment track record of over 25 years and a focus on investments in companies in the ~~sales~~global offinancial ~~loans~~services industry and ~~debt~~related sectors. Stone Point Capital and ~~equity~~its ~~related~~affiliates ~~securities~~have invested in more than 25 asset management platforms over 17 years and ~~various~~Stone ~~loan~~Point ~~origination~~believes that its experience investing in and building businesses across a variety of credit strategies, positions the Company for success in the direct lending middle market. The Stone Point Credit Investment Team is responsible for making all investment and disposition recommendations to the Credit Investment Committee. The Credit Investment Committee makes all investment and disposition decisions, subject to Board oversight. As of December 31, 2025, the Investment Team is comprised of more than 115 investment professionals who bring to Stone Point considerable experience with Stone Point and/or from other ~~fees~~leading private equity, private debt, investment banking, financial services, corporate law, and ~~dividends~~accounting firms. A majority of the Investment Team is focused on ~~direct~~the private equity ~~investments~~markets; however, Stone Point intends to continue to expand the Stone Point Credit Investment Team to support the ongoing growth of the Company and expansion of Credit Activities. As of December 31, 2025, the Credit Investment Team was comprised of more than 35 dedicated investment professionals1,2.

AsIncludes aone ~~BDC,~~employee ~~the~~whose ~~Company~~focus ~~must~~is ~~invest~~shared atacross ~~least~~Stone ~~70%~~Point ofCredit its assets in “qualifying assets,” which may include investments in “eligible portfolio companies.” Under the relevant SEC rules, the term “eligible portfolio company” includes all U.S. private operating companies and ~~small~~Stone ~~U.S.~~Point ~~public operating companies with a market capitalization of less than $250 million~~Capital. ~~See “Item 1. Business – Qualifying Assets.”~~

10There is no assurance that expansion of the Stone Point Credit Investment Team occurs in the near term or at all. Certain communications between professionals within the Stone Point Capital Private Equity Team and professionals within the Stone Point Credit Investment Team may be restricted due to internal policy restrictions.

~~Table~~Experienced Investment Committee. The Stone Point Credit Investment Committee is comprised of ~~Contents~~Scott J. Bronner, James D. Carey, Eric L. Rosenzweig, David J. Wermuth and Nicolas D. Zerbib. Additionally, Charles A. Davis and Stephen Friedman serve as advisors to the Credit Investment Committee. The Credit Investment Committee members and advisors have worked at Stone Point Capital for an average of over 20 years, investing across multiple cycles and different investing environments. Additionally, certain members of this group have had primary responsibility for managing Stone Point Capital’s private equity funds since 1998 and also serve on the Stone Point Capital private equity investment committee, bringing a wealth of investment expertise across our targeted sectors of investment. The Credit Investment Committee meets formally weekly, and on an ad hoc basis as needed.

~~Market Opportunity and Competitive Advantages~~10

~~The~~Table ~~Adviser~~of ~~believes the Company presents an attractive investment opportunity for several reasons, including:~~Contents

Increasing Demand for Debt Capital. Private equity sponsors have significant levels of capital available for investment, which the Adviser believes will continue to drive demand for direct lending over the coming years as private equity firms seek to deploy capital through leveraged buyouts. The ~~Company~~following ~~believes~~table ~~this~~sets ~~dynamic,~~forth ~~coupled with~~ the ~~Adviser’s~~experience ~~strong~~of ~~relationships in~~ the ~~middle~~Credit ~~market,~~Investment ~~will provide significant investment opportunities for the Company~~Committee.

Proactive Sourcing and Relationship-Driven Deal Flow. The Adviser believes that focusing its activities on proactive, outbound, multi-year searches produces higher quality investment opportunities. The Adviser seeks investment opportunities in sectors that it believes are attractive using a focused three-prong origination strategy. In sourcing investments for the Company, the Adviser leverages (i) its dedicated team of origination professionals and Stone Point’s broker-dealer professionals focusing on sponsor communities and financial intermediaries within targeted sectors, (ii) its extensive network of private equity investment professionals, focused on more than 75 financial services-related end markets, and (iii) its longstanding relationships with commercial banks who may provide investment opportunities to the Company.


The Adviser’s Investment Committee	Years in Financial Services	Years at Stone Point
Scott J. Bronner, Head of Stone Point Credit and Managing Director of Stone Point
Member of the Investment Committee	19	17
James D. Carey, Co-Chief Executive Officer of Stone Point Capital
Member of the Investment Committee	30+	28
Eric L. Rosenzweig, Managing Director
Member of the Investment Committee	21	19
David J. Wermuth, General Counsel and Chairman of the Company, Co-President and CCO of Stone Point Capital
Member of the Investment Committee	29	26
Nicolas D. Zerbib, Co-President and CIO Chief Investment Officer of Stone Point Capital
Member of the Investment Committee	30+	27
Charles A. Davis, Chairman and Co-Chief Executive Officer of Stone Point Capital
Advisor to the Credit Investment Committee	30+	27
Stephen Friedman, Senior Chairman of Stone Point Capital
Advisor to the Credit Investment Committee	30+	25

~~Disciplined~~Investment ~~Underwriting~~Advisory Process. The Adviser seeks investment opportunities that it believes are attractive using a rigorous “top-down” and “bottom-up” process. The Adviser regularly evaluates and selects sectors on which to focus based on an investment thesis (top-down approach) and designates a team of investment professionals to identify leading companies and managers in these sectors (bottom-up approach). For more than 75 identified sectors of the financial services industry, this process includes:Agreement

●The ~~Firm~~Company entered into the Investment Advisory Agreement dated December 1, 2020 with the Adviser. The Board, including a majority of the Independent Directors, most recently approved the renewal of the Investment Advisory Agreement for a one-~~wide~~year ~~discussions~~term in November 2025. Pursuant to ~~prioritize~~the Investment Advisory Agreement, the ~~identified~~Adviser ~~sectors~~manages the Company’s day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition and allocation of the Company’s investment portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) performs due diligence on prospective portfolio companies; (iv) executes, closes, services and monitors the Company’s investments; (v) determines the securities and other assets that the Company will purchase, retain or sell; (vi) arranges financings and borrowing facilities for the Company and (vii) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds and (viii) to the extent permitted under the 1940 Act and the Investment Advisers Act of 1940 (the “Advisers Act”), on the Company’s behalf, and in coordination with any sub-adviser and any administrator, provides significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things, monitor the operations of the Company’s portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational and financial consultation. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Investment Advisory Agreement is not adversely affected.

●Under ~~Dedicating~~the ~~small~~Investment ~~teams~~Advisory ofAgreement, the Company pays the Adviser (i) a base management fee and (ii) an incentive fee as compensation for the investment ~~professionals~~advisory toand ~~study~~management ~~these~~services ~~sectors;~~it provides the Company thereunder.

●Base ~~Interaction~~Management ~~with industry experts and attendance at key industry conferences; and~~Fee

●The ~~Proactive~~Company ~~outbound~~pays ~~calling~~to ~~efforts~~the Adviser an asset-based fee (the “Management Fee”) for management services in an amount equal to an annual rate of 1.30% of the average value of the Company’s gross assets (excluding cash and ~~meetings~~cash ~~with~~equivalents) ~~private~~as ~~equity~~of ~~sponsors~~the last day of the most recently completed calendar quarter and ~~management~~the ~~teams~~last day of the immediately preceding calendar quarter payable quarterly in arrears. The Management Fee for any partial quarter is appropriately prorated based on the actual number of days elapsed during such partial quarter as a fraction of the number of days in the relevant calendar year.

~~The~~Incentive Adviser employs a “triangulation” approach in evaluating the quality of a credit, focused on borrower characteristics, loan structure and quality of sponsorship. The Adviser generally seeks to invest in companies that have experienced management teams, are recognized as market leaders by consumers and peers, operate in industries with high entry barriers for competitors, and generate consistent free cash flow. In structuring a loan, the Adviser generally focuses on determining appropriate leverage levels (with a significant focus on adjustments and free cash flow), ensuring sufficient minimum sponsor equity and seeking to mitigate downside risk through structural protections. Finally, the Adviser seeks to invest in companies with strong financial sponsor ownership, focused on underwriting a sponsor’s ability to support the borrower.Fee

~~Sector~~Beginning ~~Focus.~~December ~~The~~21, ~~Company~~2024, ~~makes~~on ~~its~~the ~~investments~~fourth ~~primarily~~anniversary inof ~~sectors~~the indate on which ~~Stone~~Stockholders ~~Point~~are ~~has~~required ~~developed a longstanding network and can leverage real-time insights from private portfolio companies~~ to ~~provide~~fund atheir ~~discernible~~initial ~~origination~~drawdown ~~and~~(the ~~underwriting~~“Incentive ~~edge.~~Commencement ~~The~~Date”), ~~Adviser currently focuses~~ the Company’s ~~investments~~will inpay the ~~financial~~Adviser ~~services,~~an ~~business~~incentive ~~services,~~fee ~~software~~(“Incentive ~~and~~Fee”) ~~technology,~~as ~~and~~set ~~healthcare~~forth ~~services sectors~~below. AsThe aIncentive ~~result~~Fee will consist of ~~this~~two ~~specialization~~parts. byThe first part (the “Investment ~~Team,~~Income ~~the~~Incentive ~~Adviser~~Fee”) ~~believes~~will ~~that~~be itcalculated isand ~~well~~payable ~~positioned~~following tothe ~~source~~Incentive ~~proprietary~~Commencement ~~deals~~Date ~~and~~on ~~evaluate~~ a ~~broad~~quarterly ~~range~~basis, ofin ~~investments~~arrears, ~~with~~and awill ~~deep~~equal ~~understanding~~15% of ~~the~~“pre-incentive ~~market~~fee ~~dynamics~~net ~~and~~investment ~~cycles for these sectors.~~

Further, the Adviser believes the Company’s focus on the financial services, business services, software and technology, and healthcare services sectors provides strong downside protection, given the low default rates in these industries, as well as Stone Point’s investment experience. The Company’s targeted sectors have performed well across market cycles, consistently generating lower cumulative default rates compared with non-financial sectors, which should contribute to enhanced risk-adjusted returns.11

~~Ability~~Table ~~to Leverage Stone Point’s Experienced Investment Team. The Adviser intends to utilize Stone Point Capital’s significant experience and knowledge throughout the life cycle~~ of each investment to support the Stone Point Credit Investment Team’s Credit Activities. On an as-needed basis, Stone Point Capital Private Equity Team contributes a portion of its time, effort and resources to support Credit Activities. Stone Point Capital has a long, successful record of making investments and managing businesses in the financial services industry. Stone Point Capital has raised nine private equity funds with an investment track record of over 25 years and a focus on investments in companies in the global financial services industry and related sectors. Stone Point Contents

11income” for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.75% (i.e., 7% annualized) measured on a quarterly basis and a “catch-up feature”. For purposes of computing the initial installment of the Investment Income Incentive Fee, because the Incentive Commencement Date does not fall on the first day of a calendar quarter, the initial payment of the Investment Income Incentive Fee shall be payable for the period that commences on the Incentive Commencement Date through the last day of the first complete calendar quarter immediately following the Incentive Commencement Date (March 31, 2025), and, thereafter, at the end of each subsequent calendar quarter as described above. The second part (the “Capital Gains Incentive Fee”) will be an annual fee that will also commence with the period beginning on the Incentive Commencement Date and will be determined and payable following the Incentive Commencement Date, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 15% of realized capital gains, if any, determined on a cumulative basis from the Incentive Commencement Date through the end of such calendar year (or upon termination of the Investment Advisory Agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Commencement Date (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), less the aggregate amount of any previously paid Capital Gains Incentive Fees. For the purpose of computing the Capital Gains Incentive Fees, the calculation methodology will look through derivative financial instruments or swaps as if the Company owned the reference assets directly.

~~Table~~Pre-incentive fee net investment income means interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base Management Fee, expenses payable to the Administrator under the Administration Agreement, any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding (x) the Incentive Fee and (y) any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income includes, in the case of ~~Contents~~investments with a deferred interest feature (such as debt instruments with payment-in-kind (“PIK”) interest and zero-coupon securities), accrued income that the Company has not yet received in cash. The Adviser is not obligated to return to the Company the Incentive Fee it receives on PIK interest that is later determined to be uncollectible in cash.

Capital and its affiliates have invested in 26 asset management platforms over 16 years and Stone Point believes that its experience investing in and building businesses across a variety of credit strategies, positions the Company for success in the direct lending middle market. The ~~Stone~~following ~~Point Credit Investment Team~~ is ~~responsible~~a ~~for~~graphical ~~making~~representation ~~all investment and disposition recommendations to the Credit Investment Committee. The Credit Investment Committee makes all investment and disposition decisions, subject to Board oversight. As~~ of ~~December 31, 2024,~~ the ~~Investment~~calculation ~~Team is comprised~~ of more than 80 investment professionals who bring to Stone Point considerable experience with Stone Point and/or from other leading private equity, private debt, investment banking, financial services, corporate law, and accounting firms. A majority of the ~~Investment~~income ~~Team~~incentive is focused on the private equity markets; however, Stone Point intends to continue to expand the Stone Point Credit Investment Team to support the ongoing growth of the Company and expansion of Credit Activities. As of December 31, 2024, the Credit Investment Team was comprised of 28 dedicated investment professionals3.fee:

~~Experienced~~Incentive ~~Investment~~Fee Committee. The Credit Investment Committee servicing the Company is comprised of Scott J. Bronner, James D. Carey, Eric L. Rosenzweig, David J. Wermuth and Nicolas D. Zerbib. Additionally, Charles A. Davis and Stephen Friedman serve as advisors to the Credit Investment Committee. The Credit Investment Committee currently leads the investment activities of the Credit Funds and has worked together at Stone Point for more than ten years investing across multiple credit cycles and different investing environments.on

●Pre-Incentive ~~Mr.~~Fee ~~Bronner~~Net ~~is the President of the Company, Head of Stone Point Credit and Managing Director of Stone Point Capital, and a member of the Credit~~ Investment ~~Committee, Allocation Committee and Valuation Committee of the Adviser. Prior to joining the Firm in 2009, he was in the Private Equity Division at Lehman Brothers Inc.~~Income

●Beginning ~~Mr.~~on ~~Carey is Co-Chief Executive Officer of Stone Point Capital, a member of~~ the ~~Credit~~Incentive ~~Investment~~Commencement Committee and the Investment Committee of the Trident Funds, and a member of the Allocation Committee of the Adviser. Prior to joining the Firm in 1997, he was in the Financial Institutions Investment Banking Group at Merrill Lynch & Co. and prior to that time was an attorney with Kelley Drye & Warren LLP.Date

●(expressed ~~Mr.~~as ~~Rosenzweig is~~ a ~~Managing~~percentage ~~Director~~ of ~~Stone~~average ~~Point~~adjusted Capital and a member of the Credit Investment Committee and Valuation Committee of the Adviser. Prior to joining the Firm in 2006, he was in the Financial Institutions Investment Banking Group at UBS Investment Bank.capital)

●Percentage ~~Mr. Wermuth is the Chairman~~ of ~~the Company and is Co~~Pre-~~President~~Incentive ~~and~~Fee ~~Chief~~Net ~~Operating Officer of Stone Point Capital, a member of the Credit~~ Investment Committee and the Investment Committee of the Trident Funds, and a member of the Allocation Committee and Valuation Committee of the Adviser. Prior to joining the Firm in 1999, he was an attorney specializing in mergers and acquisitions at Cleary, Gottlieb, Steen & Hamilton LLP and prior to that time an auditor for KPMG Peat Marwick.Income

●Allocated Mr. Zerbib is Co-President and Chief Investment Officer of Stone Point Capital, a member of the Credit Investment Committee and the Investment Committee of the Trident Funds, and a member of the Valuation Committee of the Adviser. Prior to ~~joining~~Quarterly ~~the~~Incentive ~~Firm in 1998, he was in the Financial Institutions Group at Goldman Sachs.~~Fee

3The ~~Includes~~second ~~one~~component ~~employee~~of ~~whose~~the ~~focus~~Incentive Fee is ~~shared~~the ~~across~~Capital ~~Stone~~Gains ~~Point~~Incentive ~~Credit~~Fee. The Capital Gains Incentive Fee is payable at the end of each calendar year in arrears and ~~Stone~~equals, ~~Point~~commencing on the Incentive Commencement Date, 15.0% of cumulative realized capital gains, net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Commencement Date to the end of each calendar year. Each year, the Capital Gains Incentive Fee will be paid net of the aggregate amount of any previously paid Capital Gains Incentive Fee for prior periods. The Company will accrue, but will not pay, a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated. For the sole purpose of calculating the Capital Gains Incentive Fee, the

12Table of Contents

~~Table~~cost basis as of ~~Contents~~the Incentive Commencement Date for all of the Company’s investments made prior to the date of the Exchange Listing will be equal to the fair market value of such investments as of the last day of the calendar quarter in which the date of the Exchange Listing occurs; provided, however, that in no event will the Capital Gains Incentive Fee payable pursuant to the Investment Advisory Agreement exceed the amount permitted by the Advisers Act, including Section 205 thereof.

● Mr. Davis is the Chairman and Co-Chief Executive Officer of Stone Point Capital, Advisor to the Credit Investment Committee and the Chairman of the Investment Committee of the Trident Funds. Prior to joining the Firm in 1998, Mr. Davis was with Goldman, Sachs & Co. for 23 years where he served as head of Investment Banking Services worldwide, co-head of the Americas Group, head of the Financial Services Industry Group, a member of the International Executive Committee and a General Partner.Indemnification

●Pursuant ~~Mr.~~to ~~Friedman is~~ the ~~Senior~~Investment ~~Chairman~~Advisory ~~of Stone Point Capital~~Agreement, ~~Advisor to~~ the ~~Credit~~Adviser ~~Investment Committee~~ and aits ~~member~~directors, ofofficers, ~~the~~stockholders, ~~Investment~~members, ~~Committee~~agents, ofrepresentatives, ~~the~~employees, ~~Trident~~controlling ~~Funds.~~persons, ~~Prior~~and toany ~~joining~~other ~~the~~person ~~Firm~~or inentity ~~1998~~affiliated with, ~~Mr.~~or ~~Davis~~acting ~~was~~on ~~with~~behalf ~~Goldman,~~of ~~Sachs~~the &Adviser ~~Co.,~~will ~~the~~not ~~Investment~~be ~~Committee~~liable ofto the ~~Trident~~Company ~~Funds.~~for ~~Prior~~their toacts ~~joining~~under the ~~Firm~~Investment inAdvisory ~~1998~~Agreement, ~~Mr.~~absent ~~Davis~~willful ~~was with Goldman~~misfeasance, ~~Sachs~~bad ~~& Co.~~faith, ~~where~~gross henegligence ~~served~~or asreckless ~~Chairman.~~disregard Inin ~~addition,~~the heperformance ~~previously~~of ~~served~~their asduties. ~~Assistant~~The toCompany ~~President~~will ~~George~~also W.agree ~~Bush~~to ~~for~~indemnify, ~~Economic~~defend ~~Policy~~ and ~~Director~~protect of the ~~National~~Adviser ~~Economic~~and ~~Council~~its directors, ~~Chairman~~officers, ofstockholders, ~~the~~members, ~~President’s~~agents, ~~Intelligence~~representatives, ~~Advisory~~employees, ~~Board~~controlling ~~and~~persons ~~Intelligence Oversight Board,~~ and ~~Chairman~~any ofother ~~the~~person ~~Board~~or ofentity ~~Directors~~affiliated ofwith, ~~the~~or ~~Federal~~acting ~~Reserve~~on ~~Bank~~behalf of ~~New~~the ~~York.~~Adviser ~~Mr.~~with ~~Friedman~~respect ~~joined~~to ~~Goldman~~all ~~Sachs~~damages, inliabilities, ~~1966~~costs and ~~became~~expenses aresulting ~~Partner~~from inacts ~~1973.~~of Hethe ~~was~~Adviser ~~Vice~~not ~~Chairman~~arising ~~and~~out ~~Co-Chief~~of ~~Operating~~willful ~~Officer~~misfeasance, ~~from~~bad ~~1987~~faith, togross ~~November~~negligence ~~1990,~~or ~~and~~reckless ~~co-Chairman~~disregard orin ~~Chairman~~the ~~from~~performance ~~1990~~of totheir ~~1994~~duties.

~~All~~The ~~investment~~Administrator; and disposition decisions are reviewed and approved by the Credit Investment Committee, which has principal responsibility for approving new investments and overseeing the management of existing investments. This senior management team is supported by a team of investment professionals who bring to Stone Point considerable experience with Stone Point and/or from other leading private equity, investment banking, financial services, corporate law and accounting firms.Sub-Administrator

Stone Point Credit Adviser LLC also serves as the administrator of the Company (in such capacity, the “Administrator”). Subject to the supervision of the Board, the Administrator provides the administrative services necessary for the Company to operate and the Company utilizes the Administrator’s office facilities, equipment and recordkeeping services. In addition, the Company will reimburse the Administrator for the fees and expenses associated with performing compliance functions, and the Company’s allocable portion of the compensation of certain of the Company’s officers, including the Company’s Chief Financial Officer, Chief Compliance Officer and any support staff. The ~~following~~ ~~table~~Company ~~sets~~reimburses ~~forth~~the Administrator for all reasonable costs and expenses incurred by the ~~experience~~Administrator in providing these services, facilities and personnel, as provided by the administration agreement by and between the Company and the Administrator (the “Administration Agreement”). There is no separate fee paid in connection with the services provided under the Administration Agreement. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties, and the Company reimburses the expenses of these parties incurred directly and/or paid by the ~~Credit~~Administrator ~~Investment~~on ~~Committee~~the Company’s behalf. The Administrator may elect to waive certain charges that would have otherwise been eligible for reimbursement under the terms of the Administration Agreement which will not be subject to recoupment.


	Years in
	Financial	Years at
The Credit Investment Committee	Services	Stone Point
Scott J. Bronner, Head of Stone Point Credit and Managing Director of Stone Point
Capital Member of the Credit Investment Committee	18	16
James D. Carey, Co-Chief Executive Officer of Stone Point Capital
Member of the Credit Investment Committee	31	28
Eric L. Rosenzweig, Managing Director of Stone Point Capital
Member of the Credit Investment Committee	21	19
David J. Wermuth, Co-President and Chief Operating Officer of Stone Point Capital
Member of the Credit Investment Committee	29	26
Nicolas D. Zerbib, Co-President and Chief Investment Officer of Stone Point Capital
Member of the Credit Investment Committee	29	26
Charles A. Davis, Chairman and Co-Chief Executive Officer of Stone Point Capital
Advisor to the Credit Investment Committee	30+	26
Stephen Friedman, Senior Chairman of Stone Point Capital
Advisor to the Credit Investment Committee	30+	24

The Administrator has entered into a sub-administration agreement (the “Sub-Administration Agreement”) with U.S. Bank Global Fund Services (the “Sub-Administrator”) under which the Sub-Administrator provides various accounting and other administrative services with respect to the Company. The Company pays the Sub-Administrator fees for services the Adviser determines are commercially reasonable in its sole discretion. The Company also reimburses the Sub-Administrator for all reasonable expenses. To the extent that the Sub-Administrator outsources any of its functions, the Sub-Administrator pays any compensation associated with such functions. The cost of such compensation, and any other costs or expenses under the Sub-Administration Agreement, is in addition to the cost of any services borne by the Company under the Administration Agreement.

Expenses

The Company’s primary operating expenses include the payment of fees to the Adviser under the Investment Advisory Agreement, the Company’s allocable portion of overhead expenses under the Administration Agreement, and all other costs and expenses relating to the Company’s operations and transactions, including: operational and organizational costs; the costs of any public offerings of the Company’s Common Stock and other securities, including registration and listing fees; the cost of calculating the Company’s net asset value, including the cost and expenses of third-party valuation services; fees and expenses payable to third parties relating to evaluating, making and disposing of investments, including the Adviser’s or its affiliates’ travel expenses, research costs and out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments, monitoring investments and, if necessary, enforcing the Company’s rights; interest payable on debt and other borrowing costs, if any, incurred to finance the Company’s investments; costs of effecting sales and repurchases of the Company’s Common Stock and other securities; the base Management Fee and any incentive fee; distributions on the Company’s Common Stock; transfer agent and custody fees and expenses; the allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that request it; other expenses incurred by the Administrator, the Adviser or the Company in connection with administering the Company’s business, including payments made to third-party providers of goods or services; brokerage fees and commissions; federal and state registration fees; U.S. federal, state and local taxes; Independent Directors’ fees and expenses; costs associated with the Company’s reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; costs of any reports, proxy statements or other notices to Stockholders, including printing costs; costs of holding Stockholders meetings; the Company’s 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 printing, mailing, long distance telephone, staff, audit,

The Company entered into the Investment Advisory Agreement dated December 1, 2020 with the Adviser. The Board, including a majority of the Independent Directors, most recently approved the renewal of the Investment Advisory Agreement for a one-year term in November 2024. Pursuant to the Investment Advisory Agreement, the Adviser manages the Company’s day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition and allocation of the Company’s investment portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) performs due diligence on prospective portfolio companies; (iv) executes, closes, services and monitors the Company’s investments; (v) determines the securities and other assets that the Company will purchase, retain or sell; (vi) arranges financings and borrowing facilities for the Company and (vii) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds and (viii) to the extent permitted under the 1940 Act and the Investment Advisers Act of 1940 (the “Advisers Act”), on the Company’s behalf, and in coordination with any sub-adviser and any administrator, 13

13Table of Contents

~~Table~~compliance, tax and legal costs; fees and expenses associated with marketing efforts; dues, fees and charges of ~~Contents~~any trade association of which the Company is a member; and all other expenses reasonably incurred by the Company, the Administrator or the Sub-Administrator in connection with administering the Company’s business.

~~provides~~The ~~significant~~Company ~~managerial~~makes ~~assistance~~use toof ~~those~~certain ~~portfolio~~“mixed-use” ~~companies~~services, toproducts ~~which~~and ~~the~~resources ~~Company~~that isare ~~required~~utilized by the Adviser to provide ~~such~~investment ~~assistance~~advisory ~~under~~and ~~the~~administrative ~~1940~~services ~~Act~~to other clients or for proprietary purposes, including ~~utilizing~~but ~~appropriate~~not ~~personnel~~limited ofto ~~the~~research ~~Adviser~~and toinformation services, ~~among~~information ~~other~~technology ~~things~~services and software platforms, ~~monitor~~and third-party service providers. To the ~~operations~~extent ofthat the ~~Company’s~~cost ~~portfolio~~of ~~companies,~~such ~~participate~~services inmay ~~board~~be ~~and~~borne ~~management~~in ~~meetings,~~part ~~consult~~by ~~with~~the ~~and~~Company ~~advise~~as ~~officers~~an ofoperating ~~portfolio~~expense, ~~companies~~the ~~and~~Administrator ~~provide~~may ~~other~~use ~~organizational~~various ~~and~~methodologies ~~financial~~to ~~consultation.~~determine ~~The~~the ~~Adviser~~Company’s ~~services~~allocable ~~under~~portion of the ~~Investment~~total ~~Advisory~~cost ~~Agreement~~of ~~are~~such ~~not~~service, ~~exclusive~~product or resource, ~~and~~including but not limited to allocating between the ~~Adviser~~Company isand ~~generally~~other ~~free~~clients topro ~~furnish~~rata ~~similar~~based on number of clients receiving such services, toproportionately ~~other~~in ~~entities~~accordance sowith ~~long~~asset assize, ~~its~~or ~~performance~~on ~~under~~such other basis that the ~~Investment~~Administrator ~~Advisory~~determines ~~Agreement~~to isbe ~~not~~fair ~~adversely~~and ~~affected~~equitable under the circumstances.

~~Under~~The Company will reimburse the ~~Investment~~Administrator ~~Advisory~~for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including furnishing the Company ~~pays~~with ~~the~~office ~~Adviser~~facilities, ~~(i) a~~equipment ~~base~~and ~~management~~clerical, ~~fee~~bookkeeping and ~~(ii) an~~recordkeeping ~~incentive~~services ~~fee~~at such facilities, as ~~compensation~~well as providing the Company with other administrative services. In addition, the Company will reimburse the Administrator for the ~~investment~~fees ~~advisory~~and expenses associated with performing compliance functions, and ~~management~~the ~~services~~Company’s itallocable ~~provides~~portion of the compensation of certain of the Company’s ~~thereunder~~officers, including the Company’s Chief Financial Officer, Chief Compliance Officer and any support staff.

~~Base Management Fee~~14

~~The~~Table ~~Company pays to the Adviser an asset-based fee (the “Management Fee”) for management services in an amount equal to an annual rate~~ of 1.30% of the average value of the Company’s gross assets (excluding cash and cash equivalents) as of the last day of the most recently completed calendar quarter and the last day of the immediately preceding calendar quarter payable quarterly in arrears. The Management Fee for any partial quarter is appropriately prorated based on the actual number of days elapsed during such partial quarter as a fraction of the number of days in the relevant calendar year.Contents

~~Incentive~~Dividend ~~Fee~~Reinvestment Plan

~~Beginning~~The ~~December 21, 2024, on the fourth anniversary of the date on which Stockholders are required to fund their initial drawdown (the “Incentive Commencement Date”), the~~ Company ~~will~~has ~~pay~~adopted ~~the Adviser~~ an ~~incentive fee (~~“~~Incentive~~opt ~~Fee~~out”) asdividend ~~set~~reinvestment ~~forth~~plan ~~below. The Incentive Fee will consist of two parts. The first part~~ (~~the~~ “~~Investment Income Incentive Fee~~DRIP”) ~~will be calculated and payable following the Incentive Commencement Date on a quarterly basis~~, inunder ~~arrears,~~which ~~and will equal 15% of “pre-incentive fee net investment income” for the immediately preceding calendar quarter, subject to~~ a ~~quarterly~~Stockholder’s ~~preferred~~distributions ~~return~~would ofautomatically 1.75% (i.e., 7% annualized) measured on a quarterly basis and a “catch-up feature”. For purposes of computing the initial installment of the Investment Income Incentive Fee, because the Incentive Commencement Date does not fall on the first day of a calendar quarter, the initial payment of the Investment Income Incentive Fee shall be ~~payable~~reinvested ~~for~~under the ~~period~~DRIP ~~that~~in ~~commences~~additional onwhole ~~the~~and ~~Incentive~~fractional ~~Commencement Date through the last day of the first complete calendar quarter immediately following the Incentive Commencement Date (March 31~~Shares, ~~2025),~~unless ~~and, thereafter, at~~ the ~~end~~Stockholder ~~of each subsequent calendar quarter as described above. The second part (the~~ “~~Capital~~opts ~~Gains Incentive Fee~~out”) ~~will~~of ~~be an annual fee that will also commence with~~ the ~~period beginning on the Incentive Commencement Date and will be determined and payable following the Incentive Commencement Date~~DRIP, inthereby ~~arrears,~~electing ~~as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal~~ to ~~15%~~receive ofcash realized capital gains, if any, determined on a cumulative basis from the Incentive Commencement Date through the end of such calendar year (or upon termination of the Investment Advisory Agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Commencement Date (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), less the aggregate amount of any previously paid Capital Gains Incentive Feesdividends. For the purpose of computing the Capital Gains Incentive Fees, the calculation methodology will look through derivative financial instruments or swaps as if the Company owned the reference assets directly.

~~Pre-incentive~~Prior ~~fee~~to ~~net~~an ~~investment~~Exchange ~~income means interest income~~Listing, ~~dividend income and any other income accrued during~~ the ~~calendar~~Company ~~quarter,~~uses ~~minus~~newly ~~operating~~issued ~~expenses~~shares ~~for~~of ~~the~~Common ~~quarter,~~Stock ~~including the base Management Fee, expenses payable~~ to ~~the~~implement ~~Administrator under~~ the ~~Administration~~DRIP. ~~Agreement,~~Shares ~~any~~of ~~interest~~Common ~~expense~~Stock ~~and~~are ~~distributions paid on any~~ issued ~~and~~at outstanding preferred stock, but excluding (x) the Incentive Fee and (y) any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income includes, in the case of investments with a ~~deferred~~price ~~interest~~per ~~feature~~share ~~(such~~equal ~~as debt instruments with payment-in-kind (“PIK”) interest and zero-coupon securities), accrued income that the Company has not yet received in cash. The Adviser is not obligated~~ to ~~return to~~ the ~~Company~~most ~~the~~recent ~~Incentive~~net ~~Fee~~asset itvalue ~~receives~~per onshare ~~PIK interest that is later~~ determined toby bethe ~~uncollectible in cash~~Board.

14After an Exchange Listing, if any, the number of shares of Common Stock to be issued to a Stockholder is expected to be determined by dividing the total dollar amount of the distribution payable to such Stockholder by the market price per share of the Company’s Common Stock at the close of regular trading on the national securities exchange on which the Company’s Common Stock is traded on the date of such distribution. However, in the event the market price per share on the date of such distribution exceeds the most recently computed net asset value per share, the Company would expect to issue shares of Common Stock at the greater of the most recently computed net asset value per share or 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeds the most recently computed net asset value per share). The market price per share on that date would be the closing price for the shares of Common Stock on the national securities exchange on which the Common Stock is traded or, if no sale is reported for such day, at the average of their reported bid and asked prices.

~~Table~~Stockholders who receive distributions in the form of ~~Contents~~additional shares of Common Stock generally will be subject to the same U.S. federal, state and local tax consequences as Stockholders who elect not to reinvest distributions. Participation in the DRIP will not in any way reduce the amount of a Stockholder’s Capital Commitment.

~~The~~Valuation ~~following is a graphical representation~~ of ~~the~~Portfolio ~~calculation of the income incentive fee:~~Securities

In accordance with Rule 2a‑5 under the 1940 Act, the Board has designated the Adviser as the Company’s “Valuation Designee”. The Adviser, with the assistance of its Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Company’s investments in accordance with valuation policies and procedures approved by the Board (“Valuation Policy”) in instances where there is no readily available market quotation. Investments for which market quotations are readily available may be priced by independent pricing services. The Company generally retains an external, independent valuation firm to provide data and valuation analyses on the Company’s portfolio companies.

~~Incentive~~The ~~Fee~~Company’s investment portfolio is recorded at fair value as determined in good faith in accordance with the Valuation Policy and, as a result, there is and will be uncertainty as to the value of the Company’s portfolio investments. Under the 1940 Act, the Company is required to carry its portfolio investments at market value or, if there is no readily available market quotation, at fair value as determined in accordance with procedures established by the Adviser. There is not a public market or active secondary market for many of the types of investments in privately held companies that the Company intends to hold and make. The Company’s investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, these investments are valued quarterly at fair value as determined in good faith in accordance with the Valuation Policy approved by the Board. The determination of fair value, and thus the amount of unrealized appreciation or depreciation the Company may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in making fair value determinations. The types of factors that may be considered in determining the fair values of the Company’s investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates, precedent transactions and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions.

~~Pre-Incentive~~The ~~Fee~~determinations ~~Net~~of ~~Investment~~fair ~~Income~~value in accordance with the Valuation Policy may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The Company’s net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Company ultimately realizes upon the disposal of such investments.

~~Beginning on the Incentive Commencement Date~~15

~~(expressed~~Table ~~as a percentage~~ of ~~average adjusted capital)~~Contents

~~Percentage~~Regulation ofas ~~Pre-Incentive~~a ~~Fee~~Business ~~Net~~Development ~~Investment Income~~Company

~~Allocated~~The Company has elected to ~~Quarterly~~be ~~Incentive~~treated ~~Fee~~as a BDC under the 1940 Act. As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers or sub-advisers), principal underwriters and affiliates of those affiliates or underwriters and requires that a majority of the directors be persons other than “interested persons,” as that term is defined in the 1940 Act.

~~The~~In ~~second component of the Incentive Fee is the Capital Gains Incentive Fee. The Capital Gains Incentive Fee is payable at the end of each calendar year in arrears and equals~~addition, ~~commencing on~~ the ~~Incentive~~1940 ~~Commencement~~Act ~~Date,~~provides ~~15.0%~~that ~~of cumulative realized capital gains, net of all realized capital losses and unrealized capital depreciation on a cumulative basis from~~ the ~~Incentive~~Company ~~Commencement~~may ~~Date~~not tochange the ~~end~~nature of ~~each calendar year. Each year,~~ the ~~Capital Gains Incentive Fee will be paid net of the aggregate amount of any previously paid Capital Gains Incentive Fee for prior periods. The~~ Company’s ~~will~~business ~~accrue,~~so ~~but~~as ~~will~~to ~~not~~cease ~~pay, a Capital Gains Incentive Fee with respect~~ to ~~unrealized appreciation because a Capital Gains Incentive Fee would~~ be, ~~owed~~or to ~~the~~withdraw ~~Adviser if~~ the Company’s ~~were~~election toas ~~sell~~a ~~the~~BDC ~~relevant~~unless ~~investment~~approved ~~and~~by ~~realize~~ a ~~capital~~majority ~~gain.~~of ~~The fees that are payable under~~ the ~~Investment~~Company’s ~~Advisory~~outstanding ~~Agreement~~voting ~~for any partial period will be appropriately prorated~~securities. ~~For~~A ~~the~~majority ~~sole purpose~~ of ~~calculating~~ the ~~Capital~~outstanding ~~Gains~~voting ~~Incentive~~securities ~~Fee, the cost basis as~~ of ~~the~~a ~~Incentive~~company ~~Commencement~~is ~~Date~~defined ~~for~~under ~~all of~~ the ~~Company’s~~1940 ~~investments~~Act ~~made~~as ~~prior to~~ the ~~date~~lesser of: ~~the~~(i) ~~Exchange~~67% ~~Listing~~or ~~will~~more beof ~~equal to~~ the ~~fair~~voting ~~market~~securities ~~value~~present ofat such ~~investments~~meeting, asif of the ~~last~~holders ~~day~~ of ~~the~~more ~~calendar~~than ~~quarter~~50% ~~in which the date~~ of the ~~Exchange~~outstanding ~~Listing~~voting ~~occurs;~~securities ~~provided,~~of ~~however,~~such ~~that~~company inare nopresent ~~event~~or ~~will~~represented ~~the~~by ~~Capital~~proxy ~~Gains~~or ~~Incentive~~(ii) ~~Fee~~more ~~payable~~than ~~pursuant~~50% toof the ~~Investment~~outstanding ~~Advisory~~voting ~~Agreement~~securities ~~exceed~~of ~~the~~such ~~amount permitted by the Advisers Act, including Section 205 thereof~~company.

~~Indemnification~~Any issuance of preferred stock must comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (1) immediately after issuance and before any dividend or other distribution is made with respect to the Company’s Common Stock and before any purchase of Common Stock is made, such preferred stock together with all other senior securities must not exceed an amount equal to 50% of the Company’s total assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (2) the holder of shares of preferred stock, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two full years or more.

~~Pursuant~~Certain ~~to the Investment Advisory Agreement, the Adviser and its directors, officers, stockholders, members, agents, representatives, employees, controlling persons, and any~~ other ~~person~~matters ~~or entity affiliated with, or acting on behalf of the Adviser will not be liable to the Company for their acts~~ under the ~~Investment~~1940 ~~Advisory~~Act ~~Agreement,~~require ~~absent~~a ~~willful~~separate ~~misfeasance,~~class ~~bad~~vote ~~faith,~~of ~~gross negligence or reckless disregard in~~ the ~~performance~~holders of ~~their~~any ~~duties.~~issued ~~The Company will also agree to indemnify, defend~~ and ~~protect~~outstanding ~~the~~preferred ~~Adviser~~stock. ~~and~~For ~~its directors~~example, ~~officers,~~holders ~~stockholders, members, agents, representatives, employees, controlling persons and any other person or entity affiliated with, or acting on behalf~~ of ~~the~~preferred ~~Adviser~~stock ~~with~~would ~~respect~~be entitled to ~~all~~vote ~~damages,~~separately ~~liabilities,~~as ~~costs~~a ~~and~~class ~~expenses resulting~~ from ~~acts of~~ the ~~Adviser~~holders ~~not arising out~~ of ~~willful~~Common ~~misfeasance,~~Stock ~~bad~~on ~~faith,~~a ~~gross~~proposal ~~negligence~~involving ora ~~reckless~~plan ~~disregard~~of inreorganization ~~the~~adversely ~~performance~~affecting ofsuch ~~their duties~~securities.

The ~~Administrator;~~Company ~~Sub-Administrator~~may invest up to 100% of the Company’s assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, the Company may, for the purpose of public resale, be deemed a “principal underwriter” as that term is defined under the Securities Act. The Company may purchase or otherwise receive warrants which offer an opportunity (not a requirement) to purchase equity of a portfolio company in connection with an acquisition financing or other investments. Similarly, the Company may acquire rights that obligate an issuer of acquired securities or their affiliates to repurchase the securities at certain times, under certain circumstances.

~~Stone~~The ~~Point~~Company ~~Credit~~does ~~Adviser~~not ~~LLC~~intend ~~also~~to ~~serves~~acquire assecurities ~~the~~issued ~~administrator~~by ofany investment company whereby the Company’s ~~(in~~investment ~~such~~would ~~capacity,~~exceed the ~~“Administrator”)~~limits imposed by the 1940 Act. ~~Subject~~Under tothose limits, the ~~supervision~~Company generally cannot acquire more than (i) 3% of the ~~Board~~total outstanding voting stock of any investment company, (ii) invest more than 5% of the ~~Administrator~~value ~~provides~~of the ~~administrative~~Company’s ~~services~~total ~~necessary~~assets ~~for~~in the ~~Company~~securities toof ~~operate~~one ~~and~~investment company, or (iii) invest more than 10% of the ~~Company~~value ~~utilizes~~of the ~~Administrator~~Company’s ~~office~~total ~~facilities,~~assets ~~equipment~~in ~~and~~the ~~recordkeeping~~securities ~~services~~of investment companies in general. InThese ~~addition,~~limitations do not apply where the Company ~~will~~(i) ~~reimburse~~makes ~~the~~investments ~~Administrator~~through ~~for~~a subsidiary or (ii) acquires interests in a money market fund as long as the ~~fees~~Company ~~and~~does ~~expenses~~not ~~associated~~pay a sales charge or service fee in connection with ~~performing~~the ~~compliance~~purchase. ~~functions,~~Under ~~and~~Rule 12d1‑4 under the 1940 Act, the Company’s ~~allocable~~may ~~portion~~acquire securities issued by any investment company in excess of the ~~compensation~~limits ofimposed ~~certain~~by ofthe 1940 Act as long as the Company’s ~~officers,~~complies ~~including~~with the ~~Company’s~~conditions ~~Chief~~of ~~Financial~~Rule ~~Officer~~12d1‑4, ~~Chief~~which ~~Compliance~~include, ~~Officer~~among other things, certain post-acquisition limits on control and voting of any ~~support~~acquired ~~staff~~RIC. The ~~Company~~portion ~~reimburses~~of the ~~Administrator~~Company’s ~~for~~portfolio ~~all~~invested ~~reasonable~~in ~~costs~~securities ~~and~~issued by investment companies, if any, ordinarily will subject Stockholders to additional expenses. ~~incurred~~The Company’s investment portfolio is also subject to diversification requirements by virtue of the ~~Administrator~~Company’s intention to be a RIC for U.S. federal income tax purposes.

15None of the Company’s policies described above are fundamental and each such policy may be changed without Stockholder approval, subject to any limitations imposed by the 1940 Act.

~~Table~~Private funds that are excluded from the definition of ~~Contents~~“investment company” pursuant to either Section 3(c)(1) or 3(c)(7) of the 1940 Act are also subject to certain of the limits under the 1940 Act noted above. Specifically, such private funds generally may not acquire directly or through a controlled entity more than 3% of the Company’s total outstanding voting stock (measured at the time of the acquisition). As a result, such private funds would be required to hold a smaller position in the Company’s stock than if they were not subject to this restriction.

inQualifying providing these services, facilities and personnel, as provided by the administration agreement by and between the Company and the Administrator (the “Administration Agreement”). There is no separate fee paid in connection with the services provided under the Administration Agreement. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties, and the Company reimburses the expenses of these parties incurred directly and/or paid by the Administrator on the Company’s behalf. The Administrator may elect to waive certain charges that would have otherwise been eligible for reimbursement under the terms of the Administration Agreement which will not be subject to recoupment.Assets

The ~~Administrator~~Company ~~has~~may ~~entered~~invest ~~into~~up ato ~~sub-administration~~30% ~~agreement~~of (the ~~“Sub-Administration~~Company’s ~~Agreement”)~~portfolio ~~with~~opportunistically ~~U.S.~~in ~~Bank Global Fund Services (the~~ “~~Sub~~non-~~Administrator~~qualifying assets”), ~~under~~ which ~~the~~are ~~Sub-Administrator~~driven ~~provides~~primarily ~~various~~through ~~accounting~~opportunities ~~and~~sourced ~~other~~through ~~administrative services with respect to~~ the ~~Company. The Company pays the Sub-Administrator fees for services the~~ Adviser ~~determines are commercially reasonable in its sole discretion~~. ~~The~~However, ~~Company~~under ~~also reimburses~~ the ~~Sub-Administrator~~1940 ~~for~~Act, ~~all~~a ~~reasonable~~BDC ~~expenses.~~may Tonot ~~the~~acquire ~~extent~~any ~~that~~asset ~~the~~other ~~Sub-Administrator~~than ~~outsources~~assets ~~any~~ of ~~its functions,~~ the ~~Sub-Administrator~~type ~~pays~~listed ~~any~~in ~~compensation~~Section ~~associated~~55(a) ~~with such functions. The cost~~ of ~~such compensation, and any other costs or expenses under~~ the ~~Sub-Administration~~1940 ~~Agreement~~Act, iswhich inare ~~addition~~referred to ~~the~~as ~~cost~~“qualifying ofassets,” ~~any~~unless, ~~services~~at ~~borne by~~ the ~~Company~~time ~~under~~ the ~~Administration Agreement.~~

~~Expenses~~16

~~The~~Table ~~Company’s primary operating expenses include the payment~~ of fees to the Adviser under the Investment Advisory Agreement, the Company’s allocable portion of overhead expenses under the Administration Agreement, and all other costs and expenses relating to the Company’s operations and transactions, including: operational and organizational costs; the costs of any public offerings of the Company’s Common Stock and other securities, including registration and listing fees; the cost of calculating the Company’s net asset value, including the cost and expenses of third-party valuation services; fees and expenses payable to third parties relating to evaluating, making and disposing of investments, including the Adviser’s or its affiliates’ travel expenses, research costs and out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments, monitoring investments and, if necessary, enforcing the Company’s rights; interest payable on debt and other borrowing costs, if any, incurred to finance the Company’s investments; costs of effecting sales and repurchases of the Company’s Common Stock and other securities; the base Management Fee and any incentive fee; distributions on the Company’s Common Stock; transfer agent and custody fees and expenses; the allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that request it; other expenses incurred by the Administrator, the Adviser or the Company in connection with administering the Company’s business, including payments made to third-party providers of goods or services; brokerage fees and commissions; federal and state registration fees; U.S. federal, state and local taxes; Independent Directors’ fees and expenses; costs associated with the Company’s reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; costs of any reports, proxy statements or other notices to Stockholders, including printing costs; costs of holding Stockholders meetings; the Company’s 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 printing, mailing, long distance telephone, staff, audit, compliance, tax and legal costs; fees and expenses associated with marketing efforts; dues, fees and charges of any trade association of which the Company is a member; and all other expenses reasonably incurred by the Company, the Administrator or the Sub-Administrator in connection with administering the Company’s business.Contents

~~The~~acquisition ~~Company~~is ~~makes use of certain “mixed-use” services~~made, ~~products~~qualifying ~~and~~assets ~~resources~~represent ~~that~~at ~~are~~least ~~utilized~~70% byof the ~~Adviser~~BDC’s tototal provide investment advisory and administrative services to other clients or for proprietary purposes, including but not limited to research and information services, information technology services and software platforms, and third-party service providersassets. ToThe ~~the~~principal ~~extent~~categories ~~that the cost~~ of ~~such~~qualifying ~~services~~assets ~~may~~relevant ~~be borne in part by the Company as an operating expense, the Administrator may use various methodologies~~ to ~~determine~~ the Company’s ~~allocable~~proposed ~~portion~~business ofare the total cost of such service, product or resource, including but not limited to allocating between the Company and other clients pro rata based on number of clients receiving such services, proportionately in accordance with asset size, or on such other basis that the Administrator determines to be fair and equitable under the circumstances.following:

~~The~~Securities ~~Company~~purchased ~~will~~in ~~reimburse~~transactions ~~the~~not ~~Administrator~~involving ~~for~~any ~~the~~public ~~allocable~~offering ~~portion~~from ~~of overhead and other expenses incurred by~~ the ~~Administrator~~issuer inof ~~performing~~such ~~its~~securities, ~~obligations~~which ~~under~~issuer ~~the~~(subject ~~Administration~~to ~~Agreement,~~certain ~~including~~limited ~~furnishing~~exceptions) ~~the~~is ~~Company~~an ~~with~~eligible ~~office~~portfolio ~~facilities~~company, ~~equipment~~or ~~and~~from ~~clerical,~~any ~~bookkeeping~~person ~~and~~who ~~recordkeeping services at such facilities~~is, asor ~~well~~has asbeen ~~providing~~during the ~~Company~~preceding ~~with~~13 ~~other administrative services. In addition~~months, ~~the~~an ~~Company~~affiliated ~~will~~person ~~reimburse~~of ~~the~~an ~~Administrator~~eligible ~~for~~portfolio ~~the~~company, ~~fees~~or ~~and~~from ~~expenses~~any ~~associated~~other ~~with~~person, ~~performing~~subject ~~compliance~~to ~~functions,~~such ~~and~~rules ~~the~~as ~~Company’s~~may ~~allocable~~be ~~portion~~prescribed ofby the ~~compensation~~SEC. ofAn ~~certain~~eligible ofportfolio ~~the~~company ~~Company’s~~is ~~officers,~~defined ~~including~~in the ~~Company’s~~1940 ~~Chief~~Act ~~Financial~~and ~~Officer,~~rules ~~Chief~~adopted ~~Compliance~~pursuant ~~Officer~~thereto ~~and~~as any ~~support~~issuer ~~staff.~~which:

16is organized under the laws of, and has its principal place of business in, the United States;

~~Table~~is ofnot ~~Contents~~an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

~~Dividend~~satisfies ~~Reinvestment~~any ~~Plan~~of the following:

~~The~~does ~~Company~~not ~~has~~have ~~adopted~~any anclass ~~“opt~~of ~~out”~~securities ~~dividend~~that ~~reinvestment~~is ~~plan~~traded ~~(“DRIP”),~~on ~~under which~~ a ~~Stockholder’s~~national ~~distributions~~securities ~~would automatically be reinvested under the DRIP in additional whole and fractional Shares, unless the Stockholder “opts out” of the DRIP, thereby electing to receive cash dividends.~~exchange;

ii.

~~Prior~~has toa anclass ~~Exchange~~of ~~Listing,~~securities ~~the~~listed ~~Company~~on ~~uses~~a ~~newly~~national ~~issued~~securities ~~shares~~exchange, ofbut ~~Common~~has ~~Stock~~an toaggregate ~~implement~~market ~~the~~value ~~DRIP. Shares~~ of ~~Common~~outstanding ~~Stock~~voting ~~are~~and ~~issued~~non-voting atcommon aequity ~~price~~of ~~per~~less ~~share~~than ~~equal~~$250 ~~to the most recent net asset value per share determined by the Board.~~million;

iii.

~~After an Exchange Listing, if any, the number of shares of Common Stock to be issued to a Stockholder~~ is ~~expected~~controlled ~~to be determined~~ by ~~dividing~~a ~~the~~BDC ~~total~~or ~~dollar~~a ~~amount~~group of ~~the~~companies ~~distribution~~including ~~payable~~a toBDC ~~such~~and ~~Stockholder by~~ the ~~market~~BDC ~~price~~has ~~per~~an ~~share~~affiliated ofperson ~~the~~who ~~Company’s Common Stock at the close of regular trading on the national securities exchange on which the Company’s Common Stock~~ is ~~traded~~a ondirector ~~the date~~ of ~~such distribution. However, in~~ the ~~event~~eligible ~~the~~portfolio ~~market~~company; price per share on the date of such distribution exceeds the most recently computed net asset value per share, the Company would expect to issue shares of Common Stock at the greater of the most recently computed net asset value per share or 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeds the most recently computed net asset value per share). The market price per share on that date would be the closing price for the shares of Common Stock on the national securities exchange on which the Common Stock is traded or, if no sale is reported for such day, at the average of their reported bid and asked prices.

iv.

~~Stockholders~~is ~~who~~a ~~receive~~small ~~distributions~~and insolvent ~~the~~company ~~form~~having oftotal ~~additional~~assets ~~shares~~ of ~~Common~~not ~~Stock~~more ~~generally~~than ~~will be subject to the same U~~$4.S.0 ~~federal,~~million ~~state~~ and ~~local~~capital ~~tax~~and ~~consequences~~surplus asof ~~Stockholders who elect~~ not toless ~~reinvest~~than ~~distributions~~$2.0 ~~Participation in the DRIP will not in any way reduce the amount of a Stockholder’s Capital Commitment~~million.

~~Regulation~~Securities asof aany ~~Business~~eligible ~~Development~~portfolio company which the Company controls.

~~The~~Securities ~~Company~~purchased ~~has~~in ~~elected~~a toprivate betransaction ~~treated~~from as a ~~BDC~~U.S. ~~under~~issuer ~~the~~that ~~1940~~is ~~Act.~~not Asan ~~with~~investment ~~other~~company ~~companies~~or ~~regulated~~from byan ~~the~~affiliated ~~1940~~person ~~Act,~~of athe ~~BDC~~issuer, ~~must~~or ~~adhere~~in totransactions ~~certain~~incident ~~substantive~~thereto, ~~regulatory~~if ~~requirements.~~the ~~The~~issuer ~~1940~~is ~~Act~~in ~~contains~~bankruptcy ~~prohibitions~~ and ~~restrictions~~subject ~~relating~~ to ~~transactions~~reorganization ~~between~~or ~~BDCs~~if ~~and~~the ~~their affiliates (including any investment advisers or sub-advisers)~~issuer, ~~principal~~immediately ~~underwriters~~prior ~~and~~to ~~affiliates~~the purchase of ~~those~~its ~~affiliates~~securities, orwas ~~underwriters~~unable ~~and~~to ~~requires~~meet ~~that~~its aobligations ~~majority~~as ofthey ~~the~~came ~~directors~~due bewithout ~~persons~~material assistance other than ~~“interested~~conventional ~~persons,”~~lending asor ~~that~~financing ~~term is defined in the 1940 Act~~arrangements.

InSecurities ~~addition, the 1940 Act provides that the Company may not change the nature~~ of ~~the~~an ~~Company’s~~eligible ~~business~~portfolio socompany aspurchased tofrom ~~cease~~any toperson ~~be,~~in ~~or to withdraw the Company’s election as~~ a ~~BDC~~private ~~unless~~transaction ~~approved~~if bythere ~~a majority of the Company’s outstanding voting securities. A majority of the outstanding voting securities of a company~~ is ~~defined~~no ~~under~~ready ~~the~~market ~~1940~~for ~~Act~~such ~~as the lesser of: (i) 67% or more of the voting~~ securities ~~present~~and ~~at such meeting, if~~ the ~~holders~~Company ofalready ~~more~~owns ~~than 50~~60% of the outstanding ~~voting~~equity ~~securities~~ of ~~such company are present or represented by proxy or (ii) more than 50% of~~ the ~~outstanding~~eligible ~~voting~~portfolio ~~securities of such~~ company.

~~Any~~Securities ~~issuance~~received ofin ~~preferred~~exchange ~~stock~~for ~~must~~or ~~comply~~distributed ~~with~~on ~~the requirements of the 1940 Act. The 1940 Act requires, among other things, that (1) immediately after issuance and before any dividend~~ or ~~other distribution is made~~ with respect to ~~the~~securities ~~Company’s~~described ~~Common~~in ~~Stock~~(1) ~~and~~through ~~before~~(4) ~~any purchase of Common Stock is made~~above, ~~such~~or ~~preferred~~pursuant ~~stock together with all other senior securities must not exceed an amount equal~~ to ~~50% of~~ the ~~Company’s~~exercise ~~total assets after deducting the amount~~ of ~~such~~warrants ~~dividend, distribution~~ or ~~purchase~~rights ~~price,~~relating ~~as the case may be, and (2) the holder of shares of preferred stock, if any are issued, must be entitled as a class~~ to ~~elect two directors at all times and to elect a majority of the directors if dividends on~~ such ~~preferred stock are in arrears by two full years or more~~securities.

~~Certain~~Cash, ~~other~~cash ~~matters~~equivalents, ~~under the 1940 Act require a separate class vote of the holders of any issued and outstanding preferred stock~~U.S. ~~For~~government ~~example,~~securities ~~holders~~or ofhigh-quality ~~preferred~~debt ~~stock~~securities ~~would~~maturing bein ~~entitled~~one toyear ~~vote~~or ~~separately~~less ~~as a class~~ from the ~~holders~~time of ~~Common Stock on a proposal involving a plan of reorganization adversely affecting such securities~~investment.

~~The~~In ~~Company~~addition, ~~may~~a ~~invest~~BDC upmust tohave ~~100%~~been oforganized ~~the~~and ~~Company’s~~have ~~assets~~its inprincipal ~~securities~~place ~~acquired~~of ~~directly~~business ~~from issuers~~ in ~~privately~~the ~~negotiated~~United ~~transactions.~~States ~~With~~and ~~respect~~must tobe ~~such~~operated ~~securities, the Company may,~~ for the purpose of ~~public~~making ~~resale,~~investments bein ~~deemed a “principal underwriter” as that term is defined under~~ the ~~Securities~~types ~~Act. The Company may purchase or otherwise receive warrants which offer an opportunity (not a requirement) to purchase equity~~ of asecurities ~~portfolio~~described ~~company~~ in ~~connection with an acquisition financing or other investments~~1., ~~Similarly~~2., ~~the~~3. ~~Company may acquire rights that obligate an issuer of acquired securities~~ or ~~their~~4. ~~affiliates to repurchase the securities at certain times, under certain circumstances~~above.

17If at any time less than 70% of the Company’s gross assets are comprised of qualifying assets, including as a result of an increase in the value of any non-qualifying assets or decrease in the value of any qualifying assets, the Company would generally not be permitted to acquire any additional non-qualifying assets, other than office furniture and equipment, interests in real estate and leasehold improvements and facilities maintained to conduct the business operations of the BDC, deferred organizational and operating expenses, and other non-investment assets necessary and appropriate to its operations as a BDC, until such time as 70% of the Company’s then current gross assets were comprised of qualifying assets. The Company would not be required, however, to dispose of any non-qualifying assets in such circumstances.

~~Table~~Managerial ofAssistance ~~Contents~~to Portfolio Companies

~~The~~A ~~Company~~BDC ~~does~~must ~~not~~have ~~intend~~been toorganized ~~acquire~~under ~~securities issued by any investment company whereby~~ the ~~Company’s~~laws ~~investment would exceed the limits imposed by the 1940 Act. Under those limits~~of, ~~the~~and ~~Company~~have ~~generally~~its ~~cannot~~principal ~~acquire~~place ~~more than (i) 3%~~ of ~~the~~business ~~total~~in, ~~outstanding voting stock of~~ any ~~investment~~state ~~company,~~or ~~(ii) invest~~states ~~more~~within ~~than 5% of~~ the ~~value~~United ofStates ~~the~~and ~~Company’s~~must ~~total~~be ~~assets~~operated infor the ~~securities~~purpose of ~~one~~making ~~investment~~investments ~~company,~~in ~~or (iii) invest more than 10% of~~ the ~~value~~types of ~~the Company’s total assets in the~~ securities ofdescribed ~~investment companies~~ in ~~general~~1., ~~These~~2. ~~limitations do not apply where the Company (i) makes investments through a subsidiary~~ or ~~(ii) acquires~~3. ~~interests~~above. However, in aorder ~~money~~to ~~market~~count ~~fund~~portfolio assecurities ~~long~~ as ~~the~~qualifying ~~Company~~assets ~~does~~for ~~not~~the ~~pay~~purpose aof ~~sales charge or service fee in connection with~~ the ~~purchase.~~70% ~~In October 2020~~test, the ~~SEC~~BDC ~~adopted~~must ~~certain~~either ~~regulatory~~control ~~changes related to~~ the ~~ability~~issuer of ~~investment~~the ~~companies,~~securities ~~including~~or ~~BDCs,~~must offer to ~~invest~~make inavailable ~~other~~to ~~investment~~the ~~companies~~issuer ~~in excess~~ of the ~~limits~~securities ~~imposed~~(other bythan ~~the~~small ~~1940~~and ~~Act.~~solvent ~~These~~companies ~~changes~~described ~~include,~~above) ~~among~~significant ~~other~~managerial ~~things,~~assistance; ~~the~~except ~~adoption~~that, ofwhere ~~Rule 12d1-4 under~~ the ~~1940~~BDC ~~Act.~~purchases ~~Under~~such ~~Rule 12d1-4,~~securities ~~the~~in ~~Company~~conjunction ~~may~~with ~~acquire~~one ~~securities~~or ~~issued~~more byother ~~any~~persons ~~investment~~acting ~~company~~together, inone ~~excess~~ of the ~~limits~~other ~~imposed~~persons byin the ~~1940~~group ~~Act~~may asmake ~~long~~available assuch ~~the~~managerial ~~Company~~assistance. ~~complies~~Making ~~with~~available ~~the~~managerial ~~conditions~~assistance ~~of Rule 12d1-4~~means, ~~which include,~~ among other things, ~~certain post-acquisition limits on control and voting of~~ any ~~acquired~~arrangement ~~RIC.~~whereby ~~The portion of~~ the ~~Company’s~~BDC, ~~portfolio~~through ~~invested~~its indirectors ~~securities~~or ~~issued~~officers, byoffers ~~investment~~to ~~companies~~provide, ~~if any~~and, ~~ordinarily~~if will subject Stockholders to additional expenses. The Company’s investment portfolio is also subject to diversification requirements by virtue of the Company’s intention to be a RIC for U.S. tax purposes.

~~None of the Company’s policies described above are fundamental and each such policy may be changed without Stockholder approval, subject to any limitations imposed by the 1940 Act.~~17

~~Private~~Table ~~funds that are excluded from the definition~~ of “investment company” pursuant to either Section 3(c)(1) or 3(c)(7) of the 1940 Act are also subject to certain of the limits under the 1940 Act noted above. Specifically, such private funds generally may not acquire directly or through a controlled entity more than 3% of the Company’s total outstanding voting stock (measured at the time of the acquisition). As a result, such private funds would be required to hold a smaller position in the Company’s stock than if they were not subject to this restriction.Contents

~~Qualifying~~accepted, ~~Assets~~does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

~~The~~Temporary Company may invest up to 30% of the Company’s portfolio opportunistically in “non-qualifying assets”, which are driven primarily through opportunities sourced through the Adviser. However, under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets,” unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. The principal categories of qualifying assets relevant to the Company’s proposed business are the following:Investments

1The Company generally expects to call capital for investment purposes only at the time the Company identifies an investment opportunity. ~~Securities~~Notwithstanding ~~purchased~~the inforegoing, ~~transactions~~the ~~not~~Company ~~involving~~expects ~~any~~to ~~public~~deploy ~~offering~~all proceeds from ~~the~~each ~~issuer~~capital call for investment purposes within two years of calling such ~~securities,~~capital. ~~which~~Until ~~issuer~~such ~~(subject~~time toas ~~certain~~the ~~limited~~Company ~~exceptions)~~invests isthe anproceeds ~~eligible~~of such capital calls in portfolio ~~company,~~companies orand ~~from~~while ~~any~~new ~~person~~investments ~~who~~are ispending, orthe ~~has~~Company’s ~~been~~investments ~~during~~may ~~the~~consist ~~preceding~~of 13cash, ~~months~~cash equivalents, anU.S. ~~affiliated~~government ~~person~~securities ofor anhigh-quality ~~eligible~~debt ~~portfolio~~securities ~~company,~~maturing in one year or less from ~~any~~the ~~other~~time ~~person~~of investment, ~~subject~~referred to ~~such~~herein, ~~rules~~collectively, as “temporary investments,” so that 70% of the Company’s assets are qualifying assets. The Company may beinvest ~~prescribed~~in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the ~~SEC~~U.S. Angovernment ~~eligible~~or ~~portfolio~~its ~~company~~agencies. A repurchase agreement involves the purchase by an investor, such as the Company, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is ~~defined~~greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of the Company’s assets that may be invested in such repurchase agreements. However, if more than 25% of the ~~1940~~Company’s ~~Act~~net ~~and~~assets ~~rules~~constitute ~~adopted~~repurchase ~~pursuant~~agreements ~~thereto~~from a single counterparty, the Company may not meet the diversification tests in order to qualify as ~~any~~a ~~issuer~~RIC. Thus, the Company does not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Adviser will monitor the creditworthiness of the counterparties with which: the Company enters into repurchase agreement transactions.

~~a. is organized under the laws of, and has its principal place of business in, the United States;~~18

b.Table isof ~~not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and~~Contents

c.Code ~~satisfies any~~ of ~~the following:~~Ethics

i.The ~~does~~Company ~~not~~and the Adviser have ~~any~~each ~~class~~adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain transactions by the Company’s personnel. Personnel subject to each code may invest in securities for their personal investment accounts, including securities that ismay ~~traded~~be onpurchased or held by the Company, so long as such investments are made in accordance with the code’s requirements. The Company has also adopted a ~~national~~code ~~securities~~of ~~exchange;~~ethics which applies to, among others, our senior officers, including our chief executive officer and chief financial officer, as well as all of our officers and directors. The Company’s code of ethics is attached as an exhibit to this Annual Report on Form 10-K.

~~ii.~~Compliance ~~has~~Policies ~~a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting~~ and ~~non-voting common equity of less than $250 million;~~Procedures

~~iii.~~The isCompany ~~controlled~~and bythe aAdviser ~~BDC~~have oradopted aand ~~group~~implemented ofwritten ~~companies~~policies ~~including~~and aprocedures ~~BDC~~reasonably designed to detect and prevent violation of the ~~BDC~~federal ~~has~~securities anlaws ~~affiliated~~and ~~person~~are ~~who~~required isto areview ~~director~~these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a Chief Compliance Officer to be responsible for administering the ~~eligible~~policies ~~portfolio~~and ~~company;~~procedures. orBrian J. Rooder currently serves as the Company’s Chief Compliance Officer.

~~iv.~~Sarbanes-Oxley isAct ~~a small and solvent company having total assets~~ of ~~not more than $4.0 million and capital and surplus of not less than $2.0 million.~~2002

18The Sarbanes-Oxley Act imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements will affect the Company. For example:

•

~~Table~~pursuant to Rule 13a‑14 of ~~Contents~~the Exchange Act, the Company’s Principal Executive Officer and Principal Financial Officer must certify the accuracy of the financial statements contained in the Company’s periodic reports;

•

2.pursuant ~~Securities~~to Item 307 of ~~any~~Regulation ~~eligible~~S-K, ~~portfolio~~the ~~company~~Company’s ~~which~~periodic reports must disclose the Company’s conclusions about the effectiveness of its disclosure controls. and procedures;

•

3.pursuant ~~Securities~~to ~~purchased~~Rule in13a‑15 aof ~~private~~the ~~transaction~~Exchange ~~from~~Act, athe ~~U.S.~~Company’s ~~issuer~~management ~~that~~ is ~~not~~required anto ~~investment~~prepare ~~company~~a orreport ~~from~~regarding anits ~~affiliated~~assessment ~~person~~ of the ~~issuer,~~Company’s orinternal incontrol ~~transactions~~over ~~incident~~financial ~~thereto,~~reporting ifand (once the ~~issuer~~Company isceases into ~~bankruptcy~~be ~~and~~an ~~subject~~emerging togrowth ~~reorganization~~company under the JOBS Act or, if later, for the ~~issuer,~~year ~~immediately~~following ~~prior~~the Company’s first annual report required to ~~the~~be ~~purchase~~filed ofwith ~~its~~the ~~securities,~~SEC) ~~was~~must ~~unable~~obtain toan ~~meet~~audit ~~its~~of ~~obligations~~the aseffectiveness ~~they~~of ~~came~~internal ~~due~~control ~~without~~over ~~material~~financial ~~assistance~~reporting ~~other~~performed ~~than~~by ~~conventional~~its ~~lending~~independent orregistered ~~financing~~public ~~arrangements.~~accounting firm; and

•

4.pursuant ~~Securities~~to ofItem an308 ~~eligible~~of ~~portfolio~~Regulation ~~company~~S-K ~~purchased~~and ~~from~~Rule ~~any~~13a‑15 ~~person~~of inthe aExchange ~~private~~Act, ~~transaction~~the ifCompany’s ~~there~~periodic isreports nomust ~~ready~~disclose ~~market~~whether ~~for~~there ~~such~~were ~~securities~~significant ~~and~~changes in the Company’s ~~already~~internal ~~owns~~control ~~60%~~over offinancial ~~the~~reporting ~~outstanding~~or ~~equity~~in ofother factors that could significantly affect these controls subsequent to the ~~eligible~~date ~~portfolio~~of ~~company~~their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

5.The ~~Securities~~Sarbanes-Oxley ~~received~~Act inrequires ~~exchange~~the ~~for~~Company orto ~~distributed~~review onits orcurrent ~~with~~policies ~~respect~~and procedures to ~~securities~~determine ~~described~~whether inthe ~~(1)~~Company ~~through~~complies ~~(4)~~with ~~above,~~the orSarbanes-Oxley ~~pursuant~~Act and the regulations promulgated thereunder. The Company will continue to monitor its compliance with all regulations that are adopted under the ~~exercise~~Sarbanes-Oxley ofAct ~~warrants~~and orwill ~~rights~~take ~~relating~~actions necessary to ~~such~~ensure ~~securities~~that the Company is in compliance therewith.

6.Proxy ~~Cash,~~Voting ~~cash~~Policies ~~equivalents,~~and ~~U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.~~Procedures

InThe ~~addition~~Company has delegated its proxy voting responsibility to the Adviser. As a fiduciary, the Adviser has a ~~BDC~~duty ~~must~~to ~~have~~monitor ~~been~~corporate ~~organized~~events and ~~have~~to ~~its~~vote ~~principal~~proxies, ~~place~~as ofwell ~~business~~as a duty to cast votes in the ~~United~~best ~~States~~interest of the Company and ~~must~~not beto ~~operated~~subrogate ~~for~~Company interests to its own interests. To meet its fiduciary obligations, the ~~purpose~~Adviser ofseeks ~~making~~to ~~investments~~ensure that it votes proxies in the ~~types~~best interest of ~~securities~~the ~~described~~Company inand 1addresses how the Adviser will resolve any conflict of interest that may arise when voting proxies. The Adviser’s proxy voting policy attempts to generalize a complex subject and the Adviser may, 2.from time to time, 3.determine orthat 4.it ~~above~~is in the best interests of the Company to depart from specific policies described therein.

IfStockholders atmay, ~~any~~without ~~time~~charge, ~~less~~obtain ~~than~~information ~~70%~~regarding ofhow the Company’s ~~gross~~voted ~~assets~~proxies ~~are~~with ~~comprised~~respect ofto ~~qualifying assets, including as a result of an increase in~~ the ~~value of any non-qualifying assets or decrease in the value of any qualifying assets, the~~ Company’s ~~would~~portfolio ~~generally~~securities ~~not~~by bemaking ~~permitted~~a towritten ~~acquire~~request ~~any~~for ~~additional~~proxy ~~non-qualifying~~voting ~~assets,~~information ~~other than office furniture and equipment, interests in real estate and leasehold improvements and facilities maintained~~ to: ~~conduct~~Chief ~~the~~Compliance ~~business operations of the BDC~~Officer, ~~deferred~~20 ~~organizational~~Horseneck ~~and operating expenses~~Lane, ~~and other non-investment assets necessary and appropriate to its operations as a BDC~~Greenwich, ~~until~~Connecticut ~~such~~06830 ~~time~~or asby ~~70%~~contacting of the Company’s ~~then~~investor ~~current~~relations ~~gross~~department ~~assets~~at ~~were comprised of qualifying assets~~[email protected]. ~~The Company would not be required, however, to dispose of any non-qualifying assets in such circumstances.~~

~~Managerial Assistance to Portfolio Companies~~19

ATable ~~BDC must have been organized under the laws~~ of, and have its principal place of business in, any state or states within the United States and must be operated for the purpose of making investments in the types of securities described in 1., 2. or 3. above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors or officers, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.Contents

~~Temporary~~Reporting ~~Investments~~Obligations

The Company ~~generally~~will ~~expects~~furnish ~~to call capital for investment purposes only at~~ the ~~time~~Stockholders ~~the~~with ~~Company~~annual ~~identifies~~reports ancontaining ~~investment~~audited ~~opportunity.~~financial ~~Notwithstanding~~statements, ~~the~~quarterly ~~foregoing~~reports, ~~the~~and ~~Company expects to deploy all proceeds from each capital call for investment purposes within two years of calling~~ such ~~capital.~~other ~~Until~~periodic ~~such~~reports ~~time~~ as the Company ~~invests~~determines ~~the~~to ~~proceeds~~be ofappropriate ~~such capital calls in portfolio companies and while new investments are pending, the Company’s investments may consist of cash, cash equivalents, U.S. government securities~~ or ~~high-quality debt securities maturing in one year or less from the time of investment, referred to herein, collectively,~~ as ~~“temporary~~may ~~investments,”~~be sorequired ~~that~~by ~~70% of the Company’s assets are qualifying assets~~law. The Company ~~may~~is ~~invest~~required into ~~U.S.~~comply ~~Treasury~~with ~~bills~~all orperiodic ~~in repurchase agreements~~reporting, ~~provided~~proxy ~~that~~solicitation ~~such~~and ~~agreements~~other ~~are~~applicable ~~fully~~requirements ~~collateralized~~under ~~by cash or securities issued by~~ the ~~U.S.~~Exchange ~~government or its agencies~~Act. AStockholders ~~repurchase~~and ~~agreement involves~~ the ~~purchase~~public bymay anview ~~investor,~~materials ~~such as~~ the Company, offiles awith ~~specified security and~~ the ~~simultaneous~~SEC ~~agreement~~free byof ~~the~~charge seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on ~~the~~its ~~proportion~~website ~~of the Company’s assets that may be invested in such repurchase agreements~~(http://www.sec.gov) ~~However,~~or ifby ~~more~~contacting ~~than 25% of~~ the Company’s ~~net~~investor ~~assets~~relations ~~constitute~~department ~~repurchase~~at ~~agreements from a single counterparty, the Company may not meet the diversification tests in order to qualify as a RIC~~[email protected]. ~~Thus, the Company does not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The~~

19Material U.S. Federal Income Tax Considerations

~~Table~~The following discussion is a general summary of ~~Contents~~certain material U.S. federal income tax considerations applicable to the Company and an investment in shares of Common Stock. The discussion is based upon the Code, the regulations of the U.S. Department of the Treasury promulgated thereunder, referred to herein as the “Treasury regulations,” the legislative history of the Code, current administrative interpretations and practices of the Internal Revenue Service, referred to herein as the “IRS” (including administrative interpretations and practices of the IRS expressed in private letter rulings which are binding on the IRS only with respect to the particular taxpayers that requested and received those rulings) and judicial decisions, each as of the date of this Form 10‑K and all of which are subject to change or differing interpretations, possibly retroactively, which could affect the continuing validity of this discussion. The Company has not sought, and will not seek, any ruling from the IRS regarding any matter discussed in this summary, and this summary is not binding on the IRS. Accordingly, there can be no assurance that the IRS will not assert, and a court will not sustain, a position contrary to any of the tax consequences discussed below.

~~Adviser~~Investors ~~will~~should ~~monitor~~note that this summary does not purport to be a complete description of all the ~~creditworthiness~~tax aspects affecting the Company or the Stockholders. For example, this summary does not describe all of the ~~counterparties~~U.S. federal income tax consequences that may be relevant to certain types of Stockholders subject to special treatment under the U.S. federal income tax laws, including Stockholders subject to the alternative minimum tax, tax-exempt organizations, insurance companies, partnerships or other pass-through entities and their owners, Non-U.S. Stockholders (as defined below) engaged in a trade or business in the United States or entitled to claim the benefits of an applicable income tax treaty, persons who have ceased to be U.S. citizens or to be taxed as residents of the United States, U.S. Stockholders (as defined below) whose functional currency is not the U.S. dollar, persons holding the Company’s Common Stock in connection with ~~which~~a hedging, straddle, conversion or other integrated transaction, dealers in securities, traders in securities that elect to use a mark-to-market method of accounting for securities holdings, pension plans and trusts, and financial institutions. This summary assumes that Stockholders hold shares of Common Stock as capital assets for U.S. federal income tax purposes (generally, assets held for investment). This summary does not discuss any aspects of U.S. estate or gift taxation, U.S. state or local taxation or non-U.S. taxation. It does not discuss the special treatment under U.S. federal income tax laws that could result if the Company ~~enters~~invests ~~into~~in ~~repurchase~~tax-exempt ~~agreement~~securities ~~transactions~~or certain other investment assets.

~~Code~~For purposes of ~~Ethics~~this discussion, a “U.S. Stockholder” is a beneficial owner of shares of Common Stock that is, for U.S. federal income tax purposes:

•

~~The~~an ~~Company~~individual ~~and~~who ~~the~~is ~~Adviser have each adopted~~ a ~~code~~citizen of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain transactions by the Company’s personnel. Personnel subject to each code may invest in securities for their personal investment accounts, including securities that may be purchased or ~~held~~resident byof the ~~Company,~~United so long as such investments are made in accordance with the code’s requirements. The Company has also adopted a code of ethics which applies to, among others, our senior officers, including our chief executive officer and chief financial officer, as well as all of our officers and directors. The Company’s code of ethics is attached as an exhibit to this Annual Report on Form 10-K.States;

•

~~Compliance~~a ~~Policies~~corporation, ~~and~~or ~~Procedures~~other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof, including, for this purpose, the District of Columbia;

•

~~The~~a ~~Company~~trust ~~and~~if ~~the~~(i) ~~Adviser~~a ~~have~~court ~~adopted~~within ~~and~~the ~~implemented~~United ~~written~~States ~~policies~~is ~~and~~able ~~procedures~~to ~~reasonably~~exercise ~~designed~~primary tosupervision ~~detect~~over ~~and~~the ~~prevent~~administration ~~violation~~ of the ~~federal~~trust ~~securities laws~~ and ~~are~~one ~~required~~or tomore ~~review~~“United ~~these~~States ~~compliance~~persons” ~~policies~~(as ~~and~~defined ~~procedures~~in ~~annually~~the ~~for~~Code) ~~their~~have ~~adequacy~~the ~~and~~authority ~~the~~to ~~effectiveness~~control ofall ~~their~~substantive ~~implementation~~decisions ~~and~~of ~~designate~~the atrust, ~~Chief~~or ~~Compliance~~(ii) ~~Officer~~the totrust behas ~~responsible~~in ~~for~~effect ~~administering~~a ~~the~~valid ~~policies~~election ~~and~~to ~~procedures.~~be ~~Brian~~treated J.as ~~Rooder~~a ~~currently~~domestic ~~serves~~trust asfor ~~the~~U.S. ~~Company’s~~federal ~~Chief~~income ~~Compliance~~tax ~~Officer.~~purposes; or

•

~~Sarbanes-Oxley~~an ~~Act~~estate, the income of ~~2002~~which is subject to U.S. federal income taxation regardless of its source.

~~The Sarbanes-Oxley Act imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements will affect the Company. For example:~~20

●Table ~~pursuant to Rule 13a-14~~ of ~~the Exchange Act, the Company’s Principal Executive Officer and Principal Financial Officer must certify the accuracy of the financial statements contained in the Company’s periodic reports;~~Contents

●For ~~pursuant~~purposes toof ~~Item~~this ~~307~~discussion, a “Non-U.S. Stockholder” is a beneficial owner of ~~Regulation~~shares of Common Stock that is not a U.S~~-K,~~. ~~the~~Stockholder ~~Company’s~~or ~~periodic~~a ~~reports~~partnership ~~must~~(or ~~disclose~~an ~~the~~entity ~~Company’s~~or ~~conclusions~~arrangement ~~about~~treated ~~the~~as ~~effectiveness~~a ofpartnership) ~~its~~for ~~disclosure~~U.S. ~~controls~~federal ~~and~~income ~~procedures;~~tax purposes.

●If ~~pursuant~~a topartnership, ~~Rule~~or ~~13a-15~~other ofentity ~~the~~or ~~Exchange~~arrangement ~~Act,~~treated ~~the~~as ~~Company’s~~a ~~management~~partnership isfor ~~required~~U.S. tofederal ~~prepare~~income atax ~~report~~purposes, ~~regarding~~holds ~~its~~shares ~~assessment~~ of Common Stock, the ~~Company’s~~U.S. ~~internal~~federal ~~control~~income ~~over~~tax ~~financial~~treatment ~~reporting~~of ~~and~~a ~~(once~~partner in the ~~Company~~partnership ~~ceases~~generally towill bedepend anon ~~emerging~~the ~~growth~~status ~~company~~of ~~under~~the partner, the ~~JOBS~~activities ~~Act~~of ~~or,~~the ifpartnership ~~later,~~and ~~for~~certain ~~the~~determinations ~~year~~made ~~following~~at the ~~Company’s~~partner ~~first~~level. ~~annual~~A ~~report~~Stockholder ~~required~~that tois bea ~~filed~~partnership ~~with~~holding ~~the~~shares ~~SEC)~~of ~~must~~Common ~~obtain~~Stock, anand ~~audit~~each ofpartner ~~the~~in ~~effectiveness~~such ofa ~~internal~~partnership, ~~control~~should ~~over~~consult ~~financial~~his, ~~reporting~~her ~~performed~~or by its ~~independent~~own ~~registered~~tax ~~public~~adviser ~~accounting~~with ~~firm;~~respect to the tax consequences of the purchase, ownership and disposition of shares of Common Stock.

●Tax ~~pursuant~~matters are very complicated and the tax consequences to ~~Item~~each ~~308~~Stockholder of ~~Regulation~~the ~~S-K~~ownership and ~~Rule~~disposition ~~13a-15~~of shares of ~~the~~Common ~~Exchange~~Stock ~~Act,~~will depend on the ~~Company~~facts of such Stockholder’s ~~periodic~~particular ~~reports~~situation. ~~must~~Investors ~~disclose~~should ~~whether~~consult ~~there~~their ~~were~~own ~~significant~~tax ~~changes~~adviser inregarding the ~~Company’s~~specific ~~internal~~tax ~~control~~consequences ~~over~~of ~~financial~~the ~~reporting~~ownership orand indisposition ~~other~~of ~~factors~~shares ~~that~~of ~~could~~Common ~~significantly~~Stock ~~affect~~to ~~these~~them, ~~controls~~including ~~subsequent~~tax toreporting requirements, the ~~date~~applicability of ~~their~~U.S. ~~evaluation~~federal, ~~including~~state ~~any~~and ~~corrective~~local ~~actions~~tax ~~with~~laws ~~regard~~and tonon-U.S. ~~significant~~tax ~~deficiencies~~laws, eligibility for the benefits of any applicable income tax treaty and ~~material~~the ~~weaknesses~~effect of any possible changes in the tax laws.

~~The~~Election ~~Sarbanes-Oxley Act requires the Company~~ to ~~review~~be ~~its~~Taxed ~~current~~as ~~policies~~a and procedures to determine whether the Company complies with the Sarbanes-Oxley Act and the regulations promulgated thereunder. The Company will continue to monitor its compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that the Company is in compliance therewith.RIC

~~Proxy~~The ~~Voting~~Company ~~Policies~~has elected to be treated, and ~~Procedures~~intends to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company generally will not pay corporate-level U.S. federal income taxes on any income or gains that the Company timely distributes as dividends to Stockholders. Rather, dividends the Company distributes generally will be taxable to Stockholders, and any net operating losses, foreign tax credits and other of the Company’s tax attributes generally will not pass through to Stockholders, subject to special rules for certain items such as net capital gains and qualified dividend income the Company recognizes. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to qualify as a RIC, the Company must timely distribute dividends to Stockholders of an amount generally at least equal to 90% of the Company’s investment company taxable income (determined without regard to the dividends paid deduction), which is generally the Company’s net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses, if any, and 90% of the Company’s net tax-exempt income, if any, for each taxable year (the “Annual Distribution Requirement”). See "- Taxation of U.S. Stockholders" and "-Taxation of Non-U.S. Stockholders," below.

~~The~~Taxation ~~Company has delegated its proxy voting responsibility to the Adviser. As a fiduciary, the Adviser has a duty to monitor corporate events and to vote proxies,~~ as ~~well as~~ a duty to cast votes in the best interest of the Company and not to subrogate Company interests to its own interests. To meet its fiduciary obligations, the Adviser seeks to ensure that it votes proxies in the best interest of the Company, and addresses how the Adviser will resolve any conflict of interest that may arise when voting proxies. The Adviser’s proxy voting policy attempts to generalize a complex subject and the Adviser may, from time to time, determine that it is in the best interests of the Company to depart from specific policies described therein.RIC

20If the Company qualifies as a RIC and satisfies the Annual Distribution Requirement, then the Company will not be subject to U.S. federal income tax on the portion of the Company’s investment company taxable income, net tax-exempt income, if any, and net capital gain (generally, net long-term capital gain in excess of net short-term capital loss) that the Company timely distributes (or is deemed to timely distribute) as dividends to Stockholders. The Company will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gain not distributed (or deemed distributed) to Stockholders.

~~Table~~The Company generally will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income or gains in respect of ~~Contents~~any calendar year unless the Company distributes dividends in a timely manner to Stockholders of an amount at least equal to the sum of (1) 98% of the Company’s net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the Company’s capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending October 31 in such calendar year and (3) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years on which the Fund paid no U.S. federal income tax (the “Excise Tax Avoidance Requirement”). Any distribution declared by the Company during October, November or December of any calendar year, payable to Stockholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by the Company, as well as received by U.S. Stockholders, on December 31 of the calendar year in which the distribution was declared. The Company will not be subject to the U.S. federal excise tax on amounts on which the Company is required to pay U.S. federal income tax (such as retained net capital gains). Depending upon the level of taxable income earned in a taxable year, the Company may choose to carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax.

~~Stockholders~~The Company may, ~~without~~incur ~~charge,~~the ~~obtain~~4% ~~information~~nondeductible ~~regarding~~U.S. ~~how~~federal excise tax in the future on a portion of its income and capital gains. While the Company ~~voted~~intends ~~proxies~~to ~~with~~distribute ~~respect~~income and capital gains to minimize exposure to 4% nondeductible U.S. federal excise tax, the Company’s ~~portfolio~~may ~~securities~~not bybe ~~making~~able ato, ~~written~~or ~~request~~may ~~for~~choose ~~proxy~~not ~~voting~~to, ~~information~~distribute amounts sufficient to: ~~Chief~~avoid ~~Compliance~~the ~~Officer,~~imposition 20of ~~Horseneck~~the ~~Lane,~~tax ~~Greenwich~~entirely. In that event, ~~Connecticut~~the ~~06830~~Company orgenerally will be liable for 4% nondeductible U.S. federal excise tax only on the amount by ~~contacting~~which the Company’s ~~investor~~does ~~relations~~not ~~department~~meet atthe ~~[email protected]~~Excise Tax Avoidance Requirement. The Company generally will endeavor in each taxable year to avoid any material U.S. federal excise tax on its earnings but there can be no assurance that the Company will be successful in entirely avoiding U.S. federal excise tax.

~~Reporting Obligations~~21

~~The~~Table Company will furnish the Stockholders with annual reports containing audited financial statements, quarterly reports, and such other periodic reports as the Company determines to be appropriate or as may be required by law. The Company is required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Exchange Act. Stockholders and the public may view materials the Company files with the SEC free of ~~charge on its website (http://www.sec.gov) or by contacting the Company’s investor relations department at [email protected].~~Contents

~~Material~~In order to qualify as a RIC for U.S. ~~Federal~~federal ~~Income~~income ~~Tax~~tax ~~Considerations~~purposes, the Company must, among other things:

•

~~The~~qualify ~~following discussion is a general summary of certain material U.S. federal income tax considerations applicable to the Company~~ and anhave ~~investment~~ in ~~shares~~effect ofan ~~Common~~election ~~Stock. The discussion is based upon the Code, the regulations of the U.S. Department of Treasury promulgated thereunder, referred~~ to ~~herein~~be astreated ~~the “Treasury regulations,” the legislative history of the Code, current administrative interpretations and practices of the Internal Revenue Service, referred to herein~~ as ~~the~~a ~~“IRS”~~BDC ~~(including~~under ~~administrative interpretations and practices of~~ the ~~IRS~~1940 ~~expressed~~Act inat ~~private~~all ~~letter~~times ~~rulings~~during ~~which are binding on the IRS only with respect to the particular taxpayers that requested and received those rulings) and judicial decisions,~~ each astaxable of the date of this Form 10-K and all of which are subject to change or differing interpretations, possibly retroactively, which could affect the continuing validity of this discussion. The Company has not sought, and will not seek, any ruling from the IRS regarding any matter discussed in this summary, and this summary is not binding on the IRS. Accordingly, there can be no assurance that the IRS will not assert, and a court will not sustain, a position contrary to any of the tax consequences discussed below.year;

•

~~Investors~~derive ~~should~~in ~~note~~each ~~that~~taxable ~~this~~year ~~summary~~at ~~does~~least ~~not~~90% ~~purport to be a complete description~~ of ~~all~~ the ~~tax aspects affecting the~~ Company’s orgross ~~the~~income ~~Stockholders.~~from ~~For~~dividends, ~~example~~interest, ~~this~~payments ~~summary~~with ~~does~~respect ~~not~~to ~~describe~~loans ~~all~~ of ~~the U.S. federal income tax consequences that may be relevant to~~ certain ~~types~~securities, ofgains ~~Stockholders~~from ~~subject to special treatment under~~ the ~~U.S.~~sale ~~federal~~of ~~income~~stock ~~tax~~or ~~laws,~~other ~~including Stockholders subject to the alternative minimum tax~~securities, ~~tax-exempt~~net ~~organizations,~~income ~~insurance~~derived ~~companies,~~from ~~partnerships~~an orinterest ~~other~~in ~~pass-through~~a ~~entities~~“qualified ~~and~~publicly ~~their~~traded ~~owners,~~partnership” ~~Non-U.S. Stockholders~~ (as defined ~~below) engaged~~ in ~~a trade or business in~~ the ~~United~~Code), ~~States~~ or ~~entitled~~other ~~to claim the benefits of an applicable~~ income ~~tax~~derived ~~treaty,~~with ~~persons~~respect ~~who have ceased~~ to ~~be U.S. citizens or to be taxed as residents of~~ the ~~United States, U.S. Stockholders (as defined below) whose functional currency is not the U.S. dollar, persons holding the~~ Company’s ~~Common~~business ~~Stock~~of investing in ~~connection~~such ~~with~~stock ~~a hedging, straddle, conversion~~ or ~~other integrated transaction, dealers in~~ securities, traders in securities that elect to use a mark-to-market method of accounting for securities holdings, pension plans and trusts, and financial institutions. This summary assumes that Stockholders hold shares of Common Stock as capital assets for U.S. federal income tax purposes (~~generally,~~the ~~assets~~“90% ~~held~~Income ~~for investment~~Test”).; This summary does not discuss any aspects of U.S. estate or gift taxation, U.S. state or local taxation or non-U.S. taxation. It does not discuss the special treatment under U.S. federal income tax laws that could result if the Company invests in tax-exempt securities or certain other investment assets.and

•

~~For~~diversify ~~purposes~~the ofCompany’s ~~this~~holdings ~~discussion,~~so athat ~~“U.S.~~at ~~Stockholder”~~the isend aof ~~beneficial~~each ~~owner~~quarter of ~~shares~~the oftaxable ~~Common Stock that is, for U.S. federal income tax purposes~~year:

•

●at anleast ~~individual~~50% ~~who~~of isthe avalue ~~citizen~~of the Company’s assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of the Company’s assets or ~~resident~~more than 10% of the ~~United~~outstanding ~~States~~voting securities of the issuer; and

•

●no amore ~~corporation,~~than or25% ~~other~~of ~~entity~~the ~~treated~~value asof the Company’s assets is invested in (a) ~~corporation~~the ~~for~~securities, other than U.S. ~~federal~~government ~~income~~securities ~~tax~~or ~~purposes~~securities of other RICs, ~~created~~of one issuer or ~~organized~~of intwo or more issuers that are controlled, as determined under ~~the~~applicable ~~laws~~Code ofrules, by the ~~United~~Company ~~States~~and that are engaged in the same or ~~any~~similar ~~state~~or ~~thereof,~~related ~~including,~~trades ~~for~~or ~~this~~businesses ~~purpose,~~or (b) the ~~District~~securities of ~~Columbia;~~one or more qualified publicly traded partnerships (the “Diversification Tests”).

●A aRIC ~~trust~~is iflimited ~~(i)~~in its ability to deduct expenses in excess of its investment company taxable income. If the Company’s expenses in a ~~court~~given ~~within~~taxable year exceed its investment company taxable income, the ~~United~~Company ~~States~~may experience a net operating loss for that taxable year. However, a RIC is ~~able~~not permitted to ~~exercise~~carry ~~primary~~forward ~~supervision~~net ~~over~~operating losses to subsequent taxable years and such net operating losses do not pass through to its shareholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, the ~~administration~~excess of ~~the~~realized ~~trust~~capital losses over realized capital gains) to offset its investment company taxable income, but may carry forward such net capital losses, and ~~one~~use orthem ~~more~~to ~~“United~~offset ~~States~~future ~~persons”~~capital (gains, indefinitely. In the event that a RIC were to experience an ownership change as defined inunder the Code), ~~have~~the capital loss carryforwards and other favorable tax attributes of the ~~authority~~RIC, if any, may be subject to ~~control~~limitation. ~~all~~Due ~~substantive~~to ~~decisions~~these limits on deductibility of ~~the~~expenses ~~trust~~and net capital losses, orthe ~~(ii)~~Company may for tax purposes have aggregate taxable income for several years that the ~~trust~~Company ~~has~~is inrequired ~~effect~~to adistribute ~~valid~~and ~~election~~that is taxable to beStockholders ~~treated~~even asif asuch ~~domestic~~taxable ~~trust~~income ~~for~~is ~~U.S.~~greater ~~federal~~than the net income ~~tax~~the ~~purposes;~~Company oractually earns during those taxable years.

●For anU.S. ~~estate~~federal income tax purposes, the Company will include in its taxable income certain amounts that it has not yet received in cash. For example, if the Company holds debt obligations that are treated under applicable U.S. federal income tax rules as having original issue discount (“OID”) (such as debt instruments with PIK interest or, in certain cases, that have increasing interest rates or are issued with warrants), the Company must include in its taxable income in each taxable year a portion of ~~which~~the OID that accrues over the life of the obligation, regardless of whether the Company receives cash representing such income in the same taxable year. The Company may also have to include in its taxable income other amounts that the Company has not yet received in cash, such as accruals on a contingent payment debt instrument or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Further, the Company may elect to amortize market discount on debt investments and currently include such amounts in its taxable income, instead of upon their sale or other disposition, as any failure to make such election would limit the Company’s ability to deduct interest expense for tax purposes. Because such OID or other amounts accrued will be included in the Company’s investment company taxable income for the taxable year of accrual, the Company may be required to make distributions to Stockholders in order to satisfy the Annual Distribution Requirement and/or the Excise Tax Avoidance Requirement, even though the Company will have not received any corresponding cash payments. Accordingly, to enable the Company to make distributions to Stockholders that will be sufficient to enable the Company to satisfy the Annual Distribution Requirement, the Company may need to sell some of its assets at times and/or at prices that it would not consider advantageous, the Company may need to raise additional equity or debt capital or the Company may need to forego new investment opportunities or otherwise take actions that are disadvantageous to its business (or be unable to take actions that are advantageous to its business). If the Company is unable to obtain cash from other sources to enable the Company to satisfy the Annual Distribution Requirement, the Company may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income ~~taxation~~tax ~~regardless~~(and ofany ~~its~~applicable ~~source~~state and local taxes).

2122

Table of Contents

~~For~~Because ~~purposes~~the ofCompany ~~this~~expects ~~discussion,~~to use a ~~“Non-U.S.~~subscription ~~Stockholder”~~facility, isthe aCompany ~~beneficial~~may ~~owner~~be ofprevented ~~shares~~from ofmaking ~~Common~~distributions ~~Stock~~to ~~that~~Stockholders in certain circumstances. In addition, under the 1940 Act, the Company is generally not apermitted Uto make distributions to Stockholders while its debt obligations and other senior securities are outstanding unless certain “asset coverage” tests are met.S. ~~Stockholder~~Limits oron athe ~~partnership~~Company’s ~~(or~~distributions anto ~~entity~~Stockholders ormay ~~arrangement~~prevent ~~treated~~the Company from satisfying the Annual Distribution Requirement and, therefore, may jeopardize the Company’s qualification for taxation as a ~~partnership)~~RIC, ~~for~~or may cause the Company to be subject to the 4% nondeductible U.S. federal ~~income~~excise tax ~~purposes~~.

IfAlthough athe ~~partnership~~Company does not presently expect to do so, orthe ~~other~~Company ~~entity~~may orborrow ~~arrangement~~funds ~~treated~~and assell aassets ~~partnership~~in ~~for~~order ~~U.S.~~to ~~federal~~make ~~income~~distributions ~~tax~~to ~~purposes,~~Stockholders ~~holds~~that ~~shares~~are ofsufficient ~~Common~~for ~~Stock,~~the Company to satisfy the UAnnual Distribution Requirement.S. ~~federal~~However, ~~income~~the ~~tax~~Company’s ~~treatment~~ability to dispose of aassets ~~partner~~may inbe limited by (1) the ~~partnership~~illiquid ~~generally~~nature ~~will~~of ~~depend~~its onportfolio and/or (2) other requirements relating to the Company’s status ofas ~~the~~a ~~partner~~RIC, including the ~~activities~~Diversification Tests. If the Company disposes of assets in order to meet the ~~partnership~~Annual ~~and~~Distribution ~~certain~~Requirement ~~determinations~~or ~~made~~the atExcise Tax Avoidance Requirement, the ~~partner~~Company ~~level.~~may Amake ~~Stockholder~~such dispositions at times that, isfrom aan ~~partnership~~investment ~~holding~~standpoint, ~~shares~~are ofnot ~~Common~~advantageous. ~~Stock~~Alternatively, ~~and~~although ~~each~~the ~~partner~~Company incurrently ~~such~~does anot ~~partnership~~intend to do so, ~~should~~to ~~consult~~satisfy ~~his~~the Annual Distribution Requirement, ~~her~~the orCompany ~~its~~may ~~own~~declare ~~tax~~a ~~adviser~~taxable ~~with~~dividend ~~respect~~payable toin the ~~tax~~Company’s ~~consequences~~stock ofor cash at the ~~purchase~~election of each Stockholder. In such case, ~~ownership~~for ~~and~~U.S. ~~disposition~~federal ofincome ~~shares~~tax purposes, the amount of the dividend paid in the Company’s Common Stock will generally be equal to the amount of cash that could have been received instead of the Company’s stock.

~~Tax~~Distributions ~~matters are very complicated and~~ the ~~tax~~Company ~~consequences~~makes to ~~each~~Stockholders ~~Stockholder~~may ofbe ~~the~~made ~~ownership~~from ~~and disposition of shares of Common Stock will depend on~~ the ~~facts of such Stockholder~~Company’s ~~particular~~cash ~~situation.~~assets ~~Investors~~or ~~should~~by ~~consult~~liquidation ~~their own tax adviser regarding the specific tax consequences~~ of ~~the~~its ~~ownership~~investments, ~~and~~if ~~disposition~~necessary. ofThe ~~shares~~Company ofmay ~~Common~~recognize ~~Stock~~gains toor ~~them,~~losses ~~including~~from ~~tax~~such ~~reporting~~liquidations. ~~requirements,~~In the ~~applicability~~event ofthe ~~U.S.~~Company ~~federal,~~recognizes ~~state~~net ~~and~~capital ~~local~~gains ~~tax~~from ~~laws~~such ~~and~~transactions, ~~non-U.S.~~Stockholders ~~tax~~may ~~laws,~~receive ~~eligibility~~a ~~for~~larger ~~the~~capital ~~benefits~~gain ofdistribution ~~any~~than ~~applicable~~they ~~income~~would ~~tax~~have ~~treaty~~received ~~and~~in the ~~effect~~absence of ~~any~~such ~~possible changes in the tax laws~~transactions.

~~Election~~Failure to beQualify ~~Taxed~~ as a RIC

~~The~~If the Company ~~has~~failed ~~elected~~ to besatisfy ~~treated~~the 90% Income Test for any taxable year or the Diversification Tests for any quarter of a taxable year, ~~and~~the ~~intends~~Company might nevertheless continue to qualify ~~annually,~~ as a RIC ~~under~~for ~~Subchapter~~such Mtaxable year if certain relief provisions of the Code. Asapplied a(which ~~RIC~~might, ~~the~~among ~~Company~~other ~~generally~~things, ~~will~~require ~~not~~the Company to pay certain corporate-level U.S. federal ~~income~~ taxes onor ~~any~~to ~~income~~dispose orof ~~gains~~certain ~~that~~assets). If the Company ~~timely~~failed ~~distributes~~to qualify for treatment as ~~dividends~~a toRIC ~~Stockholders.~~and ~~Rather,~~such ~~dividends~~relief provisions did not apply to the Company, ~~distributes~~the ~~generally~~Company ~~will~~would be ~~taxable~~subject to ~~Stockholders,~~U.S. ~~and~~federal ~~any~~income ~~net~~tax ~~operating~~on ~~losses,~~all ~~foreign~~of its taxable income at regular corporate U.S. federal income tax ~~credits~~rates (and ~~other~~the Company also would be subject to any applicable state and local taxes), regardless of whether the Company’s ~~tax~~makes ~~attributes~~any ~~generally~~distributions ~~will~~to ~~not~~Stockholders. ~~pass~~The ~~through~~Company towould ~~Stockholders,~~not ~~subject~~be able to ~~special~~deduct ~~rules for~~distributions ~~certain~~to ~~items~~Stockholders, ~~such~~nor aswould ~~net~~distributions ~~capital~~to ~~gains~~Stockholders ~~and~~be ~~qualified~~required ~~dividend~~to ~~income~~be ~~the~~made ~~Company~~for ~~recognizes~~U.S. Tofederal ~~qualify~~income astax apurposes. ~~RIC,~~Any distributions the Company ~~must,~~makes ~~among~~generally ~~other~~would ~~things,~~be ~~meet~~taxable ~~certain~~to ~~source-of-income~~U.S. ~~and~~Stockholders ~~asset diversification requirements (~~as ~~described~~ordinary ~~below).~~dividend Inincome ~~addition~~and, subject to ~~qualify~~certain aslimitations aunder ~~RIC~~the Code, ~~the~~would ~~Company~~be ~~must~~eligible ~~timely~~for ~~distribute~~the ~~dividends~~20% tomaximum ~~Stockholders~~rate ofgenerally anapplicable ~~amount~~to ~~generally~~individuals atand ~~least~~other ~~equal~~non-corporate U.S. Stockholders, to ~~90%~~the extent of the Company’s ~~investment~~current ~~company~~or ~~taxable~~accumulated ~~income~~earnings ~~(determined~~and ~~without~~profits. ~~regard~~Subject to ~~the~~certain ~~dividends~~limitations ~~paid~~under ~~deduction)~~the Code, ~~which~~U.S. isStockholders ~~generally~~that ~~the~~are ~~Company’s~~corporations ~~net~~for ~~ordinary~~U.S. federal income ~~plus~~tax purposes generally would be eligible for the dividends-received deduction. Distributions in excess of ~~realized~~the ~~net~~Company’s ~~short-term~~current ~~capital~~and ~~gains~~accumulated ~~over~~earnings ~~realized~~and ~~net~~profits ~~long-term~~would ~~capital~~be ~~losses,~~treated iffirst ~~any,~~as ~~and~~a ~~90%~~return of capital to the ~~Company~~extent of the Stockholder’s ~~net~~adjusted tax~~-exempt~~ ~~income~~basis, ifand any, ~~for~~remaining ~~each~~distributions ~~taxable year~~would ~~(the~~be ~~“Annual~~treated ~~Distribution~~as ~~Requirement”)~~a capital gain.

~~Taxation~~Subject to a limited exception applicable to RICs that qualified as such under Subchapter M of the Code for at least one taxable year prior to disqualification and that re-qualify as a RIC no later than the second consecutive taxable year following the non-qualifying taxable year, the Company could be subject to U.S. federal income tax on any unrealized net built-in gains in the assets held by the Company during the period in which the Company failed to qualify as a RIC that are recognized during the five-taxable year period after its requalification as a RIC, unless the Company made a special election to pay corporate-level U.S. federal income tax on such net built-in gains at the time of the Company’s requalification as a RIC. The Company may decide to be taxed as a regular corporation even if the Company would otherwise qualify as a RIC if the Company determines that treatment as a corporation for a particular taxable year would be in the Company’s best interests.

If the Company qualifies as a RIC and satisfies the Annual Distribution Requirement, then the Company will not be subject to U.S. federal income tax on the portion of the Company’s investment company taxable income, net tax-exempt income, if any, and net capital gain (generally, net long-term capital gain in excess of net short-term capital loss) that the Company timely distributes (or is deemed to timely distribute) as dividends to Stockholders. The Company will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gain not distributed (or deemed distributed) to Stockholders.23

~~The~~Table ~~Company generally will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income or gains in respect~~ of any calendar year unless the Company distributes dividends in a timely manner to Stockholders of an amount at least equal to the sum of (1) 98% of the Company’s net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the Company’s capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending October 31 in such calendar year and (3) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years (the “Excise Tax Avoidance Requirement”). Any distribution declared by the Company during October, November or December of any calendar year, payable to Stockholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by the Company, as well as received by U.S. Stockholders, on December 31 of the calendar year in which the distribution was declared. The Company will not be subject to the U.S. federal excise tax on amounts on which the Company is required to pay U.S. federal income tax (such as retained net capital gains). Depending upon the level of taxable income earned in a taxable year, the Company may choose to carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax.Contents

The Company’s ~~may~~Investments ~~incur~~– the 4% nondeductible U.S. federal excise tax in the future on a portion of its income and capital gains. While the Company intends to distribute income and capital gains to minimize exposure to 4% nondeductible U.S. federal excise tax, the Company may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, the Company generally will be liable for 4% nondeductible U.S. federal excise tax only on the amount by which the Company does not meet the Excise Tax Avoidance Requirement. The Company generally will endeavor in each taxable year to avoid any General

22Certain of the Company’s investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (1) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (2) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (3) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (4) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (5) cause the Company to recognize income or gain without receipt of a corresponding cash payment, (6) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (7) adversely alter the characterization of certain complex financial transactions and (8) produce income that will not be qualifying income for purposes of the 90% Income Test. The Company intends to monitor its transactions and may make certain tax elections to mitigate the potential adverse effect of these provisions, but there can be no assurance that the Company will be eligible for any such tax elections or that any adverse effects of these provisions will be mitigated.

~~Table~~The Company may invest a portion of ~~Contents~~its net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for the Company. U.S. federal income tax rules are not entirely clear about issues such as when the Company may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. The Company intends to address these and other issues to the extent necessary in order to seek to ensure that the Company distributes sufficient income to avoid any material U.S. federal income or the 4% nondeductible U.S. federal excise tax.

~~material~~A Uportfolio company in which the Company invests may face financial difficulties that require the Company to work-out, modify or otherwise restructure the Company’s investment in the portfolio company.S Any such transaction could, depending upon the specific terms of the transaction, result in unusable capital losses and future non-cash income. ~~federal~~Any ~~excise~~such ~~tax~~transaction oncould ~~its~~also ~~earnings~~result ~~but~~in ~~there~~the ~~can~~Company bereceiving noassets ~~assurance~~that give rise to non-qualifying income for purposes of the 90% Income Test or otherwise would not count toward satisfying the Diversification Tests. Furthermore, some of the income that the Company ~~will~~might beotherwise ~~successful~~earn, such as fees for providing managerial assistance, certain fees earned with respect to the Company’s investments, income recognized in ~~entirely~~a ~~avoiding~~work-out or restructuring of a portfolio investment, or income recognized from an equity investment in an operating partnership, may not satisfy the 90% Income Test. To manage the risk that such income might disqualify the Company as a RIC for failure to satisfy the 90% Income Test, one or more subsidiary entities treated as U.S. ~~federal~~corporations ~~excise~~for entity-level income tax purposes may be employed to earn such income and (if applicable) hold the related asset. Such subsidiary entities will be required to pay entity-level income tax on their earnings, which ultimately will reduce the yield to Stockholders on such fees and income.

InGain ~~order~~or loss recognized by the Company from warrants or other securities acquired by the Company, as well as any loss attributable to ~~qualify~~the lapse of such warrants, generally will be treated as acapital ~~RIC~~gain ~~for~~or Uloss.S. ~~federal~~Such ~~income~~gain ~~tax~~or ~~purposes,~~loss generally will be long-term or short-term depending on how long the Company ~~must,~~held ~~among~~a ~~other~~particular ~~things:~~warrant or security.

●The ~~qualify~~Company’s ~~and~~investment ~~have~~ in ~~effect~~non-U.S. ansecurities ~~election~~may be subject to non-U.S. income, withholding and other taxes. In that case, the Company’s yield on those securities would be ~~treated~~decreased. asU.S. Stockholders generally will not be entitled to claim a ~~BDC~~U.S. ~~under~~foreign ~~the~~tax ~~1940~~credit ~~Act~~or atdeduction ~~all~~with ~~times~~respect ~~during~~to ~~each~~non-U.S. ~~taxable~~taxes ~~year;~~paid by the Company.

●If ~~derive~~the inCompany ~~each~~acquires ~~taxable~~shares ~~year~~in ata ~~least~~passive ~~90%~~foreign ofinvestment company (“PFIC”), the Company’s ~~gross~~may be subject to U.S. federal income tax on a portion of any “excess distribution” received on, or any gain from ~~dividends~~the disposition of, such shares even if the Company distributes such income as a taxable dividend to Stockholders. Additional charges in the nature of interest, ~~payments~~generally ~~with~~will be imposed on the Company in respect of deferred taxes arising from any such excess distribution or gain. If the Company invests in the shares of a PFIC and elects to ~~loans~~treat the PFIC as a “qualified electing fund” under the Code (a “QEF”), in lieu of ~~certain~~the ~~securities~~foregoing requirements, ~~gains~~the ~~from~~Company will be required to include in income each year the ~~sale~~Company’s proportionate share of ~~stock~~the orordinary ~~other~~earnings ~~securities,~~and net capital gain of the QEF, even if such income ~~derived~~is ~~from~~not andistributed ~~interest~~by the QEF. Alternatively, the Company may be able to elect to mark its shares in a ~~“qualified~~PFIC ~~publicly~~at ~~traded~~the ~~partnership”~~end (of each taxable year to market; in this case, the Company will recognize as ~~defined~~ordinary income any increase in the ~~Code)~~value of such shares, orand ~~other~~as ordinary loss any decrease in such value to the extent that any such decrease does not exceed prior increases in such value included in the Company’s income. ~~derived~~The ~~with~~Company’s ~~respect~~ability to make either election will depend on factors beyond the Company’s ~~business~~control and is subject to restrictions which may limit the availability of ~~investing~~the benefit of these elections. Under either election, the Company may be required to recognize in ~~such~~a taxable year income in excess of any distributions the Company receives from PFICs and any proceeds from dispositions of PFIC stock orduring ~~securities~~that (taxable year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of determining whether the Company satisfies the Excise Tax Avoidance Requirement. See “~~90%~~– ~~Income~~Taxation ~~Test~~as a RIC”); ~~and~~above.

~~● diversify the Company’s holdings so that at the end of each quarter of the taxable year:~~24

●Table ~~at least 50%~~ of the value of the Company’s assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of the Company’s assets or more than 10% of the outstanding voting securities of the issuer; andContents

●Under noSection ~~more~~988 ~~than 25%~~ of the ~~value~~Code, ofgains or losses attributable to fluctuations in exchange rates between the time the Company’s ~~assets~~accrues isincome, ~~invested~~expenses or other liabilities denominated in (a) foreign currency and the ~~securities,~~time ~~other~~the ~~than~~Company ~~U.S.~~actually ~~government~~collects ~~securities~~such income or ~~securities~~pay ofsuch ~~other~~expenses ~~RICs,~~or ofliabilities ~~one~~are ~~issuer~~generally treated as ordinary income or ofloss. ~~two~~Similarly, gains or ~~more~~losses ~~issuers~~on ~~that~~foreign ~~are~~currency-denominated ~~controlled~~forward, futures, and option contracts, as ~~determined~~well ~~under~~as ~~applicable~~certain ~~Code~~other ~~rules~~financial instruments, byand the ~~Company~~disposition ~~and~~of ~~that~~debt ~~are~~obligations ~~engaged~~denominated in ~~the~~a ~~same~~foreign orcurrency, ~~similar~~to orthe ~~related~~extent ~~trades~~attributable orto ~~businesses~~fluctuations orin ~~(b)~~exchange rates between the ~~securities~~acquisition ofand ~~one~~disposition ordates, ~~more~~are ~~qualified~~also ~~publicly~~treated ~~traded~~as ~~partnerships~~ordinary ~~(the~~income ~~“Diversification~~or ~~Tests”)~~loss.

ASome ~~RIC is limited in its ability to deduct expenses in excess~~ of ~~its~~the ~~investment company taxable~~ income. Ifthat the Company’s ~~expenses~~might inotherwise ~~a given taxable year exceed its investment company taxable income~~earn, ~~the~~such ~~Company~~as ~~may~~fees ~~experience a net operating loss~~ for ~~that~~providing ~~taxable year.~~managerial ~~However~~assistance, acertain ~~RIC~~fees isearned ~~not~~with ~~permitted~~respect to ~~carry~~the ~~forward~~Company’s ~~net~~investments, ~~operating~~income ~~losses~~recognized toin ~~subsequent~~a ~~taxable years~~work-out ~~and~~or ~~such~~restructuring ~~net~~of ~~operating~~a ~~losses~~portfolio ~~do not pass through to its shareholders. In addition~~investment, ~~deductible~~or ~~expenses~~income ~~can~~recognized befrom ~~used~~an ~~only~~equity ~~to offset~~ investment ~~company~~in ~~taxable~~an ~~income~~operating partnership, ~~not net capital gain. A RIC~~ may not ~~use~~satisfy ~~any~~the ~~net~~90% ~~capital~~Income ~~losses~~Test. ~~(that~~To ~~is,~~manage the ~~excess~~risk ofthat ~~realized~~such ~~capital losses over realized capital gains) to offset its investment company taxable~~ income, ~~but~~might ~~may~~disqualify ~~carry~~the ~~forward~~Company ~~such~~as ~~net~~a ~~capital~~RIC ~~losses,~~for ~~and~~failure ~~use them~~ to ~~offset~~satisfy ~~future capital gains, indefinitely. In~~ the ~~event~~90% ~~that~~Income aTest, ~~RIC~~one ~~were~~or tomore ~~experience~~subsidiary anentities ~~ownership~~treated ~~change~~ as ~~defined~~U.S. ~~under~~corporations ~~the~~for ~~Code,~~U.S. ~~the~~federal ~~capital~~income ~~loss carryforwards and other favorable~~ tax ~~attributes~~purposes ~~of the RIC, if any,~~ may be ~~subject~~employed to ~~limitation.~~earn ~~Due~~such toincome ~~these limits on deductibility of expenses~~ and ~~net~~(if ~~capital~~applicable) ~~losses,~~hold the ~~Company~~related ~~may~~asset. ~~for~~Such ~~tax~~subsidiary ~~purposes~~entities ~~have~~will ~~aggregate~~be ~~taxable income for several years that the Company is~~ required to ~~distribute~~pay ~~and~~U.S. ~~that~~federal isincome ~~taxable~~tax toon ~~Stockholders~~their ~~even~~earnings, ifwhich ~~such~~ultimately ~~taxable~~will ~~income~~reduce ~~is greater than~~ the ~~net~~yield ~~income~~to ~~the~~Stockholders ~~Company~~on ~~actually~~such ~~earns~~fees ~~during~~and ~~those taxable years~~income.

~~For~~The ~~U.S.~~remainder federal income tax purposes, the Company will include in its taxable income certain amounts that it has not yet received in cash. For example, if the Company holds debt obligations that are treated under applicable U.S. federal income tax rules as having original issue discount (“OID”) (such as debt instruments with PIK interest or, in certain cases, that have increasing interest rates or are issued with warrants), the Company must include in its taxable income in each taxable year a portion of ~~the~~this ~~OID~~discussion ~~that~~assumes accrues over the life of the obligation, regardless of whether the Company receives cash representing such income in the same taxable year. The Company may also have to include in its taxable income other amounts that the Company ~~has~~qualifies ~~not yet received in cash, such~~ as ~~accruals on~~ a ~~contingent~~RIC payment debt instrument or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Further, the Company may elect to amortize market discount on debt investments and currently include such amounts in its taxable income, instead of upon their sale or other disposition, as any failure to make such election would limit the Company’s ability to deduct interest expense for ~~tax~~each ~~purposes. Because such OID or other amounts accrued will be included in the Company’s investment company~~ taxable ~~income for the taxable~~ year of accrual, the Company may be required to make distributions to Stockholders in order to satisfy the Annual Distribution Requirement and/or the Excise Tax Avoidance Requirement, even though the Company will have not received any corresponding cash payments. Accordingly, to enable the Company to make distributions to Stockholders that will be sufficient to enable the Company to satisfy the Annual Distribution Requirement, the Company may need to sell some of its assets at times and/or at prices that it would not consider advantageous, the Company may need to raise additional equity or debt capital or the Company may need to forego new investment opportunities or otherwise take actions that are disadvantageous to its business (or be unable to take actions that are advantageous to its business). If the Company is unable to obtain cash from other sources to enable the Company to satisfy the Annual Distribution Requirement, the Company may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income tax (and any applicable state and local taxes).

23Taxation of U.S. Stockholders

~~Table~~The following discussion only applies to U.S. Stockholders. Prospective Stockholders that are not U.S. Stockholders should refer to “– Taxation of ~~Contents~~Non-U.S. Stockholders” below.

Because the Company expects to use a subscription facility, the Company may be prevented from making distributions to Stockholders in certain circumstances. In addition, under the 1940 Act, the Company is generally not permitted to make distributions to Stockholders while its debt obligations and other senior securities are outstanding unless certain “asset coverage” tests are met. Limits on the Company’s distributions to Stockholders may prevent the Company from satisfying the Annual Distribution Requirement and, therefore, may jeopardize the Company’s qualification for taxation as a RIC, or may cause the Company to be subject to the 4% nondeductible U.S. federal excise tax.Distributions

~~Although~~Distributions by the Company ~~does~~(including ~~not~~distributions ~~presently~~where ~~expect~~Stockholders can elect to doreceive ~~so,~~cash or stocks) generally are taxable to U.S. Stockholders as ordinary income or capital gains. Distributions of the Company’s ~~may~~investment ~~borrow~~company ~~funds~~taxable ~~and~~income ~~sell~~will ~~assets~~be intaxable ~~order~~as toordinary ~~make~~income ~~distributions~~ to U.S. Stockholders ~~that~~to ~~are~~the ~~sufficient~~extent ~~for~~of the Company’s tocurrent ~~satisfy~~or ~~the~~accumulated ~~Annual~~earnings ~~Distribution~~and ~~Requirement~~profits, whether paid in cash or stock. ~~However,~~To the ~~Company’s~~extent ~~ability~~that tosuch ~~dispose~~distributions ofpaid ~~assets~~by ~~may~~the beCompany ~~limited~~to bynon-corporate U.S. Stockholders (1including individuals) ~~the~~ ~~illiquid~~are ~~nature~~attributable ofto ~~its~~dividends ~~portfolio~~from U.S. corporations and~~/or~~ certain qualified foreign corporations, such distributions (2“Qualifying Dividends”) ~~other~~ ~~requirements~~may ~~relating~~be toeligible for a reduced maximum U.S. federal income tax rate of 20%. In this regard, it is anticipated that the Company’s ~~status~~distributions asgenerally awill ~~RIC,~~not ~~including~~be ~~the~~attributable ~~Diversification~~to ~~Tests.~~dividends Ifreceived by the Company ~~disposes~~and, oftherefore, ~~assets~~generally inwill ~~order~~not toqualify ~~meet~~for the ~~Annual~~20% ~~Distribution~~maximum ~~Requirement~~rate orapplicable to Qualifying Dividends. Distributions of the ~~Excise~~Company’s ~~Tax~~net ~~Avoidance~~capital ~~Requirement,~~gain (which is generally the Company’s ~~may~~realized ~~make~~net ~~such~~long-term ~~dispositions~~capital atgains ~~times~~in ~~that,~~excess ~~from~~of anrealized ~~investment~~net ~~standpoint,~~short-term ~~are~~capital ~~not~~losses) ~~advantageous.~~properly ~~Alternatively,~~designated ~~although~~by the Company ~~currently~~as ~~does~~“capital ~~not~~gain ~~intend~~dividends” towill dobe ~~so,~~taxable to ~~satisfy~~U.S. ~~the~~Stockholders ~~Annual~~as ~~Distribution~~long-term ~~Requirement,~~capital ~~the~~gains ~~Company~~(currently ~~may~~taxable ~~declare~~at a ~~taxable~~maximum ~~dividend~~U.S. ~~payable~~federal inincome ~~the~~tax ~~Company’s~~rate ~~stock~~of or20% ~~cash~~in at the ~~election~~case of ~~each~~non-corporate ~~Stockholder~~U.S. InStockholders ~~such~~(including ~~case~~individuals)), ~~for~~regardless of the U.S. ~~federal~~Stockholder’s ~~income~~holding ~~tax~~period ~~purposes~~for his, ~~the~~her ~~amount~~or ofits ~~the~~stocks ~~dividend~~and regardless of whether paid in cash or stock. Distributions in excess of the Company’s ~~Common~~earnings ~~Stock~~and profits first will ~~generally~~reduce bea ~~equal~~U.S. toStockholder’s adjusted tax basis in such Stockholder’s stocks and, after the ~~amount~~adjusted oftax ~~cash~~basis ~~that~~is ~~could~~reduced ~~have~~to ~~been~~zero, ~~received~~will ~~instead~~generally ofconstitute ~~the~~capital ~~Company’s~~gains ~~stock~~to such U.S. Stockholder.

~~Distributions~~The ~~the~~ Company ~~makes~~may decide to ~~Stockholders~~retain ~~may~~some beor ~~made~~all ~~from~~of the Company’s ~~cash~~net ~~assets~~capital gain for reinvestment, but designate the retained net capital gain as a “deemed distribution.” In that case, among other consequences, (i) the Company will pay tax on the retained amount, (ii) each U.S. Stockholder will be required to include his, her or byits ~~liquidation~~share of ~~its~~the ~~investments,~~deemed distribution in income as if ~~necessary~~it had been actually distributed to the U.S. ~~The~~Stockholder, ~~Company~~and ~~may~~(iii) ~~recognize~~the ~~gains~~U.S. Stockholder will be entitled to claim a credit equal to his, her or ~~losses~~its ~~from~~allocable ~~such~~share ~~liquidations.~~of Inthe tax paid thereon by the ~~event~~Company. Because the Company ~~recognizes~~expects to pay tax on any retained net capital gains ~~from~~at ~~such~~the ~~transactions~~regular corporate U.S. federal income tax rate, and because that rate is in excess of the maximum U.S. federal income tax rate currently payable by individuals (and other non-corporate U.S. Stockholders) ~~may~~on ~~receive~~long-term acapital ~~larger~~gains, the amount of tax that individuals (and other non-corporate U.S. Stockholders) will be treated as having paid will exceed the tax they owe on the capital gain distribution. ~~than~~Such ~~they~~excess ~~would~~generally ~~have~~may ~~received~~be inclaimed as a credit against the ~~absence~~U.S. Stockholder’s other federal income tax obligations or may be refunded to the extent it exceeds the U.S. Stockholder’s U.S. federal income tax liability. The amount of the deemed distribution net of such ~~transactions~~tax will be added to the U.S. Stockholder’s tax basis for his, her or its stocks. In order to utilize the deemed distribution approach, the Company must provide written notice to Stockholders prior to the expiration of 60 days after the close of the relevant taxable year. The Company cannot treat any of its investment company taxable income as a “deemed distribution.”

~~Failure~~For purposes of determining (1) whether the Annual Distribution Requirement is satisfied for any year and (2) the amount of capital gain dividends paid for that year, under certain circumstances, the Company may elect to ~~Qualify~~treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If the Company makes such an election, U.S. Stockholders will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by the Company in October, November or December of any calendar year, payable to Stockholders of record on a ~~RIC~~specified date in such a

If the Company failed to satisfy the 90% Income Test for any taxable year or the Diversification Tests for any quarter of a taxable year, the Company might nevertheless continue to qualify as a RIC for such taxable year if certain relief provisions of the Code applied (which might, among other things, require the Company to pay certain corporate-level U.S. federal taxes or to dispose of certain assets). If the Company failed to qualify for treatment as a RIC and such relief provisions did not apply to the Company, the Company would be subject to U.S. federal income tax on all of its taxable income at regular corporate U.S. federal income tax rates (and the Company also would be subject to any applicable state and local taxes), regardless of whether the Company makes any distributions to Stockholders. The Company would not be able to deduct distributions to Stockholders, nor would distributions to Stockholders be required to be made for U.S. federal income tax purposes. Any distributions the Company makes generally would be taxable to U.S. Stockholders as ordinary dividend income and, subject to certain limitations under the Code, would be eligible for the 20% maximum rate generally applicable to individuals and other non-corporate U.S. Stockholders, to the extent of the Company’s current or accumulated earnings and profits. Subject to certain limitations under the Code, U.S. Stockholders that are corporations for U.S. federal income tax purposes generally would be eligible for the dividends-received deduction. Distributions in excess of the Company’s current and accumulated earnings and profits would be treated first as a return of capital to the extent of the Stockholder’s adjusted tax basis, and any remaining distributions would be treated as a capital gain.25

~~Subject~~Table ~~to a limited exception applicable to RICs that qualified as such under Subchapter M~~ of the Code for at least one taxable year prior to disqualification and that re-qualify as a RIC no later than the second consecutive taxable year following the non-qualifying taxable year, the Company could be subject to U.S. federal income tax on any unrealized net built-in gains in the assets held by the Company during the period in which the Company failed to qualify as a RIC that are recognized during the five-taxable year period after its requalification as a RIC, unless the Company made a special election to pay corporate-level U.S. federal income tax on such net built-in gains at the time of the Company’s requalification as a RIC. The Company may decide to be taxed as a regular corporation even if the Company would otherwise qualify as a RIC if the Company determines that treatment as a corporation for a particular taxable year would be in the Company’s best interests.Contents

~~The~~month ~~Company’s~~and ~~Investments –~~actually ~~General~~paid during January of the following calendar year, will be treated as if it had been received by U.S. Stockholders on December 31 of the calendar year in which the dividend was declared.

~~Certain~~Until ofand unless the Company’s ~~investment~~is ~~practices~~treated ~~may~~as bea ~~subject~~publicly tooffered ~~special~~RIC ~~and~~as ~~complex~~a ~~U.S.~~result ~~federal~~of ~~income~~either ~~tax~~(1) ~~provisions~~shares ~~that~~of ~~may,~~its ~~among~~common ~~other~~stock ~~things,~~collectively ~~(1) treat~~being ~~dividends~~held ~~that~~by ~~would~~at ~~otherwise~~least ~~constitute~~500 ~~qualified~~persons ~~dividend~~at ~~income~~all astimes ~~non-qualified~~during ~~dividend~~a ~~income~~taxable year, (2) ~~disallow,~~ ~~suspend~~shares orof ~~otherwise~~its ~~limit~~common stock being continuously offered pursuant to a public offering (within the ~~allowance~~meaning of ~~certain~~Section ~~losses~~4 orof ~~deductions,~~the Securities Act) or (3) ~~convert~~ ~~lower-taxed~~shares ~~long-term~~of ~~capital~~its ~~gain~~common ~~into~~stock ~~higher-taxed~~being ~~short-term~~treated ~~capital~~as ~~gain~~regularly ortraded ~~ordinary~~on ~~income~~an established securities market, ~~(4) convert~~each U.S. Stockholder that is an ~~ordinary~~individual, ~~loss~~trust or aestate ~~deduction~~will ~~into~~be treated as having received a ~~capital~~dividend ~~loss~~for (U.S. federal income tax purposes from the ~~deductibility~~Company in the amount of ~~which~~such isU.S. ~~more~~Stockholder’s ~~limited),~~allocable ~~(5) cause~~share of the ~~Company~~management toand ~~recognize~~incentive ~~income~~fees orpaid ~~gain~~to ~~without~~the ~~receipt~~Adviser and certain of athe ~~corresponding~~Company’s ~~cash~~other ~~payment~~expenses for the calendar year, ~~(6) adversely~~and ~~affect~~these ~~the~~fees ~~time~~and expenses will be treated as tomiscellaneous ~~when~~itemized deductions of such U.S. Stockholder. Miscellaneous itemized deductions generally are deductible by a ~~purchase~~U.S. Stockholder that is an individual, trust or ~~sale~~estate only to the extent that the aggregate of ~~stock~~such orU.S. ~~securities~~Stockholder’s ismiscellaneous ~~deemed~~itemized todeductions ~~occur~~exceeds 2% of such U.S. Stockholder’s adjusted gross income for U.S. federal income tax purposes, ~~(7) adversely~~are ~~alter~~not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.

24The Company’s U.S. Stockholders will receive, as promptly as possible after the end of each calendar year, a notice reporting the amounts includible in such U.S. Stockholder’s taxable income for such calendar year as ordinary income and as long-term capital gain. In addition, the U.S. federal tax status of each calendar year’s distributions from the Company generally will be reported to the IRS (including the amount of any dividends that are Qualifying Dividends eligible for the 20% maximum rate). Dividends paid by the Company generally will not be eligible for the dividends-received deduction or the preferential tax rate applicable to Qualifying Dividends because the Company’s income generally will not consist of dividends. Distributions may also be subject to additional state, local and non-U.S. taxes depending on a U.S. Stockholder’s particular situation.

~~Table~~Certain distributions reported by the Company as section 163(j) interest dividends may be treated as interest income by the U.S. Stockholders for purposes of ~~Contents~~the tax rules applicable to interest expense limitations under the Code section 163(j). Such treatment by the U.S. Stockholders is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that the Company is eligible to report as a section 163(j) dividend for a tax year is generally limited to the excess of the Company’s business interest income over the Company’s (i) business interest expense and (ii) other deductions properly allocable to the Company’s business interest income.

the characterization of certain complex financial transactions and (8) produce income that will not be qualifying income for purposes of the 90% Income Test. The Company intends to monitor its transactions and may make certain tax elections to mitigate the potential adverse effect of these provisions, but there can be no assurance that the Company will be eligible for any such tax elections or that any adverse effects of these provisions will be mitigated.Dispositions

~~The~~A ~~Company~~U.S. ~~may~~Stockholder ~~invest~~generally awill ~~portion~~recognize oftaxable ~~its~~gain ~~net~~or ~~assets~~loss inif ~~below~~the ~~investment grade instruments~~U.S. ~~Investments~~Stockholder insells ~~these~~or ~~types~~otherwise disposes of ~~instruments~~his, ~~may~~her ~~present~~or ~~special~~its ~~tax~~stock ~~issues~~(except ~~for~~pursuant to a repurchase by the Company., Uas described below).S. ~~federal~~The ~~income~~amount ~~tax~~of ~~rules are~~gain ~~not~~or ~~entirely~~loss ~~clear~~will ~~about~~be ~~issues~~measured by the difference between such asStockholder’s ~~when~~adjusted tax basis in the ~~Company~~stocks ~~may~~sold ~~cease~~and tothe ~~accrue~~amount ~~interest,~~of ~~original~~the ~~issue~~proceeds ~~discount~~received in exchange. Any gain or ~~market~~loss ~~discount,~~arising ~~when~~from ~~and~~such tosale ~~what~~or ~~extent~~disposition ~~deductions~~generally ~~may~~will be ~~taken~~treated ~~for~~as ~~bad~~long-term ~~debts~~capital gain or ~~worthless~~loss ~~instruments~~if the U.S. Stockholder has held his, ~~how~~her ~~payments~~or ~~received~~its onstocks ~~obligations~~for inmore ~~default~~than ~~should~~one year; otherwise, any such gain or loss will be ~~allocated~~classified ~~between~~as ~~principal~~short-term ~~and~~capital ~~income~~gain ~~and~~or ~~whether~~loss. ~~exchanges~~However, ofany ~~debt~~capital ~~obligations~~loss inarising afrom ~~bankruptcy~~the sale or ~~workout~~disposition ~~context~~of ~~are~~stocks ~~taxable.~~held ~~The~~for ~~Company~~six ~~intends~~months toor ~~address~~less ~~these~~will ~~and~~be ~~other~~treated ~~issues~~as long-term capital loss to the extent ~~necessary~~of inthe ~~order~~amount toof ~~seek~~capital togain ~~ensure~~dividends ~~that~~received, ~~the~~or ~~Company~~undistributed ~~distributes~~capital ~~sufficient~~gain ~~income~~deemed toreceived, ~~avoid~~with ~~any~~respect ~~material~~to Usuch stocks.S. ~~federal~~In ~~income~~addition, all or a portion of any loss recognized upon a disposition of stocks may be disallowed if other stocks of the 4%Company ~~nondeductible~~are ~~U.S.~~purchased ~~federal~~(whether ~~excise~~through ~~tax~~reinvestment of distributions or otherwise) within 30 days before or after the disposition.

AIn ~~portfolio~~general, ~~company~~non-corporate inU.S. ~~which~~Stockholders ~~the~~(including ~~Company~~individuals) ~~invests~~currently ~~may~~are ~~face~~subject ~~financial~~to ~~difficulties~~a ~~that~~maximum ~~require~~U.S. ~~the~~federal ~~Company~~income totax ~~work-out,~~rate ~~modify~~of or20% ~~otherwise~~on ~~restructure~~their ~~the~~net ~~Company’s~~capital ~~investment~~gain in(i.e., the ~~portfolio~~excess ~~company.~~of ~~Any~~realized ~~such~~net ~~transaction~~long-term ~~could,~~capital ~~depending~~gains ~~upon~~over ~~the~~realized ~~specific~~net ~~terms~~short-term ofcapital ~~the transaction~~losses), ~~result~~including inany ~~unusable~~long-term capital ~~losses~~gain ~~and~~derived ~~future~~from ~~non-cash~~an ~~income.~~investment ~~Any~~in ~~such~~stocks. ~~transaction~~Such ~~could~~rate ~~also~~is ~~result~~lower inthan the ~~Company~~maximum ~~receiving~~rate ~~assets~~on ~~that~~ordinary ~~give rise to non-qualifying~~ income ~~for~~currently ~~purposes~~payable ofby ~~the~~individuals. ~~90%~~Corporate ~~Income~~U.S. ~~Test~~Stockholders orcurrently ~~otherwise~~are ~~would~~subject ~~not~~to ~~count~~U.S. ~~toward~~federal ~~satisfying~~income ~~the~~tax ~~Diversification~~on ~~Tests.~~net ~~Furthermore,~~capital ~~some~~gain ofat the ~~income~~maximum ~~that~~21% ~~the~~rate ~~Company~~also ~~might~~applied ~~otherwise~~to ~~earn,~~ordinary ~~such~~income. asNon-corporate ~~fees~~U.S. ~~for~~Stockholders ~~providing~~(including ~~managerial~~individuals) ~~assistance,~~incurring ~~certain~~net ~~fees~~capital ~~earned~~losses ~~with~~(i.e., ~~respect~~capital tolosses ~~the~~in ~~Company’s~~excess ~~investments,~~of ~~income~~capital ~~recognized~~gains) infor a ~~work-out~~taxable oryear ~~restructuring~~generally ofmay adeduct ~~portfolio~~up ~~investment~~to $3,000 orof ~~income~~such ~~recognized~~losses ~~from~~against antheir ~~equity~~ordinary ~~investment~~income ineach antaxable ~~operating~~year; ~~partnership,~~any ~~may~~net ~~not~~capital ~~satisfy~~losses ~~the~~of ~~90%~~a ~~Income~~non-corporate ~~Test~~U.S. ToStockholder ~~manage~~(including ~~the~~an ~~risk~~individual) ~~that~~in ~~such~~excess ~~income~~of ~~might~~$3,000 ~~disqualify~~generally ~~the~~may ~~Company~~be ascarried aforward ~~RIC~~and ~~for~~used ~~failure~~in tosubsequent ~~satisfy~~taxable ~~the~~years ~~90%~~as ~~Income~~provided ~~Test,~~in ~~one~~the orCode. ~~more~~Corporate ~~subsidiary entities treated as~~ U.S. ~~corporations~~Stockholders ~~for~~generally ~~entity-level income tax purposes~~ may benot ~~employed~~deduct toany ~~earn~~net ~~such~~capital ~~income~~losses ~~and~~for ~~(if~~a ~~applicable)~~taxable ~~hold~~year, ~~the~~but ~~related~~may ~~asset.~~carry ~~Such~~back ~~subsidiary~~such ~~entities~~capital ~~will~~losses befor ~~required~~three totaxable ~~pay~~years ~~entity-level~~or ~~income~~carry ~~tax~~forward onsuch ~~their~~capital ~~earnings,~~losses ~~which~~for ~~ultimately~~five ~~will~~taxable ~~reduce the yield to Stockholders on such fees and income~~years.

~~Gain~~The orCode ~~loss~~and ~~recognized by~~ the ~~Company~~related ~~from~~U.S. ~~warrants~~Treasury orregulations ~~other~~require ~~securities acquired by~~ the Company, asto ~~well~~annually asreport ~~any~~the ~~loss~~adjusted ~~attributable~~cost tobasis ~~the~~information ~~lapse~~ of ~~such~~covered ~~warrants~~securities, which generally ~~will~~include beshares ~~treated~~of asa ~~capital~~RIC, ~~gain~~to orthe ~~loss.~~IRS ~~Such~~and ~~gain~~to ortaxpayers. ~~loss~~Stockholders ~~generally~~should ~~will~~contact betheir ~~long-term~~financial orintermediaries ~~short-term~~with ~~depending~~respect onto ~~how~~reporting ~~long~~of ~~the~~cost ~~Company~~basis ~~held~~and aavailable ~~particular~~elections ~~warrant~~for ortheir ~~security~~accounts.

The Company’s investment in non-U.S. securities may be subject to non-U.S. income, withholding and other taxes. In that case, the Company’s yield on those securities would be decreased. U.S. Stockholders generally will not be entitled to claim a U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by the Company.26

IfTable ~~the Company acquires shares in a passive foreign investment company (“PFIC”), the Company may be subject to U.S. federal income tax on a portion~~ of any “excess distribution” received on, or any gain from the disposition of, such shares even if the Company distributes such income as a taxable dividend to Stockholders. Additional charges in the nature of interest generally will be imposed on the Company in respect of deferred taxes arising from any such excess distribution or gain. If the Company invests in the shares of a PFIC and elects to treat the PFIC as a “qualified electing fund” under the Code (a “QEF”), in lieu of the foregoing requirements, the Company will be required to include in income each year the Company’s proportionate share of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed by the QEF. Alternatively, the Company may be able to elect to mark its shares in a PFIC at the end of each taxable year to market; in this case, the Company will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent that any such decrease does not exceed prior increases in such value included in the Company’s income. The Company’s ability to make either election will depend on factors beyond the Company’s control and is subject to restrictions which may limit the availability of the benefit of these elections. Under either election, the Company may be required to recognize in a taxable year income in excess of any distributions the Company receives from PFICs and any proceeds from dispositions of PFIC stock during that taxable year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of determining whether the Company satisfies the Excise Tax Avoidance Requirement. See “– Taxation as a RIC” above.Contents

~~Under~~From ~~Section 988~~time ofto ~~the Code~~time, ~~gains~~the orCompany ~~losses~~may ~~attributable~~offer to ~~fluctuations~~repurchase inits ~~exchange~~outstanding ~~rates~~stocks. ~~between~~Stockholders ~~the~~who ~~time~~tender all stocks of the Company ~~accrues~~held, ~~income~~or considered to be held, ~~expenses~~by orthem ~~other~~will ~~liabilities~~be ~~denominated~~treated inas ahaving ~~foreign~~sold ~~currency~~their stocks and ~~the~~generally ~~time~~will ~~the~~realize ~~Company~~a ~~actually~~capital ~~collects~~gain ~~such~~or ~~income~~loss. orIf ~~pay~~a ~~such~~Stockholder ~~expenses~~tenders fewer than all of its stocks or ~~liabilities~~fewer than all stocks tendered are ~~generally~~repurchased, such Stockholder may be treated as ~~ordinary~~having ~~income~~received ora ~~loss~~taxable dividend upon the tender of its stocks. ~~Similarly~~In such a case, ~~gains~~there oris ~~losses~~a onrisk ~~foreign~~that ~~currency~~non-~~denominated~~tendering ~~forward~~Stockholders, ~~futures,~~ and ~~option~~Stockholders ~~contracts,~~who astender ~~well~~some asbut ~~certain~~not ~~other~~all ~~financial~~of ~~instruments,~~their ~~and~~stocks ~~the~~or ~~disposition~~fewer than all of ~~debt~~whose ~~obligations~~stocks ~~denominated~~are repurchased, in each case whose percentage interests in the Company increase as a ~~foreign~~result ~~currency~~of such tender, towill be treated as having received a taxable distribution from the Company. The extent ~~attributable~~of tosuch ~~fluctuations~~risk inwill ~~exchange~~vary ~~rates~~depending ~~between~~upon the ~~acquisition~~particular ~~and~~circumstances ~~disposition~~of ~~dates~~the tender offer, ~~are~~and ~~also~~in ~~treated~~particular aswhether ~~ordinary~~such ~~income~~offer is a single and isolated event or ~~loss~~is part of a plan for periodically redeeming stocks of the Company.

25Medicare Tax on Net Investment Income

~~Table~~An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Company and net gains from redemptions or other taxable dispositions of ~~Contents~~the Company’s stocks) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds certain threshold amounts.

~~Some~~Tax ofShelter ~~the~~Reporting income that the Company might otherwise earn, such as fees for providing managerial assistance, certain fees earned with respect to the Company’s investments, income recognized in a work-out or restructuring of a portfolio investment, or income recognized from an equity investment in an operating partnership, may not satisfy the 90% Income Test. To manage the risk that such income might disqualify the Company as a RIC for failure to satisfy the 90% Income Test, one or more subsidiary entities treated as U.S. corporations for U.S. federal income tax purposes may be employed to earn such income and (if applicable) hold the related asset. Such subsidiary entities will be required to pay U.S. federal income tax on their earnings, which ultimately will reduce the yield to Stockholders on such fees and income.Regulations

~~The~~Under ~~remainder~~applicable ofTreasury ~~this~~regulations, ~~discussion~~if ~~assumes~~a ~~that~~U.S. Stockholder recognizes a loss with respect to the Company’s ~~qualifies~~stocks asof $2 million or more for a ~~RIC~~non-corporate U.S. Stockholder or $10 million or more for ~~each~~a corporate U.S. Stockholder in any single taxable year (or a greater loss over a combination of years), the U.S. Stockholder must file with the IRS a disclosure statement on Form 8886. Direct owners of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, U.S. Stockholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. Stockholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. U.S. Stockholders should consult their own tax advisers to determine the applicability of these Treasury regulations in light of their individual circumstances.

~~Taxation~~Backup ~~of U.S. Stockholders~~Withholding

The ~~following~~relevant ~~discussion~~withholding ~~only~~agent ~~applies~~may be required to withhold U.S. ~~Stockholders.~~federal ~~Prospective~~income ~~Stockholders~~tax ~~that~~(“Backup ~~are~~Withholding”), ~~not~~at a current rate of 24%, from any taxable distribution to a U.S. ~~Stockholders~~Stockholder ~~should~~(other ~~refer~~than toa “–C” ~~Taxation~~corporation, ofa ~~Non-~~financial institution, or a Stockholder that otherwise qualifies for an exemption) (1) that fails to provide a correct taxpayer identification number or a certificate that such Stockholder is exempt from Backup Withholding or (2) with respect to whom the IRS notifies the withholding agent that such Stockholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual’s taxpayer identification number is his or her social security number. Backup Withholding is not an additional tax, and any amount withheld under the Backup Withholding rules is allowed as a credit against the U.S. ~~Stockholders”~~Stockholder’s ~~below~~U.S. federal income tax liability, provided that proper information is timely provided to the IRS.

~~Distributions~~Taxation of Non-U.S. Stockholders

~~Distributions~~The byfollowing ~~the~~discussion ~~Company~~applies ~~(including~~only ~~distributions where Stockholders can elect~~ to ~~receive cash or stocks) generally are taxable to~~ Non-U.S. Stockholders ~~as ordinary income or capital gains~~. ~~Distributions~~Whether ofan ~~the Company’s~~ investment ~~company~~in ~~taxable~~stocks ~~income will be taxable as ordinary income to U.S. Stockholders to the extent~~ of the Company’s ~~current~~is orappropriate accumulated earnings and profits, whether paid in cash or stock. To the extent that such distributions paid by the Company to non-corporate U.S. Stockholders (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such distributions (“Qualifying Dividends”) may be eligible for a ~~reduced maximum~~ Non-U.S. ~~federal~~Stockholder ~~income~~will ~~tax~~depend ~~rate~~upon ~~of 20%. In this regard, it is anticipated~~ that ~~the Company~~Stockholder’s ~~distributions~~particular ~~generally will not be attributable to dividends received by the Company and, therefore, generally will not qualify for the 20% maximum rate applicable to Qualifying Dividends~~circumstances. ~~Distributions~~An ofinvestment ~~the Company’s net capital gain (which is generally the Company’s realized net long-term capital gains~~ in ~~excess~~stocks of ~~realized net short-term capital losses) properly designated by~~ the Company asby ~~“capital~~a ~~gain dividends” will be taxable to~~ Non-U.S. ~~Stockholders~~Stockholder asmay ~~long-term~~have ~~capital~~adverse ~~gains~~tax ~~(currently~~consequences ~~taxable~~to atsuch ~~a maximum~~ Non-U.S. ~~federal~~Stockholder. ~~income tax rate of 20% in the case of non~~Non-~~corporate~~ U.S. Stockholders ~~(including~~should ~~individuals)),~~consult ~~regardless~~their ofown ~~the~~tax ~~U.S.~~advisers ~~Stockholder’s~~before ~~holding~~investing ~~period for his, her or its stocks and regardless of whether paid~~ in ~~cash or stock. Distributions in excess of~~ the Company’s ~~earnings and profits first will reduce a U~~Stocks.~~S. Stockholder’s adjusted tax basis in such Stockholder’s stocks and, after the adjusted tax basis is reduced to zero, will constitute capital gains to such U.S. Stockholder.~~

~~The~~Distributions; Company may decide to retain some or all of the Company’s net capital gain for reinvestment, but designate the retained net capital gain as a “deemed distribution.” In that case, among other consequences, (i) the Company will pay tax on the retained amount, (ii) each U.S. Stockholder will be required to include his, her or its share of the deemed distribution in income as if it had been actually distributed to the U.S. Stockholder, and (iii) the U.S. Stockholder will be entitled to claim a credit equal to his, her or its allocable share of the tax paid thereon by the Company. Because the Company expects to pay tax on any retained net capital gains at the regular corporate U.S. federal income tax rate, and because that rate is in excess of the maximum U.S. federal income tax rate currently payable by individuals (and other non-corporate U.S. Stockholders) on long-term capital gains, the amount of tax that individuals (and other non-corporate U.S. Stockholders) will be treated as having paid will exceed the tax they owe on the capital gain distribution. Such excess generally may be claimed as a credit against the U.S. Stockholder’s other federal income tax obligations or may be refunded to the extent it exceeds the U.S. Stockholder’s U.S. federal income tax liability. The amount of the deemed distribution net of such tax will be added to the U.S. Stockholder’s tax basis for his, her or its stocks. In order to utilize the deemed distribution approach, the Company must provide written notice to Stockholders prior to the expiration of 60 days after the close of the relevant taxable year. The Company cannot treat any of its investment company taxable income as a “deemed distribution.”Dispositions

~~For~~Subject ~~purposes~~to ~~of determining (1) whether~~ the ~~Annual~~discussion ~~Distribution~~below, ~~Requirement~~distributions ~~is satisfied for any year and (2) the amount~~ of ~~capital gain dividends paid for that year, under certain circumstances,~~ the Company’s ~~may~~investment ~~elect~~company ~~to treat a dividend that is paid during the following~~ taxable ~~year~~income asto ifa itNon-U.S. ~~had~~Stockholder ~~been~~that ~~paid~~are ~~during~~not ~~the~~effectively ~~taxable~~connected ~~year~~with ~~in question. If~~ the ~~Company makes such an election,~~ Non-U.S. ~~Stockholders~~Stockholder’s ~~will~~conduct ~~still~~of bea ~~treated~~trade asor ~~receiving~~business ~~the~~within ~~dividend in~~ the ~~taxable~~United ~~year~~States inwill ~~which~~be ~~the~~subject ~~distribution is made. However, any dividend declared by the Company in October, November or December of any calendar year, payable~~ to ~~Stockholders~~withholding of ~~record~~U.S. onfederal aincome ~~specified~~tax ~~date~~at ~~in such~~ a ~~month~~30% ~~and~~rate ~~actually~~(or ~~paid~~lower ~~during~~rate ~~January~~provided ofby ~~the~~an ~~following~~applicable ~~calendar~~income ~~year,~~tax ~~will~~treaty) beto ~~treated~~the asextent ~~if it had been received by U.S. Stockholders on December 31~~ of the ~~calendar~~Company’s ~~year~~current inor ~~which~~accumulated ~~the~~earnings ~~dividend~~and ~~was declared~~profits.

Until and unless the Company is treated as a publicly offered RIC as a result of either (1) shares of its common stock collectively being held by at least 500 persons at all times during a taxable year, (2) shares of its common stock being continuously offered 27

26Table of Contents

~~Table~~Certain properly reported dividends are generally exempt from withholding of ~~Contents~~U.S. federal income tax where paid in respect of a RIC’s (i) “qualified net interest income” (generally, its U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the RIC or the non-U.S. Stockholder are at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii) “qualified short-term capital gains” (generally, the excess of the RIC’s net short-term capital gain, other than short-term capital gains recognized on the disposition of U.S. real property interests, over the RIC’s long-term capital loss), as well as if certain other requirements are satisfied. Nevertheless, no assurance can be given as to whether any of the Company’s distributions will be eligible for this exemption from withholding of U.S. federal income tax or, if eligible, will be reported as such by the Company. Furthermore, in the case of the Company’s stock held through an intermediary, the intermediary may have withheld U.S. federal income tax even if the Company reported the payment as an interest-related dividend or short-term capital gain dividend. Since the Company’s stocks will be subject to significant transfer restrictions, and an investment in the Company’s stocks will generally be illiquid, non-U.S. Stockholders whose distributions on the Company’s stocks are subject to withholding of U.S. federal income tax may not be able to transfer their stocks easily or quickly or at all.

~~pursuant~~Distributions ~~to a public offering (within the meaning~~ of ~~Section 4 of~~ the ~~Securities~~Company’s ~~Act)~~investment orcompany ~~(3)~~taxable ~~shares~~income ofto ~~its~~a ~~common stock being treated as regularly traded on an established securities market, each~~ Non-U.S. Stockholder that isare aneffectively ~~individual,~~connected ~~trust~~with ~~or estate will be treated as having received a dividend for U.S. federal income tax purposes from~~ the ~~Company in the amount of such~~ Non-U.S. Stockholder’s ~~allocable~~conduct ~~share~~ of ~~the~~a ~~management~~trade ~~and~~or ~~incentive~~business ~~fees~~within ~~paid to~~ the ~~Adviser~~United States (and, ~~certain~~if ofrequired ~~the~~by ~~Company’s~~an ~~other~~applicable ~~expenses~~income ~~for~~tax ~~the calendar year~~treaty, ~~and~~are ~~these~~attributable ~~fees~~to ~~and~~a ~~expenses~~U.S. ~~will~~permanent beestablishment ~~treated as miscellaneous itemized deductions~~ of ~~such~~the Non-U.S. Stockholder~~. For taxable years beginning before 2026~~), ~~miscellaneous itemized deductions~~ generally ~~are~~will not ~~deductible~~be bysubject ato withholding of U.S. ~~Stockholder~~federal ~~that~~income istax anif ~~individual,~~the ~~trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a~~ Non-U.S. Stockholder ~~that~~complies iswith anapplicable ~~individual,~~certification ~~trust~~and ordisclosure ~~estate~~requirements, ~~only~~although to the ~~extent~~distributions ~~that~~(to the ~~aggregate~~extent of ~~such~~the ~~U.S. Stockholder~~Company’s ~~miscellaneous~~current ~~itemized~~or ~~deductions~~accumulated ~~exceeds~~earnings 2%and ofprofits) ~~such~~will ~~U.S.~~be ~~Stockholder’s~~subject ~~adjusted~~to ~~gross income for~~ U.S. federal income tax ~~purposes,~~on ~~are~~a ~~not~~net ~~deductible~~basis ~~for~~at ~~purposes of~~ the ~~alternative~~rates ~~minimum tax~~ and ~~are~~in ~~subject to~~ the ~~overall~~manner ~~limitation~~applicable onto ~~itemized~~U.S. ~~deductions~~Stockholders ~~under Section 68 of the Code~~generally.

~~The~~Actual or deemed distributions of the Company’s net capital gains, other than any net capital gains recognized on the disposition of U.S. ~~Stockholders~~real ~~will~~property ~~receive~~interests, asto ~~promptly~~a asNon-U.S. ~~possible~~Stockholder, ~~after~~and gains realized by a Non-U.S. Stockholder upon the ~~end~~sale of ~~each~~the ~~calendar~~Company’s ~~year~~stocks, will not be subject to U.S. federal income tax or any withholding of such tax, unless (a) ~~notice~~the ~~reporting~~distributions or gains, as the ~~amounts~~case ~~includible~~may inbe, ~~such~~are effectively connected with the Non-U.S. Stockholder’s ~~taxable~~conduct ~~income~~of ~~for~~a ~~such~~trade ~~calendar~~or ~~year~~business aswithin ~~ordinary~~the ~~income~~United States (and, asif ~~long-term~~required ~~capital~~by ~~gain.~~an Inapplicable ~~addition~~income tax treaty, ~~the~~are attributable to a U.S. ~~federal~~permanent ~~tax~~establishment ~~status~~ of ~~each~~the ~~calendar~~Non-U.S. ~~year’s~~Stockholder), ~~distributions~~in ~~from~~which case the ~~Company~~distributions ~~generally~~or gains will be ~~reported~~subject to ~~the~~U.S. ~~IRS~~federal ~~(including~~income ~~the~~tax ~~amount~~on ofa ~~any~~net ~~dividends~~basis ~~that~~at ~~are~~the ~~Qualifying~~rates ~~Dividends~~and ~~eligible~~in ~~for~~ the ~~20%~~manner ~~maximum~~applicable ~~rate)~~to U.S. ~~Dividends~~Stockholders ~~paid~~generally byor (b) the ~~Company~~Non-U.S. ~~generally~~Stockholder ~~will~~is ~~not~~an beindividual ~~eligible~~who ~~for~~has been present in the ~~dividends-received~~United ~~deduction~~States for 183 days or more during the ~~preferential~~taxable ~~tax~~year ~~rate~~and ~~applicable~~satisfies tocertain ~~Qualifying~~other ~~Dividends~~conditions, ~~because~~in ~~the~~which ~~Company’s~~case, except as otherwise provided by an applicable income ~~generally~~tax ~~will~~treaty, ~~not~~the ~~consist~~distributions ofor ~~dividends.~~gains, ~~Distributions~~which may ~~also~~be offset by certain U.S.-source capital losses, generally will be subject to ~~additional~~a ~~state,~~flat ~~local~~30% ~~and non-~~U.S. ~~taxes~~federal ~~depending~~income ontax, aeven though the Non-U.S. Stockholder’s ~~particular~~is ~~situation~~not considered a resident alien under the Code.

~~Certain~~If ~~distributions reported by~~ the Company asdistributes ~~section~~net ~~163(j)~~capital ~~interest~~gains ~~dividends~~in ~~may~~the beform ~~treated~~of asdeemed ~~interest~~rather ~~income~~than byactual ~~the~~distributions, a Non-U.S. ~~Stockholders~~Stockholder ~~for~~will ~~purposes~~be ofentitled ~~the tax rules applicable~~ to ~~interest~~a ~~expense limitations under the Code section 163(j)~~U.S. ~~Such~~federal ~~treatment~~income bytax ~~the~~credit ~~U.S.~~or ~~Stockholders~~tax isrefund ~~generally~~equal ~~subject~~ to ~~holding~~the ~~period~~Stockholder’s ~~requirements~~allocable ~~and~~share ~~other~~of ~~potential~~the ~~limitations,~~tax ~~although~~ the ~~holding~~Company ~~period~~pays ~~requirements~~on ~~are~~the ~~generally~~capital ~~not~~gains ~~applicable~~deemed to ~~dividends~~have ~~declared~~been bydistributed. ~~money~~In ~~market~~order ~~funds~~to ~~and~~obtain ~~certain~~the ~~other~~refund, ~~funds~~the ~~that~~Non-U.S. ~~declare~~Stockholder ~~dividends~~must ~~daily~~obtain ~~and pay such dividends on~~ a ~~monthly or more frequent basis~~U.S. ~~The~~taxpayer ~~amount~~identification ~~that~~number ~~the~~and ~~Company~~file ~~is eligible to report as~~ a ~~section~~U.S. ~~163(j)~~federal ~~dividend~~income ~~for a~~ tax ~~year~~return, iseven ~~generally~~if ~~limited to~~ the ~~excess~~Non-U.S. ofStockholder ~~the~~would ~~Company’s~~not ~~business~~otherwise ~~interest~~be ~~income~~required ~~over~~to ~~the~~obtain ~~Company’s~~a ~~(i)~~U.S. ~~business~~taxpayer ~~interest~~identification ~~expense~~number ~~and~~or ~~(ii)~~file ~~other~~a ~~deductions~~U.S. ~~properly~~federal ~~allocable~~income totax ~~the Company’s business interest income~~return.

~~Dispositions~~For a corporate Non-U.S. Stockholder, both distributions (actual or deemed) and gains realized upon the sale of the Company’s stocks that are effectively connected with the Non-U.S. Stockholder’s conduct of a trade or business within the United States may, under certain circumstances, be subject to an additional “branch profits tax” at a 30% rate (or at a lower rate if provided for by an applicable income tax treaty).

ABackup U.S. Stockholder generally will recognize taxable gain or loss if the U.S. Stockholder sells or otherwise disposes of his, her or its stock (except pursuant to a repurchase by the Company, as described below). The amount of gain or loss will be measured by the difference between such Stockholder’s adjusted tax basis in the stocks sold and the amount of the proceeds received in exchange. Any gain or loss arising from such sale or disposition generally will be treated as long-term capital gain or loss if the U.S. Stockholder has held his, her or its stocks for more than one year; otherwise, any such gain or loss will be classified as short-term capital gain or loss. However, any capital loss arising from the sale or disposition of stocks held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such stocks. In addition, all or a portion of any loss recognized upon a disposition of stocks may be disallowed if other stocks of the Company are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition.Withholding

InA ~~general, non~~Non-~~corporate~~ U.S. ~~Stockholders~~Stockholder ~~(including~~who ~~individuals)~~is ~~currently are subject to~~ a ~~maximum U.S. federal income tax rate of 20% on their net capital gain (i.e., the excess of realized net long~~non-~~term~~resident ~~capital~~alien ~~gains over realized net short-term capital losses)~~individual, ~~including~~and ~~any~~who ~~long-term capital gain derived from an investment in stocks. Such rate~~ is ~~lower~~otherwise ~~than~~subject ~~the~~to ~~maximum~~withholding ~~rate~~of ~~on ordinary income currently payable by individuals. Corporate~~ U.S. ~~Stockholders currently are subject to U.S.~~ federal income tax, onwill ~~net~~be ~~capital~~subject ~~gain~~to atinformation ~~the~~reporting ~~maximum~~and ~~21%~~may ~~rate~~be ~~also~~subject ~~applied~~ to ~~ordinary~~Backup ~~income.~~Withholding ~~Non-corporate~~of U.S. ~~Stockholders~~federal ~~(including~~income ~~individuals)~~tax ~~incurring~~on ~~net capital losses (i.e., capital losses in excess of capital gains) for a~~ taxable ~~year~~distributions ~~generally~~unless ~~may~~the ~~deduct up to $3,000 of such losses against their ordinary income each taxable year; any net capital losses of a non~~Non-~~corporate~~ U.S. Stockholder ~~(including~~provides anthe ~~individual)~~applicable inwithholding ~~excess~~agent ofwith ~~$3,000~~a ~~generally may be carried forward and used in subsequent taxable years as provided in the Code. Corporate~~ U.S. ~~Stockholders~~nonresident ~~generally~~withholding ~~may~~tax ~~not~~certificate ~~deduct~~(e.g., ~~any~~an ~~net~~IRS ~~capital~~Form ~~losses for a taxable year~~W-8BEN, ~~but~~IRS ~~may~~Form ~~carry~~W-8BEN-E ~~back~~or ~~such~~an ~~capital~~acceptable ~~losses~~substitute ~~for~~form) ~~three taxable years~~ or ~~carry~~otherwise ~~forward~~establishes ~~such~~an ~~capital~~exemption ~~losses~~from ~~for~~backup ~~five taxable years~~withholding.

~~The Code and the related~~ Non-U.S. ~~Treasury~~Stockholders ~~regulations~~should ~~require~~consult ~~the~~their ~~Company~~own totax ~~annually~~advisers ~~report~~with respect to the ~~adjusted~~U.S. ~~cost~~federal ~~basis~~income ~~information~~and ofwithholding ~~covered~~tax ~~securities~~consequences, ~~which~~and ~~generally include shares of a RIC~~state, tolocal ~~the IRS~~ and ~~to taxpayers~~non-U.S. ~~Stockholders~~tax ~~should~~consequences, ~~contact~~of ~~their~~an ~~financial~~investment ~~intermediaries~~in ~~with~~stocks ~~respect to reporting~~ of ~~cost~~the ~~basis and available elections for their accounts~~Company.

27Withholding and Information Reporting on Foreign Financial Accounts

~~Table~~Numerous jurisdictions have enacted, or have committed to enact, legislation and administrative guidance requiring the collection and sharing of ~~Contents~~certain information in order to combat tax avoidance. Pursuant to these regimes, entities such as the Company may be required to collect information concerning their owners and may be required to share such information with the taxing authorities of jurisdictions in which the Company invests or holds a financial account. The Company will be subject to one or more of these reporting regimes during the course of its life.

From time to time, the Company may offer to repurchase its outstanding stocks. Stockholders who tender all stocks of the Company held, or considered to be held, by them will be treated as having sold their stocks and generally will realize a capital gain or loss. If a Stockholder tenders fewer than all of its stocks or fewer than all stocks tendered are repurchased, such Stockholder may be treated as having received a taxable dividend upon the tender of its stocks. In such a case, there is a risk that non-tendering Stockholders, and Stockholders who tender some but not all of their stocks or fewer than all of whose stocks are repurchased, in each case whose percentage interests in the Company increase as a result of such tender, will be treated as having received a taxable distribution from the Company. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically redeeming stocks of the Company.28

~~Medicare~~Table ~~Tax~~of ~~on Net Investment Income~~Contents

AnThe ~~additional~~United ~~3.8%~~States ~~Medicare~~Foreign Account Tax Compliance Act (“FATCA”) aims to combat tax isevasion ~~imposed~~by onU.S. ~~certain~~tax ~~net~~residents ~~investment~~using ~~income~~foreign ~~(including~~accounts. ~~ordinary~~Pursuant ~~dividends~~to the FATCA regime, the applicable withholding agent generally will be required to withhold 30% of U.S. source interest and ~~capital~~dividends ~~gain~~paid ~~distributions~~to ~~received~~(i) ~~from~~a non-U.S. financial institution (whether such financial institution is the ~~Company~~beneficial owner or an intermediary) unless such non-U.S. financial institution agrees to verify, report and ~~net~~disclose ~~gains~~its ~~from~~U.S. ~~redemptions~~accountholders orand meets certain other ~~taxable~~specified ~~dispositions~~requirements ofor (ii) a non-financial non-U.S. entity (whether such entity is the ~~Company’s~~beneficial ~~stocks~~owner or an intermediary) ofunless such entity certifies that it does not have any substantial U.S. ~~individuals~~owners or provides the name, ~~estates~~address and ~~trusts~~taxpayer toidentification ~~the~~number ~~extent~~of ~~that~~each substantial U.S. owner and such ~~person’s~~entity ~~“modified~~meets ~~adjusted~~certain other specified requirements. Additionally, although FATCA withholding with respect to gross ~~income”~~proceeds ~~(in~~of ~~the~~a ~~case~~disposition of stock had been scheduled to begin on January 1, 2019, proposed regulations, which can be relied on until final regulations are issued, suspended such withholding indefinitely. If payment of this withholding tax is made, Non-U.S. Stockholders that are otherwise eligible for an ~~individual)~~exemption from, or ~~“adjusted~~a ~~gross~~reduction in, withholding of U.S. federal income” ~~(in~~taxes with respect to such dividends or proceeds will be required to seek a credit or refund from the ~~case~~IRS to obtain the benefit of ansuch ~~estate~~exemption or ~~trust)~~reduction. ~~exceeds~~The ~~certain~~Company ~~threshold~~will not pay any additional amounts in respect to any amounts withheld.

~~Tax~~Item ~~Shelter~~1A. ~~Reporting~~Risk ~~Regulations~~Factors

~~Under~~Investing ~~applicable~~in ~~Treasury~~shares ~~regulations,~~of ~~if a U.S. Stockholder recognizes a loss with respect to~~ the Company’s ~~stocks~~Common ofStock $2involves ~~million~~a ornumber ~~more~~of ~~for~~significant ~~a non-corporate U~~risks.S. ~~Stockholder~~Before oryou ~~$10~~invest ~~million~~in orshares ~~more~~of ~~for~~the aCompany’s ~~corporate~~Common ~~U.S.~~Stock, ~~Stockholder~~you inshould ~~any~~be ~~single~~aware ~~taxable~~of ~~year~~various ~~(or~~risks, aincluding ~~greater~~those ~~loss~~described ~~over~~below. aThe ~~combination~~risks ofset ~~years),~~out ~~the~~below ~~U.S.~~are ~~Stockholder~~not ~~must~~the ~~file~~only ~~with~~risks the ~~IRS~~Company ~~a disclosure statement on Form 8886~~faces. ~~Direct~~Additional ~~owners~~risks ofand ~~portfolio~~uncertainties ~~securities~~not ~~are~~presently inknown ~~many~~to ~~cases~~the ~~excepted~~Company ~~from~~or ~~this~~not ~~reporting~~presently ~~requirement,~~deemed ~~but~~material ~~under~~by ~~current~~the ~~guidance,~~Company ~~U.S.~~may ~~Stockholders~~also ofimpair athe ~~RIC~~Company’s ~~are~~operations ~~not~~and ~~excepted~~performance. ~~Future~~If ~~guidance~~any ~~may~~of ~~extend~~ the ~~current~~following ~~exception~~events ~~from~~occur, ~~this~~the ~~reporting~~Company’s ~~requirement~~business, tofinancial ~~U.S.~~condition, ~~Stockholders~~results of ~~most~~operations orand ~~all~~cash ~~RICs.~~flows ~~The~~could ~~fact~~be ~~that~~materially aand ~~loss~~adversely isaffected. ~~reportable~~In ~~under~~such ~~these~~case, ~~regulations~~the ~~does~~Company’s ~~not~~net ~~affect~~asset ~~the~~value ~~legal~~could ~~determination~~decline, ofand ~~whether~~you ~~the~~may ~~taxpayer’s~~lose ~~treatment~~all ofor ~~the~~part ~~loss~~of isyour ~~proper~~investment. ~~Significant~~The ~~monetary~~risk ~~penalties~~factors ~~apply~~described tobelow aare ~~failure~~the toprincipal ~~comply~~risk ~~with~~factors ~~this~~associated ~~reporting~~with ~~requirement.~~an ~~States~~investment ~~may~~in ~~also~~the ~~have~~Company aas ~~similar~~well ~~reporting~~as ~~requirement.~~those ~~U.S.~~factors ~~Stockholders~~generally ~~should~~associated ~~consult~~with ~~their~~an ~~own~~investment ~~tax~~company ~~advisers~~with toinvestment ~~determine~~objectives, ~~the~~investment ~~applicability~~policies, ofcapital ~~these~~structure ~~Treasury~~or ~~regulations~~trading inmarkets ~~light~~similar ofto ~~their~~the ~~individual circumstances~~Company.

~~Backup~~Risks ~~Withholding~~Relating to the Company’s Business and Structure

~~The~~Limited ~~relevant~~Operating withholding agent may be required to withhold U.S. federal income tax (“backup withholding”), at a current rate of 24%, from any taxable distribution to a U.S. Stockholder (other than a “C” corporation, a financial institution, or a Stockholder that otherwise qualifies for an exemption) (1) that fails to provide a correct taxpayer identification number or a certificate that such Stockholder is exempt from backup withholding or (2) with respect to whom the IRS notifies the withholding agent that such Stockholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual’s taxpayer identification number is his or her social security number. Backup withholding is not an additional tax, and any amount withheld under the backup withholding rules is allowed as a credit against the U.S. Stockholder’s U.S. federal income tax liability, provided that proper information is timely provided to the IRS.History

~~Taxation~~The Company has limited operating history upon which to evaluate the Company’s performance and the Adviser and its affiliates have not previously sponsored a BDC. The performance of ~~Non-U~~the Investment Team’s past portfolio investments associated with the funds managed by Stone Point (the “Stone Point Funds”) is not necessarily indicative of the results that will be achieved by the Company.S. ~~Stockholders~~The Company is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Company will not achieve its investment objective, or that the Company will not qualify or maintain the Company’s qualification to be treated as a RIC under Subchapter M of the Code, and that the value of any Stockholder’s investment could decline substantially.

The ~~following~~investment ~~discussion~~philosophy ~~applies~~and ~~only~~techniques used by the Adviser to ~~Non-U.S.~~manage ~~Stockholders.~~a ~~Whether~~BDC anmay differ from the investment inphilosophy ~~stocks~~and oftechniques previously employed by the ~~Company~~Stone isPoint ~~appropriate~~Funds ~~for~~in aidentifying ~~Non-U~~and managing past investments.S. ~~Stockholder~~In ~~will~~addition, ~~depend~~the ~~upon~~1940 ~~that~~Act ~~Stockholder’s~~and ~~particular~~the ~~circumstances.~~Code Animpose ~~investment~~numerous inconstraints ~~stocks~~on the operations of BDCs and RICs that do not apply to the ~~Company~~other bytypes aof ~~Non-U~~investment vehicles.S. ~~Stockholder~~For ~~may~~example, ~~have~~under ~~adverse~~the ~~tax~~1940 ~~consequences~~Act, BDCs are required to ~~such~~invest ~~Non-~~at least 70% of their total assets primarily in securities of qualifying U.S. ~~Stockholder.~~private ~~Non-~~companies or thinly traded public companies, cash, cash equivalents, U.S. ~~Stockholders~~government ~~should~~securities ~~consult~~and ~~their~~other ~~own~~high-quality ~~tax~~debt ~~advisers~~investments ~~before~~that ~~investing~~mature in one year or less from the time of investment. The Adviser and its affiliates' limited experience in managing a portfolio of assets under such constraints may hinder its ability to take advantage of attractive investment opportunities and, as a result, achieve the Company’s ~~Stocks~~investment objective.

~~Distributions;~~Based ~~Dispositions~~on the amount of proceeds raised in the Initial or Subsequent Closings, it could take some time to invest substantially all of the capital the Company expects to raise due to market conditions generally and the time necessary to identify, evaluate, structure, negotiate and close suitable investments. In order to comply with the RIC diversification requirements during the startup period, the Company may invest proceeds in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment, which the Company expects will earn yields substantially lower than the interest, dividend or other income that the Company seeks to receive in respect of suitable portfolio investments. The Company may not be able to pay any significant distributions during this period, and any such distributions may be substantially lower than the distributions the Company expects to pay when the Company’s portfolio is fully invested. The Company will pay management fees to the Adviser throughout this interim period irrespective of the Company’s performance. If the management fees and the Company’s other expenses exceed the return on the temporary investments, the Company’s equity capital will be eroded.

Subject to the discussion below, distributions of the Company’s investment company taxable income to a Non-U.S. Stockholder that are not effectively connected with the Non-U.S. Stockholder’s conduct of a trade or business within the United States will be subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable income tax treaty) to the extent of the Company’s current or accumulated earnings and profits.29

~~Certain~~Table ~~properly reported dividends are generally exempt from withholding~~ of U.S. federal income tax where paid in respect of a RIC’s (i) “qualified net interest income” (generally, its U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the RIC or the non-U.S. Stockholder are at least a 10% shareholder, reduced Contents

28Dependence on Key Personnel and Adviser

~~Table~~The success of ~~Contents~~the Company depends in substantial part on the experience and knowledge of the Adviser and its Investment Team. There can be no assurance that any individual will continue to be employed by the Adviser. The loss of key personnel could have a material adverse effect on the Company.

byBusiness expenses that are allocable to such income) or (ii) “qualified short-term capital gains” (generally, the excess of the RIC’s net short-term capital gain, other than short-term capital gains recognized on the disposition of U.S. real property interests, over the RIC’s long-term capital loss), as well as if certain other requirements are satisfied. Nevertheless, no assurance can be given as to whether any of the Company’s distributions will be eligible for this exemption from withholding of U.S. federal income tax or, if eligible, will be reported as such by the Company. Furthermore, in the case of the Company’s stock held through an intermediary, the intermediary may have withheld U.S. federal income tax even if the Company reported the payment as an interest-related dividend or short-term capital gain dividend. Since the Company’s stocks will be subject to significant transfer restrictions, and anRegulatory ~~investment~~Risks ~~in the Company’s stocks will generally be illiquid, non-U.S. Stockholders whose distributions on the Company’s stocks are subject to withholding~~ of ~~U.S.~~Alternative ~~federal~~Asset ~~income tax may not be able to transfer their stocks easily or quickly or at all.~~Investments

~~Distributions~~Legal, oftax and regulatory changes could occur that may adversely affect the Company’s ~~investment~~at ~~company~~any ~~taxable~~time. ~~income~~The tolegal, atax ~~Non-U.S.~~and ~~Stockholder~~regulatory environment for BDCs and other vehicles that ~~are~~invest ~~effectively~~in ~~connected~~alternative ~~with~~investments is evolving, and changes in the ~~Non-U.S.~~legislation ~~Stockholder’s~~or ~~conduct~~regulation and market perception of asuch ~~trade~~vehicles, orincluding ~~business~~changes to existing laws and regulations and increased criticism of the BDC, private credit, private equity and other sectors within the ~~United~~alternative ~~States~~asset (industry by some politicians, government representatives, regulators and market commentators, ifmay ~~required~~adversely byaffect anthe ~~applicable~~ability ~~income~~of ~~tax~~the ~~treaty~~Company to pursue its investment strategy, ~~are~~its ~~attributable~~ability to aobtain ~~U.S.~~leverage ~~permanent~~and ~~establishment~~financing and the value of investments held by the ~~Non-U~~Company.S. ~~Stockholder)~~In recent years, ~~generally~~market ~~will~~disruptions ~~not~~and bethe ~~subject~~dramatic increase in the capital allocated to ~~withholding~~alternative investment strategies have led to increased governmental as well as self-regulatory scrutiny of ~~U.S.~~the ~~federal~~alternative ~~income~~investment ~~tax~~fund ifindustry in general, and certain legislation proposing greater regulation of the ~~Non~~industry periodically is considered by the governing bodies of both U.S. and non-U.S. ~~Stockholder~~jurisdictions. ~~complies~~It is impossible to predict what, if any, changes may be instituted with respect to the legislation or regulations applicable ~~certification~~to ~~and~~the ~~disclosure~~Company, ~~requirements~~the Adviser, ~~although~~their respective affiliates, the ~~distributions~~markets ~~(to~~in which they trade and invest, the ~~extent~~Stockholders ofor the ~~Company’s~~counterparties ~~current~~with which they do business, or ~~accumulated~~what ~~earnings~~other ~~and~~effect ~~profits)~~such legislation or regulations might have. There can be no assurance that the Company, the Adviser or their respective affiliates will be ~~subject~~able, for financial reasons or otherwise, to ~~U.S.~~comply ~~federal~~with ~~income~~future ~~tax~~laws onand regulations, and any regulations that restrict the ability of the Company to implement its investment strategy could have a ~~net~~material ~~basis~~adverse atimpact on the ~~rates~~Company’s ~~and~~portfolio. inTo the ~~manner~~extent ~~applicable~~that the Company or its investments are or may become subject to regulation by various agencies in the United States or other non-U.S. ~~Stockholders~~jurisdictions, ~~generally~~certain costs of compliance will be borne by the Company.

~~Actual~~The orSEC ~~deemed~~and ~~distributions of the Company’s net capital gains,~~ other ~~than~~various ~~any net capital gains recognized on the disposition of~~ U.S. ~~real~~federal, ~~property~~state ~~interests,~~and tolocal aagencies ~~Non-U.S.~~may ~~Stockholder,~~conduct examinations and ~~gains~~inquiries ~~realized~~into, byand abring ~~Non-U.S.~~enforcement ~~Stockholder~~and ~~upon~~other ~~the~~proceedings ~~sale~~against, of the Company~~’s stocks~~, ~~will~~the ~~not~~Adviser beor ~~subject~~their torespective Uaffiliates.S. ~~federal~~The ~~income tax or any withholding of such tax~~Company, ~~unless (a)~~ the ~~distributions~~Adviser or ~~gains,~~their asrespective ~~the~~affiliates ~~case~~ may ~~be,~~receive ~~are~~requests ~~effectively~~for ~~connected~~information ~~with the Non-U.S. Stockholder’s conduct of a trade~~ or ~~business~~subpoenas ~~within~~from the ~~United~~SEC ~~States (~~and, ifother ~~required by an applicable income tax treaty~~state, ~~are~~federal ~~attributable~~and ~~to a U.S. permanent establishment of the Non~~non-U.S. ~~Stockholder),~~regulators infrom ~~which~~time ~~case the distributions or gains will be subject~~ to ~~U.S.~~time ~~federal~~in ~~income~~connection ~~tax~~with onsuch ainquiries ~~net~~and ~~basis~~proceedings ~~at the rates~~ and otherwise in the ~~manner~~ordinary ~~applicable~~course toof Ubusiness.S. ~~Stockholders~~These ~~generally~~requests ormay ~~(b)~~relate ~~the~~to ~~Non-U.S.~~a ~~Stockholder~~broad isrange anof ~~individual~~matters, ~~who~~including ~~has~~specific ~~been~~practices ~~present~~of in the ~~United~~Company, ~~States~~the ~~for~~Adviser, ~~183~~the ~~days~~securities orin ~~more~~which ~~during~~ the ~~taxable~~Adviser ~~year~~invests ~~and~~on ~~satisfies~~behalf ~~certain~~of ~~other~~the ~~conditions,~~Company inand/or ~~which case~~clients, ~~except~~or asindustry-wide ~~otherwise~~practices. ~~provided~~Certain bycosts anof ~~applicable~~any ~~income~~such ~~tax~~increased ~~treaty~~reporting, ~~the~~registration ~~distributions~~and orcompliance ~~gains,~~requirements ~~which~~ may be ~~offset~~borne by ~~certain~~the ~~U.S.-source~~Company ~~capital~~and ~~losses,~~may ~~generally~~furthermore ~~will~~place bethe ~~subject~~Company toat a ~~flat~~competitive ~~30%~~disadvantage ~~U.S.~~to ~~federal~~the ~~income~~extent ~~tax,~~that ~~even~~the ~~though~~Company or the ~~Non-U.S.~~Adviser ~~Stockholder~~ is ~~not~~required ~~considered~~to adisclose ~~resident~~sensitive ~~alien~~business ~~under the Code~~information.

IfCompetitive ~~the~~Nature ~~Company distributes net capital gains in the form~~ of ~~deemed rather than actual distributions, a Non-U.S. Stockholder will be entitled to a U.S. federal income tax credit or tax refund equal to~~ the ~~Stockholder~~Adviser’s allocable share of the tax the Company pays on the capital gains deemed to have been distributed. In order to obtain the refund, the Non-U.S. Stockholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return, even if the Non-U.S. Stockholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.Business

~~For~~The business of identifying and structuring investments of the types contemplated by the Company is highly competitive and involves a ~~corporate~~high ~~Non-U~~degree of uncertainty.S. ~~Stockholder~~The Adviser expects to encounter competition from other entities having similar investment objectives, ~~both~~including ~~distributions~~other ~~(actual~~BDCs, orprivate ~~deemed)~~equity and ~~gains~~credit ~~realized~~funds, ~~upon~~strategic ~~the~~industry ~~sale~~acquirers, registered investment companies, specialty finance companies, banks, broker-dealers, investment partnerships and corporations, and other financial investors. Some of these competitors may have more relevant experience and contacts or better resources than the Adviser or may not be subject to the regulatory restrictions that the 1940 Act imposes on the Company’s ~~stocks~~as a BDC and that the Code imposes on the Company as a RIC. Such other investors may make competing offers for investment opportunities that are ~~effectively~~identified, ~~connected~~and even after an agreement in principle has been reached with the ~~Non-U.S.~~board ~~Stockholder’s~~of ~~conduct~~directors or owners of aan ~~trade~~acquisition ortarget, ~~business~~consummating the transaction will be subject to myriad uncertainties, only some of which are foreseeable or within the ~~United~~control ~~States~~of ~~may,~~the ~~under~~Adviser. ~~certain~~To ~~circumstances~~the extent that the Adviser encounters competition with respect to the Company’s investments, yields to Stockholders may be ~~subject~~reduced. In addition to ancompetition ~~additional~~from ~~“branch~~other ~~profits~~investors, ~~tax”~~the atavailability aof ~~30%~~investment ~~rate~~opportunities ~~(or~~generally atwill abe ~~lower~~subject ~~rate~~to ifmarket ~~provided~~conditions ~~for~~as bywell anas, ~~applicable~~in ~~income~~many ~~tax~~cases, ~~treaty)~~the prevailing regulatory or political climate.

~~Backup Withholding~~30

ATable ~~Non-U.S. Stockholder who is a non-resident alien individual, and who is otherwise subject to withholding~~ of U.S. federal income tax, will be subject to information reporting and may be subject to backup withholding of U.S. federal income tax on taxable distributions unless the Non-U.S. Stockholder provides the applicable withholding agent with a U.S. nonresident withholding tax certificate (e.g., an IRS Form W-8BEN, IRS Form W-8BEN-E or an acceptable substitute form) or otherwise establishes an exemption from backup withholding.Contents

~~Non-U.S.~~Financial ~~Stockholders~~Services ~~should~~Industry ~~consult their own tax advisers with respect to the U.S. federal income and withholding tax consequences, and state, local and non-U.S. tax consequences, of an investment in stocks of the Company.~~Risks

~~Withholding~~Many financial services companies have asset and ~~Information~~liability ~~Reporting~~structures that are essentially monetary in nature and are directly affected by many factors, including domestic and international economic and political conditions, broad trends in business and finance, legislation and regulation affecting the national and international business and financial communities, monetary and fiscal policies, interest rates, inflation, currency values, market conditions, the availability and cost of short-term and long-term funding and capital, the credit capacity or perceived creditworthiness of customers and counterparties and the level and volatility of trading markets. Such factors can adversely impact financial institutions and their customers, suppliers, service providers and counterparties, all of whom are potential investment targets for the Company. Moreover, the financial services industry is highly dependent on ~~Foreign~~technology ~~Financial~~and ~~Accounts~~communications and information systems, is exposed to many types of operational risks and operates in a highly regulated environment; each of these factors could have an adverse impact on financial institutions and their customers and counterparties.

Numerous jurisdictions have enacted, or have committed to enact, legislation and administrative guidance requiring the collection and sharing of certain information in order to combat tax avoidance. Pursuant to these regimes, entities such as the Company may be required to collect information concerning their owners and may be required to share such information with the taxing authorities of Cyclicality

29Certain sectors targeted by the Company are cyclical and subject to significant fluctuation due to competition, the high level of government regulation, general economic conditions, the level of interest rates, the state of the public equity markets and other factors. The returns on the Company’s investments may therefore be lower in certain periods. For example, the financial performance of credit-related investments, which includes both regulated institutions, such as depositories, as well as specialty finance and asset management investments, are susceptible to the cyclicality associated with the sector. Although an individual credit platform’s financial performance depends in part upon its own specific business characteristics, there are macroeconomic factors that could result in more benign or severe investment environments. The Company is expected to continue to experience the effects of this cyclicality.

~~Table~~Systems ofRisk; ~~Contents~~Cyber Security Breaches and Identity Theft

~~jurisdictions~~The inCompany ~~which~~and the ~~Company~~Adviser ~~invests~~rely orextensively ~~holds~~on acomputer ~~financial~~programs ~~account~~and systems (and could rely on new systems and technology in the future) for various purposes, including trading, clearing, and settling transactions, evaluating certain investments, monitoring their portfolios and net capital, and generating risk management and other reports that are critical to oversight of the Company’s activities. ~~The~~Certain of the Company’s and the Adviser’s operations will be ~~subject~~dependent toupon ~~one~~systems oroperated ~~more~~by third parties, including prime brokers, administrators, market counterparties and their sub-custodians and other service providers, though the Adviser could perform certain of these ~~reporting~~functions ~~regimes~~internally ~~during~~in reliance on their own systems (the ~~course~~cost of which could be borne by the Company). The Company’s service providers could also depend on information technology systems that could or could not be controlled by them and, notwithstanding the diligence that the Company could perform on its ~~life~~service providers, the Company could not be able to verify the risks or reliability of such information technology systems.

The ~~United~~Company, ~~States~~the ~~Foreign~~Adviser, ~~Account~~and ~~Tax~~their ~~Compliance~~affiliates ~~Act~~and ~~(“FATCA”)~~their ~~aims~~service toproviders ~~combat~~are ~~tax~~subject ~~evasion~~to byrisks ~~U.S.~~associated ~~tax~~with ~~residents~~a ~~using~~breach ~~foreign~~in ~~accounts~~cybersecurity. ~~Pursuant~~Cybersecurity tois ~~the~~a ~~FATCA~~generic ~~regime,~~term ~~the~~used ~~applicable~~to ~~withholding~~describe ~~agent~~the ~~generally~~technology, ~~will~~processes beand ~~required~~practices designed to ~~withhold~~protect ~~30%~~networks, ofsystems, ~~U.S.~~computers, ~~source~~programs, ~~interest~~ and ~~dividends~~data ~~paid~~from toboth ~~(i)~~intentional ~~a non~~cyber-~~U.S.~~attacks ~~financial~~and ~~institution~~hacking ~~(whether~~by ~~such~~other ~~financial~~computer ~~institution~~users, isas ~~the~~well ~~beneficial~~as ~~owner~~unintentional damage or aninterruption ~~intermediary)~~that, ~~unless~~in ~~such~~either ~~non-U.S.~~case, ~~financial~~can ~~institution~~result ~~agrees~~in todamage ~~verify, report~~ and ~~disclose~~disruption ~~its~~to ~~U.S.~~hardware ~~accountholders~~ and ~~meets~~software ~~certain~~systems, ~~other~~loss ~~specified requirements~~ or ~~(ii)~~corruption aof ~~non-financial~~data ~~non-U.S. entity (whether such entity is the beneficial owner~~ and/or anmisappropriation ~~intermediary)~~of ~~unless~~confidential ~~such~~information. ~~entity~~Cybersecurity ~~certifies~~incidents ~~that~~and itcyber-attacks ~~does not~~ have ~~any~~been ~~substantial~~occurring ~~U.S.~~globally ~~owners~~at ora ~~provides~~more ~~the~~frequent ~~name, address~~ and ~~taxpayer~~severe ~~identification~~level ~~number~~and ofwill ~~each~~likely ~~substantial~~continue ~~U.S.~~to ~~owner~~increase ~~and~~in ~~such~~frequency ~~entity~~in ~~meets~~the ~~certain~~future. ~~other~~The ~~specified~~Adviser ~~requirements.~~and ~~Additionally,~~its ~~although~~service ~~FATCA~~providers’ ~~withholding~~information ~~with~~and ~~respect~~technology tosystems ~~gross~~may ~~proceeds~~be ofvulnerable ato ~~disposition~~damage ofor ~~stock~~interruption ~~had~~from ~~been~~computer ~~scheduled~~viruses toand ~~begin~~other onmalicious ~~January 1~~code, ~~2019,~~network ~~proposed regulations~~failures, ~~which~~computer ~~can~~and betelecommunication ~~relied on until final regulations are issued~~failures, ~~suspended~~infiltration ~~such~~by ~~withholding~~unauthorized ~~indefinitely.~~persons Ifand ~~payment~~security ~~of this withholding tax is made~~breaches, ~~Non-U.S.~~usage ~~Stockholders~~errors ~~that~~by ~~are~~their ~~otherwise~~respective ~~eligible~~professionals ~~for~~or anservice ~~exemption from~~providers, ~~or a reduction in~~power, ~~withholding~~communications ~~of U.S. federal income taxes with respect to such dividends~~ or ~~proceeds~~other ~~will~~service beoutages ~~required~~and tocatastrophic ~~seek~~events ~~a credit or refund from the IRS to obtain the benefit of~~ such ~~exemption~~as orfires, ~~reduction.~~tornadoes, ~~The~~floods, ~~Company~~hurricanes, ~~will~~and ~~not pay any additional amounts in respect to any amounts withheld~~earthquakes.

Cybersecurity threats may involve unauthorized access to sensitive information, including, without limitation, information regarding the Adviser’s or the Company’s investment activities, or could render data or systems unusable, any of which could result in significant losses. Any cybersecurity attacks against the Adviser, the Company, or the Company’s portfolio companies could lead to the loss of sensitive information essential to such entity’s operations, could have a material adverse effect on such entity’s reputations, financial positions or cash flows, could lead to financial losses from remedial actions or loss of business, or could lead to potential liability. Neither the Adviser nor the Company control the cybersecurity plans and systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Adviser and the Company, each of whom could be negatively impacted as a result. Breaches such as those involving covertly introduced malware, attempts to induce Stone Point Credit personnel (or third-party agents) to provide data or payments under false pretenses (e.g., via a falsified email), unauthorized release of confidential or otherwise protected information, including personal information relating to the Company, and corruption of data, and other electronic security breaches could lead to disruptions in critical systems, potentially resulting in further harm and could require the Adviser, the Company, or any such portfolio company to make a significant investment to fix or replace such systems. Cyberattacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on systems or websites, rendering them unavailable. If unauthorized parties gain access to such information and technology

~~Item 1A. Risk Factors~~31

~~Investing~~Table ~~in shares~~ of the Company’s Common Stock involves a number of significant risks. Before you invest in shares of the Company’s Common Stock, you should be aware of various risks, including those described below. The risks set out below are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or not presently deemed material by the Company may also impair the Company’s operations and performance. If any of the following events occur, the Company’s business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, the Company’s net asset value could decline, and you may lose all or part of your investment. The risk factors described below are the principal risk factors associated with an investment in the Company as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to the Company.Contents

~~Risks~~systems, ~~Relating~~they could be able to steal, publish, delete, or modify private and sensitive information. If the information and technology systems of the Adviser and the Company and their respective service providers are compromised, become inoperable for extended periods of time or cease to function properly, the Adviser, the Company, and/or their service providers may have to make a significant investment to fix or replace such systems. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in the Adviser’s, ~~Business~~the Company’s, and/or ~~Structure~~a portfolio company’s operations and result in a failure to maintain the security, confidentiality, or privacy of sensitive data, including personal information relating to investors of the Company (and their beneficial owners), material non-public information relating to, and the intellectual property and trade secrets of the Adviser, the Company, and/or its portfolio companies. Such a failure or unauthorized disclosure of data could harm the Adviser, the Company, and/or a portfolio company’s reputation, subject any such entity and their respective affiliates to legal claims, regulatory action, increased costs, financial losses, data privacy breaches or enforcement actions arising out of applicable privacy or other laws and adverse publicity and otherwise affect their business and financial performance. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means.

~~Limited~~FOIA/Public ~~Operating History~~Disclosure

~~The~~As ~~Company~~a ~~has~~result ~~limited~~of ~~operating~~the ~~history~~U.S. ~~upon~~Freedom ~~which~~of toInformation ~~evaluate~~Act ~~the~~(“FOIA”), ~~Company~~any governmental public records access law, any state or other jurisdiction’s ~~performance~~laws ~~and~~similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement, the Company, the Adviser, ~~and~~the ~~its~~Stockholders ~~affiliates~~or ~~have~~any ~~not~~of ~~previously~~their ~~sponsored~~respective aservice ~~BDC.~~providers ~~The~~or ~~performance~~their ofaffiliates ~~the~~may ~~Investment~~be ~~Team’s~~required ~~past~~to ~~portfolio~~disclose ~~investments~~information ~~associated~~relating ~~with~~to the ~~funds~~Company, ~~managed~~or bytheir ~~Stone~~affiliates, ~~Point~~and/or ~~(the~~any ~~“Stone~~entity ~~Point~~in ~~Funds”)~~which an investment is ~~not~~made, ~~necessarily~~which ~~indicative~~disclosure could, for example, affect the Company’s competitive advantage in finding attractive investment opportunities. In addition, some of the ~~results~~shares ~~that~~of ~~will~~Common Stock may be ~~achieved~~held by ~~the~~Stockholders ~~Company~~that are subject to public disclosure requirements, such as public pension plans and listed investment vehicles. The ~~Company~~amount of information about their investments that is ~~subject~~required to ~~all~~be ofdisclosed ~~the~~has ~~business~~increased ~~risks~~in ~~and~~recent ~~uncertainties~~years, ~~associated~~and ~~with~~that ~~any~~trend ~~new~~may ~~business,~~continue. ~~including~~While the ~~risk~~Adviser ~~that~~may, ~~the~~in ~~Company~~seeking ~~will~~to ~~not~~prevent ~~achieve~~any ~~its~~such ~~investment~~potential ~~objective~~disclosure, withhold all or ~~that~~any part of the ~~Company~~information ~~will~~otherwise ~~not~~to ~~qualify~~be provided to certain or ~~maintain~~all ~~the~~Stockholders, ~~Company’s~~such ~~qualification~~information tomay not be ~~treated~~withheld asin amany ~~RIC~~circumstances. ~~under~~To ~~Subchapter~~the Mextent that disclosure of ~~the~~confidential ~~Code,~~information ~~and~~relating ~~that~~to the ~~value~~Company or its investments results from shares of ~~any~~Common ~~Stockholder’s~~Stock ~~investment~~being ~~could~~held ~~decline~~by ~~substantially~~such Stockholders, the Company may be adversely affected.

~~The~~Duties Adviser and its affiliates have limited experience managing a BDC, and the investment philosophy and techniques used by the Adviser to manage a BDC may differ from the investment philosophy and techniques previously employed by the Stone Point Funds in identifying and managing past investments. In addition, the 1940 Act and the Code impose numerous constraints on the operations of ~~BDCs and RICs that do not apply to~~ the other types of investment vehicles. For example, under the 1940 Act, BDCs are required to invest at least 70% of their total assets primarily in securities of qualifying U.S. private companies or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment. The Adviser’s ~~limited experience in managing a portfolio of assets under such constraints may hinder its ability to take advantage of attractive investment opportunities~~ and, ~~as a result, achieve~~ the ~~Company~~Stockholders’s ~~investment objective.~~Rights

~~Based~~The onAdviser ~~the~~is ~~amount~~engaged ~~of proceeds raised in the Initial or Subsequent Closings, it could take some time~~ to ~~invest~~provide ~~substantially all of~~ the ~~capital the~~ Company ~~expects~~(and tonot ~~raise~~any ~~due~~individual toStockholder) ~~market~~with ~~conditions~~portfolio ~~generally~~management and ~~the~~certain ~~time~~administrative ~~necessary~~services. toAs ~~identify~~such, ~~evaluate, structure, negotiate~~ and ~~close suitable investments. In order~~ to ~~comply with~~ the ~~RIC~~fullest ~~diversification~~extent ~~requirements~~permitted ~~during~~by ~~the startup period~~law, ~~the~~none ~~Company may invest proceeds in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time~~ of ~~investment, which~~ the ~~Company~~Stockholders ~~expects~~ will ~~earn~~have ~~yields~~direct ~~substantially~~rights ~~lower~~against ~~than~~ the ~~interest,~~Adviser ~~dividend~~and ~~or other income that~~ the ~~Company~~Adviser ~~seeks~~does ~~to receive in respect of suitable portfolio investments. The Company may~~ not berepresent ~~able~~or toowe ~~pay~~ any ~~significant~~duty ~~distributions~~to ~~during this period, and~~ any ~~such~~individual ~~distributions~~Stockholder ~~may~~in ~~be substantially lower than~~ the ~~distributions the~~ Company ~~expects~~in toconnection ~~pay~~with ~~when~~its ~~the~~appointment ~~Company’s~~to ~~portfolio~~provide issuch ~~fully invested~~services. ~~The Company~~

30Interpretation of Governing Agreements and Legal Requirements

~~Table~~The governing and related documents of ~~Contents~~the Company (the “Governing Agreements”) are detailed agreements that establish complex arrangements among the Adviser, the Company and its investors, and other entities and individuals. Questions will arise from time to time under the Governing Agreements regarding the parties’ rights and obligations in certain situations, some of which the parties may not have considered while drafting and executing the Governing Agreements. In these instances, the applicable provisions of the Governing Agreements, if any, may be broad, general, ambiguous, or conflicting, and may permit more than one reasonable interpretation. At times, there may not be provisions directly applicable to the situation at hand. While the Company will construe the provisions set forth in the Governing Agreements (including any “hedge clauses” discussed below) in good faith and in a manner consistent with its legal obligations, the interpretations it adopts may not necessarily be, and need not be, the most favorable interpretations for its stockholders.

~~will~~The ~~pay~~Governing ~~management~~Agreements ~~fees~~contain provisions (sometimes referred to as “hedge clauses”) that provide that the Adviser ~~throughout~~and ~~this~~its ~~interim~~agents ~~period~~have ~~irrespective~~no ofresponsibility or liability for any loss incurred by the Company’s ~~performance.~~or Ifany ~~the~~Stockholder ~~management~~arising ~~fees~~in ~~and~~connection with their activities on behalf of, or their association with, the Company’s provided that such exculpation will not apply where such person committed certain bad acts (including fraud, willful misfeasance or gross negligence). Hedge clauses are limited by, among other ~~expenses~~things, ~~exceed~~Section 206 of the ~~return~~Advisers onAct, and Section 17(i) of the ~~temporary~~1940 ~~investments~~Act, both of which the ~~Company’s~~SEC ~~equity~~has ~~capital~~interpreted ~~will~~to beimpose ~~eroded~~certain duties on investment advisers that are not waivable.

~~Dependence~~In onaddition, ~~Key~~the ~~Personnel~~Adviser ~~and~~owes ~~Adviser~~a fiduciary duty to the Company.

The success of the Company depends in substantial part on the experience and knowledge of the Adviser and its Investment Team. There can be no assurance that any individual will continue to be employed by the Adviser throughout the term of the Company. The loss of key personnel could have a material adverse effect on the Company.32

~~Business~~Table ~~and Regulatory Risks~~ of ~~Alternative Asset Investments~~Contents

~~Legal,~~No ~~tax~~Right and regulatory changes could occur that may adversely affect the Company at any time during its term. The legal, tax and regulatory environment for BDCs and other vehicles that invest in alternative investments is evolving, and changes in the legislation or regulation and market perception of such vehicles, including changes to ~~existing~~Control ~~laws and regulations and increased criticism of~~ the BDC, private credit, private equity and other sectors within the alternative asset industry by some politicians, government representatives, regulators and market commentators, may adversely affect the ability of the Company to pursue its investment strategy, its ability to obtain leverage and financing and the value of investments held by the Company. In recent years, market disruptions and the dramatic increase in the capital allocated to alternative investment strategies have led to increased governmental as well as self-regulatory scrutiny of the alternative investment fund industry in general, and certain legislation proposing greater regulation of the industry periodically is considered by the governing bodies of both U.S. and non-U.S. jurisdictions. It is impossible to predict what, if any, changes may be instituted with respect to the legislation or regulations applicable to the Company, the Adviser, their respective affiliates, the markets in which they trade and invest, the Stockholders or the counterparties with which they do business, or what other effect such legislation or regulations might have. There can be no assurance that the Company, the Adviser or their respective affiliates will be able, for financial reasons or otherwise, to comply with future laws and regulations, and any regulations that restrict the ability of the Company to implement its investment strategy could have a material adverse impact on the Company’s portfolio. To the extent that the Company or its investments are or may become subject to regulation by various agencies in the United States or other non-U.S. jurisdictions, certain costs of compliance will be borne by the Company.Operations

~~The~~Stockholders ~~SEC~~in ~~and~~the ~~other~~Company ~~various~~will ~~U.S.~~have ~~federal,~~no ~~state~~opportunity ~~and~~to ~~local~~control ~~agencies~~the ~~may~~day-to-day ~~conduct~~operations ~~examinations~~of ~~and inquiries into, and bring enforcement and other proceedings against,~~ the Company, ~~the~~including ~~Adviser~~investment orand ~~their~~disposition ~~respective affiliates~~decisions. ~~The~~In ~~Company,~~order ~~the~~to ~~Adviser~~safeguard or their ~~respective~~limited ~~affiliates~~liability ~~may receive requests for information or subpoenas~~ from the ~~SEC~~liabilities and ~~other~~obligations ~~state, federal and non-U.S. regulators from time to time in connection with such inquiries and proceedings and otherwise in the ordinary course~~ of ~~business. These requests may relate to a broad range of matters, including specific practices of~~ the Company, ~~the~~Stockholders ~~Adviser,~~must ~~the~~rely ~~securities~~on ~~in which~~ the Adviser’s ~~invests~~ability onto ~~behalf of the Company and/or clients~~identify, orstructure ~~industry-wide practices. Certain costs of any such increased reporting, registration~~ and ~~compliance~~implement ~~requirements~~investments ~~may~~consistent bewith ~~borne by~~ the ~~Company~~investment objectives and ~~may~~policies ~~furthermore~~of ~~place~~ the Company ~~at a competitive disadvantage to the extent that the Company or the Adviser is required to disclose sensitive business information~~.

~~Competitive~~Board ~~Nature of the Adviser’s Business~~Participation

~~The~~Employees ~~business~~ of ~~identifying and structuring investments of~~ the ~~types~~Adviser ~~contemplated~~may byserve ~~the~~as ~~Company~~directors isof ~~highly~~some ~~competitive~~portfolio ~~and~~companies, ~~involves~~including as a ~~high~~result ~~degree~~ of ~~uncertainty.~~the ~~The~~Company's ~~Adviser~~obligation ~~expects~~ to ~~encounter~~offer ~~competition~~significant ~~from~~managerial ~~other~~assistance ~~entities~~to ~~having~~its ~~similar~~portfolio ~~investment objectives~~companies, ~~including other BDCs, private equity~~ and ~~credit funds~~, ~~strategic~~as ~~industry acquirers~~such, ~~registered~~may ~~investment~~have ~~companies,~~duties ~~specialty~~to ~~finance~~persons ~~companies,~~other ~~banks,~~than ~~broker-dealers,~~the ~~investment partnerships and corporations~~Company, ~~and~~including other ~~financial~~shareholders ~~investors. Some~~ of ~~these~~such ~~competitors~~portfolio ~~may~~companies. ~~have~~Although ~~more~~holding ~~relevant~~board ~~experience~~positions ~~and contacts or better resources than the Adviser or~~ may ~~not~~ be ~~subject~~important to the ~~regulatory restrictions that the 1940 Act imposes on the~~ Company’s asinvestment astrategy ~~BDC~~ and ~~that~~may ~~the~~improve ~~Code imposes on~~ the ~~Company~~Adviser’s asmanagement ~~a RIC. Such other investors may make competing offers for investment opportunities that are identified~~ability, ~~and~~board ~~even~~positions ~~after~~could animpair ~~agreement~~the inCompany’s ~~principle~~ability ~~has~~to ~~been~~sell ~~reached with~~ the ~~board~~relevant ofsecurities ~~directors~~ and/or ~~owners~~loans ofwhen anand ~~acquisition~~upon ~~target, consummating~~ the ~~transaction~~terms ~~will~~it ~~be subject to myriad uncertainties~~wants, ~~only~~and ~~some~~may ofsubject ~~which are foreseeable or within~~ the ~~control~~Company ofand the Adviser. ~~To the extent that the Adviser encounters competition with respect~~ to ~~the~~claims ~~Company’s~~they ~~investments,~~would ~~yields~~otherwise tonot ~~Stockholders may~~ be ~~reduced.~~subject ~~In addition~~ to ~~competition~~as ~~from~~an ~~other investors~~investor, ~~the~~including ~~availability~~claims of ~~investment~~breach ~~opportunities~~of ~~generally~~duty ~~will~~of beloyalty, ~~subject~~corporate ~~to market conditions as well as~~waste, inlender ~~many cases~~liability, ~~the~~securities ~~prevailing~~claims ~~regulatory~~and orother ~~political~~director-related ~~climate~~claims.

31Indemnification Obligations

~~Table~~The Adviser will not assume any responsibility to the Company other than to render the services described in its Investment Advisory Agreement with the Company, and it will not be responsible for any action of ~~Contents~~the Board in declining to follow the Adviser’s advice or recommendations. Pursuant to the Investment Advisory Agreement, the Adviser and its directors, officers, shareholders, members, agents, representatives, employees, controlling persons, and any other person or entity affiliated with, or acting on behalf of the Adviser will not be liable to the Company for their acts under the Investment Advisory Agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The Company will also agree to indemnify, defend and protect the Adviser and its directors, officers, shareholders, members, agents, representatives, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. These protections may lead the Adviser to act in a riskier manner when acting on the Company’s behalf than it would when acting for its own account.

~~Financial~~Possibility ~~Services~~of ~~Industry~~Fraud ~~Risks~~and Other Misconduct of Employees of the Adviser and Service Providers

~~Many~~Misconduct ~~financial~~by ~~services~~employees ~~companies~~of ~~have~~the ~~asset~~Adviser, service providers and/or ~~liability~~their ~~structures~~respective ~~that~~affiliates ~~are~~could ~~essentially~~cause ~~monetary~~significant inlosses. ~~nature~~Misconduct ~~and~~could ~~are~~include ~~directly~~entering ~~affected~~into bytransactions ~~many~~without ~~factors~~authorization, ~~including~~the ~~domestic~~failure ~~and~~to ~~international~~comply ~~economic~~with operational and ~~political~~risk ~~conditions~~procedures, ~~broad~~including ~~trends~~due indiligence ~~business and finance~~procedures, ~~legislation~~misrepresentations ~~and~~as ~~regulation~~to ~~affecting~~investments ~~the~~being ~~national~~considered ~~and~~by ~~international~~the ~~business and financial communities~~Company, ~~monetary~~the ~~and~~improper ~~fiscal~~use ~~policies,~~or ~~interest~~disclosure ~~rates,~~of ~~inflation,~~confidential ~~currency~~or ~~values,~~material ~~market~~non-public ~~conditions~~information, ~~the~~which ~~availability~~could ~~and~~result ~~cost~~in oflitigation, ~~short-term~~regulatory ~~and~~enforcement ~~long-term~~or ~~funding~~serious ~~and~~financial ~~capital~~harm, including limiting the ~~credit~~business ~~capacity~~prospects or ~~perceived~~future ~~creditworthiness~~marketing activities of ~~customers~~the ~~and~~Company, ~~counterparties~~ and ~~the~~noncompliance ~~level~~with ~~and~~applicable ~~volatility~~laws ofor ~~trading~~regulations ~~markets.~~(including ~~Such~~in ~~factors~~the ~~can~~workplace ~~adversely~~via ~~impact~~inappropriate ~~financial~~or ~~institutions~~unlawful ~~and~~behavior ~~their~~or ~~customers,~~actions ~~suppliers,~~directed ~~service~~to ~~providers~~other employees) and ~~counterparties,~~the ~~all~~concealing of ~~whom~~any ~~are~~of ~~potential~~the ~~investment~~foregoing. ~~targets~~Such ~~for~~activities ~~the~~could ~~Company.~~result ~~Moreover,~~in ~~the~~reputational ~~financial~~damage, ~~services~~litigation, ~~industry~~business isdisruption ~~highly~~and/or ~~dependent~~financial onlosses ~~technology~~to ~~and~~the ~~communications~~Company. ~~and~~Stone ~~information~~Point ~~systems,~~has iscontrols ~~exposed~~and toprocedures ~~many~~through ~~types~~which ofit ~~operational~~seeks ~~risks~~to ~~and~~minimize ~~operates~~the inrisk aof ~~highly~~such ~~regulated~~misconduct ~~environment;~~occurring. ~~each~~However, ofno ~~these~~assurances ~~factors~~can ~~could~~be ~~have~~given anthat ~~adverse~~Stone ~~impact~~Point onwill ~~financial~~be ~~institutions~~able ~~and~~to ~~their~~identify ~~customers~~or ~~and~~prevent ~~counterparties~~such misconduct.

~~Cyclicality~~Qualifying Assets

~~Certain~~As ~~sectors~~a ~~targeted~~BDC, bythe 1940 Act prohibits the Company ~~are~~from ~~cyclical~~acquiring ~~and~~any ~~subject~~assets toother ~~significant~~than ~~fluctuation~~certain ~~due~~qualifying toassets ~~competition~~unless, at the ~~high~~time ~~level~~ of ~~government~~and ~~regulation,~~after ~~general~~giving ~~economic~~effect ~~conditions~~to such acquisition, ~~the~~at ~~level~~least 70% of ~~interest~~the ~~rates~~Company’s total assets are qualifying assets. Therefore, the ~~state~~Company ofmay be precluded from investing in what the ~~public~~Adviser ~~equity~~believes ~~markets~~are ~~and~~attractive ~~other~~investments ~~factors.~~if ~~The~~such ~~returns~~investments onare not qualifying assets. Conversely, if the Company’s ~~investments~~fails ~~may~~to ~~therefore~~invest bea ~~lower~~sufficient inportion ~~certain~~of ~~periods.~~its ~~For~~assets ~~example~~in qualifying assets, the ~~financial~~Company ~~performance~~could oflose ~~credit-related~~its ~~investments~~status as a BDC, which ~~includes~~would ~~both~~have ~~regulated~~a ~~institutions,~~material ~~such~~adverse aseffect ~~depositories,~~on asthe ~~well~~Company’s asbusiness, ~~specialty~~financial ~~finance~~condition, and ~~asset~~results ~~management~~of ~~investments~~operations. Similarly, ~~are~~these ~~susceptible~~rules tocould prevent the ~~cyclicality~~Company ~~associated~~from ~~with~~making ~~the~~additional ~~sector.~~investments ~~Although~~in anexisting ~~individual~~portfolio ~~credit~~companies, ~~platform’s~~which ~~financial~~could ~~performance~~result ~~depends~~ in ~~part~~the ~~upon~~dilution ~~its~~of ~~own~~the ~~specific~~Company’s ~~business~~position ~~characteristics,~~or ~~there~~could ~~are~~require ~~macroeconomic~~the ~~factors~~Company ~~that~~to ~~could~~dispose ~~result~~of ininvestments ~~more~~at ~~benign~~an orinopportune ~~severe~~time ~~investment~~to ~~environments~~comply with the 1940 Act. ~~The~~If the Company is ~~expected~~forced to ~~continue~~sell tonon-qualifying ~~experience~~investments in the ~~effects~~portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of ~~this~~such ~~cyclicality~~investments.

~~Systems~~Status ~~Risk;~~as ~~Cyber~~Business ~~Security~~Development ~~Breaches and Identity Theft~~Company

~~The~~If ~~Company and~~ the ~~Adviser~~Company ~~rely~~does ~~extensively~~not onmaintain ~~computer~~its ~~programs~~status ~~and~~as ~~systems~~a ~~(and could rely on new systems and technology in the future) for various purposes~~BDC, including trading, clearing, and settling transactions, evaluating certain investments, monitoring their portfolios and net capital, and generating risk management and other reports that are critical to oversight of the Company’s ~~activities.~~might ~~Certain of the Company’s and the Adviser’s operations will~~ be ~~dependent~~regulated ~~upon~~as ~~systems~~a ~~operated by third parties, including prime brokers, administrators, market counterparties and their sub~~closed-~~custodians~~end ~~and~~investment ~~other~~company ~~service~~under ~~providers, though~~ the ~~Adviser~~1940 ~~could~~Act, ~~perform~~which ~~certain~~would ofsubject ~~these~~it ~~functions~~to ~~internally~~substantially inmore ~~reliance~~regulatory onrestrictions ~~their~~and ~~own~~correspondingly ~~systems~~decrease (the ~~cost of which could be borne by the~~ Company~~). The Company~~’s ~~service~~operating providers could also depend on information technology systems that could or could not be controlled by them and, notwithstanding the diligence that the Company could perform on its service providers, the Company could not be able to verify the risks or reliability of such information technology systemsflexibility.

The Company, the Adviser, and their affiliates and their service providers are subject to risks associated with a breach in cybersecurity. Cybersecurity is a generic term used to describe the technology, processes and practices designed to protect networks, systems, computers, programs, and data from both intentional cyber-attacks and hacking by other computer users, as well as unintentional damage or interruption that, in either case, can result in damage and disruption to hardware and software systems, loss or corruption of data and/or misappropriation of confidential information. Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The Adviser and its service providers’ information and technology systems may be vulnerable to damage or interruption from computer viruses and other malicious code, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors by their respective professionals or service providers, power, communications or other service outages and catastrophic events such as fires, tornadoes, floods, hurricanes, and earthquakes.33

~~Cybersecurity~~Table threats may involve unauthorized access to sensitive information, including, without limitation, information regarding the Adviser’s or the Company’s investment activities, or could render data or systems unusable, any of which could result in significant losses. Any cybersecurity attacks against the Adviser, the Company, or the Company’s portfolio companies could lead to the loss of sensitive information essential to such entity’s operations, could have a material adverse effect on such entity’s reputations, financial positions or cash flows, could lead to financial losses from remedial actions or loss of business, or could lead to potential liability. Neither the Adviser nor the Company control the cybersecurity plans and systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Adviser and the Company, each of whom could be negatively impacted as a result. Breaches such as those involving covertly introduced malware, attempts to induce Stone Point Credit personnel (or third-party agents) to provide data or payments under false pretenses (e.g., via a falsified email), unauthorized release of confidential or otherwise protected information, including personal information relating to the Company, and Contents

32Emerging Growth Company Status

~~Table~~The Company expects to qualify as an “emerging growth company” as defined in the JOBS Act until the earlier of ~~Contents~~(a) the last day of the fiscal year (i) following the fifth anniversary of the completion of the Company’s initial public offering of common equity securities, (ii) in which the Company has total annual gross revenue of at least $1.235 billion, or (iii) in which the Company is deemed to be a large accelerated filer, which means the market value of the Common Stock that is held by non-affiliates exceeds $700 million as of the prior June 30th, and (b) the date on which the Company has issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as the Company remains an “emerging growth company,” it will likely take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”). It is not possible to predict if prospective investors will find the Common Stock less attractive because the Company will rely on some or all of these exemptions.

~~corruption~~In ~~of data~~addition, ~~and~~Section ~~other~~107 ~~electronic~~of ~~security breaches could lead to disruptions in critical systems, potentially resulting in further harm and could require~~ the ~~Adviser,~~JOBS ~~the~~Act ~~Company, or any such portfolio company to make a significant investment to fix or replace such systems. Cyberattacks may~~ also beprovides ~~carried out in a manner~~ that ~~does~~an ~~not~~“emerging ~~require~~growth ~~gaining~~company” ~~unauthorized~~can ~~access,~~take ~~such~~advantage ~~as causing denial-~~of~~-service~~ attacks on systems or websites, rendering them unavailable. If unauthorized parties gain access to such information and technology systems, they could be able to steal, publish, delete, or modify private and sensitive information. If the ~~information and technology systems of the Adviser and the Company and their respective service providers are compromised, become inoperable for~~ extended ~~periods~~transition ofperiod ~~time~~provided or cease to function properly, the Adviser, the Company, and/or their service providers may have to make a significant investment to fix or replace such systems. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in ~~the~~Section ~~Adviser’s, the Company’s, and/or~~ 7(a ~~portfolio company’s operations and result in a failure to maintain the security, confidentiality, or privacy of sensitive data, including personal information relating to investors of the Company~~ )(~~and their beneficial owners~~2),(B) ~~material~~of ~~non-public information relating to, and~~ the ~~intellectual~~Securities ~~property~~Act ~~and~~for ~~trade~~complying ~~secrets~~with ofnew ~~the Adviser, the Company, and/~~or ~~its~~revised ~~portfolio~~accounting ~~companies~~standards. ~~Such~~In aother ~~failure or unauthorized disclosure of data could harm the Adviser~~words, ~~the~~an ~~Company,~~“emerging ~~and/or~~growth ~~a portfolio~~ company’s” ~~reputation,~~can ~~subject~~delay ~~any~~the ~~such~~adoption ~~entity and their respective affiliates to legal claims, regulatory action, increased costs, financial losses, data privacy breaches or enforcement actions arising out~~ of ~~applicable~~certain ~~privacy~~accounting orstandards ~~other~~until ~~laws~~those ~~and~~standards ~~adverse~~would ~~publicity and~~ otherwise ~~affect~~apply ~~their~~to ~~business~~private ~~and financial performance~~companies. The ~~costs~~Company ~~related to cyber or other security threats or disruptions~~ may ~~not~~take beadvantage ~~fully~~of ~~insured~~such orextended ~~indemnified~~transition ~~by other means~~periods.

~~FOIA/Public~~Because ~~Disclosure~~of the exemptions from various reporting requirements provided to the Company as an “emerging growth company” and because the Company may have an extended transition period for complying with new or revised financial accounting standards, the Company may be less attractive to investors and it may be difficult for the Company to raise additional capital as and when needed. Potential investors may be unable to compare the Company with other companies in the same industry if they believe that the Company’s financial accounting is not as transparent as other companies in the industry. If the Company is perceived as being not as transparent as other companies in the industry, the Company’s financial condition and results of operations may be materially and adversely affected.

AsThe a result of the U.S. Freedom of Information Act (“FOIA”), any governmental public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement, the Company, the Adviser, the Stockholders or any of their respective services providers or their affiliates may be required to disclose information relating to the Company, or their affiliates, and/or any entity in which an investment is ~~made,~~a ~~which~~Public disclosure could, for example, affect the Company’s competitive advantage in finding attractive investment opportunities. In addition, some of the shares of Common Stock may be held by Stockholders that are subject to public disclosure requirements, such as public pension plans and listed investment vehicles. The amount of information about their investments that is required to be disclosed has increased in recent years, and that trend may continue. While the Adviser may, in seeking to prevent any such potential disclosure, withhold all or any part of the information otherwise to be provided to certain or all Stockholders, such information may not be withheld in many circumstances. To the extent that disclosure of confidential information relating to the Company or its investments results from shares of Common Stock being held by such Stockholders, the Company may be adversely affected.Entity

~~Duties~~The Company is subject to the reporting requirements of the ~~Adviser~~Exchange Act and requirements of the ~~Stockholders~~Sarbanes-Oxley Act. The Exchange Act will require the Company to file annual, quarterly and current reports with respect to the Company’s ~~Rights~~business and financial condition which will cause the Company to incur certain legal, accounting and other expenses. The Sarbanes-Oxley Act will require the Company to maintain effective disclosure controls and procedures and internal control over financial reporting, which are discussed below. In order to maintain and improve the effectiveness of the Company’s disclosure controls and procedures and internal controls, significant resources and management oversight will be required. The Company has implemented procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management’s attention from other business concerns, which could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows.

The ~~Adviser~~systems isand ~~engaged~~resources necessary to ~~provide~~comply with public company reporting requirements will increase further once the Company ~~(and~~ceases ~~not~~to ~~any~~be ~~individual~~an ~~Stockholder)~~“emerging ~~with~~growth ~~portfolio~~company” ~~management~~under ~~and~~the ~~certain~~JOBS ~~administrative services~~Act. As ~~such,~~long ~~and~~as to the ~~fullest~~Company ~~extent~~remains ~~permitted~~an byemerging ~~law~~growth company, ~~none~~it ofintends ~~the~~to ~~Stockholders~~take ~~will~~advantage ~~have~~of ~~direct~~certain ~~rights~~exemptions ~~against~~from ~~the~~various ~~Adviser~~reporting ~~and~~requirements ~~the~~that ~~Adviser~~are ~~does~~applicable ~~not~~to ~~represent~~other orpublic ~~owe~~companies, ~~any~~including, ~~duty~~but not limited to, ~~any~~not ~~individual~~being ~~Stockholder~~required into comply with the ~~Company~~auditor inattestation ~~connection~~requirements ~~with~~of ~~its~~Section ~~appointment~~404 toof ~~provide~~the ~~such~~Sarbanes-Oxley ~~services~~Act.

~~Interpretation~~Exchange ofAct ~~Governing~~Filing ~~Agreements and Legal~~ Requirements

~~The~~Because ~~governing~~the ~~and~~Company ~~related~~is ~~documents~~subject ofto the ~~Company~~reporting (requirements under the ~~“Governing~~Exchange ~~Agreements”)~~Act, ~~are~~ownership ~~detailed~~information ~~agreements~~for ~~that~~any ~~establish~~person ~~complex~~who ~~arrangements~~beneficially ~~among~~owns ~~the~~5% ~~Adviser,~~or more of the ~~Company~~Common ~~and~~Stock ~~its~~will ~~investors,~~have ~~and~~to ~~other~~be ~~entities~~disclosed ~~and~~in ~~individuals.~~a ~~Questions~~Schedule ~~will~~13G, ~~arise~~Schedule ~~from~~13D ~~time~~or toother ~~time~~filings ~~under~~with the ~~Governing~~SEC. ~~Agreements~~Beneficial ~~regarding~~ownership ~~the~~for ~~parties’~~these ~~rights~~purposes ~~and~~is ~~obligations~~determined in ~~certain~~accordance ~~situations,~~with ~~some~~the rules of ~~which~~ the ~~parties~~SEC ~~may~~and ~~not~~includes ~~have~~having ~~considered~~voting ~~while~~or ~~drafting~~investment ~~and~~power ~~executing~~over the ~~Governing Agreements~~securities. In ~~these~~some ~~instances~~circumstances, ~~the~~Stockholders ~~applicable~~who ~~provisions~~choose ofto ~~the~~reinvest ~~Governing~~their ~~Agreements,~~dividends ~~if any,~~ may besee ~~broad,~~their ~~general,~~percentage ~~ambiguous,~~stake orin ~~conflicting,~~the ~~and~~Company ~~may~~increase ~~permit~~to more than ~~one~~5%, ~~reasonable~~thus ~~interpretation~~triggering this filing requirement. AtEach ~~times,~~Stockholder ~~there~~is ~~may~~responsible ~~not~~for bedetermining ~~provisions~~their ~~directly~~filing ~~applicable~~obligations toand preparing the ~~situation~~filings. atIn ~~hand.~~addition, ~~While~~Stockholders ~~the~~who ~~Company~~hold ~~will~~more ~~construe~~than ~~the~~10% ~~provisions~~of ~~set~~a ~~forth~~class inof the ~~Governing~~Company’s ~~Agreements~~shares ~~(including~~may ~~any~~be ~~“hedge~~subject ~~clauses”~~to ~~discussed~~Section ~~below~~16(b) inof ~~good~~the ~~faith~~Exchange ~~and~~Act, inwhich arecaptures ~~manner~~for ~~consistent~~the ~~with~~benefit ~~its~~of ~~legal obligations,~~ the ~~interpretations~~Company’s itprofits ~~adopts~~from ~~may~~the ~~not~~purchase ~~necessarily~~and besale, ~~and~~or ~~need~~sale ~~not~~and bepurchase, ~~the~~of ~~most~~registered ~~favorable~~stock ~~interpretations~~within ~~for~~a ~~its~~six-month ~~Stockholders~~period.

~~The~~Internal Governing Agreements contain provisions (sometimes referred to as “hedge clauses”) that provide that the Adviser and its agents have no responsibility or liability for any loss incurred by the Company or any Stockholder arising in connection with their activities on behalf of, or their association with, the Company provided that such exculpation will not apply where such person committed certain bad acts (including fraud, willful misfeasance or gross negligence). Hedge clauses are limited by, among other things, Section 206 of the Advisers Act, which the SEC has interpreted to impose certain duties on investment advisers that are not waivable.Controls

33The Company will not be required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404 of that statute (“Section 404”), and will not be required to comply with all of those requirements until the Company has been subject to the reporting requirements of the Exchange Act for a specified period or the date the Company is no longer an emerging growth company under the JOBS Act. Accordingly, the Company’s internal control over

~~Table of Contents~~34

~~Restrictions~~Table onof ~~Transfer and Withdrawal~~Contents

~~The~~financial ~~Common~~reporting ~~Stock~~will ~~has~~ not ~~been~~initially ~~and~~meet ~~may~~all never be registered under the Securities Act and, unless so registered, may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the ~~Securities~~standards ~~Act~~contemplated ~~and~~by ~~applicable~~Section ~~state~~404 ~~securities laws. The Common Stock is an illiquid investment for which there is not a secondary market, nor is it expected~~ that ~~any such secondary market will develop in~~ the ~~future.~~Company ~~Stockholders generally~~ may ~~not~~eventually sell, assign or transfer their shares without prior written consent of the Adviser (unless the transfer is to an affiliate), which the Adviser may grant or withhold in its sole discretion. Except in limited circumstances for legal or regulatory purposes, Stockholders are not entitled to redeem their shares of Common Stock. Stockholders must be ~~prepared~~required to ~~bear the economic risk of an investment in the Company for an indefinite period~~meet. The Company iswill ~~generally~~need ~~not able~~ to ~~issue~~undertake ~~or sell Common Stock at a price below net asset value per share. The Company may, however, sell Common Stock, or warrants, options or rights to acquire Common Stock, at a price below~~ the ~~then-current~~process ~~net asset value per share~~ of ~~Common~~building ~~Stock,~~out ifits ~~the~~internal ~~Board~~control ~~determines~~over ~~that~~financial ~~such~~reporting ~~sale~~and isestablishing informal ~~the Company’s best interests~~procedures, ~~and if Stockholders approve the sale. In any such case~~policies, ~~the~~processes ~~price~~and atpractices ~~which~~related ~~the Company’s securities are~~ to befinancial ~~issued~~reporting and ~~sold~~to ~~may not be less than a price that, in~~ the ~~determination~~identification of ~~the~~key ~~Board,~~financial ~~closely~~reporting ~~approximates~~risks, ~~the~~assessment ~~market value~~ of ~~such~~their ~~securities~~potential ~~(less~~impact ~~any~~and ~~distributing~~linkage ~~commission or discount). If the Company raises additional funds by issuing Common Stock or senior securities convertible into, or exchangeable for, Common Stock, then the percentage ownership~~ of ~~Stockholders~~those atrisks ~~that~~to ~~time~~specific ~~will~~areas ~~decrease,~~ and ~~Stockholders~~activities ~~may~~within ~~experience~~the ~~dilution~~Company.

~~The~~Additionally, ~~Adviser~~the ~~does~~Company ~~not~~has ~~know~~undertaken atthe ~~this~~process ~~time~~of ~~what~~documenting ~~circumstances~~its ~~will~~internal ~~exist~~control inprocedures to satisfy the ~~future~~requirements ~~and~~of ~~therefore~~Section ~~does~~404, ~~not~~which ~~know~~requires ~~what~~annual ~~factors~~management assessments of the ~~Board~~effectiveness ~~will~~of ~~consider~~its ininternal ~~determining~~control ~~whether~~over financial reporting. Additionally, the Company’s independent registered public accounting firm is required to doformally anattest ~~Exchange~~to ~~Listing.~~the Ifeffectiveness of the ~~Company~~internal ~~does~~control ~~undertake~~over anfinancial ~~Exchange~~reporting. ~~Listing,~~If ~~there~~the ~~can~~Company beis nonot ~~assurances~~able ~~that~~to aadequately ~~public~~implement ~~trading~~the ~~market~~requirements ~~will~~of ~~develop~~Section or404, ifthe ~~one~~Company’s ~~develops~~operations, ~~that~~financial ~~such~~reporting ~~trading~~or ~~market~~financial ~~can~~results could be ~~sustained~~adversely affected. ~~Shares~~Matters ofimpacting ~~companies~~the ~~offered~~Company’s ininternal ancontrols ~~initial~~may ~~public~~cause ~~offering~~the ~~often~~Company ~~trade~~to atbe unable to report its financial information on a ~~discount~~timely basis and thereby subject the Company to adverse regulatory consequences, including sanctions by the ~~initial~~SEC ~~offering~~or ~~price~~violations ~~due~~of toapplicable ~~underwriting~~stock ~~discounts~~exchange listing rules, and ~~related~~may ~~offering~~result ~~expenses.~~in ~~Also,~~a ~~shares~~breach of ~~closed-end~~the ~~investment~~covenants ~~companies~~under ~~and~~the ~~BDCs~~agreements ~~frequently~~governing ~~trade~~any atof its financing arrangements, if any. There could also be a ~~discount~~negative ~~from~~reaction ~~their~~in ~~net~~the ~~asset~~financial ~~value.~~markets ~~This~~due ~~characteristic~~to a loss of ~~closed-end~~investor ~~investment~~confidence ~~companies~~in isthe ~~separate~~Company and ~~distinct~~the ~~from~~reliability of its financial statements. Confidence in the ~~risk~~reliability ~~that~~of the Company’s ~~net~~financial ~~asset~~statements ~~value~~could ~~per~~also ~~share~~suffer ofif ~~Common~~the ~~Stock~~Company ~~may~~or ~~decline.~~its ~~The~~independent ~~Company~~registered ~~cannot~~public ~~predict~~accounting ~~whether~~firm were to report a material weakness in the ~~Common~~Company’s ~~Stock,~~internal ifcontrol ~~listed~~over onfinancial areporting. ~~national~~This ~~securities~~could ~~exchange~~materially adversely affect the Company and, ~~will~~following ~~trade~~an atExchange Listing, ~~above~~lead orto ~~below~~a ~~net~~decline ~~asset~~in ~~value~~the market price of the Common Stock.

NoRIC ~~Right~~related toTax ~~Control the Company’s Operations~~Risks

~~Stockholders~~The inCompany ~~the~~has ~~Company~~elected ~~will~~to ~~have~~be notreated, ~~opportunity~~and intends to ~~control~~qualify ~~the~~annually, ~~day-to-day~~as ~~operations~~a RIC under Subchapter M of the Code. To qualify for and maintain RIC tax treatment under the Code, the Company must meet, ~~including~~amongst ~~investment~~other requirements, requirements related to annual distributions, source of income and ~~disposition~~asset ~~decisions~~diversification. InFailure ~~order~~ to ~~safeguard~~meet ~~their~~these ~~limited~~requirements ~~liability~~may ~~from~~result in the ~~liabilities~~Company ~~and~~having ~~obligations~~to dispose of certain investments quickly in order to prevent the ~~Company,~~loss ~~Stockholders~~of ~~must~~RIC ~~rely~~status. onIf the ~~Adviser’s~~Company ~~ability~~fails to ~~identify,~~qualify ~~structure~~for or maintain RIC tax treatment for any reason and ~~implement~~is ~~investments~~subject ~~consistent~~to ~~with~~corporate federal income tax, the ~~investment~~resulting ~~objectives~~corporate ~~and~~taxes ~~policies~~could substantially reduce its net assets, the amount of income available for distribution, and the ~~Company~~amount of its distributions. See “Material U.S. Federal Income Tax Considerations – Taxation as a RIC.”

~~Consequences~~As a result of ~~Default~~the “Annual Distribution Requirement” (i.e., the requirements that the Company must distribute to its Stockholders, for each taxable year, at least 90% of the Company’s “investment company taxable income,” which is generally the Company’s ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses, and 90% of the Company’s net tax-exempt income, if any) to qualify for tax treatment as a RIC, the Company may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. The Company expects to be able to issue “senior securities,” including borrowing money from banks or other financial institutions only in amounts such that the ratio of the Company’s total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred stock, if any, equals at least 150% after such incurrence or issuance. If the Company issues senior securities, it will be exposed to risks associated with leverage, including an increased risk of loss. The Company’s ability to issue different types of securities is also limited. Compliance with RIC distribution requirements may unfavorably limit the Company’s investment opportunities and reduce its ability in comparison to other companies to profit from favorable spreads between the rates at which the Company can borrow and the rates at which it can lend. Therefore, the Company intends to seek to continuously issue equity securities, which may lead to Stockholder dilution.

~~Stockholders~~The Company may beborrow ~~subject~~ to ~~significant~~fund ~~adverse~~investments. ~~consequences~~If in the ~~event~~value ~~such~~of athe ~~Stockholder~~Company’s ~~defaults~~assets ondeclines, ~~its~~the ~~capital~~Company ~~commitment~~may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit the Company. Infrom ~~addition~~paying todistributions ~~losing~~and ~~its~~could ~~right~~prevent toit ~~participate~~from inqualifying ~~future~~for ~~Drawdowns~~tax treatment as a RIC, which would generally result in a ~~defaulting~~corporate-level ~~Stockholder~~U.S. ~~may~~federal beincome ~~forced~~tax toon ~~transfer~~any ~~its~~income ~~shares~~and ofnet ~~Common~~gains. ~~Stock~~If the Company cannot satisfy the asset coverage test, it may be required to sell a ~~third~~portion ~~party~~of ~~for~~its ainvestments ~~price~~and, ~~that~~depending ison ~~less~~the ~~than~~nature of the ~~net~~Company’s ~~asset~~debt ~~value~~financing, repay a portion of its indebtedness at a time when such ~~shares~~sales ofmay ~~Common~~be ~~Stock~~disadvantageous.

~~Board~~Until ~~Participation~~and unless the Company is treated as a publicly offered RIC as a result of either (1) shares of its Common Stock and preferred stock collectively being held by at least 500 persons at all times during a taxable year, (2) shares of its Common Stock being continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) or (3) shares of its Common Stock being treated as regularly traded on an established securities market, each U.S. Stockholder that is an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from the Company in the amount of such U.S. Stockholder’s allocable share of the management and incentive fees paid to the Adviser and certain of the Company’s other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. Stockholder. Miscellaneous itemized deductions generally are deductible by a U.S. Stockholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. Stockholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. Stockholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions

Employees of the Adviser may serve as directors of some portfolio companies and, as such, may have duties to persons other than the Company, including other shareholders of such portfolio companies. Although holding board positions may be important to the Company’s investment strategy and may improve the Adviser’s management ability, board positions could impair the Company’s ability to sell the relevant securities and/or loans when and upon the terms it wants, and may subject the Company and the Adviser to claims they would otherwise not be subject to as an investor, including claims of breach of duty of loyalty, corporate waste, securities claims and other director-related claims.35

~~Indemnification~~Table ~~Obligations~~of Contents

~~The~~exceeds ~~Adviser~~2% ~~will~~of ~~not~~such ~~assume~~U.S. ~~any~~Stockholder’s ~~responsibility~~adjusted togross ~~the~~income ~~Company~~for ~~other~~U.S. ~~than~~federal toincome ~~render~~tax ~~the services described in its Investment Advisory Agreement with the Company~~purposes, ~~and~~are ~~it will~~ not bedeductible ~~responsible~~ for ~~any~~purposes ~~action~~ of the ~~Board~~alternative inminimum ~~declining~~tax toand ~~follow~~are ~~the~~subject ~~Adviser’s advice or recommendations. Pursuant~~ to the ~~Investment~~overall ~~Advisory~~limitation ~~Agreement,~~on ~~the~~itemized ~~Adviser~~deductions ~~and~~under ~~its~~Section ~~directors,~~68 ~~officers, shareholders, members, agents, representatives, employees, controlling persons, and any other person or entity affiliated with, or acting on behalf~~ of the ~~Adviser will not be liable to the Company for their acts under the Investment Advisory Agreement, absent willful misfeasance, bad~~ Code.

34Phantom Income

~~Table~~For U.S. federal income tax purposes, the Company will include in its taxable income certain amounts that it has not yet received in cash. For example, if the Company holds debt obligations that are treated under applicable U.S. federal income tax rules as having OID (such as debt instruments with PIK interest or, in certain cases, that have increasing interest rates or are issued with warrants), the Company must include in its taxable income in each taxable year a portion of ~~Contents~~the OID that accrues over the life of the obligation, regardless of whether the Company receives cash representing such income in the same taxable year. The Company may also have to include in its taxable income other amounts that the Company has not yet received in cash, such as accruals on a contingent payment debt instrument or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Further, the Company may elect to amortize market discount on debt investments and currently include such amounts in its taxable income, instead of upon their sale or other disposition, as any failure to make such election would limit the Company’s ability to deduct interest expense for tax purposes. Because such OID or other amounts accrued are included in the Company’s investment company taxable income for the taxable year of accrual, the Company may be required to make distributions to Stockholders in order to satisfy the Annual Distribution Requirement (as defined above) and/or excise tax avoidance requirement, even though the Company will have not received any corresponding cash payments. Accordingly, to enable the Company to make distributions to Stockholders that will be sufficient to enable the Company to satisfy the Annual Distribution Requirement, the Company may need to sell some of its assets at times and/or at prices that it would not consider advantageous, the Company may need to raise additional equity or debt capital or the Company may need to forego new investment opportunities or otherwise take actions that are disadvantageous to its business (or be unable to take actions that are advantageous to its business). If the Company is unable to obtain cash from other sources to enable the Company to satisfy the Annual Distribution Requirement, the Company may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income tax (and any applicable state and local taxes).

~~faith,~~Stock gross negligence or reckless disregard in the performance of their duties. The Company will also agree to indemnify, defend and protect the Adviser and its directors, officers, shareholders, members, agents, representatives, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. These protections may lead the Adviser to act in a riskier manner when acting on the Company’s behalf than it would when acting for its own account.Dividend

~~Possibility~~Although the Company currently does not intend to do so, the Company may declare a large portion of ~~Fraud~~a dividend in shares of the Company’s stock at the election of each Stockholder. An IRS Revenue Procedure allows a publicly offered RIC to distribute its own stock as a dividend for the purpose of fulfilling its distribution requirements, if certain conditions are satisfied. Among other things, the aggregate amount of cash available to be distributed to all Stockholders is required to be at least 20% of the aggregate declared distribution. The Internal Revenue Service has also issued private letter rulings on cash/stock dividends paid by RICs and ~~Other~~real ~~Misconduct~~estate investment trusts where the cash component is limited to 20% of ~~Employees~~the total distribution if certain requirements are satisfied. Stockholders receiving such dividends will be required to include the full amount of the ~~Adviser~~dividend (including the portion payable in stock) as ordinary income or, long-term capital gain, as applicable to the extent of the Company’s current and ~~Service~~accumulated ~~Providers~~earnings and profits for federal income tax purposes. As a result, Stockholders may be required to pay income taxes with respect to such dividends in excess of the cash dividends received. It is unclear whether the Company will be a publicly offered RIC and to what extent the Company will be able to pay taxable dividends in cash and Common Stock (whether pursuant to IRS Revenue Procedure, a private letter ruling or otherwise).

~~Misconduct~~Dividend by employees of the Adviser, service providers and/or their respective affiliates could cause significant losses. Misconduct could include entering into transactions without authorization, the failure to comply with operational and risk procedures, including due diligence procedures, misrepresentations as to investments being considered by the Company, the improper use or disclosure of confidential or material non-public information, which could result in litigation, regulatory enforcement or serious financial harm, including limiting the business prospects or future marketing activities of the Company, and noncompliance with applicable laws or regulations (including in the workplace via inappropriate or unlawful behavior or actions directed to other employees) and the concealing of any of the foregoing. Such activities could result in reputational damage, litigation, business disruption and/or financial losses to the Company. Stone Point has controls and procedures through which it seeks to minimize the risk of such misconduct occurring. However, no assurances can be given that Stone Point will be able to identify or prevent such misconduct.Reinvestment

~~Qualifying~~Stockholders ~~Assets~~that participate in the Company’s dividend reinvestment plan will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in the Company’s Common Stock to the extent the amount reinvested was not a tax-free return of capital. As a result, unless a Stockholder is a tax-exempt entity, the Stockholder may have to use funds from other sources to pay the tax liability on the value of the Company’s Common Stock received as a result of the distribution.

AsCertain aERISA BDC, the 1940 Act prohibits the Company from acquiring any assets other than certain qualifying assets unless, at the time of and after giving effect to such acquisition, at least 70% of the Company’s total assets are qualifying assets. Therefore, the Company may be precluded from investing in what the Adviser believes are attractive investments if such investments are not qualifying assets. Conversely, if the Company fails to invest a sufficient portion of its assets in qualifying assets, the Company could lose its status as a BDC, which would have a material adverse effect on the Company’s business, financial condition, and results of operations. Similarly, these rules could prevent the Company from making additional investments in existing portfolio companies, which could result in the dilution of the Company’s position or could require the Company to dispose of investments at an inopportune time to comply with the 1940 Act. If the Company is forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments.Considerations

~~Status~~In asgeneral, ~~Business~~the ~~Development~~fiduciary ~~Company~~responsibility standards and prohibited transaction restrictions of ERISA apply to a variety of employee retirement and welfare benefit plans maintained by private employers (“ERISA Plans”). Although ERISA does not (with certain exceptions) apply to individual retirement accounts, “Keogh” plans and certain other plans, such plans (collectively with ERISA Plans, “Plans”), are generally subject to Section 4975 of the Code, which contains prohibited-transaction provisions that are similar to those contained in ERISA.

IfInvestment the Company does not maintain its status as a BDC, the Company might be regulated as a closed-end investment company under the 1940 Act, which would subject it to substantially more regulatory restrictions and correspondingly decrease the Company’s operating flexibility.Considerations

~~Emerging~~The ~~Growth~~assets of the Company ~~Status~~are invested in accordance with the investment objective and policies described in this Annual Report. The fiduciary of an ERISA Plan (and not the Adviser) will be solely responsible for the ERISA Plan’s decision to invest in the Company, including, without limitation, the role that an investment in the Company would play in the ERISA Plan’s portfolio and whether an investment in the Company is reasonably designed as part of the overall investment of the ERISA Plan’s assets. Accordingly, an

The Company expects to qualify as an “emerging growth company” as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the completion of the Company’s initial public offering of common equity securities, (ii) in which the Company has total annual gross revenue of at least $1.235 billion, or (iii) in which the Company is deemed to be a large accelerated filer, which means the market value of the Common Stock that is held by non-affiliates exceeds $700 million as of the prior June 30th, and (b) the date on which the Company has issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as the Company remains an “emerging growth company,” it will likely take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”). It is not possible to predict if prospective investors will find the Common Stock less attractive because the Company will rely on some or all of these exemptions.36

InTable ~~addition, Section 107~~ of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company may take advantage of such extended transition periods.Contents

35authorized fiduciary of an ERISA Plan proposing to invest in the Company should, in consultation with its own advisors, consider whether such investment is consistent with the terms of the ERISA Plan’s governing documents (including any investment guidelines) and applicable law. Neither the Adviser nor the Company or any of their respective affiliates is responsible for determining, and none of them makes any representation regarding, whether the Company’s Common Stock is an appropriate investment for Plans generally or any particular Plan.

~~Table~~Prohibited ~~of Contents~~Transactions

~~Because~~Section 406 of ~~the~~ERISA ~~exemptions~~and ~~from~~Section ~~various~~4975 ~~reporting~~of ~~requirements~~the ~~provided~~Code toprohibit certain transactions involving the ~~Company~~assets asof anPlans and certain persons, referred to as “~~emerging~~parties ~~growth~~in ~~company~~interest” ~~and~~under ~~because~~ERISA ~~the~~or ~~Company~~“disqualified ~~may~~persons” ~~have~~under anSection ~~extended~~4975 ~~transition~~of ~~period~~the ~~for~~Code, ~~complying~~having ~~with~~certain ~~new~~relationships to such Plans, unless a statutory or ~~revised~~administrative ~~financial~~exemption ~~accounting~~is ~~standards,~~applicable to the transaction. A purchase of the Company’s ~~may~~Common beStock ~~less~~by ~~attractive~~an toERISA ~~investors~~Plan ~~and~~having ita ~~may~~relationship bewith ~~difficult~~the ~~for~~Adviser or the Company, toor ~~raise~~any ~~additional~~of ~~capital~~their asrespective ~~and~~affiliates ~~when~~could, ~~needed~~under certain circumstances, be considered a transaction prohibited under ERISA or Section 4975 of the Code. ~~Potential~~Accordingly, ~~investors~~an ~~may~~authorized fiduciary of an investing Plan will be ~~unable~~deemed to ~~compare~~have ~~the~~represented ~~Company~~and ~~with~~agreed, among other ~~companies~~things, inthat the ~~same~~ERISA ~~industry~~Plan’s ifpurchase ~~they~~and ~~believe~~holding ~~that~~of the Company’s ~~financial~~Common ~~accounting~~Stock isare not asand ~~transparent~~will asnot ~~other~~constitute ~~companies~~or inotherwise ~~the~~result ~~industry.~~in Ifa ~~the~~non-exempt ~~Company~~prohibited istransaction. ~~perceived~~In asaddition, ~~being not~~ as ~~transparent~~discussed asbelow, other ~~companies~~issues inunder the ~~industry,~~rules ~~the~~governing ~~Company’s~~prohibited ~~financial~~transactions ~~condition~~may ~~and~~arise ~~results~~to ofthe ~~operations~~extent ~~may~~that bethe ~~materially~~assets ~~and~~of ~~adversely~~the ~~affected~~Company constitute “plan assets.”

~~The~~Certain ~~Company~~“Plan isAsset” ~~a Public Entity~~Considerations

~~The~~U.S. ~~Company~~Department isof ~~subject~~Labor toregulations ~~the~~(as ~~reporting~~modified ~~requirements~~by ofSection ~~the~~3(42) ~~Exchange~~of ~~Act~~ERISA ~~and~~(together, ~~requirements of~~ the ~~Sarbanes-Oxley~~“Plan ~~Act.~~Assets ~~The~~Regulation”)) ~~Exchange~~describes ~~Act~~when ~~will require~~ the ~~Company~~assets toof ~~file~~an ~~annual,~~entity ~~quarterly~~are ~~and~~to ~~current~~be ~~reports~~treated ~~with~~as ~~respect~~“plan toassets” ~~the~~for ~~Company’s~~purposes ~~business~~of ERISA and ~~financial~~Section ~~condition~~4975 ~~which~~of ~~will~~the ~~cause~~Code. ~~the~~The ~~Company~~Plan toAssets ~~incur~~Regulation ~~certain~~provides ~~legal~~that, ~~accounting~~if ~~and~~a ~~other~~“benefit ~~expenses.~~plan ~~The~~investor” ~~Sarbanes-Oxley~~(as ~~Act~~defined ~~will~~under ~~require~~ the ~~Company~~Plan toAssets ~~maintain~~Regulation ~~effective~~(“Benefit ~~disclosure~~Plan ~~controls~~Investor”)) ~~and~~acquires ~~procedures~~an ~~and~~“equity ~~internal~~interest” ~~control~~in ~~over~~an ~~financial reporting~~entity, ~~which~~and ~~are~~if ~~discussed~~Benefit ~~below.~~Plan InInvestors ~~order~~in tothe ~~maintain~~aggregate ~~and~~hold ~~improve~~25% ~~the~~or ~~effectiveness~~more of the ~~Company’s~~value ~~disclosure~~of ~~controls~~any ~~and~~class ~~procedures~~of ~~and~~equity ~~internal~~interests ~~controls,~~in ~~significant~~the ~~resources~~entity, ~~and~~the ~~management~~entity’s ~~oversight~~assets will be ~~required.~~treated ~~The~~as ~~Company~~“plan ~~has~~assets” ~~implemented~~for ~~procedures,~~purposes ~~processes,~~of ~~policies~~ERISA and ~~practices~~Section ~~for~~4975 ~~the purpose~~ of ~~addressing~~ the ~~standards~~Code, ~~and~~unless ~~requirements~~the ~~applicable to public companies. These activities may divert management~~Company’s ~~attention~~Common ~~from~~Stock ~~other~~constitutes ~~business~~a ~~concerns,~~“publicly-offered ~~which~~security” ~~could~~(as ~~have~~defined ain ~~material~~the ~~adverse~~Plan ~~effect~~Assets onRegulation ~~the~~(“Publicly-Offered ~~Company’s~~Security”)) ~~business,~~or ~~financial~~another ~~condition,~~exception ~~results~~under ofthe ~~operations~~Plan ~~and~~Assets ~~cash~~Regulation ~~flows~~applies.

~~The~~In ~~systems~~order to attempt to prevent the assets of the Company from constituting “plan assets” for purposes of ERISA and/or ~~resources~~Section ~~necessary~~4975 toof ~~comply~~the ~~with~~Code, ~~public~~based ~~company~~upon ~~reporting~~representations ~~requirements~~from investors, the Company will ~~increase~~endeavor ~~further~~to ~~once~~restrict the sale and transfer of the Company’s ~~ceases~~Common Stock to Benefit Plan Investors such that at all times less than 25% of the Company’s Common Stock, as determined for purposes of the Plan Assets Regulation, will be anheld ~~“emerging~~by ~~growth~~Benefit ~~company~~Plan Investors and, therefore, the Company’s assets will not be expected to constitute “plan assets” ~~under~~for purposes of ERISA or Section 4975 of the ~~JOBS~~Code ~~Act~~and the Adviser would not be expected to be considered a fiduciary under ERISA with respect to investing ERISA Plans. AsIn ~~long~~order asto prevent Benefit Plan Investors from owning (or be at substantial likelihood of owning) 25% or more of any class of equity interest of the Company, ~~remains~~the anCompany ~~emerging~~may ~~growth~~also ~~company,~~exercise itits ~~intends~~right to ~~take~~cause ~~advantage~~a compulsory withdrawal of ~~certain~~Benefit ~~exemptions~~Plan ~~from~~Investors. ~~various~~Notwithstanding ~~reporting~~any ~~requirements~~of the foregoing, if the Company determines that ~~are~~the ~~applicable~~Common toStock ~~other~~can ~~public~~be ~~companies,~~considered ~~including,~~a ~~but~~“publicly-offered ~~not~~security” ~~limited~~for topurposes of the Plan Assets Regulation, ~~not~~the ~~being~~Company ~~required~~may thereupon decide to ~~comply~~operate ~~with~~on the ~~auditor~~basis ~~attestation~~that ~~requirements~~its assets are not “plan assets” pursuant to the Publicly-Offered Security exception regardless of ~~Section 404~~the number of Benefit Plan Investors owning the ~~Sarbanes-Oxley~~Common ~~Act~~Stock.

~~Exchange~~If, ~~Act~~notwithstanding ~~Filing~~the ~~Requirements~~foregoing, the Company’s assets are treated as “plan assets” for purposes of ERISA and/or Section 4975 of the Code, the Company may be prevented from making certain otherwise desirable investments and engaging in certain other transactions that might otherwise be permitted and, if a non-exempt prohibited transaction occurs, may result in various liabilities and penalties for any “party-in-interest” under ERISA or “disqualified person” under the Code engaging in such transaction.

~~Because~~Takeover the Company is subject to the reporting requirements under the Exchange Act, ownership information for any person who beneficially owns 5% or more of the Common Stock will have to be disclosed in a Schedule 13G, Schedule 13D or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC and includes having voting or investment power over the securities. In some circumstances, Stockholders who choose to reinvest their dividends may see their percentage stake in the Company increase to more than 5%, thus triggering this filing requirement. Each Stockholder is responsible for determining their filing obligations and preparing the filings. In addition, Stockholders who hold more than 10% of a class of the Company’s shares may be subject to Section 16(b) of the Exchange Act, which recaptures for the benefit of the Company’s profits from the purchase and sale, or sale and purchase, of registered stock within a six-month period.Attempts

~~Internal~~The ~~Controls~~Company’s charter, as well as certain statutory and regulatory requirements, contains certain provisions that may have the effect of discouraging a third party from attempting to acquire the Company. The Board is comprised of directors with staggered terms, which is intended to prevent Stockholders from removing a majority of directors in any given election. This, along with other anti-takeover provisions, may inhibit a change of control in circumstances that could give Stockholders the opportunity to realize a premium over the value of shares of the Common Stock.

The Company will not be required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404 of that statute (“Section 404”), and will not be required to comply with all of those requirements until the Company has been subject to the reporting requirements of the Exchange Act for a specified period or the date the Company is no longer an emerging growth company under the JOBS Act. Accordingly, the Company’s internal control over financial reporting will not initially meet all of the standards contemplated by Section 404 that the Company may eventually be required to meet. The Company will need to undertake the process of building out its internal control over financial reporting and establishing formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within the Company.37

~~Additionally,~~Table ~~the Company has undertaken the process~~ of documenting its internal control procedures to satisfy the requirements of Section 404, which requires annual management assessments of the effectiveness of its internal control over financial reporting. Additionally, the Company’s independent registered public accounting firm is required to formally attest to the effectiveness of the internal control over financial reporting. If the Company is not able to adequately implement the requirements of Section 404, the Company’s operations, financial reporting or financial results could be adversely affected. Matters impacting the Company’s internal controls may cause the Company to be unable to report its financial information on a timely basis and thereby subject the Company to adverse regulatory consequences, including sanctions by the SEC or violations of applicable stock exchange listing rules, and may result in a breach of the covenants under the agreements governing any of its financing arrangements, if any. There could also be a Contents

36The Company is subject to the provisions of Section 203 of the Delaware General Corporate Law (“DGCL”) regulating corporate takeovers. In general, these provisions prohibit a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder, unless:

•

~~Table~~prior to such time, the board of ~~Contents~~directors approved either the business combination or the transaction which resulted in the stockholder becoming and interested stockholder;

•

~~negative~~upon ~~reaction~~consummation ~~in the financial markets due to a loss~~ of ~~investor confidence in~~ the ~~Company~~transaction ~~and~~that ~~the~~resulted ~~reliability of its financial statements. Confidence~~ in the ~~reliability~~stockholder ofbecoming ~~the~~an ~~Company’s~~interested ~~financial~~stockholder, ~~statements could also suffer if~~ the ~~Company~~interested orstockholder ~~its~~owned ~~independent~~at ~~registered~~least ~~public~~85% ~~accounting~~of ~~firm were to report a material weakness in~~ the ~~Company’s~~voting ~~internal~~stock ~~control~~of ~~over financial reporting. This could materially adversely affect~~ the ~~Company~~corporation ~~and,~~outstanding ~~following~~at ~~an Exchange Listing, lead to a decline in~~ the ~~market~~time ~~price of~~ the ~~Common~~transaction ~~Stock.~~commenced; or

•

~~RIC~~at ~~related~~or ~~Tax~~subsequent ~~Risks~~to such time, the business combination is approved by the board of directors and authorized at a meeting of stockholders, by at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

~~The~~Section ~~Company~~203 ~~has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M~~ of the ~~Code.~~DGCL Todefines ~~qualify~~"business ~~for~~combination" ~~and maintain RIC tax treatment under the Code, the Company must meet, amongst other requirements, requirements related~~ to ~~annual~~include ~~distributions, source of income and asset diversification. Failure to meet these requirements may result in~~ the Company having to dispose of certain investments quickly in order to prevent the loss of RIC status. If the Company fails to qualify for or maintain RIC tax treatment for any reason and is subject to corporate federal income tax, the resulting corporate taxes could substantially reduce its net assets, the amount of income available for distribution, and the amount of its distributions. See “Material U.S. Federal Income Tax Considerations – Taxation as a RIC.”following:

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As a result of the “Annual Distribution Requirement” (i.e., the requirements that the Company must distribute to its Stockholders, for each taxable year, at least 90% of the Company’s “investment company taxable income,” which is generally the Company’s ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses, and 90% of the Company’s net tax-exempt income, if any) tomerger qualify for tax treatment as a RIC, the Company may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. The Company expects to be able to issue “senior securities,” including borrowing money from banks or ~~other~~consolidation ~~financial~~involving ~~institutions only in amounts such that~~ the ~~ratio~~corporation of the Company’s total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred stock, if any, equals at least 150% after such incurrence or issuance. If the Company issues senior securities, it will be exposed to risks associated with leverage, including an increased risk of loss. The Company’s ability to issue different types of securities is also limited. Compliance with RIC distribution requirements may unfavorably limit the Company’s investment opportunities and ~~reduce its ability in comparison to other companies to profit from favorable spreads between~~ the ~~rates~~interested ~~at which the Company can borrow and the rates at which it can lend. Therefore, the Company intends to seek to continuously issue equity securities, which may lead to Stockholder dilution.~~stockholder;

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~~The~~any ~~Company may borrow to fund investments. If the value of the Company’s assets declines~~sale, ~~the Company may be unable to satisfy the asset coverage test under the 1940 Act~~transfer, ~~which~~pledge ~~would~~or ~~prohibit~~other ~~the~~disposition ~~Company~~(in ~~from~~one ~~paying~~transaction ~~distributions~~or ~~and could prevent it from qualifying for tax treatment as~~ a ~~RIC,~~series ~~which~~of ~~would~~transactions) ~~generally~~of ~~result~~10% inor amore ~~corporate-level~~of ~~U.S.~~either ~~federal income tax on any income and net gains. If~~ the ~~Company~~aggregate ~~cannot~~market ~~satisfy~~value ~~the asset coverage test, it may be required to sell a portion~~ of ~~its~~all ~~investments and, depending on~~ the ~~nature~~assets of the ~~Company’s~~corporation ~~debt~~or ~~financing,~~the ~~repay~~aggregate amarket ~~portion~~value of ~~its~~all ~~indebtedness~~the atoutstanding astock ~~time~~of ~~when~~the ~~such~~corporation ~~sales~~involving ~~may~~the beinterested ~~disadvantageous.~~stockholder;

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~~Until~~subject and unless the Company is treated as a publicly offered RIC as a result of either (1) shares of its Common Stock and preferred stock collectively being held by at least 500 persons at all times during a taxable year, (2) shares of its Common Stock being continuously offered pursuant to acertain ~~public offering (within the meaning of Section 4 of the Securities Act) or (3) shares of its Common Stock being treated as regularly traded on an established securities market~~exceptions, ~~each~~any ~~U.S.~~transaction ~~Stockholder~~ that isresults ~~an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from the Company~~ in the ~~amount~~issuance of such U.S. Stockholder’s allocable share of the management and incentive fees paid to the Adviser and certain of the Company’s other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. Stockholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. Stockholder that is an individual, trust or ~~estate.~~transfer ~~For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible~~ by ~~a U.S. Stockholder that is an individual, trust or estate only to~~ the ~~extent~~corporation ~~that the aggregate~~ of ~~such~~any ~~U.S.~~stock ~~Stockholder’s miscellaneous itemized deductions exceeds 2%~~ of ~~such U.S. Stockholder’s adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of~~ the ~~alternative~~corporation ~~minimum tax and are subject~~ to the ~~overall~~interested ~~limitation on itemized deductions under Section 68 of the Code.~~stockholder;

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~~Phantom~~any ~~Income~~transaction involving the corpo

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