0002031283 2025-01-01 2025-12-31 0002031283 2026-02-28 0002031283 2025-06-30 0002031283 us-gaap:InvestmentUnaffiliatedIssuerMember 2025-12-31 0002031283 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-12-31 0002031283 2025-12-31 0002031283 2025-01-22 2025-12-31 0002031283 us-gaap:InvestmentUnaffiliatedIssuerMember 2025-01-22 2025-12-31 0002031283 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-01-22 2025-12-31 0002031283 2025-01-21 0002031283 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2025-12-31 0002031283 Cliffwater, LLC | First Lien Term Loan 2025-12-31 0002031283 Cliffwater, LLC | First Lien Revolver 2025-12-31 0002031283 Wharf Street Ratings Acquisition LLC | First Lien Term Loan 2025-12-31 0002031283 Wharf Street Ratings Acquisition LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Wharf Street Ratings Acquisition LLC | First Lien Revolver 2025-12-31 0002031283 spcif:CapitalMarketsSectorMember 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Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 Beacon Pointe Harmony, LLC | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 Bottomline Technologies, Inc. | First Lien Term Loan 2025-12-31 0002031283 Cerity Partners Equity Holding LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Cerity Partners Equity Holding LLC | First Lien Revolver 2025-12-31 0002031283 Churchill Middle Market CLO Ltd. | Unsecured Note 2025-12-31 0002031283 Coller Private Equity Backed Notes & Loans II-A L.P. | Unsecured Note 2025-12-31 0002031283 Flow Traders Holding, LLC | First Lien Term Loan 2025-12-31 0002031283 Flow Traders Holding, LLC | First Lien Revolver 2025-12-31 0002031283 GC Waves Holdings, Inc. | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 HBWM Intermediate II, LLC | First Lien Term Loan 2025-12-31 0002031283 HBWM Intermediate II, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 HBWM Intermediate II, LLC | First Lien Revolver 2025-12-31 0002031283 Ivy Hill Middle Market Credit Fund XII Ltd | Unsecured Note 2025-12-31 0002031283 LendingTree, Inc. | First Lien Term Loan 2025-12-31 0002031283 MAI Capital Management Intermediate LLC | First Lien Term Loan 2025-12-31 0002031283 MAI Capital Management Intermediate LLC | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 MAI Capital Management Intermediate LLC | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 MAI Capital Management Intermediate LLC | First Lien Revolver 2025-12-31 0002031283 Minotaur Acquisition, Inc. | First Lien Term Loan 2025-12-31 0002031283 New Mountain Guardian IV Income Rated Feeder II, Ltd. | Unsecured Note 2025-12-31 0002031283 Nexus Buyer LLC | Second Lien Term Loan 2025-12-31 0002031283 Orion US Finco | Second Lien Term Loan 2025-12-31 0002031283 Payscape Buyer Inc. | Second Lien Term Loan 2025-12-31 0002031283 Payscape Buyer Inc. | Second Lien Delayed Draw Term Loan 2025-12-31 0002031283 TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan 3 2025-12-31 0002031283 TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan 4 2025-12-31 0002031283 TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan 5 2025-12-31 0002031283 TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan 6 2025-12-31 0002031283 TA/WEG Intermediate Holdings, LLC | First Lien Revolver 2025-12-31 0002031283 The Edelman Financial Engines Center, LLC | Second Lien Term Loan 2025-12-31 0002031283 us-gaap:FinancialServicesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2025-12-31 0002031283 Action Behavior Centers Therapy LLC | First Lien Term Loan 1 2025-12-31 0002031283 Action Behavior Centers Therapy LLC | First Lien Term Loan 2 2025-12-31 0002031283 Action Behavior Centers Therapy LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Action Behavior Centers Therapy LLC | First Lien Revolver 2025-12-31 0002031283 Belmont Buyer, Inc. | First Lien Term Loan 2025-12-31 0002031283 Belmont Buyer, Inc. | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Belmont Buyer, Inc. | First Lien Revolver 2025-12-31 0002031283 Chartis Group, LLC | First Lien Term Loan 2025-12-31 0002031283 Chartis Group, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Chartis Group, LLC | First Lien Revolver 2025-12-31 0002031283 Continental Buyer Inc. | First Lien Term Loan 1 2025-12-31 0002031283 Continental Buyer Inc. | First Lien Term Loan 2 2025-12-31 0002031283 Continental Buyer Inc. | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 Continental Buyer Inc. | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 Continental Buyer Inc. | First Lien Revolver 2025-12-31 0002031283 Covetrus, Inc. | First Lien Term Loan 2025-12-31 0002031283 Giving Home Health Care | First Lien Term Loan 2025-12-31 0002031283 Headlands Buyer, Inc. | First Lien Term Loan 2025-12-31 0002031283 Headlands Buyer, Inc. | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Headlands Buyer, Inc. | First Lien Revolver 2025-12-31 0002031283 Jerry Erwin Associates, LLC | First Lien Term Loan 2025-12-31 0002031283 MB2 Dental Solutions, LLC | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 MB2 Dental Solutions, LLC | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 MB2 Dental Solutions, LLC | First Lien Revolver 2025-12-31 0002031283 MEDX Holdings, LLC | First Lien Term Loan 2025-12-31 0002031283 MEDX Holdings, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 MEDX Holdings, LLC | First Lien Revolver 2025-12-31 0002031283 RCP NATS Purchaser, LLC | First Lien Term Loan 2025-12-31 0002031283 RCP NATS Purchaser, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 RCP NATS Purchaser, LLC | First Lien Revolver 2025-12-31 0002031283 RxB Holdings, Inc. | First Lien Term Loan 2025-12-31 0002031283 spcif:HealthcareProvidersAndServicesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2025-12-31 0002031283 FINThrive Software Intermediate Holdings, Inc. | First Lien Term Loan 2025-12-31 0002031283 Homecare Software Solutions LLC | First Lien Term Loan 1 2025-12-31 0002031283 Homecare Software Solutions LLC | First Lien Term Loan 2 2025-12-31 0002031283 Homecare Software Solutions LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 spcif:HealthcareTechnologySectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2025-12-31 0002031283 Alkeme Intermediary Holdings, LLC | First Lien Term Loan 2025-12-31 0002031283 Alkeme Intermediary Holdings, LLC | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 Alkeme Intermediary Holdings, LLC | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 Amerilife Holdings LLC | First Lien Term Loan 2025-12-31 0002031283 Amerilife Holdings LLC | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 Amerilife Holdings LLC | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 Amerilife Holdings LLC | First Lien Delayed Draw Term Loan 3 2025-12-31 0002031283 Amerilife Holdings LLC | First Lien Revolver 2025-12-31 0002031283 Arden Insurance Services LLC | First Lien Term Loan 2025-12-31 0002031283 Arden Insurance Services LLC | First Lien Revolver 2025-12-31 0002031283 ARMStrong Receivable Management | First Lien Term Loan 2025-12-31 0002031283 ARMStrong Receivable Management | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 ARMStrong Receivable Management | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 ARMStrong Receivable Management | First Lien Revolver 2025-12-31 0002031283 Babylon Buyer, Inc. | First Lien Term Loan 1 2025-12-31 0002031283 Babylon Buyer, Inc. | First Lien Term Loan 2 2025-12-31 0002031283 Babylon Buyer, Inc. | First Lien Revolver 2025-12-31 0002031283 Bellwether Buyer, LLC | First Lien Term Loan 2025-12-31 0002031283 Bellwether Buyer, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Bellwether Buyer, LLC | First Lien Revolver 2025-12-31 0002031283 Foundation Risk Partners, Corp. | First Lien Term Loan 1 2025-12-31 0002031283 Foundation Risk Partners, Corp. | First Lien Term Loan 2 2025-12-31 0002031283 Foundation Risk Partners, Corp. | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 Foundation Risk Partners, Corp. | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 Foundation Risk Partners, Corp. | First Lien Delayed Draw Term Loan 3 2025-12-31 0002031283 Foundation Risk Partners, Corp. | First Lien Revolver 2025-12-31 0002031283 Galway Borrower LLC | First Lien Term Loan 2025-12-31 0002031283 Galway Borrower LLC | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 Galway Borrower LLC | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 Galway Borrower LLC | First Lien Revolver 2025-12-31 0002031283 Redwood Purchaser, INC | First Lien Term Loan 2025-12-31 0002031283 Redwood Purchaser, INC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Redwood Purchaser, INC | First Lien Revolver 2025-12-31 0002031283 THG Acquisition, LLC | First Lien Term Loan 2025-12-31 0002031283 THG Acquisition, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 THG Acquisition, LLC | First Lien Revolver 2025-12-31 0002031283 World Insurance Associates LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 World Insurance Associates LLC | First Lien Revolver 2025-12-31 0002031283 us-gaap:InsuranceSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2025-12-31 0002031283 Redwood Services Group, LLC | First Lien Term Loan 2025-12-31 0002031283 Redwood Services Group, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 us-gaap:TechnologySectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2025-12-31 0002031283 Accordion Partners LLC | First Lien Term Loan 1 2025-12-31 0002031283 Accordion Partners LLC | First Lien Term Loan 2 2025-12-31 0002031283 Accordion Partners LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Accordion Partners LLC | First Lien Revolver 2025-12-31 0002031283 Accordion Partners Holdings LLC | Unsecured Note 2025-12-31 0002031283 Aprio Advisory Group, LLC | First Lien Term Loan 2025-12-31 0002031283 Aprio Advisory Group, LLC | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 Aprio Advisory Group, LLC | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 Baker Tilly Advisory Group, L.P. | First Lien Term Loan 1 2025-12-31 0002031283 Baker Tilly Advisory Group, L.P. | First Lien Term Loan 2 2025-12-31 0002031283 Baker Tilly Advisory Group, L.P. | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Baker Tilly Advisory Group, L.P. | First Lien Revolver 1 2025-12-31 0002031283 Baker Tilly Advisory Group, L.P. | First Lien Revolver 2 2025-12-31 0002031283 Cherry Bekaert Advisory LLC | First Lien Term Loan 1 2025-12-31 0002031283 Cherry Bekaert Advisory LLC | First Lien Term Loan 2 2025-12-31 0002031283 Cherry Bekaert Advisory LLC | First Lien Term Loan 3 2025-12-31 0002031283 Cherry Bekaert Advisory LLC | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 Cherry Bekaert Advisory LLC | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 Heights Buyer, LLC | First Lien Term Loan 2025-12-31 0002031283 Heights Buyer, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Inizio Group Limited | First Lien Term Loan 2025-12-31 0002031283 KRIV Acquisition Inc. | First Lien Term Loan 2025-12-31 0002031283 KRIV Acquisition Inc. | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 KRIV Acquisition Inc. | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 KRIV Acquisition Inc. | First Lien Revolver 2025-12-31 0002031283 More Cowbell II LLC | First Lien Term Loan 2025-12-31 0002031283 More Cowbell II LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 More Cowbell II LLC | First Lien Revolver 2025-12-31 0002031283 PAS Parent Inc. | First Lien Term Loan 2025-12-31 0002031283 PAS Parent Inc. | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 PAS Parent Inc. | First Lien Revolver 2025-12-31 0002031283 Petra Borrower, LLC | First Lien Term Loan 2025-12-31 0002031283 Petra Borrower, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Petra Borrower, LLC | First Lien Revolver 2025-12-31 0002031283 TRAK Purchaser, Inc | First Lien Term Loan 1 2025-12-31 0002031283 TRAK Purchaser, Inc | First Lien Term Loan 2 2025-12-31 0002031283 TRAK Purchaser, Inc | First Lien Revolver 2025-12-31 0002031283 Wasteology Group Transportation, LLC | First Lien Term Loan 2025-12-31 0002031283 Wasteology Group Transportation, LLC | First Lien Delayed Draw Term Loan 2025-12-31 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2025-12-31 0002031283 Titan Home Improvement, LLC | First Lien Term Loan 2025-12-31 0002031283 Titan Home Improvement, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Titan Home Improvement, LLC | First Lien Revolver 2025-12-31 0002031283 us-gaap:RealEstateSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2025-12-31 0002031283 Archduke Buyer, Inc. | First Lien Term Loan 2025-12-31 0002031283 Archduke Buyer, Inc. | First Lien Revolver 2025-12-31 0002031283 Cardinal Parent Inc | First Lien Term Loan 2025-12-31 0002031283 Diligent Corporation | First Lien Term Loan 1 2025-12-31 0002031283 Diligent Corporation | First Lien Term Loan 2 2025-12-31 0002031283 Diligent Corporation | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Diligent Corporation | First Lien Revolver 2025-12-31 0002031283 Flexera Software LLC | First Lien Term Loan 1 2025-12-31 0002031283 Flexera Software LLC | First Lien Term Loan 2 2025-12-31 0002031283 Flexera Software LLC | First Lien Revolver 2025-12-31 0002031283 Fullsteam Holdco, L.P. | Unsecured Note 2025-12-31 0002031283 Fullsteam Operations LLC | First Lien Term Loan 2025-12-31 0002031283 Fullsteam Operations LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Fullsteam Operations LLC | First Lien Revolver 2025-12-31 0002031283 GovDelivery Holdings, LLC | First Lien Term Loan 2025-12-31 0002031283 GovDelivery Holdings, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 GovDelivery Holdings, LLC | First Lien Revolver 2025-12-31 0002031283 GS Acquisitionco Inc | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Kona Buyer, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Kona Buyer, LLC | First Lien Revolver 2025-12-31 0002031283 MRI Software LLC | First Lien Term Loan 2025-12-31 0002031283 MRI Software LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 MRI Software LLC | First Lien Revolver 2025-12-31 0002031283 oneZero Financial Systems, LLC | First Lien Term Loan 2025-12-31 0002031283 oneZero Financial Systems, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 oneZero Financial Systems, LLC | First Lien Revolver 2025-12-31 0002031283 Orion Advisor Solutions, LLC | Second Lien Term Loan 2025-12-31 0002031283 Propio LS, LLC | First Lien Term Loan 2025-12-31 0002031283 Propio LS, LLC | First Lien Revolver 2025-12-31 0002031283 Saab Purchaser, Inc | First Lien Term Loan 2025-12-31 0002031283 Saab Purchaser, Inc | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Saab Purchaser, Inc | First Lien Revolver 2025-12-31 0002031283 Skywalker Purchaser, LLC | First Lien Delayed Draw Term Loan 1 2025-12-31 0002031283 Skywalker Purchaser, LLC | First Lien Delayed Draw Term Loan 2 2025-12-31 0002031283 spcif:SoftwareSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2025-12-31 0002031283 Lytx, Inc. | First Lien Term Loan 2025-12-31 0002031283 spcif:TechnologyHardwareStorageAndPeripheralsSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:DebtSecuritiesMember 2025-12-31 0002031283 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:PreferredStockMember 2025-12-31 0002031283 MC CIF Wealth Management (UK) Ltd. | Preferred Equity 1 2025-12-31 0002031283 MC CIF Wealth Management (UK) Ltd. | Preferred Equity 2 2025-12-31 0002031283 us-gaap:FinancialServicesSectorMember us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:PreferredStockMember 2025-12-31 0002031283 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:CommonStockMember 2025-12-31 0002031283 SPV CA IX, LLC | Common Equity 2025-12-31 0002031283 spcif:ProfessionalServicesSectorMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:CommonStockMember 2025-12-31 0002031283 us-gaap:SecuredOvernightFinancingRateSofrMember 2025-12-31 0002031283 us-gaap:BaseRateMember 2025-12-31 0002031283 spcif:EuroInterbankOfferedRateEURIBORMember 2025-12-31 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Revolving Loan 1 2025-12-31 0002031283 Baker Tilly Advisory Group, L.P. | First Lien Revolving Loan 2 2025-12-31 0002031283 Beacon Pointe Harmony, LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Bellwether Buyer, LLC | First Lien Revolving Loan 2025-12-31 0002031283 Belmont Buyer, Inc. | First Lien Revolving Loan 2025-12-31 0002031283 Cerity Partners Equity Holding LLC | First Lien Revolving Loan 2025-12-31 0002031283 Chartis Group, LLC | First Lien Revolving Loan 2025-12-31 0002031283 Cherry Bekaert Advisory LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Cliffwater, LLC | First Lien Revolving Loan 2025-12-31 0002031283 Coller Private Equity Backed Notes & Loans II-A L.P. | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Continental Buyer Inc. | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Continental Buyer Inc. | First Lien Revolving Loan 2025-12-31 0002031283 Diligent Corporation | First Lien Revolving Loan 2025-12-31 0002031283 Equinox Buyer LLC | First Lien Revolving Loan 2025-12-31 0002031283 Flexera Software LLC | First Lien Revolving Loan 2025-12-31 0002031283 Flow Traders Holding, LLC | First Lien Revolving Loan 2025-12-31 0002031283 Foundation Risk Partners, Corp. | First Lien Revolving Loan 2025-12-31 0002031283 Fullsteam Operations LLC | First Lien Revolving Loan 2025-12-31 0002031283 Galway Borrower LLC | First Lien Delayed Draw Term Loan 2025-12-31 0002031283 Galway Borrower LLC | First Lien Revolving Loan 2025-12-31 0002031283 GovDelivery Holdings, LLC | First Lien Revolving Loan 2025-12-31 0002031283 HBWM Intermediate II, LLC | First Lien Revolving Loan 2025-12-31 0002031283 Headlands Buyer, Inc. | First Lien Revolving Loan 2025-12-31 0002031283 Kona Buyer, LLC | First Lien Revolving Loan 2025-12-31 0002031283 KRIV Acquisition Inc. | First Lien Revolving Loan 2025-12-31 0002031283 Low Voltage Holdings Inc. | First Lien Revolving Loan 2025-12-31 0002031283 MAI Capital Management Intermediate LLC | First 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false false false 12801476 185 KPMG LLP New York, New York. <div style="margin-bottom:10pt;margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">processes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">place</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assess,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">identify,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">manage</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">material</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">threats.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s business is dependent on the communications and information systems of the Adviser and other third-party service providers. The Adviser</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">manages</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">day-to-day</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">operations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">implemented</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">program</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">applies</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund and its operations.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Program</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Overview</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser has instituted a cybersecurity program designed to identify, assess, and mitigate cyber risks applicable to the Fund. The cyber risk management program involves risk assessments, implementation of security measures, and ongoing monitoring of systems and networks, including networks on which the Fund relies. The Adviser actively monitors the current threat</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">landscape</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">effort</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">identify</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">material</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">arising</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">new</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">evolving</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">threats,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">material</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks faced by the Fund.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">relies</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">engage</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">external</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">experts,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assessors,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consultants,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">auditors</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to evaluate cybersecurity measures and risk management processes, including those applicable to the Fund.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">relies</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risk</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">program</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">processes,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">include</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cyber</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risk </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">assessments.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">depends</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">engages</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">various</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">third</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">parties,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">suppliers,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">vendors,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">service</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">providers,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">operate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">its business. The Fund relies on the knowledge of information technology, legal and compliance personnel of the Adviser when identifying and overseeing risks from cybersecurity threats associated with our use of such entities.</span></div> <div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser has instituted a cybersecurity program designed to identify, assess, and mitigate cyber risks applicable to the Fund. The cyber risk management program involves risk assessments, implementation of security measures, and ongoing monitoring of systems and networks, including networks on which the Fund relies. The Adviser actively monitors the current threat</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">landscape</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">effort</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">identify</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">material</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">arising</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">new</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">evolving</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">threats,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">material</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks faced by the Fund.</span></div> true true true <div style="margin-bottom:10pt;margin-top:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Board Oversight</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">of Cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Risks</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Board</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provides</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">strategic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">oversight</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">matters,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">threats.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Board receives periodic updates from the Fund’s Chief Compliance Officer ("CCO") and Adviser’s Director of IT regarding the overall state of the Adviser’s cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and any cybersecurity incidents impacting the Fund.</span></div> <div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Board</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provides</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">strategic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">oversight</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">matters,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">threats.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Board receives periodic updates from the Fund’s Chief Compliance Officer ("CCO") and Adviser’s Director of IT regarding the overall state of the Adviser’s cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and any cybersecurity incidents impacting the Fund.</span></div> <div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Board</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provides</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">strategic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">oversight</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">matters,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">threats.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Board receives periodic updates from the Fund’s Chief Compliance Officer ("CCO") and Adviser’s Director of IT regarding the overall state of the Adviser’s cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and any cybersecurity incidents impacting the Fund.</span></div> true true <div style="margin-bottom:10pt;margin-top:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Management’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.035em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Role</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Risk</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Management</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser’s Director of IT and internal cybersecurity team are responsible for the cybersecurity program applicable to the Fund (including enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture, and processes), and along with the Fund’s CCO, are responsible for assessing and managing material risks from cybersecurity threats that impact the Fund.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Director</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">IT</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">more</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">than</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">25</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">years</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">experience</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">advising</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">managing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser’s Director of IT works closely with Fund management to administrator, assess, discuss, and prioritize the Fund’s cybersecurity efforts. The Fund’s Chief Compliance Officer oversees the Fund’s oversight function generally and relies on the Adviser’s Director of IT to assist with assessing and managing material risks from cybersecurity threats. The Fund’s CCO has been responsible for this oversight function as CCO since his appointment and has worked</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">services</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">industry</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">more</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">than</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">15</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">years,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">during</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">time</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">CCO</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">gained</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expertise in assessing and managing risk applicable to the Fund.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s management is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">incidents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">impacting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">through</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">receipt</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">notifications</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">service</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">providers</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reliance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on communications with information technology, legal and compliance personnel of the Adviser.</span></div> <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser’s Director of IT and internal cybersecurity team are responsible for the cybersecurity program applicable to the Fund (including enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture, and processes), and along with the Fund’s CCO, are responsible for assessing and managing material risks from cybersecurity threats that impact the Fund.</span> <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Director</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">IT</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">more</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">than</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">25</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">years</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">experience</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">advising</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">managing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cybersecurity.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser’s Director of IT works closely with Fund management to administrator, assess, discuss, and prioritize the Fund’s cybersecurity efforts. The Fund’s Chief Compliance Officer oversees the Fund’s oversight function generally and relies on the Adviser’s Director of IT to assist with assessing and managing material risks from cybersecurity threats. The Fund’s CCO has been responsible for this oversight function as CCO since his appointment and has worked</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">services</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">industry</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">more</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">than</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">15</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">years,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">during</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">time</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">CCO</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">gained</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expertise in assessing and managing risk applicable to the Fund.</span> <div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s management is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">incidents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">impacting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">through</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">receipt</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">notifications</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">service</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">providers</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reliance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on communications with information technology, legal and compliance personnel of the Adviser.</span></div> false 596795744 596303214 1652037 1736093 598447781 598039307 33824479 3669509 604 88253 39996 63810 18812 451691 636196461 2817958 340608437 4314016 7558304 144988 2287413 1084684 355997842 0 0.001 11185580 11185580 11186 279844520 342913 280198619 636196461 25.05 34364712 81687 390304 34836703 156401 34993104 1139380 13791598 609829 2641470 313322 37498 18533097 2700699 15832398 19160706 318936 10725 329661 -492530 84056 -15416 -423890 19066477 2.91 2.91 2.89 2.89 6593662 6593662 19160706 329661 -423890 19066477 3241706 15481858 -18723564 3241706 276613000 279854706 280197619 1000 280198619 25.05 11185580 19066477 -492530 84056 -16120 318936 1440247 671205627 75168648 651619 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0.030 0.0600 0.0338 0.0100 0.0984 99432 99432 87063 0.000 0.0450 0.0050 0.0832 2556920 2495257 2489801 0.009 0.1200 5000000 5000000 5360275 0.019 0.0475 0.0075 0.0842 1846120 1833566 1844274 0.007 0.0475 0.0075 0.0842 0 -1252 -370 0.000 0.0475 0.0075 0.0842 0 -1929 -285 0.000 0.0525 0.0898 7430000 7357158 7374275 0.026 0.0550 0.0100 0.0949 2747362 2734927 2727855 0.010 0.0550 0.0100 0.0935 203675 202678 202088 0.001 0.0550 0.0100 0.0953 51458 51458 49856 0.000 0.0475 0.0100 0.0857 2572093 2531843 2563605 0.009 0.0475 0.0100 0.0857 0 0 -1612 0.000 0.0475 0.0100 0.0857 0 0 -1343 0.000 30798865 31026975 0.0550 0.0050 0.0927 3907684 3869050 3868607 0.014 0.0550 0.0050 0.0927 0 -3998 -4043 0.000 0.0450 0.0075 0.0841 2969152 2880689 2894923 0.010 0.0500 0.0075 0.0882 4738285 4710774 4709381 0.017 0.0500 0.0075 0.0882 812276 807559 807321 0.003 0.0500 0.0075 0.0882 0 0 -9577 0.000 0.0500 0.0075 0.0869 89163 89163 86849 0.000 0.0450 0.0050 0.0835 2067379 2062492 2067379 0.007 0.0450 0.0050 0.0643 1226096 1431324 1439620 0.005 0.0450 0.0050 0.0835 0 -1079 0 0.000 0.1300 5261806 5191086 5187088 0.019 0.0525 0.0075 0.0911 10312500 10216248 10214534 0.036 0.0525 0.0075 0.0911 0 -16042 -32656 0.000 0.0525 0.0075 0.0911 0 -11667 -11875 0.000 0.0550 0.0200 0.0075 0.0934 2764185 2764185 2764185 0.010 0.0550 0.0200 0.0075 0.0884 409478 409478 408413 0.001 0.0425 0.0934 0 0 0 0.000 0.0525 0.0075 0.0912 0 -9898 -50000 0.000 0.0450 0.0075 0.0837 0 0 -4761 0.000 0.0450 0.0075 0.0837 0 0 -529 0.000 0.0475 0.0100 0.0842 2308024 2305960 2305716 0.008 0.0475 0.0100 0.0842 903149 884260 865518 0.003 0.0475 0.0100 0.0844 231923 227087 226473 0.001 0.0500 0.0075 0.0884 8588942 8518237 8561458 0.031 0.0500 0.0075 0.0884 506748 502690 501914 0.002 0.0500 0.0075 0.0884 0 0 -3245 0.000 0.0575 0.0100 0.0965 9135000 9091035 9135000 0.033 0.0475 0.0075 0.0847 3390855 3361071 3382039 0.012 0.0475 0.0075 0.0842 40526 39723 40287 0.000 0.0475 0.0075 0.0842 3567785 3533714 3549946 0.013 0.0475 0.0075 0.0842 0 -16486 -17263 0.000 0.0475 0.0075 0.0842 0 -4579 -2398 0.000 0.0450 0.0075 0.0837 0 0 -2809 0.000 0.0450 0.0075 0.0837 0 0 -3154 0.000 62832076 62874341 0.0500 0.0100 0.0883 7500000 7500000 7500000 0.027 7500000 7500000 595002431 594510036 0.006 0.1200 915542 906792 907576 0.003 0.1200 0.0600 895271 886521 885602 0.003 1793313 1793178 1793313 1793178 596795744 596303214 0.006 1652037 1652037 1736093 0.006 1652037 1736093 1652037 1736093 1652037 1736093 598447781 598039307 0.088 280198619 0.0387 0.0675 0.0194 0 1652037 0 84056 0 1736093 0 0 1652037 0 84056 0 1736093 0 <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Organization</span><div style="margin-bottom:10pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Organization</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Stone Point Credit Income Fund (the “Fund”) is a Delaware statutory trust formed on June 24, 2024. The Fund commenced operations on January 22, 2025 (the "Commencement of Operations"). The Fund has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, the Fund intends to elect to be treated, and to qualify annually thereafter, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). </span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed by Stone Point Credit Income Adviser LLC (the “Adviser”). The Adviser is a Delaware limited liability company that is registered with the Securities Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Subject to the supervision of the Fund’s board of trustees (the “Board”), the Adviser manages the day-to-day operations of the Fund and provides the Fund with investment advisory and management services. The Adviser is an affiliate of Stone Point Capital LLC (“Stone Point Capital” and together with its credit-focused affiliates, as applicable, “Stone Point Credit”), which is an alternative investment management platform specializing in investments within the global financial services industry and related sectors.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Fund intends to invest primarily in senior secured loans, including first lien, second lien and unitranche loans, or unsecured loans and, to 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 senior equity, which may or may not be convertible into common equity. The Fund may invest without limit in originated or syndicated debt.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On July 14, 2023, Stone Point Credit formed SPV CA IV LLC (the “SPV”). On December 3, 2024, the Fund renamed and repurposed the SPV as “SPCIF Funding I LLC”, a wholly-owned financing subsidiary of the Fund, for the purpose of holding pledged investments as collateral under a financing facility. From time to time, the Fund may form additional wholly-owned subsidiaries to facilitate its course of business.</span></div> Summary of Significant Accounting <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Policies</span><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Basis</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> Presentation</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">statements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">prepared</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accordance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accounting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">principles</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accepted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">United</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">States</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">America</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(“U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">GAAP”)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial information and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. Accordingly, they may not include all information and notes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">required</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">GAAP</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">annual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">statements.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">GAAP</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requires</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">make</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">estimates</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assumptions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">affect</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reported</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements include the accounts of the Fund and its consolidated subsidiary. All intercompany balances and transactions have been eliminated in consolidation. References to the “Fund,” “we,” and “us” herein include Stone Point Credit Income Fund and its consolidated subsidiary, except where context is otherwise required. The Fund is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Services — Investment Companies</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The Fund’s fiscal year ends on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> December 31. The functional currency of the Fund is U.S. dollars.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">of </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Estimates</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">preparation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">statements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">conformity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">GAAP</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requires</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">make</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">estimates</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assumptions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">affect</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates and such differences could be material.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">and Cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Equivalents</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equivalents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consists</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">deposits</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">money</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">account</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">demand</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">deposits</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">held</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">custodian</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">bank.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equivalents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">carried</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cost,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which approximates fair value. The Fund’s deposits may, at times, exceed the insured limits under applicable law. The Fund's deposits in money market funds are considered Level 1 securities within the fair value hierarchy. As of December 31, 2025, there was $114,267 of cash denominated in foreign currencies included within “cash and cash equivalents” on the Consolidated Statement of Assets and Liabilities.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Value</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund’s “Valuation Designee”. The Adviser, with the assistance of the Adviser’s Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Fund’s investments in instances where there is no readily</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">available</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quotation.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quotations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">readily</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">available</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">priced</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">independent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">pricing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">services.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">time</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">time,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund retains external, independent valuation firms to provide input, data, and valuation analyses on the Fund’s portfolio companies.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recorded</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determined</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">good</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">faith</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accordance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">procedures</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">established</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">approved</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Board (the “Valuation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Policy”)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and, as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a result,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">there is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and will</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be uncertainty</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to the value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under the 1940 Act, the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">required</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to carry its portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by the Valuation Policy. There is not a public market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or active</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">secondary</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for many</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">types</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in privately</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">held</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">companies</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund intends</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to hold and make. The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determination</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">thus</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unrealized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">appreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">depreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recognize</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reporting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">period,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">degree</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’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. The determinations of fair 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 Fund’s net asset value ("NAV") could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Deferred Financing</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Financing costs incurred in connection with the Fund’s borrowings (see Note 6) are deferred and amortized over the life of the corresponding facility. The Fund records origination and other expenses related to its debt obligations as deferred financing costs. Deferred financing costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Asset Value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Common </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Share</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accordance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">GAAP,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">NAV</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> S</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">hare (as defined in Note 7)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">outstanding</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Shares</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determined</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">least</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quarterly</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dividing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the value of total assets minus liabilities by the total number of Shares outstanding.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Recognition</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund recognizes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">revenue</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accordance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">606,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Revenue</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Contracts</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Customers</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(“ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">606”),</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requires</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">entity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Fund follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determining the transaction price, the Fund includes variable consideration only to the extent that it is probable that a significant reversal in the amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cumulative</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">revenue</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recognized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">would</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">occur</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">when</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">uncertainty</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">variable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consideration</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">resolved.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Significant</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">judgments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">required</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the application of the five-step model including; when determining whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Fund’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Revenue from contracts with customers includes fee income (underwriting and arranger fees). The Fund earns underwriting and arranger fees in securities offerings in which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">acts</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">underwriter</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">arranger,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">such</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">initial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">public</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">offerings,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">follow-on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">offerings,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">debt</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">offerings,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">convertible</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">securities</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">offerings.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fee</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">revenue relating to underwriting and arranger commitments is recorded at the point in time when all significant items relating to the underwriting or arranger process has been completed and the amount of the underwriting or arranger revenue has been determined. This generally is the point at which all of the following have occurred: (i) the issuer’s registration statement has become effective with the SEC or the other offering documents are finalized; (ii) the Fund has made a firm commitment for the purchase of securities from the issuer; (iii) the Fund has been informed of the number of securities that it has been allotted; and (iv) the issuer obtains control and benefits of the offering; which generally occurs on trade date. The Fund, or its affiliates, may receive fees for capital structuring services. These fees are generally non-recurring and are recognized as fee income by the Fund on the investment closing date. The following table presents revenues from contracts with customers disaggregated by fee type from the Commencement of Operations through December 31, 2025:</span></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.090%"><tr><td style="width:1.0%"></td><td style="width:82.692%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.108%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fee income from non-controlled/non-affiliated investments</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">156,401 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total revenue from contracts with customers</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">156,401 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">606</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">does</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">apply</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">revenue</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">instruments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interest</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dividend</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">income.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Interest income is recorded on the accrual basis and includes amortization of premiums or accretion of discounts. Discounts to par value on securities purchased are accreted into</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interest</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">over</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">contractual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">life</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">respective</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">security</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">using</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">effective</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interest</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">method.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Premiums</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">par</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">securities</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">purchased</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amortized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">first call date into interest income using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of premiums or accretion of discounts, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Discounts and premiums to par generally include loan origination fees, original issue discount and market discounts.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Loans</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">placed</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">non-accrual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">status</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">when</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">there</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reasonable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">doubt</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">principal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interest</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">will</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">collected</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">full.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Accrued</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interest</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reversed</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">when</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:0.48em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">current.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">make</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">exceptions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">this</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">treatment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determine</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">place</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">loan</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">non-accrual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">status</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">if</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">loan</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sufficient</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">collateral</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the process of collection. As of December 31, 2025, no investments were on non-accrual status. </span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From the Commencement of Operations through December 31, 2025, the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">earned</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dividend</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income of $81,687, which was included on the Consolidated Statements of Operations as dividend income. </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Currency</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currency</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amounts</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">translated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">into</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dollars</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> basis:</span></div><div style="margin-bottom:10pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and</span></div><div style="margin-bottom:10pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">includes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">changes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">values</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">held</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">resulting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">exchange</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">rate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fluctuations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unrealized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">appreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(depreciation)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from the translation of assets and liabilities in foreign currency and other transactions on the Consolidated Statement of Operations.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund records realized gains (losses) from transactions in foreign currency on the Consolidated Statement of Operations. From the Commencement of Operations through </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025, the Fund recorded </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$10,725</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of net realized gains on foreign currency transactions.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fluctuations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">arising</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">translation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currency</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">borrowings</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">included</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unrealized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">appreciation (depreciation) from translation of assets and liabilities in foreign currency and other transactions on the Consolidated Statement of Operations. From the Commencement of Operations through December 31, 2025, the Fund recorded </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$15,416</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of net unrealized depreciation on the translation of assets in foreign currencies.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">denominated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currencies</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currency</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transactions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">involve</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">certain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">considerations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">typically</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">those</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Organizational</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Expenses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Offering</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> Costs</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Organizational</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expenses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">costs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">organization</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expensed</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">incurred.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Offering</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expenses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">costs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">offering</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of Shares and are capitalized as deferred offering expenses on the Consolidated Statement of Assets and Liabilities. Deferred offering expenses are amortized over a twelve month period, beginning with the later of either the Commencement of Operations or the date incurred.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Taxes</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund intends to elect to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. So long as the Fund maintains its tax treatment as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to shareholders as dividends. To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements as well as distribute</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">each</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">taxable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">year</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dividends</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">federal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tax</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">purposes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">least</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">90% </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">“investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">company</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">taxable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income,” which is generally the Fund’s net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and is determined without regard to any deduction for dividends paid. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund evaluates tax positions taken or expected to be taken while preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions from the Commencement of Operations through December 31, 2025.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Realized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Gains</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Losses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Unrealized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Depreciation on Investments</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">measures</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">realized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">gains</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">losses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">difference</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">between</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">proceeds</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">repayment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sale</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amortized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cost</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">basis</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">using</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. From the Commencement of Operations through December 31, 2025, the Fund recorded </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$318,936</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of net realized gains on investments. From the Commencement of Operations through December 31, 2025, the Fund recorded net unrealized depreciation on investments of </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$408,474</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. These values are exclusive of aforementioned foreign currency gains and change in unrealized depreciation of translation of assets in foreign currency. </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Distributions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Shareholders</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Distributions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">shareholders</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recorded</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">record</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">date.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">paid</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">out</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">distribution</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determined</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> Board.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Dividend Reinvestment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%">Plan</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">adopted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">“opt-out”</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dividend</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reinvestment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">plan</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(“DRIP”),</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">under</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> share</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">holder’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">distributions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">would</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">automatically</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reinvested</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">under</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">DRIP</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in additional whole and fractional Shares, unless the shareholder “opts out” of the DRIP, thereby electing to receive cash dividends.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">uses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">newly</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">issued</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">shares</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">implement</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">DRIP.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Shares</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">issued</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">price</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">share</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">most</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">asset value per share determined by the Board.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Shareholders</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">who</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">receive</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">distributions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> under the DRIP </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">form</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">additional</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> S</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">hares</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">will</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">subject</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">same</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">federal,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">state</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">local</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tax</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consequences as shareholders who elect not to reinvest distributions. Participation in the DRIP will not in any way reduce the amount of a shareholder’s capital commitment.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Consolidation</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provided</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">under</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Regulation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">S-X</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">946</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">-</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Services</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">-</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Companies,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">will</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consolidate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">its</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> company</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Fund. Accordingly, the Fund consolidates the accounts of the Fund’s SPV and any additional wholly owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">consolidation.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Segment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Reporting</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with ASC Topic 280 – Segment Reporting (“ASC 280”), the Fund has determined that it has a single operating and reporting segment. As a result, the Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">segment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accounting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">policies</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">same</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">described</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">herein</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">does</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">have</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">intra-segment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sales</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transfers</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assets.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">objective</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to generate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">both current</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">income </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and to a lesser extent capital appreciation through its investments. The chief operating decision maker (“CODM”) is comprised of the Fund’s chairman, president, chief financial officer and chief compliance officer. The CODM assesses the performance and makes decisions of the Fund on a consolidated basis primarily based on the Fund’s net increase in shareholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">metric</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determining</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">distributions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">distributed</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">shareholders.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">operations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">comprise</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">single</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reporting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">segment,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.</span></div><div style="margin-bottom:10pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accounting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Pronouncements</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820)", which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASC Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">subject</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">contractual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sale</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">restriction.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASU</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2022-03</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">effective</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">public</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">business</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">entities</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fiscal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">years</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">beginning</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">after</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">15,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2023,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interim</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">periods</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">within those </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Fund has adopted ASU No. 2022-03 and does not believe that it had a material effect on its consolidated financial statements.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 2023,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">FASB</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">issued</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASU</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">No.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2023-09,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">“Income</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Taxes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">740)",</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">updates</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tax</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">disclosure</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requirements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">related</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">rate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reconciliation,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income taxes paid and other disclosures. ASU No. 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Fund has adopted ASU 2023-09 for the fiscal year 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 2200-40)", which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requires</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">disaggregated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">disclosure</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">certain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">costs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expenses,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">purchases</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">inventory,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">employee</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">compensation,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">depreciation,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amortization</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">depletion,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Fund is currently assessing the impact of the guidance but does not expect it will have a material impact on its consolidated financial statements.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In November 2024, the FASB issued ASU 2024-04, “Debt – Debt with Conversion and Other Options (Subtopic 470-20)”, which clarify the requirements for determining whether</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">certain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">settlements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of convertible</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">debt</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">instruments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">should be accounted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an induced conversion.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASU</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2024-04 is effective</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for annual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reporting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">periods</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">beginning after</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">15,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2025</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interim</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reporting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">periods</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">within</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">those</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">annual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reporting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">periods.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Early</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">adoption</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">permitted.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currently</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assessing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">impact</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the guidance but does not expect it will have a material impact on its consolidated financial statements.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Other</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">than</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">aforementioned</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">guidance,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">does</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">believe</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recently</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">issued,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">but</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">yet</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">effective,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accounting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">standards,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">if</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currently adopted, would have a material effect on the accompanying consolidated financial statements.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Basis</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> Presentation</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">statements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">prepared</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accordance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accounting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">principles</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accepted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">United</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">States</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">America</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(“U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">GAAP”)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial information and pursuant to the requirements for reporting on Form 10-K and Regulation S-X, as appropriate. Accordingly, they may not include all information and notes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">required</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">GAAP</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">annual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">statements.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">GAAP</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requires</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">make</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">estimates</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assumptions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">affect</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reported</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements include the accounts of the Fund and its consolidated subsidiary. All intercompany balances and transactions have been eliminated in consolidation. References to the “Fund,” “we,” and “us” herein include Stone Point Credit Income Fund and its consolidated subsidiary, except where context is otherwise required. The Fund is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Services — Investment Companies</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The Fund’s fiscal year ends on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> December 31. The functional currency of the Fund is U.S. dollars.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">of </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Estimates</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">preparation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">statements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">conformity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">GAAP</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requires</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">make</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">estimates</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assumptions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">affect</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates and such differences could be material.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">and Cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Equivalents</span></div><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equivalents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consists</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">deposits</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">money</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">account</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">demand</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">deposits</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">held</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">custodian</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">bank.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equivalents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">carried</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cost,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span>which approximates fair value. The Fund’s deposits may, at times, exceed the insured limits under applicable law. The Fund's deposits in money market funds are considered Level 1 securities within the fair value hierarchy. 114267 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Value</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund’s “Valuation Designee”. The Adviser, with the assistance of the Adviser’s Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Fund’s investments in instances where there is no readily</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">available</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quotation.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quotations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">readily</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">available</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">priced</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">independent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">pricing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">services.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">time</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">time,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund retains external, independent valuation firms to provide input, data, and valuation analyses on the Fund’s portfolio companies.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recorded</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determined</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">good</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">faith</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accordance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">procedures</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">established</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">approved</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Board (the “Valuation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Policy”)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and, as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a result,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">there is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and will</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be uncertainty</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to the value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under the 1940 Act, the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">required</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to carry its portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by the Valuation Policy. There is not a public market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or active</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">secondary</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for many</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">types</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in privately</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">held</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">companies</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund intends</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to hold and make. The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determination</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">thus</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unrealized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">appreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">depreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recognize</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reporting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">period,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">degree</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’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. The determinations of fair 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 Fund’s net asset value ("NAV") could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Deferred Financing</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Financing costs incurred in connection with the Fund’s borrowings (see Note 6) are deferred and amortized over the life of the corresponding facility. The Fund records origination and other expenses related to its debt obligations as deferred financing costs. Deferred financing costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Asset Value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Common </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Share</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accordance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">GAAP,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">NAV</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> S</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">hare (as defined in Note 7)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">outstanding</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Shares</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determined</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">least</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quarterly</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dividing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the value of total assets minus liabilities by the total number of Shares outstanding.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Recognition</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund recognizes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">revenue</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accordance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">606,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Revenue</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Contracts</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Customers</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(“ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">606”),</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requires</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">entity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Fund follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determining the transaction price, the Fund includes variable consideration only to the extent that it is probable that a significant reversal in the amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cumulative</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">revenue</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recognized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">would</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">occur</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">when</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">uncertainty</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">variable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consideration</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">resolved.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Significant</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">judgments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">required</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the application of the five-step model including; when determining whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Fund’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Revenue from contracts with customers includes fee income (underwriting and arranger fees). The Fund earns underwriting and arranger fees in securities offerings in which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">acts</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">underwriter</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">arranger,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">such</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">initial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">public</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">offerings,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">follow-on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">offerings,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">debt</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">offerings,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">convertible</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">securities</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">offerings.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fee</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">revenue relating to underwriting and arranger commitments is recorded at the point in time when all significant items relating to the underwriting or arranger process has been completed and the amount of the underwriting or arranger revenue has been determined. This generally is the point at which all of the following have occurred: (i) the issuer’s registration statement has become effective with the SEC or the other offering documents are finalized; (ii) the Fund has made a firm commitment for the purchase of securities from the issuer; (iii) the Fund has been informed of the number of securities that it has been allotted; and (iv) the issuer obtains control and benefits of the offering; which generally occurs on trade date. The Fund, or its affiliates, may receive fees for capital structuring services. These fees are generally non-recurring and are recognized as fee income by the Fund on the investment closing date. The following table presents revenues from contracts with customers disaggregated by fee type from the Commencement of Operations through December 31, 2025:</span></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.090%"><tr><td style="width:1.0%"></td><td style="width:82.692%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.108%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fee income from non-controlled/non-affiliated investments</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">156,401 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total revenue from contracts with customers</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">156,401 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">606</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">does</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">apply</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">revenue</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">instruments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interest</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dividend</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">income.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Interest income is recorded on the accrual basis and includes amortization of premiums or accretion of discounts. Discounts to par value on securities purchased are accreted into</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interest</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">over</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">contractual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">life</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">respective</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">security</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">using</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">effective</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interest</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">method.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Premiums</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">par</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">securities</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">purchased</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amortized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">first call date into interest income using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of premiums or accretion of discounts, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Discounts and premiums to par generally include loan origination fees, original issue discount and market discounts.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Loans</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">placed</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">non-accrual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">status</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">when</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">there</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reasonable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">doubt</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">principal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interest</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">will</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">collected</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">full.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Accrued</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interest</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reversed</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">when</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:0.48em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">current.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">make</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">exceptions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">this</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">treatment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determine</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">place</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">loan</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">non-accrual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">status</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">if</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">loan</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sufficient</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">collateral</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the process of collection. As of December 31, 2025, no investments were on non-accrual status. </span></div><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From the Commencement of Operations through December 31, 2025, the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">earned</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dividend</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span>income of $81,687, which was included on the Consolidated Statements of Operations as dividend income. The following table presents revenues from contracts with customers disaggregated by fee type from the Commencement of Operations through December 31, 2025:<div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.090%"><tr><td style="width:1.0%"></td><td style="width:82.692%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.108%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fee income from non-controlled/non-affiliated investments</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">156,401 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total revenue from contracts with customers</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">156,401 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 156401 156401 81687 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Currency</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currency</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amounts</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">translated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">into</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dollars</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> basis:</span></div><div style="margin-bottom:10pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and</span></div><div style="margin-bottom:10pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">includes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">changes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">values</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">held</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">resulting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">exchange</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">rate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fluctuations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unrealized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">appreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(depreciation)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from the translation of assets and liabilities in foreign currency and other transactions on the Consolidated Statement of Operations.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund records realized gains (losses) from transactions in foreign currency on the Consolidated Statement of Operations. From the Commencement of Operations through </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025, the Fund recorded </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$10,725</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of net realized gains on foreign currency transactions.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fluctuations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">arising</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">translation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currency</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">borrowings</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">included</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unrealized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">appreciation (depreciation) from translation of assets and liabilities in foreign currency and other transactions on the Consolidated Statement of Operations. From the Commencement of Operations through December 31, 2025, the Fund recorded </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$15,416</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of net unrealized depreciation on the translation of assets in foreign currencies.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">denominated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currencies</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">foreign</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currency</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transactions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">involve</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">certain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">considerations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">risks</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">typically</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">those</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.</span></div> 10725 -15416 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Organizational</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Expenses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Offering</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> Costs</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Organizational</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expenses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">costs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">organization</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expensed</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">incurred.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Offering</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expenses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">costs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">offering</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of Shares and are capitalized as deferred offering expenses on the Consolidated Statement of Assets and Liabilities. Deferred offering expenses are amortized over a twelve month period, beginning with the later of either the Commencement of Operations or the date incurred.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Taxes</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund intends to elect to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. So long as the Fund maintains its tax treatment as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to shareholders as dividends. To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements as well as distribute</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">each</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">taxable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">year</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dividends</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">federal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tax</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">purposes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">least</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">90% </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">“investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">company</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">taxable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income,” which is generally the Fund’s net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and is determined without regard to any deduction for dividends paid. In order for the Fund not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund evaluates tax positions taken or expected to be taken while preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions from the Commencement of Operations through December 31, 2025.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Realized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Gains</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Losses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Unrealized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Depreciation on Investments</span></div><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">measures</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">realized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">gains</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">losses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">difference</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">between</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">proceeds</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">repayment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sale</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amortized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cost</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">basis</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">using</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span>the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. 318936 -408474 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Distributions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Shareholders</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Distributions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">shareholders</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recorded</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">record</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">date.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">paid</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">out</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">distribution</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determined</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> Board.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Dividend Reinvestment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%">Plan</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">adopted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">“opt-out”</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dividend</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reinvestment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">plan</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(“DRIP”),</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">under</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> share</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">holder’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">distributions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">would</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">automatically</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reinvested</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">under</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">DRIP</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in additional whole and fractional Shares, unless the shareholder “opts out” of the DRIP, thereby electing to receive cash dividends.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">uses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">newly</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">issued</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">shares</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">implement</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">DRIP.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Shares</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">issued</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">price</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">share</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">most</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">asset value per share determined by the Board.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Shareholders</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">who</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">receive</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">distributions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> under the DRIP </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">form</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">additional</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> S</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">hares</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">will</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">subject</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">same</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">federal,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">state</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">local</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tax</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consequences as shareholders who elect not to reinvest distributions. Participation in the DRIP will not in any way reduce the amount of a shareholder’s capital commitment.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Consolidation</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provided</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">under</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Regulation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">S-X</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">946</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">-</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Services</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">-</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Companies,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">will</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">generally</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consolidate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">its</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> company</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Fund. Accordingly, the Fund consolidates the accounts of the Fund’s SPV and any additional wholly owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">consolidation.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Segment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Reporting</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with ASC Topic 280 – Segment Reporting (“ASC 280”), the Fund has determined that it has a single operating and reporting segment. As a result, the Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">segment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accounting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">policies</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">same</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">described</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">herein</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">does</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">have</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">intra-segment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sales</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transfers</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assets.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">objective</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to generate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">both current</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">income </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and to a lesser extent capital appreciation through its investments. The chief operating decision maker (“CODM”) is comprised of the Fund’s chairman, president, chief financial officer and chief compliance officer. The CODM assesses the performance and makes decisions of the Fund on a consolidated basis primarily based on the Fund’s net increase in shareholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">metric</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determining</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amount</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">distributions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">distributed</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">shareholders.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">operations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">comprise</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">single</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reporting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">segment,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.</span></div> <div style="margin-bottom:10pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accounting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Pronouncements</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820)", which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASC Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">subject</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">contractual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sale</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">restriction.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASU</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2022-03</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">effective</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">public</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">business</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">entities</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fiscal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">years</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">beginning</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">after</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">15,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2023,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interim</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">periods</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">within those </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Fund has adopted ASU No. 2022-03 and does not believe that it had a material effect on its consolidated financial statements.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 2023,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">FASB</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">issued</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASU</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">No.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2023-09,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">“Income</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Taxes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">740)",</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">updates</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tax</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">disclosure</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requirements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">related</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">rate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reconciliation,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income taxes paid and other disclosures. ASU No. 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Fund has adopted ASU 2023-09 for the fiscal year 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 2200-40)", which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requires</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">disaggregated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">disclosure</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">certain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">costs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expenses,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">purchases</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">inventory,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">employee</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">compensation,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">depreciation,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amortization</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">depletion,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Fund is currently assessing the impact of the guidance but does not expect it will have a material impact on its consolidated financial statements.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In November 2024, the FASB issued ASU 2024-04, “Debt – Debt with Conversion and Other Options (Subtopic 470-20)”, which clarify the requirements for determining whether</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">certain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">settlements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of convertible</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">debt</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">instruments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">should be accounted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an induced conversion.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASU</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2024-04 is effective</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for annual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reporting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">periods</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">beginning after</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">15,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2025</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">interim</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reporting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">periods</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">within</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">those</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">annual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reporting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">periods.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Early</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">adoption</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">permitted.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currently</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assessing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">impact</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the guidance but does not expect it will have a material impact on its consolidated financial statements.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Other</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">than</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">aforementioned</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">guidance,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">does</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">believe</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recently</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">issued,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">but</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">yet</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">effective,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accounting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">standards,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">if</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currently adopted, would have a material effect on the accompanying consolidated financial statements.</span></div> <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Agreements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Related</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Party</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Transactions</span><div style="margin-bottom:10pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Advisory</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Agreement</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Subject</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> overall </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">supervision</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Board</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> in accordance with the 1940 Act, </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">manages the Fund's day-to-day operations and provides investment advisory services to the Fund. Under the terms of the Investment Advisory Agreement, the Adviser: (i) determines</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">composition</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">allocation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">nature</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">timing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">changes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">therein</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">manner</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">implementing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">such</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">changes;</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(ii) identifies, evaluates and negotiates the structure of the investments made by the Fund; (iii) performs due diligence on prospective portfolio companies; (iv) executes, closes, services and monitors the Fund’s investments; (v) determines the securities and other assets that the Fund will purchase, retain or sell; (vi) arranges financings and borrowing facilities for the Fund; (vii) provides the Fund with such other investment advisory, research and related services as the Fund 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 Advisers Act, on the Fund’s behalf, and in coordination with any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sub-adviser</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">administrator,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provides</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">significant</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">managerial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assistance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">those</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">companies</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">required</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provide</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">such</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assistance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things, monitor the operations of the Fund’s portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational and financial consultation. </span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Advisory</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Agreement,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">pays</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fees for investment management services consisting of the base management fee and the Incentive Fees, each as defined below.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Base</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Fee</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">pays</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">asset-based</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fee</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">“Management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fee”)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">services</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> based on a percentage of net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, "net assets" means the Fund's total assets less liabilities, determined on a consolidated basis in </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">accordance with U.S. GAAP. The Management Fee is payable monthly in arrears. </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fee for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any partial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">month</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">appropriately</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">prorated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">based on the actual number of days elapsed during such partial month as a fraction of the number of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> days in the relevant calendar year. </span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Management Fee began to accrue from the Commencement of Operations. For periods ending on or prior to January 31, 2028, the Management Fee shall be calculated at an annual rate of 0.75% of Net Assets; and for periods ending after January 31, 2028, the Management Fee shall be calculated at an annual rate of 1.25% of Net Assets.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From the Commencement of Operations through December 31, 2025, the Fund incurred Management Fees of </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$1,139,380</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. As of December 31, 2025, the Fund recorded Management Fees payable of </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$144,988</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Incentive</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Fee</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund will pay to the Adviser an incentive fee (“Incentive Fee”) as set forth below. Beginning on February 1, 2026 (the “Incentive Fee Commencement Date”), the Fund shall pay the Adviser an Incentive Fee. The Incentive Fee will consist of two parts, consisting of the “Investment Income Incentive Fee” and the “Capital Gains Incentive Fee”.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Investment Income Incentive Fee</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Investment Income Incentive Fee will be calculated and payable on a quarterly basis, in arrears. For the periods ending on or prior to the second anniversary of the Incentive Fee Commencement Date, the Investment Income Incentive Fee will be calculated and payable on a quarterly basis, in arrears, and will equal 7.50% of pre-incentive fee net investment income of the Fund, subject to a quarterly preferred return to a “Hurdle Rate” of 1.25% per quarter (5.00% annualized). The Fund shall pay the Adviser an Investment Income Incentive Fee with respect to its pre-incentive fee net investment income as follows:</span></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">no Investment Income Incentive Fee based on pre-incentive fee net investment income in any calendar quarter in which the Fund’s pre-incentive fee net investment income does not exceed the Hurdle Rate;</span></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.35% in any calendar quarter (5.41% annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.35%) is referred to as the “catch-up”. The catch-up is meant to provide the Adviser with approximately 7.50% of the Fund’s pre-incentive fee net investment income as if a Hurdle Rate did not apply if pre-incentive fee net investment income exceeds 1.35% in any calendar quarter; and</span></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">7.50% of the pre-incentive fee net investment income, if any, that exceeds 1.35% in any calendar quarter (5.41% annualized), which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 7.50% of all pre-incentive fee net investment income is paid to the Adviser.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For periods ending after the second anniversary of the Incentive Fee Commencement Date, the Investment Income Incentive Fee will be calculated and payable on a quarterly basis, in arrears, and will equal 12.50% of pre-incentive fee net investment income of the Fund, subject to a quarterly preferred return to a “Hurdle Rate” of 1.25% per quarter (5.00% annualized). The Fund shall pay the Adviser an Investment Income Incentive Fee with respect to its pre-incentive fee net investment income as follows:</span></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">no Investment Income Incentive Fee based on pre-incentive fee net investment income in any calendar quarter in which the Fund’s pre-incentive fee net investment income does not exceed the Hurdle Rate;</span></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.43% in any calendar quarter (5.71% annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.43%) is referred to as the “catch-up.” The catch-up is meant to provide the Adviser with approximately 12.50% of the Fund’s pre-incentive fee net investment income as if a Hurdle Rate did not apply if pre-incentive fee net investment income exceeds 1.43% in any calendar quarter; and</span></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">12.50% of the pre-incentive fee net investment income, if any, that exceeds 1.43% in any calendar quarter (5.71% annualized), which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 12.50% of all pre-incentive fee net investment income is paid to the Adviser.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For purposes of calculating the Investment Income Incentive Fee, “pre-incentive fee net investment income” is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the Management Fee, expenses payable to the administrator under the administration agreement, any interest expense and distributions paid on any issued and outstanding preferred shares (if any), 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 interest feature (such as debt instruments with payment-in-kind (“PIK”) interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. The Adviser is not obligated to return to the Fund the Incentive Fee it receives on PIK interest that is later determined to be uncollectible in cash.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From the Commencement of Operations through December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the Fund did not incur any investment income-based incentive fees.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Capital Gains Incentive Fee</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Capital Gains Incentive Fee is payable in cash at the end of each calendar year in arrears on or after the Incentive Fee Commencement Date or upon the termination of the Investment Advisory Agreement, to the extent it is terminated after the Incentive Fee Commencement Date. The Capital Gains Incentive Fee is calculated as follows:</span></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">For calendar years ending on or prior to the second anniversary of the Incentive Fee Commencement Date, the Capital Gains Incentive Fee shall be an amount equal to 7.50% of the Fund’s realized capital gains, if any, on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Incentive Fees.</span></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">For calendar years ending after the second anniversary of the Incentive Fee Commencement Date, the Capital Gains Incentive Fee shall be an amount equal to 12.50% of the Fund’s realized capital gains, if any, on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Incentive Fees.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Capital Gains Incentive Fees are computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Fee Commencement Date. For purposes of computing the Investment Income Incentive Fee and the Capital Gains Incentive Fee, the calculation methodology will look through derivative financial instruments or swaps as if the Fund owned the reference assets directly. Realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative financial instrument or swap, will be included on a cumulative basis in the calculation of the Capital Gains Incentive Fee. With respect to the calculation of quarterly Pre-Incentive Fee Net Investment Income for purposes of calculating the Investment Income Incentive Fee, net interest, if any, associated with a derivative or swap (which is defined as the difference between (i) the interest income and transaction fees received in respect of the reference assets of the derivative or swap and (ii) all interest and other expenses paid by us to the derivative or swap counterparty) will be included in calculating the Investment Income Incentive Fee. The notional value of any such derivatives or swaps is not used for these purposes. With respect to the calculation of the Capital Gains Incentive Fee, realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative or swap, will be included on a cumulative basis in calculating the Capital Gains Incentive Fee.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From the Commencement of Operations through December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the Fund did not accrue any Capital Gains Incentive Fees.</span></div><div style="margin-bottom:10pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Administration </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Agreement</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund has entered into an Administration Agreement, pursuant to which the Adviser serves as the Fund’s administrator (in such capacity, the “Administrator”) and provides the administrative services necessary for the Fund to operate. The Fund utilizes the Administrator’s office facilities, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator oversees the Fund’s public reporting requirements and tax reporting and monitors the Fund’s expenses and the performance of professional services rendered to the Fund by others. The Fund reimburses the Administrator for its costs and expenses, which may include an allocable portion of overhead incurred by the Administrator in performing its obligations under the Administration Agreement, including compensation paid to or compensatory distributions received by the Fund’s officers (including its Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to the Fund, operations staff who provide services to the Fund, and internal audit staff. The Fund’s allocable portion of overhead will be determined by the Administrator, which </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">will use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the business and affairs of the Fund, and will be subject to oversight by the Board. 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.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From the Commencement of Operations through December 31, 2025, the Fund incurred $848,125 of administrative overhead expenses that were included on the Consolidated Statements of Operations as professional fees. As of December 31, 2025, $449,359 of administrative overhead expenses remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. From the Commencement of Operations through December 31, 2025, the Administrator did not waive any charges that were eligible for reimbursement under the terms of the Administration Agreement.</span></div><div style="margin-bottom:10pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sub-Administration</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">and Custodian </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%">Fees</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser, in its capacity as the Administrator to the Fund, entered into a sub-administration agreement with Harmonic Fund Services (in such capacity, the “Sub-Administrator”), under which the Sub-Administrator provides various accounting and other administrative services with respect to the Fund. The Fund pays the Sub-Administrator fees for services the Administrator determines are commercially reasonable in its sole discretion. The Fund also reimburses the Sub-Administrator for all reasonable expenses. To the extent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Sub-Administrator</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">outsources</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">its</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">functions,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Sub-Administrator</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">pays</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">compensation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">such</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">functions.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> 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 Fund under the Administration Agreement. </span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From the Commencement of Operations through December 31, 2025, the Fund incurred expenses for services provided by the Sub-Administrator of </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$322,218</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> that were included on the Consolidated Statements of Operations as professional fees. As of December 31, 2025, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$144,718</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> remained payable on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund has entered into a global custody agreement with The Bank of New York Mellon Trust Company, National Association (in such capacity, the “Custodian”) under which the Custodian provides various custody services with respect to the Fund. The Fund pays the Custodian fees for services the Custodian determines are commercially reasonable in its sole discretion. The Fund also reimburses the Custodian for all reasonable expenses. To the extent that the Custodian outsources any of its functions, the Custodian pays any compensation associated with such functions.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From the Commencement of Operations through December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the Fund incurred expenses for services provided by the Custodian of $69,788 that were included on the Consolidated Statements of Operations as professional fees. As of </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, $59,788 remained payable on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Transfer Agent Fees</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund has entered into a transfer agent servicing agreement with U.S. Bank Global Fund Services (in such capacity, the “Transfer Agent”). From thew Commencement of Operations through December 31, 2025, the Fund incurred expenses for services provided by the Transfer Agent of </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$108,333</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> that were included on the Consolidated Statements of Operations as professional fees. As of December 31, 2025, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$23,996</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> remained payable on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.</span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Expense Support and Conditional Reimbursement Agreement</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support and Conditional Reimbursement Agreement”) with the Adviser as of December 31, 2024. Pursuant to the Expense Support Agreement, the Adviser is obligated to advance all of the Fund’s Other Operating Expenses (defined below) that exceed 1.00% (on an annualized basis) of the Fund’s NAV on a monthly basis (each, a “Required Expense Payment”).</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">“Other Operating Expenses” means the Fund’s total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Fund’s allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement).</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Any Required Expense Payment must be paid by the Adviser to or on behalf of the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates. The Adviser may elect to pay certain additional expenses on behalf of the Fund (each, a “Voluntary Expense Payment” and together with any Required Expense Payments, the “Expense Payments”), provided that no portion of the payment will be used to pay any interest expense of the Fund. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Fund shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month Expense Payments were made have been reimbursed. Any payments required to be made by the Fund shall be referred to herein as a “Reimbursement Payment.” </span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">“Available Operating Funds” means the sum of (i) the Fund’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Fund’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Fund on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">No Reimbursement Payment for any month shall be made if: (1) the Fund’s Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (2) the Fund’s Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.00% of the Fund’s NAV. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less Management Fees and Incentive Fees owed to the Adviser, and interest expense, by the Fund’s net assets. “Operating Expenses” means all of the Fund’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From the Commencement of Operations through December 31, 2025,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> the Adviser provided expense support of $2,700,699, which is included on the Consolidated Statements of Operations as expense support reimbursement. </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> From the Commencement of Operations through December 31, 2025,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> the Fund did not make any reimbursement payments to the Adviser. As of December 31, 2025, $451,691 remained receivable and is included on the Consolidated Statements of Assets and Liabilities as expense support receivable.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Co-Investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Exemptive</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Relief</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. On June 14, 2022, the SEC granted certain affiliates of the Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">exemptive</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">relief (the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">“Order”)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">permits</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to co-invest</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">alongside</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">other</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">funds managed by the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser or certain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of its</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">affiliates,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">if, among</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">other</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the trustees who are not “interested persons” of the Fund, the Adviser or their respective affiliates as defined</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Section</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(a)(19)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1940</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Act</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(“Independent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Trustees”)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">make</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">certain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">conclusions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">connection</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">co-investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transaction,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">but</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">limited</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Fund and shareholders and do not involve overreaching in respect of the Fund or shareholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of shareholders</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consistent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">then-current</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">objective</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">strategies.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Order</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provides</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">connection</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">co-investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transaction,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">participate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in any such co-investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transaction</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on terms</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">same</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">those applicable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">other</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">funds</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">managed</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by, or certain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">entities</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">affiliated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with, the Adviser or certain of its affiliates. To the extent an investment by such other fund or entity, as applicable, in an applicable co-investment opportunity is based on favorable terms, the Fund will benefit from investing in such co-investment opportunity based on such favorable terms. In addition, the Order provides that, in connection with any such co-investment transaction, the Fund will receive its pro rata share of any transaction fees (including break-up, structuring, monitoring or commitment fees but excluding brokerage or </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">underwriting compensation permitted by section 17(e) or 57(k) of the 1940 Act), in respect of such co-investment transaction, based on the Fund’s relative share of the amount invested or committed, as applicable, in such transaction.</span></div><div style="margin-bottom:10pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Controlled/Affiliated Portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Companies</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under the 1940 Act, the Fund is required to separately identify investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Fund is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">respect</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">non-controlled,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">non-affiliated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">controlled</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">affiliated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">contained</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accompanying</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">statements,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including the consolidated schedule of investments.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">made</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> non-</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">controlled,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">affiliated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">companies,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">include</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">its</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">SPV</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">CA</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">IX</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">LLC,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">purposes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">holding</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">loan</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">underlying portfolio company in lieu of the Fund receiving its California lenders license.</span></div> 0.0075 0.0125 1139380 144988 2 0.0750 0.0125 0.0500 1 0.0135 0.0541 0.0135 0.0750 0.0135 0.0750 0.0135 0.0541 0.0750 0.1250 0.0125 0.0500 1 0.0143 0.0571 0.0143 0.1250 0.0143 0.1250 0.0143 0.0571 0.1250 0 0.0750 0.1250 0 848125 449359 0 322218 144718 69788 59788 108333 23996 0.0100 P45D P3Y 0.0100 2700699 451691 Offering<span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Costs and Organizational Expenses</span><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund has and may continue to bear expenses relating to the offering of its Shares.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Offering</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expenses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">include,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">without</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">limitation,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">legal,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accounting,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">printing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">other</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">offering</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">costs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">including</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">those</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">preparation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">registration statement in connection with any offering of Shares.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Organizational expenses include, without limitation, the cost of formation, including legal fees related to the creation and organization of the Fund, its related documents of organization and its election to be regulated as a BDC.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From the Commencement of Operations through December 31, 2025, the Fund incurred offering costs of </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$609,829</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. From the Commencement of Operations through December 31, 2025, the Fund did not incur any organizational expenses. As of December 31, 2025, there was no balance payable on the Consolidated Statements of Assets and Liabilities for offering costs and organizational expenses payable.</span></div> 609829 0 0 <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Commitments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Contingencies</span><div style="margin-bottom:10pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Litigation and Regulatory</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Matters</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">rights</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">under</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">contracts</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">companies.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">currently</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">party</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">material</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">legal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">proceedings.</span></div><div style="margin-bottom:10pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Unfunded</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.005em;line-height:120%"> Company </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Commitments</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:24.45pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">time</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">time,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">enters</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">into</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">commitments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">had</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unfunded</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio company commitments at par under loan and financing agreements:</span></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.727%"><tr><td style="width:1.0%"></td><td style="width:39.749%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.684%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.614%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Company</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Type of Investment</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Accordion Partners LLC</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,301,891 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Accuserve Solutions, Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">298,295 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Action Behavior Centers Therapy LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">913,482 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Action Behavior Centers Therapy LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">714,286 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Amerilife Holdings LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,474,911 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Amerilife Holdings LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">107,544 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Amerilife Holdings LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,135,718 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Aprio Advisory Group, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">11,123,263 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Aprio Advisory Group, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,298,459 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Archduke Buyer, Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">404,341 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Arden Insurance Services LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">332,927 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">ARMStrong Receivable Management</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">172,163 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.727%"><tr><td style="width:1.0%"></td><td style="width:39.749%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.684%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.614%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Company</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Type of Investment</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">ARMStrong Receivable Management</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">128,771 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">ARMStrong Receivable Management</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">130,587 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Babylon Buyer, Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">145,914 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Baker Tilly Advisory Group, L.P.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,721,374 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Baker Tilly Advisory Group, L.P.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">781,349 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Baker Tilly Advisory Group, L.P.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">387,324 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Beacon Pointe Harmony, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5,812,428 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Bellwether Buyer, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,012,048 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Bellwether Buyer, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,204,819 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Belmont Buyer, Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">632,267 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cerity Partners Equity Holding LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">12,585,187 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cerity Partners Equity Holding LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">994,817 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Chartis Group, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">437,063 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Chartis Group, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">262,238 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cherry Bekaert Advisory LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,009,017 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cliffwater, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,545,462 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Coller Private Equity Backed Notes &amp; Loans II-A L.P.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,221,661 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Continental Buyer Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,150,410 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Continental Buyer Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,494,584 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Diligent Corporation</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,570,022 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Diligent Corporation</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">290,254 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Equinox Buyer LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,483,586 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Flexera Software LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">456,525 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Flow Traders Holding, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5,335,063 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Foundation Risk Partners, Corp.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">674,442 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Fullsteam Operations LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,437,500 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Fullsteam Operations LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,250,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Galway Borrower LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,715,736 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Galway Borrower LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">498,262 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">GC Waves Holdings, Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8,669,115 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">GovDelivery Holdings, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">383,772 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">GS Acquisitionco Inc</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5,000,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">HBWM Intermediate II, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">245,465 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Headlands Buyer, Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,423,818 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Headlands Buyer, Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,164,099 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Heights Buyer, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,619,142 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Kona Buyer, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,487,779 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Kona Buyer, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">165,205 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">KRIV Acquisition Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,656,023 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">KRIV Acquisition Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,619,077 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">KRIV Acquisition Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,097,413 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Low Voltage Holdings Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">369,850 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Low Voltage Holdings Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">284,803 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MAI Capital Management Intermediate LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,099,370 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MAI Capital Management Intermediate LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">871,245 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MB2 Dental Solutions, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,333,333 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MB2 Dental Solutions, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">455,556 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.727%"><tr><td style="width:1.0%"></td><td style="width:39.749%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.684%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.614%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Company</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Type of Investment</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MEDX Holdings, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,097,727 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MEDX Holdings, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,454,545 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">More Cowbell II LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">872,218 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">More Cowbell II LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,792,850 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MRI Software LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6,623,094 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MRI Software LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">927,691 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">oneZero Financial Systems, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,003,846 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">oneZero Financial Systems, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,081,731 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PAS Parent Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,165,937 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PAS Parent Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">375,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Petra Borrower, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">669,870 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Propio LS, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">51,579 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">RCP NATS Purchaser, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,238,806 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">RCP NATS Purchaser, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,567,164 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Redwood Purchaser, INC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,676,921 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Redwood Purchaser, INC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,385,500 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Redwood Services Group, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">563,907 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Saab Purchaser, Inc</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,452,695 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Saab Purchaser, Inc</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">479,520 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Skywalker Purchaser, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">877,790 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Skywalker Purchaser, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">985,654 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Southpaw AP Buyer, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">19,861 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Southpaw AP Buyer, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">174,236 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">SPV CA IX, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Common Equity</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6,240,741 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">TA/WEG Intermediate Holdings, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,305,786 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">TA/WEG Intermediate Holdings, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">833,266 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">THG Acquisition, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,776,014 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">THG Acquisition, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,088,306 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Titan Home Improvement, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">488,372 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Titan Home Improvement, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">406,977 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">TRAK Purchaser, Inc</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">652,939 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Wasteology Group Transportation, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,017,940 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Wasteology Group Transportation, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,171,631 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Wharf Street Ratings Acquisition LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,489,787 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Wharf Street Ratings Acquisition LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,548,610 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">World Insurance Associates LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,753,600 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">World Insurance Associates LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">216,216 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Total Par</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">184,119,382 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unrealized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">appreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">depreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unfunded</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> company</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">commitments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recorded</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">statements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">reflected</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an adjustment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">valuation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">related</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">security</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Schedule</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of December 31, 2025. The par amount of the unfunded portfolio company commitments is not recognized by the Fund until the commitment is funded.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The credit agreements of the unfunded portfolio company commitments contain customary lending provisions which are subject to the portfolio company’s achievement of certain milestones. In instances where the underlying company experiences material adverse effects that would impact the financial condition or business outlook of the company, there is relief to the Fund from funding obligations for previously made commitments. Unfunded portfolio company commitments may expire without being drawn upon, and therefore,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">do</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">necessarily</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">represent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">future</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cash</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requirements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">future</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">earning</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assets</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expects</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">maintain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sufficient</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">liquidity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">form</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cash, financing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">capacity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">undrawn</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">capital</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">commitments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">its</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investors</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cover</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">any</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">outstanding</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unfunded</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> company </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">commitments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">required</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">fund.</span></div> <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">had</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unfunded</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio company commitments at par under loan and financing agreements:</span><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.727%"><tr><td style="width:1.0%"></td><td style="width:39.749%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.684%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.614%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Company</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Type of Investment</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Accordion Partners LLC</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,301,891 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Accuserve Solutions, Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">298,295 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Action Behavior Centers Therapy LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">913,482 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Action Behavior Centers Therapy LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">714,286 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Amerilife Holdings LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,474,911 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Amerilife Holdings LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">107,544 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Amerilife Holdings LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,135,718 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Aprio Advisory Group, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">11,123,263 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Aprio Advisory Group, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,298,459 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Archduke Buyer, Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">404,341 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Arden Insurance Services LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">332,927 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">ARMStrong Receivable Management</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">172,163 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.727%"><tr><td style="width:1.0%"></td><td style="width:39.749%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.684%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.614%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Company</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Type of Investment</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">ARMStrong Receivable Management</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">128,771 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">ARMStrong Receivable Management</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">130,587 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Babylon Buyer, Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">145,914 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Baker Tilly Advisory Group, L.P.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,721,374 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Baker Tilly Advisory Group, L.P.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">781,349 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Baker Tilly Advisory Group, L.P.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">387,324 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Beacon Pointe Harmony, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5,812,428 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Bellwether Buyer, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,012,048 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Bellwether Buyer, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,204,819 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Belmont Buyer, Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">632,267 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cerity Partners Equity Holding LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">12,585,187 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cerity Partners Equity Holding LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">994,817 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Chartis Group, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">437,063 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Chartis Group, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">262,238 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cherry Bekaert Advisory LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,009,017 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Cliffwater, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,545,462 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Coller Private Equity Backed Notes &amp; Loans II-A L.P.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,221,661 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Continental Buyer Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,150,410 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Continental Buyer Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,494,584 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Diligent Corporation</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,570,022 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Diligent Corporation</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">290,254 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Equinox Buyer LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,483,586 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Flexera Software LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">456,525 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Flow Traders Holding, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5,335,063 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Foundation Risk Partners, Corp.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">674,442 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Fullsteam Operations LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,437,500 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Fullsteam Operations LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,250,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Galway Borrower LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,715,736 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Galway Borrower LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">498,262 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">GC Waves Holdings, Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">8,669,115 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">GovDelivery Holdings, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">383,772 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">GS Acquisitionco Inc</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">5,000,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">HBWM Intermediate II, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">245,465 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Headlands Buyer, Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,423,818 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Headlands Buyer, Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,164,099 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Heights Buyer, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,619,142 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Kona Buyer, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,487,779 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Kona Buyer, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">165,205 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">KRIV Acquisition Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,656,023 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">KRIV Acquisition Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,619,077 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">KRIV Acquisition Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,097,413 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Low Voltage Holdings Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">369,850 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Low Voltage Holdings Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">284,803 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MAI Capital Management Intermediate LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,099,370 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MAI Capital Management Intermediate LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">871,245 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MB2 Dental Solutions, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,333,333 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MB2 Dental Solutions, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">455,556 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.727%"><tr><td style="width:1.0%"></td><td style="width:39.749%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.684%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.614%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Company</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Type of Investment</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MEDX Holdings, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,097,727 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MEDX Holdings, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,454,545 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">More Cowbell II LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">872,218 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">More Cowbell II LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,792,850 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MRI Software LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6,623,094 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">MRI Software LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">927,691 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">oneZero Financial Systems, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,003,846 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">oneZero Financial Systems, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,081,731 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PAS Parent Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,165,937 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">PAS Parent Inc.</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">375,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Petra Borrower, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">669,870 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Propio LS, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">51,579 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">RCP NATS Purchaser, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,238,806 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">RCP NATS Purchaser, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,567,164 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Redwood Purchaser, INC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,676,921 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Redwood Purchaser, INC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,385,500 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Redwood Services Group, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">563,907 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Saab Purchaser, Inc</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">3,452,695 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Saab Purchaser, Inc</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">479,520 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Skywalker Purchaser, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">877,790 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Skywalker Purchaser, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">985,654 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Southpaw AP Buyer, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">19,861 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Southpaw AP Buyer, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">174,236 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">SPV CA IX, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Common Equity</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">6,240,741 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">TA/WEG Intermediate Holdings, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">4,305,786 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">TA/WEG Intermediate Holdings, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">833,266 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">THG Acquisition, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,776,014 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">THG Acquisition, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,088,306 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Titan Home Improvement, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">488,372 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Titan Home Improvement, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">406,977 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">TRAK Purchaser, Inc</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">652,939 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Wasteology Group Transportation, LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">7,017,940 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Wasteology Group Transportation, LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,171,631 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Wharf Street Ratings Acquisition LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,489,787 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Wharf Street Ratings Acquisition LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">2,548,610 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">World Insurance Associates LLC</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Delayed Draw Term Loan</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">1,753,600 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">World Insurance Associates LLC</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">First Lien Revolving Loan</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">216,216 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Total Par</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">184,119,382 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> 1301891 298295 913482 714286 1474911 107544 1135718 11123263 4298459 404341 332927 172163 128771 130587 145914 1721374 781349 387324 5812428 3012048 1204819 632267 12585187 994817 437063 262238 1009017 1545462 2221661 1150410 3494584 1570022 290254 1483586 456525 5335063 674442 3437500 1250000 1715736 498262 8669115 383772 5000000 245465 4423818 2164099 1619142 1487779 165205 4656023 2619077 1097413 369850 284803 2099370 871245 1333333 455556 3097727 1454545 872218 1792850 6623094 927691 1003846 1081731 4165937 375000 669870 51579 2238806 1567164 3676921 1385500 563907 3452695 479520 877790 985654 19861 174236 6240741 4305786 833266 1776014 1088306 488372 406977 652939 7017940 2171631 2489787 2548610 1753600 216216 184119382 <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Borrowings</span><div style="margin-bottom:10pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">200%</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> (or </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">150%</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> if certain conditions are met) after such borrowing. On September 30, 2024, the Adviser, as sole shareholder of the Fund, approved a proposal that, effective October 1, 2024, permits the Fund to reduce its asset coverage ratio to </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">150%</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. As of December 31, 2025, the Fund’s asset coverage ratio was </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">182%</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. From the Commencement of Operations through December 31, 2025, the weighted average borrowing and interest rate on our floating rate credit facility was </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$207,355,567 </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6.4%</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, respectively.</span></div><div style="margin-bottom:10pt;margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tables</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">show</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">outstanding</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">debt</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025:</span></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.475%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.054%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr style="height:38pt"><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Aggregate Principal Committed</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Outstanding Principal</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Amount Available </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Net Carrying Value</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(2)(3)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Credit Facility</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">500,000,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">343,426,395 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">156,573,605 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">340,608,437 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">500,000,000 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">343,426,395 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">156,573,605 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">340,608,437 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">_______________________________________</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.52pt">The amount available may be subject to limitations related to the borrowing base under the Credit Facility (as defined below), outstanding letters of credit issued and asset coverage requirements.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">(2)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.52pt">As of December 31, 2025, all of the Fund’s outstanding debt was categorized as Level 3 within the fair value hierarchy.</span></div><div style="margin-bottom:12pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">(3)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.52pt">As of December 31, 2025, the Fund recorded</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">$16,120 of unrealized translation gain/(loss) on borrowings denominated in foreign currency.</span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Credit Facility</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On January 22, 2025, the SPV entered into a senior secured credit facility (the “Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”). JPM serves as administrative agent, The Bank of New York Mellon Trust Company, National Association, serves as collateral agent, securities intermediary and collateral administrator, and the Adviser, serves as portfolio manager under the Credit Facility.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The initial committed amount of the Credit Facility at closing is $250,000,000 (“Effective Date Financing Commitment”). After September 22, 2025 (“Scheduled Financing Commitment Increase Date”), the Credit Facility committed amount increased in an amount equal to $250,000,000 (“Scheduled Financing Commitment") for a total committed amount of $500,000,000. The Credit Facility has an additional discretionary accordion feature, subject to JPM’s consent and the satisfaction of applicable conditions, which could increase total commitments under the Credit Facility to up to $1,000,000,000. All amounts outstanding under the Credit Facility must be repaid by January 22, 2030.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Advances under the Credit Facility bear interest at a per annum rate equal to: (a) in the case of Advances denominated in a Permitted Non-USD Currency, the applicable Reference Rate and (b) in the case of Advances denominated in USD, the Term SOFR Rate plus, in each case, the Applicable Margin for Advances set forth on Schedule 1 of the Credit Facility (“Transaction Schedule”). For any day on which the aggregate principal amount of the outstanding Advances is less than the applicable Minimum Funding Amount, then the SPV shall owe the Lenders interest on the amount of such difference at a per annum rate equal to the Applicable Margin set forth on the Transaction Schedule minus the per annum rate payable in respect of unused commitment fees.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The SPV paid and will pay, as applicable, an unused commitment fee (a) with respect to the Effective Date Financing Commitment of (i) initially, to but excluding April 22, 2025, 0.35% per annum, (ii) from April 22, 2025 to, but excluding October 22, 2025, 0.50% per annum, and (iii) from October 22, 2025 and thereafter, 0.60% per annum, on the average daily unused facility amount of each lender with respect to each tranche during the period from and including the date of the Credit Facility to but excluding the last day of January 22, 2029; and (b) with respect to the Scheduled Financing Commitment, (i) until the day that is three (3) months after the Scheduled Financing Commitment Increase Date, 0.35% per annum, (ii) for the period from the date described in the foregoing clause (i) to, but excluding, the date that is nine (9) months after such Scheduled Financing Commitment Increase Date, 0.50% per annum and (iii) thereafter, 0.60% per annum.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The SPV’s obligations to the lenders under the Credit Facility are secured by, inter alia, (a) all of the SPV’s portfolio investments, and accounts for receiving payments in respect of the SPV’s portfolio investments, (b) the uncalled capital commitments of the SPV’s sole member, the Fund, and related capital call rights and accounts of the SPV, and (c) the SPV’s right, title and interest in the Fund Collateral. The “Fund Collateral” consists of (a) the uncalled capital commitments of the Fund’s investors and related capital call rights and accounts of the Fund, and (b) the Fund’s right, title and interest in the Feeder Collateral. The “Feeder Collateral” consists of (a) the uncalled capital commitments of the Feeder Fund’s (as defined below) investors, the related capital call rights and accounts of Stone Point Credit Income Feeder Fund, L.P., a Cayman Islands exempted limited partnership (the “Feeder Fund”), and (b) the related capital call rights of the Feeder Fund’s general partner, Stone Point Credit Corporation Feeder GP, L.P., a Cayman Islands exempted limited partnership. The obligations of the SPV under the Credit Facility are non-recourse to the Fund, and the Fund’s exposure under the Credit Facility is limited to the Fund’s uncalled capital commitments to the SPV and the Fund Collateral.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the Credit Facility, the SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Credit Facility contains customary events of default for similar financing transactions, including if a change of control of the SPV occurs. Upon the occurrence and during the continuation of an event of default, JPM may declare the outstanding advances and all other obligations under the Credit Facility immediately due and payable.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the carrying amount of the Fund’s borrowings under the Credit Facility approximated its fair value. As of </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, unamortized financing costs of $2,817,958 were being deferred and amortized over the remaining term of the Credit Facility. As of </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the Credit Facility had an outstanding principal balance of $343,426,395. The Credit Facility is presented on the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $340,608,437 as of </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. </span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table shows additional information about the interest and financing costs related to the Credit Facility from the Commencement of Operations through </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025:</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:80.718%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.082%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Interest expense related to the Credit Facility</span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13,143,586 </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Financing expenses related to the Credit Facility</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">648,012 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total interest and financing expenses related to the Credit Facility</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13,791,598 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> 1.50 1.82 207355567 0.064 <div style="margin-bottom:10pt;margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tables</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">show</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">outstanding</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">debt</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025:</span></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.475%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.054%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr style="height:38pt"><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Aggregate Principal Committed</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Outstanding Principal</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Amount Available </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Net Carrying Value</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(2)(3)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Credit Facility</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">500,000,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">343,426,395 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">156,573,605 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">340,608,437 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">500,000,000 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">343,426,395 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">156,573,605 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">340,608,437 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">_______________________________________</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.52pt">The amount available may be subject to limitations related to the borrowing base under the Credit Facility (as defined below), outstanding letters of credit issued and asset coverage requirements.</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">(2)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.52pt">As of December 31, 2025, all of the Fund’s outstanding debt was categorized as Level 3 within the fair value hierarchy.</span></div><div style="margin-bottom:12pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">(3)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.52pt">As of December 31, 2025, the Fund recorded</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%">$16,120 of unrealized translation gain/(loss) on borrowings denominated in foreign currency.</span></div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table shows additional information about the interest and financing costs related to the Credit Facility from the Commencement of Operations through </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025:</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:80.718%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.082%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Interest expense related to the Credit Facility</span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13,143,586 </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Financing expenses related to the Credit Facility</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">648,012 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total interest and financing expenses related to the Credit Facility</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13,791,598 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> 500000000 343426395 156573605 340608437 500000000 343426395 156573605 340608437 -16120 250000000 250000000 500000000 1000000000 0.0035 0.0050 0.0060 P3M 0.0035 P9M 0.0050 0.0060 2817958 343426395 340608437 13143586 648012 13791598 Net<span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Assets</span><div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Issuance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Equity</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%"> Securities</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Since the Commencement of Operations, the Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">completed</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">issuances</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> common s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">hares of beneficial interest, $0.001 par value per share ("Shares"):</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.454%"><tr><td style="width:1.0%"></td><td style="width:57.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.417%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.632%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Share Issuance Date</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Number of Shares <br/>Issued</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Proceeds</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2,035,928</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">51,000,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">160,621</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3,995,757 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">November 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">305,442</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">7,637,016 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">October 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">155,306</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3,896,733 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">September 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,524,498</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">38,171,911 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">August 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">131,543</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3,292,818 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">July 2, 2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">446,178</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,180,600 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">July 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13,868</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">347,520 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 30, 2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">564,249</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">14,139,285 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">313,784</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">7,858,974 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">May 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">608,121</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">15,212,518 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">April 2, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">30,460 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">762,420 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">April 1, 2025 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6,170</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">154,449 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 31, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">852,090</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">21,328,576 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">437,282</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">10,876,129 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">January 22, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3,600,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">90,000,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">________________________________________</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.43pt">A portion of total Shares included Shares issued to shareholders participating in the Fund’s DRIP.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">All issuances</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Shares are to be made</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">price</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> per Share </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">least</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">asset</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value per Share,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">such</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">calculation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> to be </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">carried</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">out</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consistent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s Valuation Policies and procedures. The Fund had </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,185,580</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shares outstanding as of </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Except</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with respect</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to Shares issued under the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">DRIP, sales</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of Shares were made</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">pursuant to subscription</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">agreements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">entered</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">into</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund and its investors. Each of the sales of Shares is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase of Shares up to the amount of their respective capital commitments on an as-needed basis with a minimum of five business days’ prior notice to the funding date. As of December 31, 2025, the Fund received capital commitments totaling $736,491,000, of which, $551,740,000 remains unfunded. </span></div><div style="margin-bottom:10pt;margin-top:6.5pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.01em;line-height:120%">Distributions</span></div><div style="margin-bottom:10pt;margin-top:6pt;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Since the Commencement of Operations, the Fund declared the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">distributions:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.445%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.113%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Record Date</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Payment Date</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Distribution Rate per Share</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Distribution Paid</span></div></td></tr><tr><td colspan="3" style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 30, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">January 22, 2026</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2,287,413 </span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">November 30, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 22, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.02 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">179,781 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">November 30, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 22, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2,247,258 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">October 31, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">November 21, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2,170,897 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">September 30, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">October 21, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2,132,071 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">August 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">September 22, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.02 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">140,076 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">August 31, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">September 22, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,750,946 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">July 31, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">August 21, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,718,061 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 30, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">July 21, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,461,986 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">May 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 20, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.02 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">110,683 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">May 31, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 20, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,383,541 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">April 30, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">May 21, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,231,510 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 31, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">April 21, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,009,331 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 28, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 21, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">900,010 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">(1) </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Represents a special cash distribution.</span></div> <div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Since the Commencement of Operations, the Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">completed</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">issuances</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> common s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">hares of beneficial interest, $0.001 par value per share ("Shares"):</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.454%"><tr><td style="width:1.0%"></td><td style="width:57.233%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.417%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.632%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Share Issuance Date</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Number of Shares <br/>Issued</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Proceeds</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2,035,928</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">51,000,000 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">160,621</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3,995,757 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">November 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">305,442</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">7,637,016 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">October 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">155,306</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3,896,733 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">September 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,524,498</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">38,171,911 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">August 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">131,543</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3,292,818 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">July 2, 2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">446,178</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,180,600 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">July 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13,868</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">347,520 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 30, 2025</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">564,249</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">14,139,285 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">313,784</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">7,858,974 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">May 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">608,121</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">15,212,518 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">April 2, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">30,460 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">762,420 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">April 1, 2025 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6,170</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">154,449 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 31, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">852,090</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">21,328,576 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 1, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">437,282</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">10,876,129 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">January 22, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3,600,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">90,000,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">________________________________________</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.43pt">A portion of total Shares included Shares issued to shareholders participating in the Fund’s DRIP.</span></div> 0.001 2035928 51000000 160621 3995757 305442 7637016 155306 3896733 1524498 38171911 131543 3292818 446178 11180600 13868 347520 564249 14139285 313784 7858974 608121 15212518 30460 762420 6170 154449 852090 21328576 437282 10876129 3600000 90000000 11185580 736491000 551740000 <div style="margin-bottom:10pt;margin-top:6pt;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Since the Commencement of Operations, the Fund declared the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">distributions:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.445%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.113%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Record Date</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Payment Date</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Distribution Rate per Share</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Distribution Paid</span></div></td></tr><tr><td colspan="3" style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 30, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">January 22, 2026</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2,287,413 </span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">November 30, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 22, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.02 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">179,781 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">November 30, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 22, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2,247,258 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">October 31, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">November 21, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2,170,897 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">September 30, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">October 21, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2,132,071 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">August 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">September 22, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.02 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">140,076 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">August 31, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">September 22, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,750,946 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">July 31, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">August 21, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,718,061 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 30, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">July 21, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,461,986 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">May 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 20, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.02 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">110,683 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">May 31, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 20, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,383,541 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">April 30, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">May 21, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,231,510 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 31, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">April 21, 2025</span></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cff0fc;padding:0 1pt"></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,009,331 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 28, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 21, 2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.25 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">900,010 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">(1) </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Represents a special cash distribution.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On January 29, 2026, the Board declared distributions with respect to the Fund's Shares as follows:</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.090%"><tr><td style="width:1.0%"></td><td style="width:22.683%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.683%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.683%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.683%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.508%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Distribution Period</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Record Date</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Payment Date</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Distribution Per Share</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">January 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">January 31, 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 20, 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.22 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 2026</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 28, 2026</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 20, 2026</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.02 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">2</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 28, 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 20, 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.22 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Distributions will be paid on or around the payment dates above.</span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%"> Represents a special distribution.</span></div> 0.25 2287413 0.02 179781 0.25 2247258 0.25 2170897 0.25 2132071 0.02 140076 0.25 1750946 0.25 1718061 0.25 1461986 0.02 110683 0.25 1383541 0.25 1231510 0.25 1009331 0.25 900010 <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Investments</span><div style="margin-bottom:10pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">presents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">composition</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cost</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.687%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.990%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.990%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.115%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Investments:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Amortized Cost</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Fair Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Percent of Total Investments at Fair Value</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">First Lien Loans</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">538,679,295 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">537,572,790 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">89.9 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Second Lien Loans</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">24,460,213 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">24,615,597 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">4.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Notes</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">31,862,923 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">32,321,649 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">5.4 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Preferred Equity</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,313 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,178 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">0.3 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Common Equity</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,652,037 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,736,093 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">0.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total Investments    </span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">598,447,781 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-top:0.75pt solid #231f20;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">598,039,307 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">100.0 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">geographic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">composition</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">based</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">was</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">follows:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:81.475%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.325%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">93.5 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Non-U.S.</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6.5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">100.0 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">industry</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">composition</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments based</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">was</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">follows:</span></div><div style="padding-left:14.7pt;padding-right:14.7pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.939%"><tr><td style="width:1.0%"></td><td style="width:80.351%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.449%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Capital Markets</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">5.9 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Consumer Finance</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">2.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Diversified Consumer Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.4 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Financial Services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">21.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Health Care Providers &amp; Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">16.2 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Health Care Technology</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">2.3 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Insurance</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">17.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">IT Services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%">0.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Professional Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">16.9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Real Estate Management &amp; Development</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%">5.2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Software</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">10.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Technology Hardware, Storage &amp; Peripherals</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%">1.3 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">100.0 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr></table></div> <div style="margin-bottom:10pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">presents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">composition</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cost</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.687%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.990%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.990%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.115%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Investments:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Amortized Cost</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Fair Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Percent of Total Investments at Fair Value</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">First Lien Loans</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">538,679,295 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">537,572,790 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">89.9 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Second Lien Loans</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">24,460,213 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">24,615,597 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">4.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Notes</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">31,862,923 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">32,321,649 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">5.4 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Preferred Equity</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,313 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,178 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">0.3 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Common Equity</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,652,037 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,736,093 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">0.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total Investments    </span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">598,447,781 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-top:0.75pt solid #231f20;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">598,039,307 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">100.0 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">geographic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">composition</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">based</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">was</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">follows:</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:81.475%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.325%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">U.S</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">93.5 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Non-U.S.</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6.5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">100.0 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">industry</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">composition</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments based</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">was</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">follows:</span></div><div style="padding-left:14.7pt;padding-right:14.7pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.939%"><tr><td style="width:1.0%"></td><td style="width:80.351%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.449%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Capital Markets</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">5.9 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Consumer Finance</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">2.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Diversified Consumer Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.4 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Financial Services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">21.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Health Care Providers &amp; Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">16.2 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Health Care Technology</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">2.3 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Insurance</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">17.3 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">IT Services</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%">0.8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Professional Services</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">16.9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Real Estate Management &amp; Development</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%">5.2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Software</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%">10.5 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Technology Hardware, Storage &amp; Peripherals</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%">1.3 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">100.0 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr></table></div> 538679295 537572790 0.899 24460213 24615597 0.041 31862923 32321649 0.054 1793313 1793178 0.003 1652037 1736093 0.003 598447781 598039307 1.000 0.935 0.065 1.000 0.059 0.021 0.004 0.211 0.162 0.023 0.173 0.008 0.169 0.052 0.105 0.013 1.000 Fair<span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">of </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Investments</span><div style="margin-bottom:10pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">820 ("ASC 820"),</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">price</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">would</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">received</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sell</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">asset</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">paid</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transfer</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">liability</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">orderly</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transaction</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">between</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">willing</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">buyer</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">willing seller at the measurement date. For the Fund’s portfolio securities, fair value is generally the amount that the Fund might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">security.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">If</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">no</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">security</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">exists</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">if</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">does</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">not</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">have</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">access</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">principal</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">security</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">should</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">valued</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">based</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the sale occurring in a hypothetical market.</span></div><div style="margin-bottom:10pt;margin-top:0.5pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">820</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">specifies</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">hierarchy</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">prioritizes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ranks</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">observability</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">inputs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">used</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determination</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair value.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accordance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">820,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">these levels are summarized below:</span></div><div style="margin-bottom:10pt;margin-top:0.5pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Valuations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">–</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">include</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quoted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">prices</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(unadjusted)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">active</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">markets</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">identical</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assets</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">liabilities.</span></div><div style="margin-bottom:10pt;margin-top:0.5pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Valuations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">–</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">include</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quoted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">prices</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">similar</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assets</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">liabilities</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">active</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">markets,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">inputs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">observable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">asset</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">liability,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">either</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">directly</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or indirectly, for substantially the full term of the financial instrument.</span></div><div style="margin-bottom:10pt;margin-top:0.5pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Valuations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">–</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">include</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">inputs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unobservable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">significant</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">measurement.</span></div><div style="margin-bottom:10pt;margin-top:9.4pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">A financial instrument is categorized within the ASC 820 valuation hierarchy based upon the lowest level of input to the valuation that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">depreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">related</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">such</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">categorized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">within</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tables</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">below</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may include</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">changes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">attributable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). Transfers between levels, if any, will be recognized at the beginning of the period in which the transfer </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">occurred.</span></div><div style="margin-bottom:10pt;margin-top:0.5pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Fund’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">based</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(i)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adviser’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">understanding</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">actual</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transactions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">used</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">broker</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">develop</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quote</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">whether</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quote</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">was</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.</span></div><div style="margin-bottom:10pt;margin-top:0.5pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">apply</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">practical</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expedient</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provided</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">820</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">relating</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">certain</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">entities</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">calculate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">NAV</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">share</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">its</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">equivalent).</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">820 permits</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an entity holding</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in certain entities</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that either</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">companies,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or have</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">attributes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">similar to an investment company,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and calculate</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV </span></div><div style="margin-bottom:10pt;margin-top:0.5pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC 820.</span></div><div style="margin-bottom:10pt;margin-top:0.5pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Fund’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">environment</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">other</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">events</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">occur</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">over</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">life</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cause</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">gains</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">losses</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ultimately</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">realized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">these</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be different than the valuations currently assigned.</span></div><div style="margin-bottom:10pt;margin-top:0.5pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">presents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">hierarchy</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">.</span></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:28.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.021%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.021%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.021%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.023%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Level 2</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Level 3</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">First Lien Loans</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">51,187,460 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">486,385,330 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">537,572,790 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Second Lien Loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13,480,597 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,135,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">24,615,597 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Notes</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">5,360,275 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">26,961,374 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">32,321,649 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Preferred Equity</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,178 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,178 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Subtotal</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">70,028,332 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">526,274,882 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">596,303,214 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments Measured at NAV</span></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,736,093 </span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">70,028,332 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">526,274,882 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">598,039,307 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt;padding-right:37.65pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tables</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">present</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">changes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">inputs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">were</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">used</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determine</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from the Commencement of Operations through December 31, 2025.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.545%"><tr><td style="width:1.0%"></td><td style="width:34.212%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.142%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.408%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.142%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.408%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.228%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.408%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.858%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.408%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.386%"></td><td style="width:0.1%"></td></tr><tr style="height:26pt"><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr style="height:26pt"><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">First Lien </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Loans</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Second Lien </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Loans</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Unsecured </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Note</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Preferred </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Equity</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Total </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Investments</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fair value, beginning of period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Purchases of investments, net</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">532,492,372 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,089,325 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">26,853,094 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,312 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">572,228,103 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Proceeds from sales and principal payments, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(46,816,878)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(46,816,878)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Realized gain (loss) on investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">27,231 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(4)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">27,227 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net unrealized appreciation/(depreciation)</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(286,120)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">43,965 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">98,451 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(134)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(143,838)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net accretion of discount and amortization of investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">968,725 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,710 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">9,833 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">980,268 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Ending balance</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">486,385,330 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,135,000 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">26,961,374 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,178 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">526,274,882 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt;padding-right:25.6pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From the Commencement of Operations through December 31, 2025, there were no transfers into or out of Level 2 or Level 3.</span></div><div style="margin-bottom:10pt;margin-top:10pt;padding-right:25.6pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">presents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unrealized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">appreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(depreciation)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">held</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> from the Commencement of Operations through </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:79.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.749%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%"><span style="-sec-ix-hidden:f-2072"><span style="-sec-ix-hidden:f-2073"><span style="-sec-ix-hidden:f-2074"><span style="-sec-ix-hidden:f-2075"><span style="-sec-ix-hidden:f-2076">Net Unrealized Appreciation (Depreciation)</span></span></span></span></span></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">First Lien loans</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">(286,120)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Second Lien Loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">43,965 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Note</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">98,451 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Preferred Equity</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(134)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">(143,838)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">presents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quantitative</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">information</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">about</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">significant</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unobservable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">inputs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value.</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:16.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.930%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.386%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Investments</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Fair Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Valuation Technique</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Unobservable Input</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Range (weighted average)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">First Lien Loans</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">353,693,110 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discounted Cash Flow</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discount Rate</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">7.6% - 10.4% (8.8%)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">First Lien Loans</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">132,692,220 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">97.0% - 99.9% (99.1%)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Second Lien Loans</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,135,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discounted Cash Flow </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discount Rate</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">9.6% - 11.9% (10.0%)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Notes</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">21,371,755 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discounted Cash Flow </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discount Rate</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6.5% - 15.5% (9.6%)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Notes</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">4,652,455 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">98.5% - 98.5% (98.5%)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Notes</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">937,164 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$174.0 - $174.0 ($174.0)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Preferred Equity</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,178 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discounted Cash Flow </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discount Rate</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13.1% - 14.2% (13.6%)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">526,274,882 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Increases</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">decreases</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unobservable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">inputs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">isolation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">would</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">result</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">higher</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">lower</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">measurement</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">such</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assets.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Generally,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">an</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">increase</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">yields</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may result in a decrease in the fair value of certain of the Fund’s investments.</span></div> <div style="margin-bottom:10pt;margin-top:0.5pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">presents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">hierarchy</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">.</span></div><div style="margin-bottom:12pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:28.596%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.021%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.021%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.021%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.023%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Level 2</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Level 3</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">First Lien Loans</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">51,187,460 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">486,385,330 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">537,572,790 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Second Lien Loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13,480,597 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,135,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">24,615,597 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Notes</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">5,360,275 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">26,961,374 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">32,321,649 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Preferred Equity</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,178 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,178 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Subtotal</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">70,028,332 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">526,274,882 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">596,303,214 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investments Measured at NAV</span></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,736,093 </span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">70,028,332 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">526,274,882 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">598,039,307 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> 0 51187460 486385330 537572790 0 13480597 11135000 24615597 0 5360275 26961374 32321649 0 0 1793178 1793178 0 70028332 526274882 596303214 1736093 0 70028332 526274882 598039307 <div style="margin-bottom:10pt;margin-top:10pt;padding-right:37.65pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tables</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">present</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">changes</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">inputs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">were</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">used</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">determine</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fair</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">value</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from the Commencement of Operations through December 31, 2025.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.545%"><tr><td style="width:1.0%"></td><td style="width:34.212%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.142%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.408%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.142%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.408%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.228%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.408%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.858%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.408%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.386%"></td><td style="width:0.1%"></td></tr><tr style="height:26pt"><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr style="height:26pt"><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">First Lien </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Loans</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Second Lien </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Loans</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Unsecured </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Note</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Preferred </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Equity</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Total </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Investments</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fair value, beginning of period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Purchases of investments, net</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">532,492,372 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,089,325 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">26,853,094 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,312 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">572,228,103 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Proceeds from sales and principal payments, net</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(46,816,878)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(46,816,878)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Realized gain (loss) on investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">27,231 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(4)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">27,227 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net unrealized appreciation/(depreciation)</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(286,120)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">43,965 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">98,451 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(134)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(143,838)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net accretion of discount and amortization of investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">968,725 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,710 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">9,833 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">- </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">980,268 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Ending balance</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">486,385,330 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,135,000 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">26,961,374 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,178 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">526,274,882 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:10pt;margin-top:10pt;padding-right:25.6pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">presents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unrealized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">appreciation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(depreciation)</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">held</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">by</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> from the Commencement of Operations through </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:79.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.749%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%"><span style="-sec-ix-hidden:f-2072"><span style="-sec-ix-hidden:f-2073"><span style="-sec-ix-hidden:f-2074"><span style="-sec-ix-hidden:f-2075"><span style="-sec-ix-hidden:f-2076">Net Unrealized Appreciation (Depreciation)</span></span></span></span></span></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">First Lien loans</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">(286,120)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Second Lien Loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">43,965 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Note</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">98,451 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Preferred Equity</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(134)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">(143,838)</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> 0 0 0 0 0 532492372 11089325 26853094 1793312 572228103 46816878 0 0 0 46816878 27231 0 -4 0 27227 -286120 43965 98451 -134 -143838 968725 1710 9833 0 980268 486385330 11135000 26961374 1793178 526274882 -286120 43965 98451 -134 -143838 <div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">presents</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">quantitative</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">information</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">about</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">significant</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">unobservable</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">inputs</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Level</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value.</span></div><div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:16.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.930%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.112%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.386%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2025</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Investments</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Fair Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Valuation Technique</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Unobservable Input</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Range (weighted average)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">First Lien Loans</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">353,693,110 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discounted Cash Flow</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discount Rate</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">7.6% - 10.4% (8.8%)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">First Lien Loans</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">132,692,220 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">97.0% - 99.9% (99.1%)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Second Lien Loans</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,135,000 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discounted Cash Flow </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discount Rate</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">9.6% - 11.9% (10.0%)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Notes</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">21,371,755 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discounted Cash Flow </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discount Rate</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6.5% - 15.5% (9.6%)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Notes</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">4,652,455 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">98.5% - 98.5% (98.5%)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured Notes</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">937,164 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Market Transaction</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$174.0 - $174.0 ($174.0)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Preferred Equity</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1,793,178 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discounted Cash Flow </span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Discount Rate</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13.1% - 14.2% (13.6%)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">526,274,882 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div> 353693110 0.076 0.104 0.088 132692220 0.970 0.999 0.991 11135000 0.096 0.119 0.100 21371755 0.065 0.155 0.096 4652455 0.985 0.985 0.985 937164 174.0 174.0 174.0 1793178 0.131 0.142 0.136 526274882 <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Earnings</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Share</span><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accordance</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provisions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Topic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">260,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Earnings</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Share</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(“ASC</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">260”),</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">basic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">diluted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">increase</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">in</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">assets</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">resulting</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">operations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> S</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">hare is computed by dividing the net increase in net assets resulting from operations by the weighted average number of Shares outstanding during the period. The methodology for the weighted average number of Shares outstanding during the period utilizes the weighted average number of Shares from the beginning of the period through the end of the period. Other</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">potentially</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">dilutive</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> S</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">hares,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">related</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">impact</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">earnings,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">considered</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">when</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">calculating</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">earnings</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> S</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">hare</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">diluted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">basis.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> period from the Commencement of Operations through</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> December 31, 2025, there were no dilutive Shares.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sets</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">forth the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">computation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">basic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">diluted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">earnings</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per Share</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> from the Commencement of Operations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> through December 31, 2025.</span></div><div style="margin-top:1.15pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:80.869%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.931%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net increase (decrease) in net assets resulting from operations</span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">19,066,477 </span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Weighted average Shares outstanding—basic and diluted</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6,593,662</span></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Basic and diluted net increase in net assets resulting from operations per Share</span></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.89 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> 0 <div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">table</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sets</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">forth the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">computation</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">basic</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">diluted</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">earnings</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per Share</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> from the Commencement of Operations</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> through December 31, 2025.</span></div><div style="margin-top:1.15pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:80.869%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.931%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net increase (decrease) in net assets resulting from operations</span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">19,066,477 </span></td><td style="background-color:#cff0fc;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Weighted average Shares outstanding—basic and diluted</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6,593,662</span></td></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Basic and diluted net increase in net assets resulting from operations per Share</span></td><td style="background-color:#cff0fc;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cff0fc;padding:2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.89 </span></td><td style="background-color:#cff0fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> 19066477 6593662 6593662 2.89 2.89 <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Taxes</span><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">intends to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">elect</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">be</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">treated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">intends</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">qualify</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">annually</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">RIC,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">distribute</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">substantially</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">all</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">its</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">income</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">comply</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">other</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">requirements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the Code applicable to RICs. Accordingly, no provision for federal taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Fund intends not to be subject to a material federal excise tax. The Fund did not have any liabilities for uncertain tax positions or unrecognized tax benefits as of December 31, 2025.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the period ended December 31, 2025, the Fund had $766,803 of undistributed ordinary income and $423,890 of net unrealized depreciation on investments. Total distributions declared during the period ended December 31, 2025 were comprised entirely of ordinary income. </span></div><div style="text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">During the period ended December 31, 2025, the Fund did not record a Return of Capital Statement of Position ("ROCSOP") adjustment as there were no permanent book to tax differences.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">tax</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cost</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fund’s</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investments</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">approximates</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">its</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">amortized</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> cost.</span></div> 766803 -423890 Financial<span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Highlights</span><div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Share</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">data</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">been</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">derived</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">information</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provided</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">statements.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">schedule</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial highlights from the Commencement of Operations through December 31, 2025:</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.545%"><tr><td style="width:1.0%"></td><td style="width:80.635%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.165%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Per Share operating performance:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net asset value, beginning of year/period</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">25.00 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Results of operations:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:10.8pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net investment income</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.91 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:10.8pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net realized gains (losses) and unrealized appreciation (depreciation)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(0.05)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net increase (decrease) in net assets resulting from operations</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.86 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Distribution to Common Shareholders</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 11.8pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Distribution from earnings</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(2.81)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net decrease in net assets resulting from distributions</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(2.81)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net asset value, end of year/period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">25.05 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Shares outstanding, end of year/period</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 10pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,185,580</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Ratio/Supplemental data:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net assets, end of year/period</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">280,198,619 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Weighted average Shares outstanding</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 10pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6,593,662</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total return</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">3</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">12.1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio turnover</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">20.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Ratio of net expenses to net assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">4</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">10.8 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Ratio of net investment income to net assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">4</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:8.68pt">The per Share data was derived by using the weighted average Shares outstanding during the period.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">(2)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:8.68pt">The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a Share outstanding throughout the year/period does not agree with the change in the aggregate appreciation and depreciation in portfolio securities for the period because of the timing of sales of the Fund's Shares in relation to fluctuating market values for the portfolio.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">(3)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:8.68pt">Total return is based upon the change in net asset value per Share between the opening and ending net asset values per Share, assuming reinvestment of any distributions during the period. Total return is not annualized and does not include a sales load.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">(4)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:8.68pt">The ratios reflect an annualized amount. For the period from the Commencement of Operations through December 31, 2025, the ratio of total Operating Expenses to average net assets was 12.5% on an annualized basis, excluding the effect of the expense support. For the period from the Commencement of Operations through December 31, 2025, the ratio of net investment income to average net assets was 11.3% on an annualized basis, excluding the effect of the expense support.</span></div> <div style="margin-bottom:10pt;margin-top:10pt;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">per</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Share</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">data</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">been</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">derived</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">from</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">information</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">provided</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">statements.</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">following</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">is</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">schedule</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial highlights from the Commencement of Operations through December 31, 2025:</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.545%"><tr><td style="width:1.0%"></td><td style="width:80.635%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.165%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Per Share operating performance:</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net asset value, beginning of year/period</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">25.00 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Results of operations:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:10.8pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net investment income</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.91 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:10.8pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net realized gains (losses) and unrealized appreciation (depreciation)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(0.05)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net increase (decrease) in net assets resulting from operations</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.86 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Distribution to Common Shareholders</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 11.8pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Distribution from earnings</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(2.81)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net decrease in net assets resulting from distributions</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(2.81)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net asset value, end of year/period</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">25.05 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Shares outstanding, end of year/period</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 10pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">11,185,580</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Ratio/Supplemental data:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Net assets, end of year/period</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">280,198,619 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Weighted average Shares outstanding</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 10pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">6,593,662</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Total return</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">3</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">12.1 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio turnover</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">20.1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Ratio of net expenses to net assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">4</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">10.8 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Ratio of net investment income to net assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">4</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">13.0 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">(1)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:8.68pt">The per Share data was derived by using the weighted average Shares outstanding during the period.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">(2)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:8.68pt">The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a Share outstanding throughout the year/period does not agree with the change in the aggregate appreciation and depreciation in portfolio securities for the period because of the timing of sales of the Fund's Shares in relation to fluctuating market values for the portfolio.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">(3)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:8.68pt">Total return is based upon the change in net asset value per Share between the opening and ending net asset values per Share, assuming reinvestment of any distributions during the period. Total return is not annualized and does not include a sales load.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:120%">(4)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:8.68pt">The ratios reflect an annualized amount. For the period from the Commencement of Operations through December 31, 2025, the ratio of total Operating Expenses to average net assets was 12.5% on an annualized basis, excluding the effect of the expense support. For the period from the Commencement of Operations through December 31, 2025, the ratio of net investment income to average net assets was 11.3% on an annualized basis, excluding the effect of the expense support.</span></div> 25.00 2.91 -0.05 2.86 2.81 -2.81 25.05 11185580 280198619 6593662 0.121 0.201 0.108 0.130 0.125 0.113 Subsequent <span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Events</span><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Management</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">has</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">evaluated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">subsequent</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">events</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transactions</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">potential</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">recognition</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and/or</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">disclosure</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">through</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">date</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">consolidated</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">financial</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">statements</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">were</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">issued.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Except as set forth below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-K or would be required to be recognized on the consolidated financial statements as of and from the Commencement of Operations through December 31, 2025.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On January 1, 2026 (with the final number of Shares being determined on January 21, 2026), the Fund issued and sold 215,768.463 Shares at a NAV of $25.0500 per share, pursuant to the subscription agreements entered into by the Fund and its investors, for an aggregate offering price of $5,405,000.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On February 1, 2026 (with the final number of Shares being determined on February 17, 2026), the Fund issued and sold 1,352,532.575 Shares at a NAV of $25.0267 per share, pursuant to the subscription agreements entered into by the Fund and its investors, for an aggregate offering price of $33,849,427.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On January 29, 2026, the Board declared distributions with respect to the Fund's Shares as follows:</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:84.090%"><tr><td style="width:1.0%"></td><td style="width:22.683%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.683%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.683%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.683%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.508%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Distribution Period</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Record Date</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Payment Date</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Distribution Per Share</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">January 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">January 31, 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 20, 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.22 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 2026</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 28, 2026</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 20, 2026</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.02 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">2</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">February 28, 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">March 20, 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0.22 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Distributions will be paid on or around the payment dates above.</span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%"> Represents a special distribution.</span></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On February 13, 2026, the Fund commenced a Tender Offer (the "March 2026 Tender Offer") to purchase for cash up to 559,179 of Shares at a price equal to the applicable NAV at March 31, 2026, or such later date as may be determined by the Fund if the March 2026 Tender Offer is extended. The Shares subject to the March 2026 Tender Offer represent approximately 5.00% of the outstanding Shares as of December 31, 2026. The March 2026 Tender Offer expired at 5:00 p.m., Eastern Time, on March 17, 2026. Shares repurchased will be determined once March 31, 2026 NAV is finalized. All Shares issued after April 1, 2025, except for Shares issued pursuant to the Fund's DRIP, that are tendered and repurchased in the March 2026 Tender Offer will be subject to a 2.00% "early repurchase deduction".</span></div> 215768.463 25.0500 5405000 1352532.575 25.0267 33849427 0.22 0.02 0.22 559179 0.0500 0.0200 false false false false true All of the Fund's investments are domiciled in the United States, except for Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Flow Traders Holdings, LLC, Inizio Group Limited, MC CIF Wealth Management (UK) Ltd. and New Mountain Guardian IV Income Rated Feeder II, Ltd., which are domiciled in Ireland, Cayman Islands, Bermuda, United Kingdom, United Kingdom and Bermuda, respectively. Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), except for Apex Group Treasury LLC, Barings Middle Market CLO Ltd., Best Egg Asset Structured Pass Through Master Trust, Churchill Middle Market CLO Ltd., Claros Mortgage Trust Inc., Coller Private Equity Backed Notes & Loans II-A L.P., Flow Traders Holdings, LLC, Inizio Group Limited, Ivy Hill Middle Market Credit Fund XII Ltd., LendingTree Inc., MC CIF Wealth Management (UK) Ltd. and New Mountain Guardian IV Income Rated Feeder II, Ltd. As of December 31, 2025, non-qualifying assets totaled 8.8% of the Fund's total assets. As of December 31, 2025, all investments are pledged as collateral except for Barings Middle Market CLO Ltd., Best Egg Asset Structured Pass Through Master Trust, Churchill Middle Market CLO Ltd., Ivy Hill Middle Market Credit Fund XII Ltd., MC CIF Wealth Management (UK) Ltd. and SPV CA IX, LLC. Cost represents the original cost adjusted for amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. Percentage is based on net assets of $280,198,619 as of December 31, 2025. Represents securities categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy. This investment has an unfunded commitment as of December 31, 2025. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment. Security is exempt from registration under Rule 144A of the Securities Act of 1933. The majority of the securities bear interest at a rate that may be determined by reference Secured Overnight Financing Rate ("SOFR"), which at December 31, 2025 was 3.87%; Alternate Base Rate ("ABR"), which at December 31, 2025 was 6.75%; and the Euro Interbank Offered Rate ("EURIBOR"), which at December 31, 2025 was 1.94%. For each such security, the Fund has provided the applicable spread over SOFR, ABR and EURIBOR and the current contractual interest rate in effect at December 31, 2025. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread. Investment measured at net asset value ("NAV"). As defined in the 1940 Act, the Fund is deemed to be an "affiliated person" because it owns more than 5% but less than 25% of the portfolio company's voting securities, or it has power to exercise control over the management or policies of such portfolio company ('non-controlled affiliate"). Transactions for the year ended December 31, 2025 in which the portfolio company is deemed to be a “Non-Control/Affiliated Investment” of the Fund were as follows:Fair Value as of January 22, 2025 (Commencement of Operations)Gross AdditionsGross ReductionsChange in Unrealized Gains (Losses)Net Realized Gains (Losses)Fair Value as of December 31, 2025IncomeNon-Controlled/Affiliated InvestmentsSPV CA IX, LLC$- $1,652,037 $- $84,056 $- $1,736,093 $- Total Non-Controlled/Affiliated Investments$- $1,652,037 $- $84,056 $- $1,736,093 $-